Headline

  • Cyprus businesses hurt as banks stay shut
    8bc623b845183c0a2d0f6a706700a2b7 2013-03-26 16:32:35 UTC
    NICOSIA, Cyprus (AP) — Cypriot businesses were under increasing strain to keep running on Tuesday after financial authorities stretched the country's bank closure into a second week amid fears that depositors will rush to drain their accounts. All but two of the country's larg...

  • Cyprus bailout relief turns sour on banks concern
    684290d123a3180a2d0f6a7067006559 2013-03-25 18:13:10 UTC
    LONDON (AP) — A relief rally in stock markets in the wake of the Cypriot bailout deal proved short-lived Monday after a top European official warned that a similarly tough strategy should be used across the region. In the immediate aftermath of the deal between the Mediterrane...

  • Cyprus secures bailout, avoids bankruptcy
    A7028182089a120a2d0f6a706700d7a1 2013-03-25 04:21:00 UTC
    BRUSSELS (AP) — Cyprus secured a 10 billion euro ($13 billion) package of rescue loans in tense, last-ditch negotiations early Monday, saving the country from a banking system collapse and bankruptcy that could have destabilized the entire euro area. "We've put an end to t...

  • What happens if Cyprus collapses?
    Diaalnews 2013-03-23 08:40:04 UTC
    PARIS (AP) — What happens if Cyprus' banks collapse? If its government goes broke? If it leaves the euro? The European Union, the International Monetary Fund, the European Central Bank and the country's leaders are trying to find a deal to secure a 10 billion euro ($13 billion) loan fo...

  • US rate on 30-year mortgage declines to 3.54 pct.
    House-mortgage_ju_top 2013-03-21 17:23:43 UTC
    WASHINGTON (AP) — Average U.S. rates on fixed mortgages fell this week and remained near historic lows, a trend that has supported a recovery in housing. Freddie Mac said Thursday that the average rate for the 30-year loan fell to 3.54 percent from 3.63 percent last week. Tha...

  • South Korea: Chinese address source of attack
    21b3fb8a8b47aa092c0f6a706700b331 2013-03-21 04:35:47 UTC
    SEOUL, South Korea (AP) — A Chinese Internet address was the source of a cyberattack on one company hit in a massive network shutdown that affected 32,000 computers at six banks and media companies in South Korea, initial findings indicated Thursday. It's too early to assign blame ...

  • Japan's Feb trade deficit at $8.1B as exports lag
    6e478e85-518f-4f42-8575-e6e86f8910fa 2013-03-21 04:34:44 UTC
    TOKYO (AP) — Japan recorded a trade deficit of 777.5 billion yen ($8.1 billion) in February despite the weaker yen as exports of cars and auto parts slipped while energy-related imports surged nearly 12 percent. It was the eighth consecutive monthly deficit following a record ...

  • Asia stocks mixed after Cyprus vote on bailout
    B3d33e7e4eb380092c0f6a7067002161 2013-03-20 06:28:01 UTC
    BANGKOK (AP) — Asian stock markets were mixed Wednesday after Cypriot lawmakers rejected a tax on bank deposits that would have partly funded an emergency bailout to save the Mediterranean country from financial collapse. The vote in the Cyprus parliament Tuesday rejected a plan cobbled togeth...

  • Oil falls as traders eye US data, Europe concerns
    Nyme-oil-pit 2013-03-19 17:42:24 UTC
    NEW YORK (AP) — The price of oil fell slightly Tuesday as traders weighed encouraging housing data against the prospect of rising crude supplies in the U.S. Benchmark oil for April delivery fell 27 cents to $93.84 a barrel on the New York Mercantile Exchange. Brent crude, used to price...

  • Stocks falter following Cyprus's bailout plan
    2df9cbafe2a8ce1d1e0f6a706700d288 2013-03-19 06:18:17 UTC
    NEW YORK (AP) — Stocks fell for a second day on Wall Street on concern that a proposed bank bailout for the Mediterranean island nation of Cyprus could cause the euro crisis to flare up again. The Dow Jones industrial average was down 23 points, or 0.2 percent, to 14,489 as of noon EDT. The Do...

  • Cyprus secures $13 bn bailout from eurozone, IMF
    R 2013-03-16 06:39:02 UTC
    BRUSSELS (AP) — Cash-strapped Cyprus secured a €10 billion ($13 billion) bailout package from its European partners and the International Monetary Fund in a bid to prevent the island nation from entering a bankruptcy that could rekindle the region's debt crisis, officials said e...

  • Pacific trade pact calls for tough Japan reforms
    Url-1 2013-03-15 04:21:23 UTC
    TOKYO (AP) — Prime Minister Shinzo Abe is set to announce Japan will join talks on a Pacific trade pact that would oblige the country to undertake major reforms, especially in farming. The expected announcement later Friday confirming plans to seek participation in the U.S.-led Trans-Pacific...

  • Software glitch delays 660,000 tax refunds
    Url 2013-03-14 20:32:20 UTC
    WASHINGTON (AP) — The Internal Revenue Service says 660,000 taxpayers will have their refunds delayed by up to six weeks because of a problem with the software they used to file their tax returns. The delay affects people claiming education tax credits who filed returns between Feb. 14 a...

  • Dow extends streak to 10, its longest since 1996
    A1dccc42838b0003280f6a70670074ad 2013-03-14 20:27:08 UTC
    NEW YORK (AP) — The Dow Jones industrial average has reached another milestone, recording its longest winning streak since 1996. The index rose for the tenth day in a row Thursday, gaining 83 points to close at 14,539, an increase of 0.6 percent. It broke through its previous all-time hig...

  • Obama: House GOP budget would cut deeply
    Untitled 2013-03-12 23:30:47 UTC
    WASHINGTON (AP) — President Barack Obama is criticizing a proposed House Republican budget, saying it would turn Medicare into a voucher-like program, cut deeply into programs such as Medicaid and increase tax payments by the middle class in order to achieve promised lower tax rates. A...

  • Markets sluggish after Chinese data dump
    E142e2f4752cd2082b0f6a7067004752 2013-03-11 13:27:43 UTC
    LONDON (AP) — Markets have started the week sluggishly Monday as investors pause for breath following a dash that's seen the Dow Jones index in the U.S. record a series of all-time highs. Chinese economic figures over the weekend were largely disappointing and prompted many investors t...

  • China's leaders take aim at Railways Ministry
    Url-3 2013-03-10 17:38:39 UTC
    BEIJING (AP) — In the annals of Chinese bureaucratic power, the Railways Ministry stood apart. Running everything from one of the world's busiest rail systems to a special police force, the ministry was so pervasive and powerful it resisted government reform efforts for years. Chinese cal...

  • US adds 236K jobs, unemployment falls to 7.7 pct.
    Imgres 2013-03-08 20:04:27 UTC
    WASHINGTON (AP) — A burst of hiring last month added 236,000 U.S. jobs and reduced the unemployment rate to 7.7 percent from 7.9 percent in January. The robust gains suggested that the economy can strengthen further despite higher taxes and government spending cuts. The February jobs ...

  • Fed says 18 biggest US banks in stronger position
    Stress_test_personal_finance 2013-03-07 22:31:06 UTC
    WASHINGTON (AP) — The nation's largest banks are more prepared to withstand a severe U.S. recession and a global downturn than at any time since the 2008 financial crisis, the Federal Reserve says. The Fed's annual "stress tests" showed Thursday that as a group, the 18 banks hold fewer...

  • US household wealth regains pre-recession peak
    Diaalnews 2013-03-07 22:14:04 UTC
    WASHINGTON (AP) — It took 5½ years. Surging stock prices and steady home-price increases have finally allowed Americans to regain the $16 trillion in wealth they lost to the Great Recession. The gains are helping support the economy and could lead to further spending and growth. The...

  • Dow hits record, erasing Great Recession losses
    Bc395cadbe324d072b0f6a706700aeb6 2013-03-06 10:07:16 UTC
    NEW YORK (AP) — The stock market is back. Five and a half years after the start of a frightening drop that erased $11 trillion from stock portfolios and made investors despair of ever getting their money back, the Dow Jones industrial average has regained all the losses suffered during...

  • US home prices rose by most in nearly 7 years
    Fe80b217bd4249072b0f6a7067009684 2013-03-05 19:11:12 UTC
    WASHINGTON (AP) — U.S. home prices jumped in January, a sign the housing market is gaining momentum as it nears the spring selling season. Home prices rose 9.7 percent in January from a year ago, according to data released Tuesday by CoreLogic. That's up from an 8.3 percent increase in...

  • Obama to tap Walmart's Burwell for budget chief
    Diaalnews 2013-03-04 07:24:45 UTC
    WASHINGTON (AP) — President Barack Obama on Monday will nominate Walmart's Sylvia Mathews Burwell as his next budget director, a senior administration official said. If confirmed by the Senate, Burwell would take the helm at the Office of Management and Budget at a time of heated budge...

  • Spending cuts seem here to stay
    Eaf22e8d54316d05290f6a7067008573 2013-03-04 07:16:53 UTC
    WASHINGTON (AP) — The spending cuts are here to stay if you believe the public posturing Sunday. The Senate's Republican leader Mitch McConnell called them modest. House Speaker John Boehner isn't sure the cuts will hurt the economy. The White House's top economic adviser, Gene Sperling,...

  • Jump in factory growth lifts hopes for US economy
    4fa61da54156e7072a0f6a70670097b2 2013-03-01 21:58:21 UTC
    WASHINGTON (AP) — Busier factories and growing optimism among consumers could help the U.S. economy withstand the drag from government spending cuts and tax increases this year. Manufacturing grew in February at the fastest pace in 20 months, according to a report Friday from the Institute for...