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.
EU countries divided on financial transaction tax
2012-06-22 16:32:45 UTC
LUXEMBOURG (AP) — A plan for European Union countries to tax financial transactions and use the proceeds to fund future bank bailouts ran aground on Friday, with just nine out of 27 countries ready to support it, raising the prospect the tax will ...
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...
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...
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...
UK government to announce bank reforms
2012-06-14 08:10:27 UTC
LONDON (AP) — The British government is announcing its proposals for banking reform to prevent the repeat of the crisis which forced taxpayers to bail out two major banks.
The Treasury has confirmed that the government will legislate to isolate...
Spain bond yields soar after latest downgrade
2012-06-14 08:07:04 UTC
MADRID (AP) — The yield on Spanish 10-year bonds shot up to a record 6.86 percent after a credit ratings agency downgraded the country's debt rating to just one notch above junk status.
The interest rate demanded by investors rose 15 basis poin...
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...
Spain bank rescue glee morphs into markets rout
2012-06-12 05:52:28 UTC
MADRID (AP) — Euphoria over a lifeline of up to €100 billion ($125 billion) to rescue Spain's hurting banks morphed into a financial markets rout in a matter of hours Monday, as investors digested the still-undefined plan and became concerned the ...
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...
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...
Fed proposes stricter capital rules for banks
2012-06-07 20:20:49 UTC
WASHINGTON (AP) — The Federal Reserve wants U.S. banks to set aside more money to cushion against unexpected losses, a key step in preventing another financial crisis.
The Fed on Thursday proposed rules requiring the nation's largest banks hold...
US consumer cut back on credit card use in April
2012-06-07 20:22:06 UTC
WASHINGTON (AP) — Americans cut back sharply on their credit card purchases in April, a sign that some may be worried about the slowdown in hiring.
The Federal Reserve said Thursday that consumers increased borrowing by $6.5 billion in April, j...
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.
ECB holds off to force politicians' hand in crisis
2012-06-05 18:55:55 UTC
FRANKFURT, Germany (AP) — The European Central Bank has a powerful weapon that just might push political leaders into solving the continent's financial crisis once and for all: withholding further help.
The ECB isn't likely to take any new step...
For US employers, 'hiring is a function of demand'
2012-06-01 17:42:40 UTC
WASHINGTON (AP) — The U.S. economy suddenly looks a lot weaker.
Only 69,000 jobs were added in May, the fewest in a year, and the unemployment rate rose from 8.1 percent to 8.2 percent.
The dismal jobs data will heighten fears that the econo...
Euro setup is unsustainable, ECB chief warns
2012-05-31 21:03:56 UTC
FRANKFURT, Germany (AP) — The setup of the 17-country euro currency union is unsustainable, the head of the European Central Bank has told EU leaders, warning they must quickly come up with a broad vision for the future to get the bloc through the...
EU calls for 'banking union' to ease crisis
2012-05-30 17:20:43 UTC
BRUSSELS (AP) — The European Union's executive office on Wednesday said the 17-country eurozone needs a "banking union" that can centrally oversee and — if needed — bail out the sector, which has become a weak link in the continent's financial sys...
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...