Headline

  • Big US banks submit "living wills" to regulators
    Bank-sign-cracked 2012-07-03 18:25:49 UTC
    Nine of the largest U.S. banks have submitted plans to the federal regulators that show how they would break up and sell off their assets if they are in danger of failing. The Federal Deposit Insurance Corp. released summaries of the "living wills" on Tuesday for Bank of America, Barclays, Cit...

  • Airbus to build 1st US assembly plant in Alabama
    310009c4857f3812140f6a7067008d82 2012-07-02 22:46:09 UTC
    MOBILE, Ala. (AP) — European aerospace giant Airbus will start building planes in Mobile, Ala., planting its first factory on U.S. soil and aiming to compete better against archrival Boeing. Airbus, based in France, said it plans to employ 1,000 people at the plant building its A320s, deliveri...

  • Asian stocks inch higher on Europe optimism
    88b40b8982f42d12140f6a7067008d33 2012-07-02 06:05:02 UTC
    SINGAPORE (AP) — Asian stock markets inched higher Monday amid continued optimism over Europe's moves to ease its debt crisis and economic malaise. Japan's Nikkei 225 index rose 0.4 percent to 9,037.95 and South Korea's Kospi gained 0.2 percent to 1,857.08. Australia's S&P/ASX 200 index added ...

  • Stocks rally as Europe unveils debt crisis plans
    Diaalnews 2012-06-29 16:36:19 UTC
    The Dow Jones industrial average jumped more than 200 points, joining a surge in global markets, after European leaders agreed to easier bank bailouts and regional oversight for their troubled financial sector. Leaders in Brussels unveiled a plan to funnel money to banks directly from a region...

  • Merkel: no quick solution to crisis
    C49187f702f3b812130f6a7067007b9b 2012-06-27 15:57:11 UTC
    BERLIN (AP) — German Chancellor Angela Merkel on Wednesday brushed aside the latest push to pool European debt, arguing that it would be "economically wrong and counterproductive" to make such a move before governments can be made to comply with budget rules. In the run-up to another European ...

  • Stocks rise on stronger US housing, factory data
    8d010ae9037bbb12130f6a706700e772 2012-06-27 15:51:39 UTC
    U.S. stocks are trading solidly higher at midday after a two pieces of good news about the U.S. economy. The National Association of Realtors said Wednesday that Americans signed more contracts to buy previously occupied homes in May. It was the latest sign of the housing market's slow recover...

  • Asian stocks up slightly on improving US home data
    27th_asian_share_1126250f 2012-06-27 07:26:45 UTC
    BANGKOK (AP) — Asian stock markets edged up Wednesday as rising home prices in the U.S. eased jitters over the robustness of the world's No. 1 economy. A report showing that U.S. home prices rose 1.3 percent in April, indicating an uptick a sector closely tied to the health of the overall econ...

  • European plan tries to convince Germany to do more
    610x350 2012-06-26 18:07:30 UTC
    BRUSSELS (AP) — Top European officials have called on countries that use the euro to surrender more control over their national budgets, a move apparently aimed at easing Germany's fears of sharing debt burdens with struggling governments like Spain or Italy. The plan is meant to be a grand vi...

  • Moody's cuts debt ratings of 28 Spanish banks
    Ratingagentur-moodys-540x304 2012-06-26 06:16:04 UTC
    Spain's battered banks have taken another hit, this time in the form of a sweeping downgrade by Moody's. The rating agency said that it is cutting its views on the debt issued by 28 Spanish banks, including international heavyweights Banco Santander and Banco Bilbao Vizcaya Argentaria. The ...

  • Spain asks for bank rescue
    0 2012-06-26 05:44:12 UTC
    MADRID (AP) — Spain has made a formal request for a loan to help clean up its troubled banking sector, the Economy Ministry said Monday. However, the country has yet to specify how much of the €100 billion ($125.39 billion) loan package offered by the 17 countries that use the euro it will ask...

  • Greece faces more woes: Finance minister resigns
    Untitled 2012-06-25 20:41:03 UTC
    ATHENS, Greece (AP) — The banker who was chosen to be Greece's next finance minister resigned for health reasons Monday three days after he was rushed to the hospital, while the country's prime minister was confined to his home, recovering from serious eye surgery. Greece's debt woes took a ba...

  • Royal Bank of Scotland protests downgrade
    52630941_twobanks8 2012-06-24 10:10:10 UTC
    LONDON (AP) — Royal Bank of Scotland, one of four big British banks to be downgraded by Moody's Investors Service, complained Friday that the rating is "backward-looking." Part-nationalized RBS was downgraded Thursday along with HSBC, Barclays and Lloyds Banking Group as well as other banks li...

  • Negotiators closing in on student loan deal
    Untitled 2012-06-23 18:09:27 UTC
    WASHINGTON (AP) — Congressional bargainers appeared to be closing in on a compromise that would head off a July 1 doubling of interest rates on federal loans to 7.4 million college students and end an election-year battle between President Barack Obama and Congress. Senate aides from both part...

  • Greek outlines issues it wants renegotiated
    89360af8-6ef7-4d7c-8c1c-76b943ddef10 2012-06-23 18:03:21 UTC
    ATHENS, Greece (AP) — Greece's new coalition government said Saturday it will seek to repeal some taxes, halt layoffs and extend by two years the deadlines for tough austerity measures imposed under its international bailout agreement. The policy statement issued by the three-party coalition c...

  • European leaders push for $163 bln in measures
    Untitled 2012-06-22 16:02:19 UTC
    ROME (AP) — The leaders of France, Germany, Italy and Spain have agreed to push for a €130 billion ($163 billion) growth package at a key European Union summit next week. Italian Premier Mario Monti told a news conference after the four-way summit that the leaders recognize that steps taken so...

  • Stocks plunge after weak manufacturing reports
    67c3a64f-f467-4bba-9cca-e139cd2e8ace 2012-06-21 19:55:37 UTC
    NEW YORK (AP) — A quiet start on Wall Street quickly turned into a rout Thursday as the bad news piled up. Commodity prices slumped in early trading after a report said manufacturing in China fell this month. Then, around 10 a.m., the Philadelphia branch of the Federal Reserve reported a sharp...

  • China defends curbs on rare earths
    Rareearthexports_main_1230 2012-06-20 06:07:17 UTC
    BEIJING (AP) — China on Wednesday defended its curbs on rare earths mining and exports amid a World Trade Organization challenge brought by the United States, Europe and Japan. The government said its controls are meant to protect the environment and preserve dwindling resources and are in lin...

  • Europe's relief from Greek vote likely fleeting
    Untitled 2012-06-18 19:33:38 UTC
    ATHENS, Greece (AP) — Greece's election result has eased fears of imminent financial disaster for Europe, but the continent's leaders are still searching for a way to contain a debt crisis that threatens the global economy. A narrow victory for the New Democracy party in Greece means that the ...

  • Obama, world want bold signs from Europe at G-20
    600_obama_speech_ap_120615 2012-06-18 00:13:14 UTC
    CHICAGO (AP) — With global anxiety rising, President Barack Obama is searching for bolder, swifter signals from Europe that it will contain its financial mess and keep it from torpedoing the U.S. economy and his re-election chances along with it. Yet as he prepares for summit talks beginning M...

  • European leaders discuss continent's debt crisis
    European_leaders_discuss_continent's_debt_crisis 2012-06-15 18:31:29 UTC
    LONDON (AP) — British Prime Minister David Cameron's office says European leaders have held a video conference on the continent's worsening debt crisis. Cameron's office said Friday that German Chancellor Angela Merkel, French President Francois Hollande, Italian Prime Minister Mario Monti, Sp...

  • Following fallout from a Greek euro exit to the US
    Following_fallout_from_a_greek_euro_exit_to_the_us 2012-06-15 08:36:26 UTC
    NEW YORK (AP) — The unthinkable suddenly looks possible. Bankers, governments and investors are starting to prepare for Greece to stop using the euro as its currency, a move that could spread turmoil throughout the global financial system. The worst-case scenario envisions governments defau...

  • Asia stocks rise amid hopes for central bank help
    N0295361339730934193a 2012-06-15 07:20:42 UTC
    BANGKOK (AP) — Asian stock markets rose Friday as investors waded back into riskier assets amid hopes that central banks in the U.S. and elsewhere were gearing up for action to help their beleaguered economies. Jobs data out of the U.S. Thursday led investors to speculate that the U.S. Federal...

  • US unemployment aid applications rise to 386K
    2de461c9cd6440ccb6d1f0f1b26f4551-d17b06ac7a2343fbbe6063f5d1abba73-2 2012-06-14 16:50:42 UTC
    WASHINGTON (AP) — More Americans sought unemployment aid last week, suggesting hiring remains sluggish. The Labor Department said Thursday that weekly unemployment benefit applications rose 6,000 to a seasonally adjusted 386,000, an increase from an upwardly revised 380,000 the previous week. ...

  • Merkel firmly behind euro, but will she act?
    1360262_h_200_pd_1_w_300 2012-06-14 07:10:45 UTC
    BERLIN (AP) — Germany's Chancellor Angela Merkel has insisted repeatedly that "if the euro fails, Europe fails." Now the crisis in the 17 countries that use the euro is coming back to the boil, with Spain admitting it needs help to rescue its banks and voters in Greece deciding whether to back...

  • Lower gas prices not enough to lift US economy
    Lower_gas_prices_not_enough_to_lift_us_economy_ 2012-06-13 19:32:07 UTC
    WASHINGTON (AP) — Cheaper gas has yet to cause consumers to spend enough on other goods to boost the slumping economy. Americans barely increased their spending at retail businesses this spring, leading economists to predict slower economic growth in the April-June quarter. But the news fro...