Stocks edge higher as retailers rally
2013-01-15 22:12:40 UTC
NEW YORK (AP) — Stocks edged higher on Wall Street after a rally in retail stocks offset concerns about flaring tensions in Washington over increasing the country's borrowing limit.
The Dow Jones industrial average ended the day up 27.57 points at 13,534.89. The Dow moved higher in the...
10 banks agree to pay $8.5B for foreclosure abuse
2013-01-07 17:36:03 UTC
WASHINGTON (AP) — Ten major banks and mortgage companies agreed Monday to pay $8.5 billion to settle federal complaints that they wrongfully foreclosed on homeowners who should have been allowed to stay in their homes.
The banks, which include JPMorgan Chase, Bank of America and Wells Fa...
No movement: Lawmakers dig in heels on debt crisis
2013-01-06 21:38:14 UTC
WASHINGTON (AP) — Congressional leaders on Sunday showed no signs of emerging from their corners to resolve the next step in the financial crisis, with Democrats still talking about higher taxes on the wealthy and the Senate's top Republican suggesting that a crippling default on U.S. loa...
Target ad campaign puts food in the spotlight
2013-01-05 09:39:48 UTC
NEW YORK (AP) — Is Target's grocery aisle ready for its close up?
Target is pushing its food, laundry detergent and other groceries in a national ad campaign that pokes fun at high-fashion advertising by featuring models interacting with everyday products.
In one ad, a model in a wh...
Google executive chairman arrives in North Korea
2013-01-07 16:24:46 UTC
PYONGYANG, North Korea (AP) — Google's chairman wants a first-hand look at North Korea's economy and social media during his private visit Monday to the communist nation, his delegation said, despite misgivings in Washington over the timing of the trip.
Eric Schmidt, executive chairman...
US auto sales end 2012 on strong note
2013-01-03 21:07:49 UTC
DETROIT (AP) — Strong U.S. sales in December capped a remarkable year for the auto industry — especially Japanese brands — and 2013 should be even better.
Sales of new cars and trucks are expected to total 14.5 million after all carmakers announce figures on Thursday. That is 13 percen...
Starbucks enters entrenched Vietnam coffee market
2013-01-05 09:43:27 UTC
HANOI, Vietnam (AP) — Nghiem Ngoc Thuy has been slinging coffees to thirsty Vietnamese for 20 years in her colonial-style villa with peeling shutters, and she and her customers aren't too worried that the imminent arrival of U.S. giant Starbucks will alter their time-tested coffee traditi...
Political brinksmanship still threatens US economy
2013-01-02 07:12:41 UTC
WASHINGTON (AP) — Even if U.S. lawmakers avoid the so-called fiscal cliff, higher taxes and brinksmanship in Washington are likely to continue damaging the fragile economy well into 2013.
In the early hours of the new year, the Senate passed emergency legislation to prevent deep spending cuts ...
US may skirt 'fiscal cliff' but faces higher taxes
2013-01-01 20:01:18 UTC
WASHINGTON (AP) — A last-ditch tax deal in the Senate might let the U.S. economy escape the worst of the so-called fiscal cliff and avoid going back into recession. But even if the House goes along, the tax increases likely coming in 2013 will dent economic growth anyway.
In the early...
Stocks shoot up as investors bet on 'cliff' deal
2013-01-01 11:29:31 UTC
NEW YORK (AP) — The stock market shot higher on Monday even as the "fiscal cliff" neared. By the time trading ended, Republicans and Democrats still hadn't reached a budget compromise — but investors were betting that they would.
It was a dramatic day on what turned out to be a strong ...
French panel overturns 75 percent tax on ultrarich
2012-12-30 17:03:13 UTC
PARIS (AP) — Embattled French President Francois Hollande suffered a fresh setback Saturday when France's highest court threw out a plan to tax the ultrawealthy at a 75 percent rate, saying it was unfair.
In a stinging rebuke to one of Socialist Hollande's flagship campaign promises, the con...
German FinMin says worst of euro debt crisis over
2012-12-27 13:15:09 UTC
BERLIN (AP) — Germany's finance minister says the worst of euro area's debt crisis appears to be over after three years of worries over Greece and other members of the group of 17 European Union countries that use the single currency.
Finance Minister Wolfgang Schaeuble was quoted Thursday a...
Subdued mood on the last holiday shopping weekend
2012-12-24 14:48:27 UTC
ATLANTA (AP) — Christmas shoppers thronged malls and pounced on discounts but apparently spent less this year, their spirits dampened by concerns about the economy and the aftermath of shootings and storms.
Talk about more than just the usual job worries to cloud the mood: Confidence a...
More shoes showing up under Christmas tree
2012-12-24 05:19:27 UTC
NEW YORK (AP) — Shoes are coming out of the closet and landing under the Christmas tree. They're a top seller this holiday season — a big feat considering most years they don't even make gift lists.
Laranda Williams, 39, used to buy clothing, tools and electronics as presents for her family. T...
Christmas comes slowly to austerity-hit Europe
2012-12-22 08:35:13 UTC
PARIS (AP) — Across Europe, holiday "shoppers" this season are doing more browsing than buying.
Retailers remain hopeful for a last-minute burst of Christmas consumerism, and some governments are encouraging it by allowing stores to open on Sunday. But with economies across the region ...
Stocks sink after Republicans cancel budget vote
2012-12-22 08:18:07 UTC
NEW YORK (AP) — Investors sent Washington a reminder Friday that Wall Street is a power player in talks to avoid the "fiscal cliff."
Stocks fell sharply after House Republicans called off a vote on tax rates and left federal budget talks in disarray 10 days before sweeping tax increases and go...
Spain's Santander studying how to absorb Banesto
2012-12-17 09:22:47 UTC
MADRID (AP) — Share trading in Banco Santander, the biggest bank by market value in the 17-country eurozone, has been suspended after it revealed that it is studying how it can absorb its affiliate Banesto.
Banco Santander S.A. owns some 90 percent of Banesto. It acquired the entity, once on...
Conservationists team up with ranchers, loggers
2012-12-16 08:42:37 UTC
FRIANT, Calif. (AP) — Two cowboys on horses pushed cattle across an expanse of golden hills overgrown with tall grasses and oak trees, up an unpaved road toward another pasture.
From the Sierra Nevada foothills, the cattle will be sent for processing into beef, prized by consumers looking for ...
Fed sends clearer signal on keeping rates low
2012-12-12 21:51:29 UTC
WASHINGTON (AP) — The Federal Reserve sent its clearest signal to date Wednesday that it will keep interest rates super-low to support the U.S. economy even after the job market has improved significantly.
The Fed said it plans to keep its key short-term rate near zero until the unemployment r...
AIG sells 90 pct of plane leasing unit for $5.28B
2012-12-10 07:26:51 UTC
NEW YORK (AP) — American International Group Inc. on Sunday said it will sell up to 90 percent of its airplane leasing unit, International Lease Finance Corp., to a Chinese investor group for approximately $5.28 billion.
The investor group is led by Weng Xianding, chairman of New China Trust...
Fiscal cliff efforts ongoing, Boehner offers plan
2012-12-18 19:27:47 UTC
WASHINGTON (AP) — President Barack Obama and House Speaker John Boehner pushed ahead on negotiating a broad deal to avert the "fiscal cliff," even as the GOP leader readied a backup plan Tuesday to pressure the White House with little time left to avoid a double hit on the economy.
US job gains defy Sandy and fears of fiscal cliff
2012-12-08 10:41:16 UTC
WASHINGTON (AP) — It takes more than a superstorm to derail the U.S. job market.
Employers added 146,000 jobs in November and the unemployment rate dipped to 7.7 percent, a four-year low, the government said Friday.
Though modest, the job growth was encouraging because it defied dis...
Citigroup to cut 11,000 jobs, a familiar story
2012-12-05 19:19:47 UTC
NEW YORK (AP) — Citigroup said Wednesday that it will cut 11,000 jobs, a bold early move by new CEO Michael Corbat.
The cuts amount to about 4 percent of Citi's workforce. The bulk of them, about 6,200 jobs, will come from Citi's consumer banking unit, which handles everyday functions like bra...
US home prices rise in October by most in 6 years
2012-12-04 20:52:31 UTC
WASHINGTON (AP) — A measure of U.S. home prices rose 6.3 percent in October compared with a year ago, the largest yearly gain since July 2006. The jump adds to signs of a comeback in the once-battered housing market.
Core Logic also said Tuesday that prices declined 0.2 percent in October from...
White House to GOP: It's your move
2012-12-03 11:49:34 UTC
WASHINGTON (AP) — The White House says Republicans should come clean about how much they're willing to raise tax rates on the rich. Republicans counter that President Barack Obama's latest plan is a joke that avoids tough decisions on the nation's biggest entitlement programs, including Medicare....