European plan tries to convince Germany to do more
2012-06-26 18:07:30 UTC
BRUSSELS (AP) — Top European officials have called on countries that use the euro to surrender more control over their national budgets, a move apparently aimed at easing Germany's fears of sharing debt burdens with struggling governments like Spa...
Moody's cuts debt ratings of 28 Spanish banks
2012-06-26 06:16:04 UTC
Spain's battered banks have taken another hit, this time in the form of a sweeping downgrade by Moody's.
The rating agency said that it is cutting its views on the debt issued by 28 Spanish banks, including international heavyweights Banco Sant...
Spain asks for bank rescue
2012-06-26 05:44:12 UTC
MADRID (AP) — Spain has made a formal request for a loan to help clean up its troubled banking sector, the Economy Ministry said Monday.
However, the country has yet to specify how much of the €100 billion ($125.39 billion) loan package offered...
Greece faces more woes: Finance minister resigns
2012-06-25 20:41:03 UTC
ATHENS, Greece (AP) — The banker who was chosen to be Greece's next finance minister resigned for health reasons Monday three days after he was rushed to the hospital, while the country's prime minister was confined to his home, recovering from se...
Royal Bank of Scotland protests downgrade
2012-06-24 10:10:10 UTC
LONDON (AP) — Royal Bank of Scotland, one of four big British banks to be downgraded by Moody's Investors Service, complained Friday that the rating is "backward-looking."
Part-nationalized RBS was downgraded Thursday along with HSBC, Barclays ...
Negotiators closing in on student loan deal
2012-06-23 18:09:27 UTC
WASHINGTON (AP) — Congressional bargainers appeared to be closing in on a compromise that would head off a July 1 doubling of interest rates on federal loans to 7.4 million college students and end an election-year battle between President Barack ...
Greek outlines issues it wants renegotiated
2012-06-23 18:03:21 UTC
ATHENS, Greece (AP) — Greece's new coalition government said Saturday it will seek to repeal some taxes, halt layoffs and extend by two years the deadlines for tough austerity measures imposed under its international bailout agreement.
European leaders push for $163 bln in measures
2012-06-22 16:02:19 UTC
ROME (AP) — The leaders of France, Germany, Italy and Spain have agreed to push for a €130 billion ($163 billion) growth package at a key European Union summit next week.
Italian Premier Mario Monti told a news conference after the four-way sum...
Stocks plunge after weak manufacturing reports
2012-06-21 19:55:37 UTC
NEW YORK (AP) — A quiet start on Wall Street quickly turned into a rout Thursday as the bad news piled up.
Commodity prices slumped in early trading after a report said manufacturing in China fell this month. Then, around 10 a.m., the Philadelp...
China defends curbs on rare earths
2012-06-20 06:07:17 UTC
BEIJING (AP) — China on Wednesday defended its curbs on rare earths mining and exports amid a World Trade Organization challenge brought by the United States, Europe and Japan.
The government said its controls are meant to protect the environme...
Europe's relief from Greek vote likely fleeting
2012-06-18 19:33:38 UTC
ATHENS, Greece (AP) — Greece's election result has eased fears of imminent financial disaster for Europe, but the continent's leaders are still searching for a way to contain a debt crisis that threatens the global economy.
A narrow victory for...
Obama, world want bold signs from Europe at G-20
2012-06-18 00:13:14 UTC
CHICAGO (AP) — With global anxiety rising, President Barack Obama is searching for bolder, swifter signals from Europe that it will contain its financial mess and keep it from torpedoing the U.S. economy and his re-election chances along with it.
European leaders discuss continent's debt crisis
2012-06-15 18:31:29 UTC
LONDON (AP) — British Prime Minister David Cameron's office says European leaders have held a video conference on the continent's worsening debt crisis.
Cameron's office said Friday that German Chancellor Angela Merkel, French President Francoi...
Following fallout from a Greek euro exit to the US
2012-06-15 08:36:26 UTC
NEW YORK (AP) — The unthinkable suddenly looks possible.
Bankers, governments and investors are starting to prepare for Greece to stop using the euro as its currency, a move that could spread turmoil throughout the global financial system.
Asia stocks rise amid hopes for central bank help
2012-06-15 07:20:42 UTC
BANGKOK (AP) — Asian stock markets rose Friday as investors waded back into riskier assets amid hopes that central banks in the U.S. and elsewhere were gearing up for action to help their beleaguered economies.
Jobs data out of the U.S. Thursda...
US unemployment aid applications rise to 386K
2012-06-14 16:50:42 UTC
WASHINGTON (AP) — More Americans sought unemployment aid last week, suggesting hiring remains sluggish.
The Labor Department said Thursday that weekly unemployment benefit applications rose 6,000 to a seasonally adjusted 386,000, an increase fr...
Merkel firmly behind euro, but will she act?
2012-06-14 07:10:45 UTC
BERLIN (AP) — Germany's Chancellor Angela Merkel has insisted repeatedly that "if the euro fails, Europe fails."
Now the crisis in the 17 countries that use the euro is coming back to the boil, with Spain admitting it needs help to rescue its b...
Lower gas prices not enough to lift US economy
2012-06-13 19:32:07 UTC
WASHINGTON (AP) — Cheaper gas has yet to cause consumers to spend enough on other goods to boost the slumping economy.
Americans barely increased their spending at retail businesses this spring, leading economists to predict slower economic gro...
JPMorgan CEO says execs may have pay taken back
2012-06-13 17:33:24 UTC
WASHINGTON (AP) — JPMorgan Chase CEO Jamie Dimon told Congress on Wednesday that senior bank executives responsible for a $2 billion trading loss will probably have some of their pay taken back by the company.
"It's likely that there will be cl...
Asia stocks fall as Spain, Italy worry investors
2012-06-12 05:46:43 UTC
BANGKOK (AP) — Asian stock markets slid Tuesday as enthusiasm for a European plan to rescue Spain's teetering banks turned to skepticism.
An offer by the 17 countries that use the euro to loan Spain up to €100 billion ($125 billion) to revive b...
Investors see Spain rescue as only 'temporary fix'
2012-06-11 19:34:48 UTC
NEW YORK (AP) — Investors aren't sold on a rescue of Spanish banks.
Stocks fell on Wall Street, an early rally faded on European stock exchanges, and borrowing costs for Spain crept higher on the bond market Monday — all expressions of doubt ab...
Asia stocks, euro rise as Spain banks get lifeline
2012-06-11 07:59:52 UTC
BANGKOK (AP) — Asian stocks and the euro climbed Monday after Spain sought a lifeline for its ailing banks, easing fears that Europe's debt crisis was about to spin out of control.
Spain on Saturday asked finance ministers from the 17 countries...
Oil above $86 as Spain gets funds to rescue banks
2012-06-11 06:25:08 UTC
SINGAPORE (AP) — Oil jumped above $86 a barrel Monday in Asia after Europe offered Spain a $125 billion rescue loan for its troubled banks.
Benchmark oil for July delivery was up $2.00 to $86.10 per barrel at midday Singapore time in electronic...
Europe bailout of Spain could cost $125 billion
2012-06-10 02:45:51 UTC
MADRID (AP) — Spain became the fourth and largest country Saturday to ask Europe to rescue its failing banks, a bailout of up to €100 billion ($125 billion) that leaders hoped would stabilize a financial crisis that threatens to break apart the 17...
Merkel urges gradual political union in Europe
2012-06-07 19:44:11 UTC
BERLIN (AP) — German Chancellor Angela Merkel has called for Europe to take a gradual path towards political union, frustrating the appeals of many of her colleagues for quick, bold moves to fight the continent's raging financial crisis.