Articles from the Associated Press (AP) business and money section. The AP is the largest American news agency.
The AP is a cooperative owned by its contributing newspapers, radio and television stations in the United States, which...
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Articles from the Associated Press (AP) business and money section. The AP is the largest American news agency.
The AP is a cooperative owned by its contributing newspapers, radio and television stations in the United States, which both contribute stories to the AP and use material written by its staffers.
Oil prices rebounded to near $77 a barrel Monday in Asia as panic about a global fallout from Dubai's debt problems abated. Benchmark crude for January delivery rose 63 cents to $76.68 at midday Singapore time in electronic trading on the New York Mercantile Exchange. The contract fell $1.91 to settle at $76.05 on Friday. News that Dubai's investment arm, Dubai World, could default on $60 billion in debt sent world markets tumbling on Friday as investors fretted about another financial... Read Full Story
Asian stock markets rebounded Monday from their steep fall last week after the United Arab Emirates moved to contain the fallout from Dubai's debt crisis. Major markets jumped by 2 percent or more after tumbling on Friday amid fears Dubai's debt problems could lead to more financial instability just as the global recession is easing. The UAE's central bank helped soothe investor fears, at least for now, by pledging Sunday to make extra funding available to all banks in the country, including... Read Full Story
The world economy will start growing again in 2010 but emerging markets will accelerate at a much faster rate than the U.S and Europe, due in part to continued frugality among Western consumers, a new report says. Developing countries in Asia and Latin America will account for the majority of global economic growth over the next decade, according to the New York-based research group The Conference Board, which puts out the closely watched Consumer Confidence Index. And while China will be an... Read Full Story
Police fired tear gas and rubber bullets Saturday to separate violent demonstrators from a protest of a meeting of top world trade officials, but the hooded "black bloc" activists were able to cause damage before 14 were arrested, spokesmen said. The protesters set fire to at least four cars, broke shop windows and committed other acts of violence Saturday, police spokesman Patrick Puhl said. Police Chief Monica Bonfati said officers arrested four looters in addition to the protesters. No... Read Full Story
Bailed-out Bank of America amended the salaries of two senior executives after a review by the White House pay czar, according to a regulatory filing. Chief Financial Officer Joe. L. Price and mortgage unit President Barbara J. Desoer will earn less salary in 2009 than they did last year following approval by the officer of the special master for TARP Executive Compensation, Bank of America said in papers filing with the Securities and Exchange Commission. The Charlotte, N.C.-based bank... Read Full Story
The fallout from Dubai's debt crisis rippled across the globe Friday, raising concerns of a renewed wave of financial turmoil and showing how fragile the world economic recovery remains. As world stock, commodity and currency markets went into a tailspin, the possible spillover effects from Dubai surfaced from London to South Korea, with banks big and small drawing concern for any losses they could suffer as a result of their exposure to the massively debt-laden emirate. A year after the... Read Full Story
Cobalt International Energy Inc., an oil exploration and production company, said Friday it is seeking to raise about $955 million in an initial public offering in the next month. The Houston company said in its prospectus it expects to price the sale of 63 million shares at $15 to 17 per share. After deducting estimated offering expenses, underwriting discounts and commissions, Cobalt said it expects to raise about $955 million, assuming the offering is priced at $16 per share. If an... Read Full Story
An improved 2010 revenue forecast prompted an analyst to slightly increase his profit estimate for Deere & Co. Friday, although he warned that the farm equipment manufacturer could be hurt by reduced demand and the weak dollar. R.W. Baird analyst Robert F. McCarthy Jr. increased his price target for the Moline, Ill., company to $53 from $44. He raised his fiscal 2010 estimate to $2 per share from $1.95, "largely reflecting a more robust revenue forecast" and expectations for modestly lower... Read Full Story
The Arizona Supreme Court is being asked to overturn the Legislature's use of budget laws to set state policy on topics ranging from teachers' seniority rights and immigration enforcement to mortgage lawsuits and municipal building codes. A teachers union and other groups contend in recent lawsuits that lawmakers crossed the state Constitution's rules for lawmaking, including ones intended to have legislation considered on its own merits and in the light of day. Lawsuits filed by the Arizona... Read Full Story
The iPhone's arrival in South Korea is generating considerable buzz among consumers and industry watchers amid expectations it will shake up a market dominated by world-beating domestic manufacturers. "I can't wait to get my iPhone," said Na Hae-bin, a 30-year-old market researcher at an Internet company, who reserved one as soon as he could. "My heart was beating fast." Judging from pre-orders that started Nov. 22, Apple Inc.'s hit communications device appears set to make serious inroads... Read Full Story
