Spain's Bankia to ask for $24BN state aid
2012-05-25 21:21:52 UTC
MADRID (AP) — The board of directors of Spain's troubled bank, Bankia, has asked the Spanish government for €19 billion ($23.8 billion) in financial support.
Jose Ignacio Goirigolzarri, the bank's president, said late Friday that the bailout would "reinforced the solvency, liquidity and solidi...
Morgan Stanley may refund some Facebook investors
2012-05-25 01:31:26 UTC
NEW YORK (AP) — Morgan Stanley, the lead investment bank in Facebook's troubled initial public offering, will compensate retail investors who overpaid when they bought Facebook's stock in Friday's IPO, according to a source familiar with the matter.
The person said the firm is reviewing orders...
EU running out of time as Greece nears the exit
2012-05-25 01:30:53 UTC
ATHENS, Greece (AP) — European leaders insist they want to keep Greece in the eurozone, but are putting off any agreement on how they hope to accomplish that. Greece says it, too, wants to stay in the eurozone, but until after elections it's uncertain whether it can implement the austerity that E...
US bank earnings rose this winter to 5-year high
2012-05-24 20:51:06 UTC
WASHINGTON (AP) — U.S. bank earnings rose in the first three months of the year to the highest level in nearly five years and the number of troubled banks fell for the fourth straight quarter.
The mostly positive first-quarter earnings released Thursday illustrate how far the banking industry ...
US sales of new homes rose 3.3 percent in April
2012-05-23 19:00:26 UTC
WASHINGTON (AP) — Americans bought more new homes last month, the latest evidence that the U.S. housing market could be starting to recover.
New-home sales increased 3.3 percent in April from March to a seasonally adjusted annual rate of 343,000, the Commerce Department said Wednesday. Sales r...
Regulators probe bank's role in Facebook IPO
2012-05-23 04:41:24 UTC
WASHINGTON (AP) — Regulators are examining whether Morgan Stanley, the investment bank that shepherded Facebook through its highly publicized stock offering last week, selectively informed clients of an analyst's negative report about the company before the stock started trading.
Market breaks losing streak, with China's help
2012-05-22 00:53:56 UTC
NEW YORK (AP) — Forget Facebook. This is still Apple's stock market.
Apple — the world's most valuable company — climbed nearly 6 percent on Monday, helping propel major U.S. stock indexes to gains after a week of losses. The Standard & Poor's 500, where Apple accounts for 4 percent of the ind...
Where are Facebook's friends? Stock down after IPO
2012-05-21 18:53:35 UTC
NEW YORK (AP) — Facebook's stock is tumbling well below its $38 IPO price in the social network's second day of trading as a public company on Monday.
By early afternoon, the stock was at $34.04, down 11 percent from Friday's closing price of $38.23.
Investors and technology industry watche...
Europe faces difficult search for growth
2012-05-20 22:58:23 UTC
WASHINGTON (AP) — On paper at least, European leaders agree: They need stronger growth measures to help their economies expand out of their 2½-year-old government debt crisis. Figuring out exactly what those new steps might be will be the hard part.
Under urging from U.S. President Barack Obam...
Electric car network gets first test in Israel
2012-05-19 17:41:56 UTC
ROSH HAAYIN, Israel (AP) — Israeli entrepreneur Shai Agassi has begun rolling out the world's first nationwide electric car network. Now, will the drivers come?
After more than $400 million in outlays and months behind schedule, dozens of electric cars have hit the road in Israel, the test sit...
US stocks edge lower on Europe worries
2012-05-18 18:25:09 UTC
It's going to take more than Facebook's initial public offering to push the stock market higher.
U.S. stock indexes were flat-to-down slightly in early afternoon trading Friday. Facebook made its Wall Street debut, fashionably late, after a computer glitch. Facebook shares were supposed to sta...
Greek politics, Spain banks test eurozone survival
2012-05-18 17:50:09 UTC
MADRID (AP) — Chaos in Greek politics and Spanish banking combined this week to underscore just how fragile Europe's economy remains after an eviscerating austerity regime that has spawned unemployment, desperation and misery. And there is no respite in sight, as Germany's finance minister predic...
Oil hovers below $93 after sharp 2-week sell-off
2012-05-18 05:41:51 UTC
SINGAPORE (AP) — Oil prices hovered below $93 a barrel Friday in Asia, pausing after the latest twists in Europe's debt crisis triggered a sharp two-week selloff.
Benchmark oil for June delivery was up 4 cents to $92.60 a barrel at midday Singapore time in electronic trading on the New York Me...
Stocks fall on Europe, worrisome economic reports
2012-05-17 17:57:19 UTC
NEW YORK (AP) — Stocks slipped Thursday after a couple of downbeat economic reports from the U.S. and unease over Europe overshadowed positive earnings from the largest American retailer and an encouraging jobs report.
The Dow Jones industrial average was down 64 points at 12,534 shortly after...
Cannes live pictures: P Diddy jets 50 friends to France
2012-05-17 17:52:26 UTC
US hip-hop legend P Diddy has arranged for 50 of his friends to be flown to the 65th Cannes Film Festival.
The glitzy annual movie event kicked off last night, with the premiere of Wes Anderson's movie Moonrise Kingdom.
Diddy has moved into film recently and enjoys attending the prestigious...
Oil rises above $93 as traders mull Europe turmoil
2012-05-17 03:53:39 UTC
SINGAPORE (AP) — Oil prices hovered near $93 a barrel Thursday in Asia as traders mulled whether concern over Europe's debt crisis justifies extending a sharp sell-off during the last two weeks.
Benchmark oil for June delivery was up 26 cents to $93.07 a barrel at late morning Singapore time i...
Price of oil still falling as supplies grow
2012-05-16 23:48:33 UTC
NEW YORK (AP) — The price of oil continues to decline on the expectation that world markets will be flush with extra supplies this year.
Benchmark U.S. crude on Wednesday fell by $1.17 to finish at a seven-month low of $92.81 per barrel in New York. Oil is down nearly 13 percent since the begi...
Asia stocks fall amid political turmoil in Greece
2012-05-16 03:59:34 UTC
BANGKOK (AP) — Asian stocks fell Wednesday after a failure by Greece's political leaders to form a coalition government set the stage for new elections next month, keeping Europe's debt crisis centerstage.
Japan's Nikkei 225 index dropped 0.8 percent to 8,831.04 as investors remained focused o...
Dimon survives votes on pay, chairmanship
2012-05-15 19:45:05 UTC
TAMPA, Fla. (AP) — The CEO of JPMorgan Chase survived a shareholder push Tuesday to strip him of the title of chairman of the board, five days after he disclosed a $2 billion trading loss by the bank.
CEO Jamie Dimon also won a shareholder endorsement of his pay package from last year, which t...
Euro minsters plead with Greece to stay the course
2012-05-14 19:28:05 UTC
BRUSSELS (AP) — Leading European Union finance officials have pleaded with Greece not to renege on its bailout terms and to stay the course of its painful austerity program to prevent even worse economic hardship.
Greeks fed up with the painful austerity measures gave support to anti-bailout p...
Oil starts week at lowest level in 2012
2012-05-14 17:23:58 UTC
NEW YORK (AP) — The price of oil has declined to its low for the year on continued doubts about Europe's ability to pay off massive government debts.
Benchmark U.S. crude lost $1.57 to $94.56 per barrel in New York. It dipped to $93.65 per barrel earlier in the day, the lowest since mid-Decemb...
A black mark for survivor of financial crisis
2012-05-12 23:56:59 UTC
NEW YORK (AP) — The reputation that Jamie Dimon honed for decades on Wall Street has been severely damaged in a matter of days.
In the 1980s and 1990s, he was the protege of banking industry legend Sanford Weill. In the early 2000s, he took over Bank One, an institution few believed was fixabl...
Is Europe a safe place to buy? Not exactly
2012-05-12 16:24:40 UTC
NEW YORK (AP) — It often pays to zig when everybody else zags. If you were brave enough to put cash into the stock market three years ago — and very few small investors were — you've doubled your money.
European stocks have lost about 15 percent since mid-March. Renewed worries about the regio...
Stock market inches higher despite bank slump
2012-05-11 17:31:50 UTC
JPMorgan's surprise $2 billion trading loss prompted a sell-off in financial stocks Friday, but the broader market edged higher as investors decided this was a problem for investment banks and not other industries.
The Dow Jones industrial average rose 11 points in midday trading after bouncin...
Irish pose next democratic test for EU austerity
2012-05-11 13:47:10 UTC
DUBLIN (AP) — When voters in Greece and France got the chance, they dealt a resounding "No!" to parties backing austerity measures. The Irish could be next to give the European Union's austerity plan a black eye.
A May 31 referendum here asks the public to approve an EU treaty that aims to con...