Europe's relief from Greek vote likely fleeting
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
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
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
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
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
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?
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
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...
JPMorgan CEO says execs may have pay taken back
2012-06-13 17:33:24 UTC
WASHINGTON (AP) — JPMorgan Chase CEO Jamie Dimon told Congress on Wednesday that senior bank executives responsible for a $2 billion trading loss will probably have some of their pay taken back by the company.
"It's likely that there will be clawbacks," Dimon told the Senate Banking Committee....
Asia stocks fall as Spain, Italy worry investors
2012-06-12 05:46:43 UTC
BANGKOK (AP) — Asian stock markets slid Tuesday as enthusiasm for a European plan to rescue Spain's teetering banks turned to skepticism.
An offer by the 17 countries that use the euro to loan Spain up to €100 billion ($125 billion) to revive banks crushed by bad real estate loans was initiall...
Investors see Spain rescue as only 'temporary fix'
2012-06-11 19:34:48 UTC
NEW YORK (AP) — Investors aren't sold on a rescue of Spanish banks.
Stocks fell on Wall Street, an early rally faded on European stock exchanges, and borrowing costs for Spain crept higher on the bond market Monday — all expressions of doubt about the latest fix for a debt crisis in Europe.
Asia stocks, euro rise as Spain banks get lifeline
2012-06-11 07:59:52 UTC
BANGKOK (AP) — Asian stocks and the euro climbed Monday after Spain sought a lifeline for its ailing banks, easing fears that Europe's debt crisis was about to spin out of control.
Spain on Saturday asked finance ministers from the 17 countries that use the euro to rescue its banks, which have...
Oil above $86 as Spain gets funds to rescue banks
2012-06-11 06:25:08 UTC
SINGAPORE (AP) — Oil jumped above $86 a barrel Monday in Asia after Europe offered Spain a $125 billion rescue loan for its troubled banks.
Benchmark oil for July delivery was up $2.00 to $86.10 per barrel at midday Singapore time in electronic trading on the New York Mercantile Exchange. The ...
Europe bailout of Spain could cost $125 billion
2012-06-10 02:45:51 UTC
MADRID (AP) — Spain became the fourth and largest country Saturday to ask Europe to rescue its failing banks, a bailout of up to €100 billion ($125 billion) that leaders hoped would stabilize a financial crisis that threatens to break apart the 17-country eurozone.
The rescue offer follows gro...
Merkel urges gradual political union in Europe
2012-06-07 19:44:11 UTC
BERLIN (AP) — German Chancellor Angela Merkel has called for Europe to take a gradual path towards political union, frustrating the appeals of many of her colleagues for quick, bold moves to fight the continent's raging financial crisis.
After a meeting with British Prime Minister David Camero...
Dow leaps 286 points, its biggest day of the year
2012-06-06 23:38:07 UTC
NEW YORK (AP) — Speculation that governments in the U.S. and Europe will act to help their economies sent stocks surging to their best day this year.
Atlanta Federal Reserve President Dennis Lockhart said in a speech that weak job growth over the past two months highlighted the "halting and te...
Stocks inch higher as investors await Europe news
2012-06-05 23:51:40 UTC
NEW YORK (AP) — As world leaders searched for a way out of Europe's mounting debt crisis, U.S. investors moved to the sidelines.
The major market indexes closed modestly higher, after wavering between slight gains and losses throughout the morning. Trading volume was light and the stock moves ...
Spain offers dour prediction, but US stocks rise
2012-06-05 18:35:57 UTC
NEW YORK (AP) — As U.S. stocks struggled for direction, world finance leaders struggled for a way out of Europe's mounting debt crisis.
Major market indexes ricocheted between slight gains and losses in morning trading, then settled into modest gains by mid-afternoon. European markets were mix...
US factory orders fell 0.6 percent in April
2012-06-04 16:43:36 UTC
WASHINGTON (AP) — Companies placed fewer orders to U.S. factories for the second straight month and a key measure that tracks business investment plans fell, adding to evidence that the economy is weakening.
The Commerce Department said Monday that orders for factory goods fell 0.6 percent in ...
Q&A: Hard times for Obama from economic recovery
2012-06-02 18:25:15 UTC
WASHINGTON (AP) — Nothing upsets a president's re-election groove like ugly economic numbers.
A spring slowdown in hiring and a rise in the unemployment rate are weighing on President Barack Obama, while enhancing Republican challenger Mitt Romney's argument that the Democratic incumbent is in...
For US employers, 'hiring is a function of demand'
2012-06-01 17:42:40 UTC
WASHINGTON (AP) — The U.S. economy suddenly looks a lot weaker.
Only 69,000 jobs were added in May, the fewest in a year, and the unemployment rate rose from 8.1 percent to 8.2 percent.
The dismal jobs data will heighten fears that the economy is sputtering. It also puts President Barack Ob...
Euro setup is unsustainable, ECB chief warns
2012-05-31 21:03:56 UTC
FRANKFURT, Germany (AP) — The setup of the 17-country euro currency union is unsustainable, the head of the European Central Bank has told EU leaders, warning they must quickly come up with a broad vision for the future to get the bloc through the current financial crisis.
Mario Draghi said Th...
Obama signs Ex-Im Bank bill into law
2012-05-30 17:08:10 UTC
WASHINGTON (AP) — President Barack Obama has signed legislation that renews the charter of the Export-Import Bank for three years and increases the bank?s lending cap to $140 billion from the current $100 billion. The bank is the government?s vehicle for promoting U.S. export sales.
Asia stocks fall as Spain woes intensify
2012-05-30 08:01:28 UTC
BANGKOK (AP) — Investors unnerved by Spain's worsening financial condition and a report that China has no plans for a major economic stimulus dragged Asian stock markets lower Wednesday.
Worries about Europe's financial stability worsened after a ratings agency slapped Spain with a downgrade T...
Consumer confidence in the economy plunged in May
2012-05-29 18:17:01 UTC
NEW YORK (AP) — Here we go again.
Americans confidence in the economy suffered the biggest drop in eight months as worries about the weak jobs, housing and stock markets rattled them again. The decline comes after a few months of optimism amid some positive economic news.
The Conference Boa...