Obama signs Ex-Im Bank bill into law
2012-05-30 17:08:10 UTC
WASHINGTON (AP) — President Barack Obama has signed legislation that renews the charter of the Export-Import Bank for three years and increases the bank?s lending cap to $140 billion from the current $100 billion. The bank is the government?s vehi...
Spain's Bankia to ask for $24BN state aid
2012-05-25 21:21:52 UTC
MADRID (AP) — The board of directors of Spain's troubled bank, Bankia, has asked the Spanish government for €19 billion ($23.8 billion) in financial support.
Jose Ignacio Goirigolzarri, the bank's president, said late Friday that the bailout wo...
EU running out of time as Greece nears the exit
2012-05-25 01:30:53 UTC
ATHENS, Greece (AP) — European leaders insist they want to keep Greece in the eurozone, but are putting off any agreement on how they hope to accomplish that. Greece says it, too, wants to stay in the eurozone, but until after elections it's uncer...
US bank earnings rose this winter to 5-year high
2012-05-24 20:51:06 UTC
WASHINGTON (AP) — U.S. bank earnings rose in the first three months of the year to the highest level in nearly five years and the number of troubled banks fell for the fourth straight quarter.
The mostly positive first-quarter earnings released...
US sales of new homes rose 3.3 percent in April
2012-05-23 19:00:26 UTC
WASHINGTON (AP) — Americans bought more new homes last month, the latest evidence that the U.S. housing market could be starting to recover.
New-home sales increased 3.3 percent in April from March to a seasonally adjusted annual rate of 343,00...
APNewsBreak: 22 states join campaign finance fight
2012-05-20 23:08:59 UTC
HELENA, Mont. (AP) — Twenty-two states and the District of Columbia are backing Montana in its fight to prevent the U.S. Supreme Court's 2010 Citizens United decision from being used to strike down state laws restricting corporate campaign spendin...
Europe faces difficult search for growth
2012-05-20 22:58:23 UTC
WASHINGTON (AP) — On paper at least, European leaders agree: They need stronger growth measures to help their economies expand out of their 2½-year-old government debt crisis. Figuring out exactly what those new steps might be will be the hard par...
Greek politics, Spain banks test eurozone survival
2012-05-18 17:50:09 UTC
MADRID (AP) — Chaos in Greek politics and Spanish banking combined this week to underscore just how fragile Europe's economy remains after an eviscerating austerity regime that has spawned unemployment, desperation and misery. And there is no resp...
Ellen DeGeneres wins top US humor prize in DC
2012-05-16 03:47:24 UTC
WASHINGTON (AP) -- Ellen DeGeneres, who broke ground in 1997 as the first lead character on prime-time TV to reveal she was gay, is winning the nation's top humor prize.
The Kennedy Center for the Performing Arts announced Tuesday that DeGenere...
US stocks waver; euro dives on Greece turmoil
2012-05-15 20:13:23 UTC
Stronger news about the U.S. economy stilled the ripples from Europe's latest political impasse Tuesday, pushing U.S. stocks between modest gains and losses.
The euro and European stocks plunged as trading in New York began after efforts to for...
Boehner: Spending cuts must offset debt limit hike
2012-05-15 20:07:10 UTC
WASHINGTON (AP) — House Speaker John Boehner said Tuesday that when Congress raises the nation's borrowing cap he will again insist on spending cuts and budget reforms to offset the increase.
In remarks prepared for a budget address Tuesday aft...
Dimon survives votes on pay, chairmanship
2012-05-15 19:45:05 UTC
TAMPA, Fla. (AP) — The CEO of JPMorgan Chase survived a shareholder push Tuesday to strip him of the title of chairman of the board, five days after he disclosed a $2 billion trading loss by the bank.
CEO Jamie Dimon also won a shareholder endo...
Euro minsters plead with Greece to stay the course
2012-05-14 19:28:05 UTC
BRUSSELS (AP) — Leading European Union finance officials have pleaded with Greece not to renege on its bailout terms and to stay the course of its painful austerity program to prevent even worse economic hardship.
Greeks fed up with the painful...
Is Europe a safe place to buy? Not exactly
2012-05-12 16:24:40 UTC
NEW YORK (AP) — It often pays to zig when everybody else zags. If you were brave enough to put cash into the stock market three years ago — and very few small investors were — you've doubled your money.
European stocks have lost about 15 percen...
Irish pose next democratic test for EU austerity
2012-05-11 13:47:10 UTC
DUBLIN (AP) — When voters in Greece and France got the chance, they dealt a resounding "No!" to parties backing austerity measures. The Irish could be next to give the European Union's austerity plan a black eye.
A May 31 referendum here asks t...
EU predicts 0.3 pct eurozone contraction in 2012
2012-05-11 13:40:51 UTC
BRUSSELS (AP) — The European Union estimates that the economy of the 17 countries that use the euro is in recession in the wake of a debt crisis that has prompted savage spending cuts and a jump in unemployment to record highs.
The European Com...
Germany raises forecast for 2012 tax revenues
2012-05-10 20:59:37 UTC
BERLIN (AP) — Germany says it expects its tax income over the next few years to be slightly higher than previously predicted due to a healthy job market and rising personal incomes.
The Finance Ministry said Thursday that tax experts predicted ...
Postal Service loses $3.2B in 2nd quarter
2012-05-10 19:36:08 UTC
WASHINGTON (AP) — Drowning in red ink, the U.S. Postal Service on Thursday reported a quarterly loss of $3.2 billion and blamed Congress for blocking the agency's cost-cutting efforts to offset declining mail volume and mounting costs for future r...
Hopes rise for Greece power-sharing talks
2012-05-10 18:29:42 UTC
ATHENS, Greece (AP) — Hopes rose slightly Thursday that Greece could end its post-electoral deadlock without having to hold new elections, as international partners warned that Athens must stick to its hugely unpopular austerity program or abandon...
US deficit looms large despite April surplus
2012-05-10 18:24:31 UTC
WASHINGTON (AP) — The U.S. government took in more money than it spent in April, the first monthly surplus in nearly four years.
But that black ink won't last. The federal government is on track to exceed a $1 trillion deficit for the fourth st...
Aviva CEO quits after shareholder revolt on pay
2012-05-08 10:06:54 UTC
LONDON (AP) - The chief executive of Aviva, Britain's largest insurer, has resigned following a shareholder revolt over executive pay, the company said Tuesday.
The company gave no explanation for the decision by Andrew Moss, who had been CEO s...
Presidential rivals fight over France's economy
2012-05-04 18:27:46 UTC
PARIS (AP) — When he came to power in 2007, President Nicolas Sarkozy seemed just the man to shake up France's sclerotic economy with his promises of a break from the past. However, any optimism surrounding his victory five years ago has been repl...
US factory orders fell in March by most in 3 years
2012-05-02 19:54:58 UTC
WASHINGTON (AP) — Demand for U.S. factory goods dropped in March by the most in three years, driven lower by a sharp fall in volatile orders for commercial aircraft. Still, more recent data suggest the decline may be temporary.
The Commerce Dep...
NYSE Euronext results falter on failed merger
2012-04-30 20:53:02 UTC
NEW YORK (AP) — The exchange operator NYSE Euronext said Monday that its first-quarter earnings tumbled 44 percent on weaker trading and its failed combination with Deutsche Boerse AG.
Its shares fell nearly 6 percent in afternoon trading.
Tech exec gets 22 years prison for $30M fraud
2012-04-30 19:02:22 UTC
SAN FRANCISCO (AP) — A former high-tech executive convicted of defrauding investors of at least $30 million on Monday was given one of the harshest sentences meted out in a white-collar criminal case.
A federal judge in San Francisco sentenced ...