Samaras: Greece needs 'air to breathe'
2012-08-22 06:48:39 UTC
BERLIN (AP) — Greece's prime minister is insisting ahead of a visit to Germany that Athens doesn't want more money from creditors, but is indicating it would like more time to enact reforms and spending cuts.
Antonis Samaras pledged before coming to power to seek a two-year extension to the de...
Europe's leaders face post-holiday blues
2012-08-21 13:06:01 UTC
After their holidays spent soaking up the August sun, Europe's political leaders are bracing themselves for storm clouds this fall.
The latest economic figures show that Europe is edging closer to recession, dragged down by the crippling debt problems of the 17 countries that use the euro.
ECB official: Greece should remain in euro
2012-08-20 09:17:43 UTC
BERLIN (AP) — A top European Central Bank official says Greece should remain in the eurozone — arguing that, though an exit would be manageable, it would be very costly and push up unemployment in Europe.
The comments by ECB executive board member Joerg Asmussen came ahead of Monday talks in B...
Report: Merkel ally rejects concessions to Greece
2012-08-19 14:41:20 UTC
BERLIN (AP) — A senior ally of Chancellor Angela Merkel insisted that there is no room for concessions to Greece on fulfilling the conditions of its aid program and said in an interview published Sunday that he sees little chance of Germany's governing coalition supporting a third rescue package....
Juncker: Greece won't leave eurozone
2012-08-18 17:01:18 UTC
BERLIN (AP) — Greece won't leave the 17-nation eurozone, Luxembourg's prime minister said, arguing in an interview published Saturday that an exit wouldn't be politically feasible and would carry unforeseeable risks.
Greece has been kept afloat by international loans, but has fallen behind on ...
Asia stocks retreat on gloomy economic outlook
2012-08-15 06:35:20 UTC
BANGKOK (AP) — Asian stocks fell Wednesday as recession among euro nations and slowing growth in China offset flickers of improvement in the U.S. economy.
Americans increased their retail spending in July by the most in five months, a gain of 0.8 percent over June, according to government figu...
Japan's economy slows as consumer spending flags
2012-08-13 13:48:35 UTC
TOKYO (AP) — Japan's economy grew at a slower-than-expected annualized rate of 1.4 percent in April-June, adding to worries over the global outlook, as consumer spending flagged following a rebound from last year's earthquake and tsunami disasters.
The protracted crisis in Europe took a heavy ...
How long can Spain take the financial heat?
2012-08-10 11:47:25 UTC
Imagine the interest rate on your mortgage going up and up until you can barely meet the monthly installments. How long do you hold on, scrimping and saving, before you throw in the towel?
That is the dilemma facing Spain, whose Prime Minister Mariano Rajoy is fighting to prevent his country b...
Increasing stereotypes threaten European unity
2012-08-08 23:14:05 UTC
BRUSSELS (AP) — Maybe the problem is those southerners lolling in the Mediterranean sun who overspent and tax-dodged their way to ruin. Or maybe it's the northerners, rigid beyond reason, so gloomy in their own lives that they're determined to see the southerners suffer.
Such, at least, are th...
Bank scandals tarnish London's reputation
2012-08-07 22:27:26 UTC
LONDON (AP) — It's been a tense summer in the City of London as one bank after another has faced allegations of massive misbehavior.
Bankers in the British capital, which has for centuries been a center for global business, fear its reputation has been tarnished indelibly and that a heavy-hand...
UK bank accused of Iran money laundering scheme
2012-08-07 00:24:41 UTC
ALBANY, N.Y. (AP) — A British bank schemed with the Iranian government to launder $250 billion from 2001 to 2007, leaving the United States' financial system "vulnerable to terrorists," New York's financial regulator charged Monday.
State Financial Services Superintendent Benjamin Lawsky signe...
Monti warns euro crisis threatens EU as a whole
2012-08-05 16:36:53 UTC
BERLIN (AP) — Italy's prime minister has warned that the eurozone's sprawling debt crisis has created resentment amid the bloc's nations, which could ultimately trigger a breakup of the wider European Union.
Mario Monti told German news magazine Der Spiegel in an interview published Sunday tha...
Russia mogul under pressure wants to sell assets
2012-08-04 14:00:35 UTC
MOSCOW (AP) — A Russian tycoon whose holdings include a leading investigative newspaper critical of the Kremlin said Friday that he wants to sell his Russian assets because of pressure from state security services.
Alexander Lebedev, worth $1.1 billion according to Forbes magazine, said the ma...
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 added in July ended three months of weak hiring. ...
Markets look for more detail from Draghi
2012-08-02 08:41:11 UTC
FRANKFURT, Germany (AP) — The head of the European Central Bank has vowed to "do whatever it takes" to save the euro. Markets want to hear more about what exactly Mario Draghi meant by that.
It's not clear how much Draghi will be able to add to his remarks last week during his news conference ...
Stocks largely up ahead of Fed meeting
2012-08-01 16:01:47 UTC
LONDON (AP) — Stocks recovered their poise Wednesday as investors awaited the Federal Reserve's latest policy statement and an announcement from the European Central Bank as to how it plans to combat Europe's debt crisis.
The consensus in the markets is that the Fed won't do anything dramatic ...
Stocks slip ahead of crucial Fed, ECB meetings
2012-07-31 20:12:36 UTC
NEW YORK (AP) — Stocks are closing lower after investors held back ahead of three critical events this week: policy meetings at both the Federal Reserve and the European Central Bank and a closely watched report on jobs in the U.S.
The Dow Jones industrial average lost 64 points to close at 13...
Stocks drift lower on Wall Street; Shaw soars
2012-07-30 16:28:38 UTC
NEW YORK (AP) — U.S. stocks drifted lower Monday, following big gains last week on expectations that European leaders would take action to calm the region's debt crisis.
The Dow Jones industrial average is down 20 points to 13,055 shortly after noon. JPMorgan Chase led the Dow lower, falling 2...
Asia stocks rise on continued hopes for ECB action
2012-07-30 05:24:06 UTC
BANGKOK (AP) — Asian stock markets rose again Monday as expectations remained high for strong European Central Bank action to stem the continent's chronic debt crisis.
Sentiment was also helped by U.S. second quarter growth not slowing as much as feared. The world's No. 1 economy grew just 1.5...
US economic growth slowed to 1.5 pct. rate in Q2
2012-07-27 19:07:26 UTC
WASHINGTON (AP) — U.S. economic growth slowed to an annual rate of just 1.5 percent from April through June, as Americans cut back sharply on spending. The weaker growth adds to worries that the economy could be stalling three years after the recession ended.
The Commerce Department also said ...
Stocks soar after ECB vows to protect the euro
2012-07-26 19:32:20 UTC
NEW YORK (AP) — Stocks soared in the U.S. and Europe Thursday after the European Central Bank president vowed to "do whatever it takes" to keep the continent's monetary union intact.
The Dow Jones industrial average jumped 211 points, or 1.7 percent, to 12,887 as of 3:20 p.m., following Europe...
Roche profits drop on one-off costs
2012-07-26 08:04:08 UTC
GENEVA (AP) — Swiss drugmaker Roche Holding AG on Thursday posted a 17 percent drop in first-half net profit from the same period a year, but its strong sales of cancer drugs and cost-cutting contributed to a rise in core operating profits and an outlook for continued sales growth that beat analy...
Spain under more financial pressure
2012-07-25 08:01:30 UTC
MADRID (AP) — The financial pressure on Spain shows no signs of abating as investors demanded more to buy the country's bonds.
The yield, or interest rate, on Spain's benchmark ten-year bond has spiked 0.11 percentage point to 7.65 percent in the first hour of trading Wednesday.
Spain is ba...
Europe shaken by fear Spain will need full bailout
2012-07-23 17:17:33 UTC
FRANKFURT, Germany (AP) — Europe is on the brink again. The crisis over too much debt in the 17 countries that use the euro flared dangerously on Monday.
Fears that Spain was next in line for a full-blown government bailout intensified following a weekend of bad news about the country's econom...
Spain under more acute market pressure
2012-07-23 10:30:09 UTC
MADRID (AP) — The financial pressure on recession-hit Spain ratcheted up further Monday to levels that saw other European countries need a financial bailout.
The yield on Spain's benchmark ten-year bond spiked 0.23 percentage points to 7.46 percent, further evidence that investors are skeptica...