Greek outlines issues it wants renegotiated
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.
EU countries divided on financial transaction tax
2012-06-22 16:32:45 UTC
LUXEMBOURG (AP) — A plan for European Union countries to tax financial transactions and use the proceeds to fund future bank bailouts ran aground on Friday, with just nine out of 27 countries ready to support it, raising the prospect the tax will ...
Oil near $78 amid global economic growth worries
2012-06-22 16:21:55 UTC
Oil prices made small gains above $78 a barrel Friday but remained near eight-month lows after signs of slowing global economic growth triggered a sharp plunge this week.
By early afternoon in Europe, benchmark oil for August delivery was up 33...
Feds probe engine stalling in Chrysler 200
2012-06-22 16:14:39 UTC
DETROIT (AP) — Federal safety regulators are investigating complaints about engine stalling in some Chrysler 200 midsize sedans.
The probe includes about 87,000 of the cars from the 2011 model year that have 3.6-liter V-6 engines.
Feds probe Ford Explorer power steering problems
2012-06-22 16:10:16 UTC
DETROIT (AP) — Federal safety regulators are investigating complaints that the power steering can fail on 2011 Ford Explorer SUVs.
Fifteen drivers have complained that the popular Explorer can suddenly lose its power steering assist, making it ...
US stocks bounce back, with banks leading the way
2012-06-22 16:05:27 UTC
NEW YORK (AP) — Banks are leading the stock market up in midday trading, a day after stocks had their second-worst loss of the year.
JPMorgan Chase and Bank of America are among the top stocks in the Dow Jones industrial average Friday. The gai...
European leaders push for $163 bln in measures
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 sum...
Stocks plunge after weak manufacturing reports
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 Philadelp...
Survey: Asia's millionaires outnumber NAmerica's
2012-06-20 06:42:23 UTC
HONG KONG (AP) — Asia's millionaires outnumbered North America's for the first time last year even as the world's wealthy saw their fortunes decline amid turbulent financial markets, a new survey says.
The Asia-Pacific region was home to 3.37 m...
China defends curbs on rare earths
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 environme...
US stocks meander as European debt crisis festers
2012-06-18 20:31:59 UTC
Crisis-weary investors scoffed Monday at what had appeared to be a hopeful turn in the European debt crisis: a victory for pro-Europe parties in a Greek election. U.S. stocks were little changed, and borrowing costs for Spain surged to alarming le...
Parties are worlds apart on how to fix economy
2012-06-18 20:08:04 UTC
WASHINGTON (AP) — Millions of Americans are desperate for work, runaway government spending clouds the future and Democratic and Republican candidates are busy making one thing clear: They're light years apart on what to do about it.
They do ag...
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.
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.
Oil climbs on hope for Fed move; natural gas soars
2012-06-15 08:29:28 UTC
Hopes that the Federal Reserve will do more to support the U.S. economy drove oil to its biggest gain in two months on Thursday. Meanwhile, natural gas rose the most since January 2010 on signs of increased use of the fuel by utilities.
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. Thursda...
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 fr...
UK government to announce bank reforms
2012-06-14 08:10:27 UTC
LONDON (AP) — The British government is announcing its proposals for banking reform to prevent the repeat of the crisis which forced taxpayers to bail out two major banks.
The Treasury has confirmed that the government will legislate to isolate...
Spain bond yields soar after latest downgrade
2012-06-14 08:07:04 UTC
MADRID (AP) — The yield on Spanish 10-year bonds shot up to a record 6.86 percent after a credit ratings agency downgraded the country's debt rating to just one notch above junk status.
The interest rate demanded by investors rose 15 basis poin...
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 b...
US retail sales dropped 0.2 percent in May
2012-06-13 17:43:48 UTC
WASHINGTON (AP) — Americans barely increased their spending at retail businesses in April and May, constrained by weak job creation and paltry wage increases.
A sharp drop in gas prices pulled down overall sales in both months by 0.2 percent, t...
Stocks slip on Wall Street as Italy's rates soar
2012-06-13 17:38:57 UTC
NEW YORK (AP) — U.S stocks struggled for direction Wednesday, with the debt maelstrom in Europe as an ominous backdrop.
The major stock indexes opened lower, then briefly turned positive. Shortly before noon, the Dow Jones industrial average an...
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 cl...
UnitedHealth plans to keep overhaul elements
2012-06-12 06:19:05 UTC
Insurer UnitedHealth Group Inc. sees some parts of the health care overhaul as sound medicine and plans to keep them even if the law fails to survive an upcoming Supreme Court ruling.
The nation's largest health insurer said Monday that it will...
Spain bank rescue glee morphs into markets rout
2012-06-12 05:52:28 UTC
MADRID (AP) — Euphoria over a lifeline of up to €100 billion ($125 billion) to rescue Spain's hurting banks morphed into a financial markets rout in a matter of hours Monday, as investors digested the still-undefined plan and became concerned the ...