ATHENS, Greece (AP) — Like many Greeks left unemployed by their country’s economic tailspin, Dimitris Spachos finds it easier to talk about his nation’s problems than his own. Enormous debt accumulated over decades sent the country into a recession so deep it kills 200 businesses and 900 jobs every day. Elections this month failed...
CAMP DAVID, Md. (AP) — Confronting an economic crisis that threatens them all, President Barack Obama and leaders of other world powers on Saturday declared that their governments must both spark growth and cut the debt that has crippled the European continent and put investors worldwide on edge. “So far so good,” Obama proclaimed...
BRUSSELS/LONDON (Reuters) – European officials are working on contingency plans in case Greece bombs out of the euro zone, the EU’s trade commissioner said on Friday, as European share prices tumbled and Germany warned of continuing financial turmoil. German Finance Minister Wolfgang Schaeuble, one of Greece’s harsher critics, … ... read more at article source
In the hours before Facebook’s stock began trading on the Nasdaq Stock Market for the first time, CEO Mark Zuckerberg reminded the company’s 3,500 employees not to get caught up in the hoopla surrounding its long-awaited initial public offering. ... read more at article source
NEW YORK (AP) — Google says authorities in China have approved its acquisition of Motorola Mobility. This brings the Internet search giant closer to completing its biggest deal ever. Google Inc. is buying the mobile phone maker for $12.5 billion. The deal was announced last August and had received all necessary regulatory approvals except...
BERLIN (AP) — At least 20,000 people held a major rally of the local Occupy movement in Frankfurt on Saturday to decry austerity measures affecting much of Europe, the dominance of banks, and what they call untamed capitalism. The protesters peacefully filled the city center of continental Europe‘s biggest financial hub on a warm...
CAMP DAVID, Md. (AP) — The United States and other members of the Group of Eight industrial nations agree that Europe’s financial crisis must be addressed with a mix of growth and austerity measures, President Barack Obama said Saturday as leaders gathered for a shirt-sleeve discussion that also will cover world concerns about ups...
DETROIT (AP) — Chrysler is recalling nearly 87,000 Jeep Wranglers in the U.S., Canada and elsewhere due to a risk of fires. The recall affects only Wranglers from the 2010 model year that have automatic transmissions and were built before July 14, 2010, the National Highway Traffic Safety Administration said in documents posted Saturday...
WASHINGTON (AP) — President Barack Obama says the big trading loss at JPMorgan Chase shows the need to finally put in place banking rules he signed into law two years ago. He also is calling on Congress to stop trying to weaken the regulations. The $2 billion loss has renewed calls by Democratic lawmakers...
WASHINGTON (AP) — President Barack Obama says the big trading loss at JPMorgan Chase shows the need for Congress to put more teeth into Wall Street reforms intended to prevent the practices that led to the 2008 financial meltdown. The $2 billion loss has renewed calls by Democratic lawmakers for tougher rules on major...
NEW YORK (AP) — The metaphor is an easy one, overused and perhaps even a bit overwrought. We are forging forward into a digital frontier, leaving convention behind, traveling without guides into an uncharted virtual land where progress and profits are forever around the next bend. Sound familiar? In the 19th century, Americans expanded...
WASHINGTON (AP) — President Barack Obama says the big trading loss at JPMorgan Chase shows the need for Congress to finally put in place banking rules he signed into law two years ago. He also is calling on lawmakers to stop trying to weaken the regulations. The $2 billion loss has renewed calls by...
WASHINGTON (AP) — Are Republican lawmakers deliberately stalling the economic recovery to hurt President Barack Obama‘s re-election chances? Some top Democrats say yes, pointing to GOP stances on the debt limit and other issues that they claim are causing unnecessary economic anxiety and retarding growth. The latest Democratic complaint came after House Speaker John...
DETROIT (AP) — Chrysler is recalling nearly 87,000 Jeep Wranglers in the U.S., Canada and elsewhere due to a risk of fires. U.S. safety regulators say the recall affects only Wranglers from the 2010 model year with automatic transmissions. Debris can get caught between a transmission plate and the catalytic converter, causing a fire....
WASHINGTON (AP) — Federal regulators have seized a small bank in Alabama, bringing to 24 the number of U.S. banks that have failed so far this year. The Federal Deposit Insurance Corp. said Friday that it closed Alabama Trust Bank NA in Sylacauga. The bank had about $51.6 million in assets and $45.1 million...
EDITOR’S NOTE — Facebook began selling stock to the public Friday in the most talked-about market debut in years. The stock closed 23 cents above its initial offering price, at $38.23. Two Associated Press business writers debate whether the stock is a smart buy. PRESS THE ‘LIKE’ BUTTON, SOON By MICHAEL LIEDTKE AP Technology...
If you’re lucky enough to live in some parts of the United States, you may see gas pump prices fall to around $3.25 a gallon or less in the next week or two. Even West Coast drivers should get some relief from prices that are still above $4 a gallon. Retail gasoline prices dropped...
CAMP DAVID, Md. (AP) — Drawn together in this serene mountain outpost, leaders of the major industrialized nations are prodding Germany to balance its push for European fiscal austerity with doses of stimulus spending to avoid an economic calamity that could reverberate worldwide. With three new members in their midst, the Group of Eight...
BRUSSELS/LONDON (Reuters) – European officials are working on contingency plans in case Greece bombs out of the euro zone, the EU’s trade commissioner said on Friday, as European share prices tumbled and Germany warned of continuing financial turmoil. German Finance Minister Wolfgang Schaeuble, one of Greece’s harsher critics, … ... read more at article source
NEW YORK (AP) — It was barely a “like” and definitely not a “love” from Facebook investors as the online social network’s stock failed to live up to the hype in its trading debut Friday. One of the most anticipated IPOs in Wall Street history ended on a flat note, with Facebook‘s stock closing...
Facebook‘s debut on the stock market was preceded by epic hype, delayed by a technical glitch and tracked minute-by-minute by investors around the world. In the end, the fuss was over a gain of 23 cents. Here are some highlights of the day, as gathered by reporters from The Associated Press: ___ STATUS UPDATE...
MONTREAL (AP) — Quebec‘s provincial government passed an emergency law Friday restricting demonstrations and shutting some universities as the government seeks to end three months of protests against tuition hikes. Outraged students reacted by calling it an act of war. Among the controversial provisions of the law, which passed 68-48, is a requirement that police...
CAMP DAVID, Md. (AP) — President Barack Obama and leaders of other major industrial powers grappled Friday with options to solidify world resolve against development of an Iranian nuclear bomb and encourage a more forceful response to worsening violence in Syria. Obama will have the ear of key players on both issues during back-to-back...
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 more than a year behind schedule, dozens of electric cars have hit the road in Israel, the test site Agassi chose...
NEW YORK (AP) — In the hours before Facebook‘s stock began trading on the Nasdaq Stock Market for the first time, CEO Mark Zuckerberg reminded the company’s 3,500 employees not to get caught up in the hoopla surrounding its long-awaited initial public offering. “Right now this all seems like a big deal,” Zuckerberg said...
HAVANA (Reuters) – Spanish oil giant Repsol said Friday that the first of three planned wells in Cuban waters was unsuccessful, a blow to Cuba‘s hopes for energy independence. “I can confirm that the Repsol well in Cuba has been reported to be unsuccessful and that we are proceeding to plug and abandon the...
LONDON (Reuters) – A new banking crunch in the euro zone risks another sharp retreat by western parent banks from vulnerable economies in central and eastern Europe, a process that must be slowed to preserve growth, officials from the region said on Friday. Countries backing Europe‘s development bank for the former communist bloc elected...
VIENNA (Reuters) – Mexican billionaire Carlos Slim is eyeing a stake in Telekom Austria and is believed to have held initial talks with its two biggest investor groups, Austrian magazine Format reported, without citing sources. It said Slim had been in touch with Ronny Pecik – who with partner Naguib Sawiris has built a...
HONG KONG (Reuters) – Manulife Financial Corp and Metlife are among the companies that have submitted first round bids for ING‘s entire Asia life insurance business, sources said on Saturday, in what could be the largest Asia MA insurance deal ever. ING’s long awaited sale of Asian life insurance and the asset management units...
BRUSSELS/LONDON (Reuters) – European officials are working on contingency plans in case Greece bombs out of the euro zone, the EU’s trade commissioner said on Friday, as European share prices tumbled and Germany warned of continuing financial turmoil. German Finance Minister Wolfgang Schaeuble, one of Greece’s harsher critics, … ... read more at article source
(Reuters) – Solar stocks slumped to fresh lows on Friday as investors continued to punish Chinese solar companies a day after the United States said it would impose new duties on imports from the world’s leading solar manufacturer. Suntech Power Holdings was down 4.2 percent, Trina Solar Ltd slid 5 percent and Yingli Green...
(Reuters) – The Commodity Futures Trading Commission (CFTC) has opened an investigation into possible wrongdoing at JPMorgan Chase Co in connection with the bank’s multi-billion-dollar trading loss, a source familiar with the probe told Reuters. The agency will soon disclose the existence of the investigation, the source said on Friday. Earlier on Friday, the...
NEW YORK (Reuters) – Lead Facebook Inc underwriter Morgan Stanley took a bet earlier this week when it increased the size of the social networking firm’s $16 billion initial public offering and it boosted the price. Thanks to massive hype surrounding Facebook’s historic public offering, the wager looked safe. But a rocky first day...
NEW YORK (Reuters) – Ailing law firm Dewey LeBoeuf is considering a bankruptcy filing as new debtholders take a more aggressive track, shifting away from earlier attempts at an out-of-court liquidation, a person familiar with the matter said on Friday. The majority of Dewey‘s partners have quit as a result of concerns about compensation,...
BRUSSELS/LONDON (Reuters) – European officials are working on contingency plans in case Greece bombs out of the euro zone, the EU’s trade commissioner said on Friday, as European share prices tumbled and Germany warned of continuing financial turmoil. German Finance Minister Wolfgang Schaeuble, one of Greece’s harsher critics, … ... read more at article source
(Reuters) – JPMorgan Chase Co’s decision to radically change the way risk was measured in its Chief Investment Office is likely to dog the bank in the developing crisis over the big trading losses it has suffered. The move, which allowed the bank to disguise the level of risk that the CIO was taking...
BUENOS AIRES (Reuters) – Spain’s Repsol has canceled its contract to supply Argentina with liquefied natural gas (LNG), just weeks after the country seized control of the energy company’s majority stake in YPF , a document obtained by Reuters on Friday showed. Argentina relies on LNG imports to meet between 20 percent and 30...
NEW YORK (Reuters) – Hedge funds and other money managers liquidated more than $2 billion in gold futures over a week, trade data on Friday showed, before a forceful rebound in the precious metal potentially tripped up some of them. The majority of fund managers also appear to have bet wrongly against wheat, as...
SAN FRANCISCO (Reuters) – The historic initial public offering of Facebook Inc did not go as planned on Friday, as the social networking company’s sky-high valuation combined with trading glitches left the stock languishing near its offering price at the market close. Facebook shares began trading late Friday morning and opened 11 percent above...
NEW YORK (Reuters) – The United Auto Workers aims to break even by mid-2014, as the American union looks to bolster its political and bargaining clout. For the past five years, the UAW has relied heavily on selling its war chest of stocks, bonds and property to bridge the gap between its annual funding...
NEW YORK (Reuters) – JPMorgan Chase Co , under scrutiny for its ties to collapsed commodities firm MF Global, will return $168 million to the estate of MF’s broker-dealer, the estate’s trustee announced on Friday. James Giddens, tasked with winding down the estate and recovering as much money as possible for its trader clients...
WASHINGTON (Reuters) – Some Motorola Mobility smartphones infringe on a Microsoft patent and will be barred from importation to the United States, a U.S. trade panel said on Friday. The order by the U.S. International Trade Commission has been sent to President Barack Obama, who has 60 days to consider whether to overturn it...
BRUSSELS/LONDON (Reuters) – European officials are working on contingency plans in case Greece bombs out of the euro zone, the EU’s trade commissioner said on Friday, as European share prices tumbled and Germany warned of continuing financial turmoil. German Finance Minister Wolfgang Schaeuble, one of Greece’s harsher critics, … ... read more at article source
NEW YORK (Reuters) – Normally a big decline would set up Wall Street for a technical rebound. But that may not be the case next week, even after the market posted its worst weekly loss for the year and the SP fell for six straight sessions. With the corporate earnings season drawing to an...
NEW YORK (Reuters) – It was during a quiet afternoon in the sixth week of the insider-trading trial of hedge fund billionaire Raj Rajaratnam that prosecutor Reed Brodsky sprang one of those rare surprises usually seen only in the movie version of a courtroom drama. Brodsky, a federal prosecutor since 2004, seemed to catch...
(Reuters) – Chesapeake Energy Corp , under growing pressure from shareholders to improve corporate governance, reduced the compensation for its outside directors by 20 percent and eliminated their use of its aircraft for personal travel, the company said on Friday. Chesapeake and its board have come under fire in recent weeks after Reuters reported,...
(Reuters) – JPMorgan Chase Co‘s decision to radically change the way risk was measured in its Chief Investment Office is likely to dog the bank in the developing crisis over the big trading losses it has suffered. The move, which allowed the bank to disguise the level of risk that the CIO was taking...
SAN FRANCISCO (Reuters) – The historic initial public offering of Facebook Inc did not go as planned on Friday, as the social networking company’s sky-high valuation combined with trading glitches left the stock languishing near its offering price at the market close. Facebook shares, which opened up 11 percent, closed at $38.23 after a...
NEW YORK (Reuters) – Stocks fell on Friday after a sloppy debut by Facebook Inc spoiled hopes that a spectacular open for the most-anticipated stock sale in years would brighten the mood in what has been a gloomy month for equity markets. Shares of Facebook, the social networking giant, were volatile in the busiest...
BRUSSELS/LONDON (Reuters) – European officials are working on contingency plans in case Greece bombs out of the euro zone, the EU’s trade commissioner said on Friday, while Berlin said it was prepared for all eventualities. German Finance Minister Wolfgang Schaeuble, one of Greece’s harsher critics, said market turmoil … ... read more at article source