Economy

  • Oil starts week at lowest level in 2012
    Oil 2012-05-14 17:23:58 UTC
    NEW YORK (AP) — The price of oil has declined to its low for the year on continued doubts about Europe's ability to pay off massive government debts. Benchmark U.S. crude lost $1.57 to $94.56 per barrel in New York. It dipped to $93.65 per barrel earlier in the day, the lowest since mid-Decemb...

  • A black mark for survivor of financial crisis
    Is_recession_looming__us_household_debt_jumps_to_a_new_record_high 2012-05-12 23:56:59 UTC
    NEW YORK (AP) — The reputation that Jamie Dimon honed for decades on Wall Street has been severely damaged in a matter of days. In the 1980s and 1990s, he was the protege of banking industry legend Sanford Weill. In the early 2000s, he took over Bank One, an institution few believed was fixabl...

  • Is Europe a safe place to buy? Not exactly
    Euro-diaalnews.com 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 percent since mid-March. Renewed worries about the regio...

  • Stock market inches higher despite bank slump
    Jpmorgan-chase 2012-05-11 17:31:50 UTC
    JPMorgan's surprise $2 billion trading loss prompted a sell-off in financial stocks Friday, but the broader market edged higher as investors decided this was a problem for investment banks and not other industries. The Dow Jones industrial average rose 11 points in midday trading after bouncin...

  • Irish pose next democratic test for EU austerity
    Untitled 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 the public to approve an EU treaty that aims to con...

  • EU predicts 0.3 pct eurozone contraction in 2012
    Untitled 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 Commission, the executive arm of the EU, forecasts th...

  • Nissan profit soars on record sales amid disaster
    539w 2012-05-11 13:37:27 UTC
    TOKYO (AP) — Nissan Motor Co.'s January-March profit more than doubled to 75.3 billion yen ($941 million) as the Japanese automaker achieved record sales despite production disruptions from last year's tsunami. Nissan annual global sales reached a record 4.85 million vehicles, showing a remark...

  • Cheaper gas drives US wholesale price index lower
    120412_ppi_hmed_0603p.photoblog500 2012-05-11 13:21:42 UTC
    WASHINGTON (AP) — A big decline in gas and energy costs drove a measure of U.S. wholesale prices lower in April. But outside that drop, inflation was tame. The Labor Department said Friday that the producer price index, which measures price changes before they reach the consumer, dropped 0.2 p...

  • Bank stocks hurt after surprise $2B JPMorgan loss
    U.s._car_insurance_study_recommends_design_changes_to_improve_safety 2012-05-11 13:13:54 UTC
    Bank stocks were hammered in Britain and the United States on Friday, partly because of fear that a surprise $2 billion trading loss by JPMorgan Chase would lead to tougher regulation of financial institutions. In Britain, shares of Barclays and Royal Bank of Scotland were down more than 2 per...

  • Germany raises forecast for 2012 tax revenues
    German_euro_bills_and_coins 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 a total revenues of €596.5 billion ($773.5 billion...

  • Hopes rise for Greece power-sharing talks
    539w 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 the euro. Socialist leader Evangelos Venizelos...

  • US deficit looms large despite April surplus
    Story 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 straight year, keeping the contentious issue front a...

  • Cisco's sobering forecast overshadows 3Q earnings
    628x471-1 2012-05-10 01:36:04 UTC
    SAN FRANCISCO (AP) — Cisco raised the specter late Wednesday of a jarring slowdown in technology spending, alarming investors already fretting about the economy's fragile condition. The red flag hoisted by the world's largest maker of computer-networking equipment overshadowed a solid showing ...

  • News Corp 3Q beats Street despite probe costs
    Untitled 2012-05-10 01:27:54 UTC
    LOS ANGELES (AP) — Rupert Murdoch's News Corp., the global media conglomerate under fire for phone hacking and alleged bribery in Britain, posted a 47 percent increase in third-quarter net income thanks to strong performances at its U.S. pay TV networks and movie studio. The results beat analy...

  • Oil rises after China trade exceeds expectations
    Oil 2013-02-08 06:47:16 UTC
    BANGKOK (AP) — Oil prices rose above $96 a barrel Friday after China reported better-than-expected monthly trade data, a sign that its economic recovery is gaining traction. Benchmark oil for March delivery was up 25 cents to $96.08 at midday Bangkok time in electronic trading on the ...

  • Toyota quarterly profit quadruples on recovery
    Untitled 2012-05-09 07:23:20 UTC
    TOKYO (AP) — Toyota's January-March profit more than quadrupled to 121 billion yen ($1.5 billion) from the previous year, and the automaker gave upbeat forecasts for this fiscal year, marking a solid recovery from a hardship-filled year following the tsunami in Japan. Toyota Motor Corp.'s prof...

  • Gas price likely won't set record this summer
    259-hmu3n.em.55 2012-05-09 07:19:41 UTC
    NEW YORK (AP) — Gasoline prices likely won't set any records this summer, thanks to a recent drop in the price of oil. The government on Tuesday slashed its forecast for average gas prices to $3.79 per gallon for the summer driving season. That's down from an initial estimate of $3.95 and belo...

  • AP-World-Markets/588 Asia stocks fall amid Greek political chaos
    Data 2012-05-09 07:12:32 UTC
    BANGKOK (AP) — Asian stock markets fell Wednesday, spooked by disappointing U.S. corporate earnings and fears that political turmoil in debt-crippled Greece is pushing it closer to financial disaster. Japan's Nikkei 225 index fell 1.5 percent to hit a three-month intraday low of 9,021.20 as tr...

  • There's room at inn for Olympics _ but it'll cost
    C0bef5250f334678aa1b9f2517ac437b-6e284fa0750a4b1eb1537e5fdcc3c3c0-0 2012-05-08 10:11:57 UTC
    LONDON (AP) — It's months before athletes hit the Olympic track, but time is running out for those in another fierce competition: The scramble for a place to stay in London. Some innkeepers will be charging Ritz rates for Fawlty Towers rooms — and they will get away with it. A limited hotel...

  • Beyonce Knowles: I want more kids
    Bildschirmfoto_2012-05-08_um_12.00.54 2012-05-08 10:00:19 UTC
    Beyoncé Knowles "definitely" wants more children after giving birth to her first daughter. The singer and her husband Jay-Z welcomed Blue Ivy into the world in January. She is already thinking of expanding her brood. "I definitely want to have more," she told ET Online. "I don't know ...

  • Asia stocks rise as Europe shockwaves fade
    Asian-stocks-japan-may-8-2012 2012-05-08 09:54:43 UTC
    BANGKOK (AP) — Asian stock markets staged a modest recovery Tuesday as the initial shockwaves from election results in Europe faded. Trading is expected to remain volatile as Greece struggles to form a government after voters punished pro-austerity parties. Japan's Nikkei 225 index edged up 0....

  • IFC, MasterCard Foundation partner in Africa
    Reeta-roy-head-shot-red-jacket-jpeg3 2012-05-07 18:32:14 UTC
    JOHANNESBURG (AP) — The World Bank partner devoted to developing the private sector and The MasterCard Foundation will spend millions of dollars so more impoverished Africans can get loans and other financial services, officials said Monday. At a Johannesburg news conference Monday, officials ...

  • Oil price drops to lowest point of 2012
    Chinese_giant_refiner_stops_us_oil_imports__turns_to_iran_crude 2012-05-07 17:51:03 UTC
    NEW YORK (AP) — The price of oil dropped Monday to its lowest level of the year after elections in Europe created uncertainty over the region's plan for recovery. In afternoon trading, benchmark U.S. crude lost $1.10 to $97.39 per barrel in New York. It fell as low as $95.34 per barrel earlier...

  • US stocks under pressure after European elections
    Us_market 2012-05-07 15:49:25 UTC
    NEW YORK (AP) — U.S. stocks are under pressure after angry voters in Greece and France rejected painful budget cuts demanded by international lenders. Investors are uncertain over how the results will affect Europe's plans to rein in spending and keep the euro zone's debt crisis from worsening...

  • Presidential rivals fight over France's economy
    France-economy_0 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 replaced by cynicism and recrimination. Socialist c...