Draghi wins 1 vs. Bundesbank; but it's not over
2012-08-05 16:46:55 UTC
FRANKFURT, Germany (AP) — When he announced the European Central Bank's latest plans to drive down borrowing costs crippling Spain and Italy, ECB President Mario Draghi showed he was willing to overrule one of the most influential members of the b...
Italy bank chief: No need now for rescue aid
2012-08-05 16:42:13 UTC
ROME (AP) — Italy's central bank chief says there's no need "at the moment" to request help from European funds to fight soaring borrowing costs.
Ignazio Visco says whether Italy needs to do so in the future depends on whether markets are convi...
Refinery problems, spill drive up Great Lakes gas
2012-08-04 14:23:04 UTC
MADISON, Wis. (AP) — A rare combination of pipeline and refinery problems has exacerbated already rising gas prices in the Great Lakes region, leading to surges of around 35 cents per gallon in just one week, officials said Friday.
Oil surges 5 percent on strong jobs growth
2012-08-04 14:18:53 UTC
NEW YORK (AP) — The price of oil posted its biggest gain in more than month, jumping nearly 5 percent, after the government reported a sharp rise in jobs growth for July.
Benchmark U.S. crude on Friday rose $4.27 to end the day at $91.40 per ba...
Failure of bank in Illinois brings '12 total to 40
2012-08-04 14:06:21 UTC
WASHINGTON (AP) — Regulators have closed a small bank in Illinois, bringing to 40 the number of U.S. bank failures this year.
The Federal Deposit Insurance Corp. on Friday seized Waukegan Savings Bank, based in Waukegan, Ill.
The bank had ab...
Economy generates 163K jobs in sign of resilience
2012-08-04 14:25:33 UTC
WASHINGTON (AP) — The U.S. economy generated jobs last month at the fastest pace since February, a sign it is resilient enough to pull out of a midyear slump and grow modestly even as the rest of the world slows down.
The 163,000 jobs employers...
Gov't report: Tax cheats getting paid by Medicaid
2012-08-02 08:46:51 UTC
WASHINGTON (AP) — Thousands of Medicaid health care service providers still got paid by the government even though they owed hundreds of millions of dollars in federal taxes, congressional investigators say. A legal technicality is making it harde...
Summer hiring drops Spain jobless in July
2012-08-02 08:26:44 UTC
MADRID (AP) — The number of people registered as unemployed in Spain fell by 27,814 in July as more people found work in summer tourism.
The Labor Ministry says the total number of people registered as jobless is now 4.58 million. It was the fo...
US manufacturing sector shrank for second month
2012-08-01 16:11:06 UTC
WASHINGTON (AP) — U.S. manufacturing shrank for the second straight month in July, further evidence of an economy growing at a sluggish pace.
The Institute for Supply Management, a trade group of purchasing managers, said Wednesday that its ind...
House heading toward election-year tax showdown
2012-08-01 16:07:16 UTC
WASHINGTON (AP) — An election-year tax faceoff between Democrats and Republicans in the GOP-controlled House is heading toward a predictable outcome Wednesday.
Republicans are poised to pass a bill to renew a full slate of Bush-era tax cuts for...
Fed could be moving to more bond buying
2012-07-31 20:15:28 UTC
WASHINGTON (AP) — The Federal Reserve appears to be moving toward announcing some new step to try to energize the troubled U.S. economy. The question is whether it will do so after its policy meeting this week.
Probably not, many economists say...
Senate panel OKs $604 billion defense bill
2012-07-31 19:03:27 UTC
WASHINGTON (AP) — A Senate panel has approved a $604 billion defense spending bill that reverses proposed Pentagon cuts in Air Force personnel and equipment.
The Appropriations defense subcommittee approved the bill by voice vote Tuesday. The m...
Criminals abuse New Zealand's liberal company laws
2012-07-30 05:29:04 UTC
WELLINGTON, New Zealand (AP) — When American Jeffery Lowrance this month pleaded guilty in federal court to wire fraud and money laundering after running a $25 million Ponzi scheme, he was just the latest in a long list of criminals to take advant...
Eurogroup chair sees decisions soon in debt crisis
2012-07-30 05:27:07 UTC
BERLIN (AP) — The German and Italian leaders issued a new pledge to protect the eurozone, while the influential eurogroup chairman was quoted Sunday as saying that officials have no time to lose and will decide in the coming days what measures to ...
Google: Didn't delete Street View data after all
2012-07-27 19:11:33 UTC
LONDON (AP) — After being caught spying on people across Europe and Australia with its Wi-Fi-slurping Street View cars, Google had told angry regulators that it would delete the ill-gotten data.
Google broke its promise.
Stocks snap higher, Dow crosses above 13,000
2012-07-27 19:04:28 UTC
NEW YORK (AP) — Faced with Facebook, Starbucks and Angela Merkel, the market chose to focus on Merkel.
For a second day, the U.S. stock market powered higher after European leaders, including German chancellor Merkel, pledged to preserve the un...
Facebook's stock tumbles after 1st public quarter
2012-07-27 08:59:08 UTC
NEW YORK (AP) — Facebook's first earnings report as a public company had solid numbers, but in the end it landed with a thud — much like its rocky initial public offering two months ago.
Facebook reported stronger-than-expected revenue and a ga...
Tough EU stance? It's in Germany's culture
2012-07-27 08:53:59 UTC
BERLIN (AP) — Head to the checkout at an Ikea in Stockholm to pay for your new leather corner sofa and with the swipe of a Visa card it's yours. Don't try that in Berlin — that'll be €1,699 ($2,080) up front please.
It's that financial culture ...
Many drugs remain legal after 'bath salts' ban
2012-07-26 07:57:48 UTC
WASHINGTON (AP) — People are inventing so many new ways to get high that lawmakers can't seem to keep up.
Over the past two years, the U.S. has seen a surge in the use of synthetic drugs made of legal chemicals that mimic the dangerous effects ...
Asia stocks rise but weak SKorea data limits gains
2012-07-26 07:52:50 UTC
BANGKOK (AP) — Asian stock markets rose Thursday amid hopes Europe will give its bailout fund more financial firepower but gains were tempered as South Korea reported its economic growth slowed to a two-year low.
Markets have been rattled over ...
Japan trade deficit swells to $37B in first half
2012-07-25 08:20:50 UTC
TOKYO (AP) — Japan reported its biggest half-year trade deficit ever as exports weakened and fuel imports soared to keep the power on while most reactors are idled in the aftermath of last year's nuclear crisis.
The Ministry of Finance on Wedne...
Toyota sold 4.97 million vehicles in first half
2012-07-25 08:16:44 UTC
TOKYO (AP) — Toyota sold 4.97 million vehicles globally in the first six months of this year, a strong result that could see the Japanese automaker regain its crown as the world's top automaker from General Motors Co.
The number, released Wedne...
Peugeot Citroen in H1 loss as Europe hits business
2012-07-25 08:08:56 UTC
PARIS (AP) — Tough conditions in Europe pushed carmaker PSA Peugeot Citroen into a first half loss of €819 million ($990 million), just as the company faces off with the French government over its restructuring plan.
The maker of two-thirds of ...
How Apple's phantom taxes hide billions in profit
2012-07-24 06:46:16 UTC
NEW YORK (AP) — On Tuesday, Apple is set to report financial results for the second quarter. Analysts are expecting net income of $9.8 billion. But whatever figure Apple reports won't reflect its true profit, because the company hides some of it w...
McDonald's showing signs of tear from economy
2012-07-23 17:24:24 UTC
NEW YORK (AP) — Not even McDonald's Corp. has an iron stomach when it comes to the global economic downturn.
The world's largest hamburger chain has thrived in boom and bust times by selling cheap eats and constantly updating its menu with popu...