US new-home sales rose at fastest pace in 2 years
2012-06-25 20:47:19 UTC
WASHINGTON (AP) — Americans bought new homes in May at the fastest pace in more than two years. The increase suggests a modest recovery is continuing in the U.S. housing market, despite weaker job growth.
The Commerce Department said Monday that sales of new homes increased 7.6 percent in May ...
Stocks head lower as Spain seeks help for banks
2012-06-25 20:43:15 UTC
NEW YORK (AP) — Europe's latest efforts to quell its financial crisis left investors exasperated, causing steep losses in stock markets on both sides of the Atlantic.
The Dow Jones industrial average dropped 138 points to close Monday at 12,503. That's a loss of 1.1 percent. The Standard & Poo...
Greece faces more woes: Finance minister resigns
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...
Survey: US gas prices drop 15 cents over 2 weeks
2012-06-24 20:04:49 UTC
CAMARILLO, Calif. (AP) — The average U.S. price of a gallon of gasoline has dropped 15 cents over the past two weeks.
That's according to the Lundberg Survey of fuel prices, released Sunday, which puts the price of a gallon of regular at $3.48.
Midgrade costs an average of $3.65 a gallon, a...
Royal Bank of Scotland protests downgrade
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...
Bank downgrades could hurt loans, credit cards
2012-06-23 18:15:18 UTC
NEW YORK (AP) — When a major bank's credit rating is cut, it deals a psychological blow — to customers, the public and financial markets.
So Thursday's downgrading of 15 of the world's largest banks is almost sure to cause wide concern. Most deposits are perfectly safe, but the downgrades coul...
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.
The policy statement issued by the three-party coalition c...
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 be implemented in the end only by a subset of EU c...
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 cents at $78.53 a barrel in electronic trading on...
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.
The National Highway Traffic Safety Administration says that...
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 harder to steer the SUVs.
The problem could aff...
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 gains come even after Moody's cut their credit rating...
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 summit that the leaders recognize that steps taken so...
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 Philadelphia branch of the Federal Reserve reported a sharp...
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 million high net-worth individuals, who are defined...
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 environment and preserve dwindling resources and are in lin...
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 levels.
Investors appeared fed up with policy mak...
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 agree that in this election, the economy is everythi...
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...
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...
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.
Speculation that the Fed will announce new steps to boost...
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.
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 retail banking from problems which may arise from...
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 points after trading started Wednesday.