April retail sales worst since 2009
2012-05-03 18:22:23 UTC
NEW YORK (AP) — Americans' spending — much like the economy — continues to yo-yo.
Major retailers such as Costco and Macy's reported on Thursday that April revenue rose less that 1 percent in the worst performance since 2009 when the U.S. economy was just coming out of a bad recession.
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 Department said Wednesday that orders for factory goo...
Oil price falls on concerns about global economy
2012-05-02 19:48:54 UTC
NEW YORK (AP) — Oil prices fell Wednesday on concerns of a weakening European economy and disappointing job growth in the U.S.
Benchmark West Texas Intermediate crude gave up 86 cents to $105.30 per barrel in New York. Brent crude, which helps set the price of oil imported into the U.S., lost ...
Detroit unions weigh strike option as layoffs loom
2012-05-02 18:16:55 UTC
DETROIT (AP) — Unions angry that Detroit is trying to mend its financially-battered books by laying off hundreds of workers and imposing steep contract concessions on those who remain are considering an illegal strike.
Several Detroit municipal union leaders said striking is one of several opt...
Oil near $102 on Egypt protests, US demand outlook
2013-07-03 07:09:49 UTC
BANGKOK (AP) — The price of oil neared $102 a barrel Wednesday for the first time since May last year as Egypt's political crisis intensified, raising the risk of fuel supply disruptions.
Benchmark crude for August delivery was up $2.07 to $101.65 a barrel at midday Bangkok time in electronic ...
Natural gas prices up 5 pct. on production report
2012-04-30 20:56:35 UTC
NEW YORK (AP) — The price of natural gas jumped by nearly 5 percent Monday after government data showed that producers are making good on promises to cut supplies.
Chesapeake Energy Corp., ConocoPhillips and Encana Corp. have each said that they would take some natural gas operations offline t...
Delta Air buys Pa. refinery from Conoco
2012-04-30 20:37:31 UTC
Delta Air Lines Inc. says it will buy a refinery near Philadelphia as part of an unprecedented deal that it hopes will cut its jet fuel bill.
Delta is buying the Trainer, Pa. refinery from Phillips 66, a refining company being spun off from ConocoPhillips. Delta says a subsidiary will pay $150...
Energy Transfer Partners to buy Sunoco for $5.3B
2012-04-30 20:29:35 UTC
NEW YORK (AP) — Energy Transfer Partners is buying Sunoco in a $5.3 billion deal that creates one of the more diverse pipeline companies in the country.
The acquisition includes nearly 8,000 miles of pipeline, as well as 4,900 gas stations in 24 Eastern states. Those stations will keep the ico...
Barnes & Noble and the e-reader competition
2012-04-30 20:15:07 UTC
Barnes & Noble Inc. makes a variety of Nooks with black-and-white screens, dedicated to reading, and the Nook Color and Nook Tablet, which add color screens, third-party applications and Internet browsing to the mix.
Here's how its sales stacked up against competitors in both the tablet and e-...
Asia stocks rise on hopes of new Fed stimulus move
2012-04-30 05:13:57 UTC
BANGKOK (AP) — Asian stock markets rose Monday in holiday-thinned trade as sluggish U.S. growth figures boosted hopes for more measures from the Federal Reserve to help the world's No. 1 economy.
South Korea's Kospi added 0.2 percent to 1,980.27 amid improving business sentiment among manufact...
Samsung Electronics reports record profit
2012-04-28 04:45:12 UTC
SEOUL, South Korea (AP) — Samsung Electronics Co., the world's largest consumer electronics firm by revenues, on Friday reported a record-high profit as strong smartphone sales helped mask a drop in semiconductor and TV profit.
Net profit amounted to 5.05 trillion won ($4.46 billion) for the f...
Italy pays higher yields in pair of bond auctions
2012-04-27 20:22:01 UTC
MILAN (AP) — Italy was forced to pay higher interest rates Friday to entice investors to buy a little under €5 billion ($6.6 billion) worth of its 5- and 10-year bonds as jitters over Europe's debt problems have resurfaced.
Investors demanded yields of 5.84 percent on the 10 year-bonds, compar...
Markets brush aside more grim Spanish news
2012-04-27 20:16:42 UTC
LONDON (AP) — Investors brushed aside more grim Spanish financial news and lower-than-anticipated U.S. economic growth figures, helping stocks to rally at the end of what has turned out to be a solid week for markets.
Over the past couple of weeks, investors have grown increasingly jittery ove...
Natural gas prices rise; oil declines slightly
2012-04-27 15:59:12 UTC
Natural gas is rising as cooler weather and production cuts are raising expectations that demand may improve.
Natural gas rose 2.1 cents to $2.147 per 1,000 cubic feet Friday in early trading. Last week the price dropped to the lowest level in more than a decade.
The price plunged this year...
Exxon Mobil 1Q profit drops 11 percent
2012-04-26 20:50:29 UTC
NEW YORK (AP) — Exxon Mobil struggled just about everywhere in the first quarter.
It produced less oil and natural gas. Profits dropped at its chemical plants and U.S. refineries. And its overall net income fell 11 percent, the first decline in quarterly earnings since late 2009.
Chrysler posts best quarterly profit in 13 years
2012-04-26 20:42:48 UTC
DETROIT (AP) — Chrysler had its best quarterly profit in 13 years. Not bad for a company that almost died three years ago.
The company earned $473 million in the first quarter, mainly from strong U.S. sales, which rose 39 percent from January through March. Customers snapped up Ram pickups, Je...
Senate Dems ready bill freezing student loan costs
2012-04-25 18:08:08 UTC
WASHINGTON (AP) — President Barack Obama is playing politics with his push to prevent interest rates on federal student loans from increasing in an election-year effort to embarrass Republicans, the Senate's GOP leader said Wednesday.
Senate Minority Leader Mitch McConnell, R-Ky., aimed his re...
Oil prices decline on growing supply
2012-04-25 18:03:54 UTC
NEW YORK (AP) — Oil prices dropped slightly on Wednesday after the government reported an increase in U.S. supplies.
Benchmark West Texas Intermediate crude lost 22 cents to $103.33 per barrel in New York. Brent crude, which sets the price of oil imported into the U.S., lost 28 cents to $117.8...
Sprint loss widens on Nextel, iPhone lifts sales
2012-04-25 17:49:47 UTC
NEW YORK (AP) — The iPhone boosted struggling Sprint Nextel Corp. in the latest quarter, letting it beat AT&T and perhaps even Verizon in recruiting high-paying phone subscribers to the Sprint network.
Sprint started selling the iPhone in October, after AT&T and Verizon. To get it, it had to p...
Caterpillar 1Q profit jumps 29 pct, boosts outlook
2012-04-25 17:42:37 UTC
Caterpillar's first-quarter profit jumped 29 percent and it boosted its outlook for the year as U.S. builders replaced old gear and global demand for mining equipment boomed.
The company generated $1.59 billion net income, or $2.37 per share, during the quarter. That's up from last year's $1.2...
US orders for long-lasting goods plunge in March
2012-04-25 17:37:52 UTC
WASHINGTON (AP) — Orders for long-lasting factory goods fell by the largest amount in three years last month, mostly because demand for commercial aircraft plummeted. But companies also ordered less machinery and other equipment, a sign manufacturing output may slow.
Orders for durable goods d...
Fed: Economy growing moderately; no policy changes
2012-04-25 17:24:48 UTC
WASHINGTON (AP) — The Federal Reserve says the economy is growing moderately while cautioning that risks from Europe remain. It's holding off on taking any further steps to boost the recovery.
In a statement after a two-day meeting, the Fed said Wednesday that the job market has improved sligh...
Sales of handset arm lifts Sweden's Ericsson in QI
2012-04-25 07:47:09 UTC
STOCKHOLM (AP) — LM Ericsson, the world-leading wireless equipment maker in terms of market share, saw its first quarter profits more than double, largely on the back of proceeds made from the sale of its stake in handset maker Sony Ericsson.
The Stockholm-headquartered group posted Wednesday ...
Poor economy worsens Social Security's finances
2012-04-23 18:42:41 UTC
WASHINGTON (AP) — High energy prices and an economy that has been slow to rebound are worsening Social Security's finances, shortening the life of the trust funds that support program by three years, the government said Monday.
Those trust funds will now run dry in 2033, according to a report ...
Oil little changed, investors weigh global economy
2013-01-18 20:16:30 UTC
NEW YORK (AP) — The price of oil remained at a four-month high Friday after new data showed China's economy rebounded and a global demand forecast rose.
Benchmark oil for February delivery rose 7 cents to finish at $95.56 per barrel on the New York Mercantile Exchange, the highest since Se...