• News
  • Business News

Business News


US stocks fall after conflicting economic reports

May 3, 2012

By DANIEL WAGNER, Associated Press

Wall Street gnawed on a muddle of economic data and corporate earnings news Thursday, then sent stock indexes lower for a second day.

Disappointing April sales results from big retailers set the bleak tone early on. Costco, Macy's and Target, among others,

Read More

Outgoing Nokia board chief concedes mistakes

May 3, 2012

HELSINKI (AP) — Outgoing Nokia Corp. board chairman Jorma Ollila has conceded the company made mistakes during his tenure at the helm of the cellphone maker that held the No. 1 spot for 14 years.

Ollila says Nokia cannot be satisfied with the its recent performance as it struggles in a transition ...

Read More

U.S. Applications for Unemployment Aid Drop

May 3, 2012

By CHRISTOPHER S. RUGABER, Associated Press

WASHINGTON (AP) — The number of people seeking unemployment benefits fell last week by the most in nearly a year. The figure was a hopeful sign that hiring could pick up in coming months.

The Labor Department said Thursday that weekly unemployment ...

Read More

Pepsi brings back Michael Jackson in promotion

May 3, 2012

By CANDICE CHOI, Associated Press

NEW YORK (AP) — PepsiCo Inc. is going on a reunion tour with The King of Pop.

The Purchase, N.Y.-based company on Thursday announced its deal with the estate of Michael Jackson to use the late pop star's image for its new global marketing push. The nature of the ...

Read More

US worker output fell in Q1 by most in a year

May 3, 2012

By MARTIN CRUTSINGER, Associated Press

WASHINGTON (AP) — U.S. worker productivity fell from January through March by the most in a year. Stronger hiring at the start of the year was partly responsible for the drop.

While worker output rose, the number of hours worked increased by an even larger ...

Read More

Medicare Disruptions Seen if Health Law is Struck

May 3, 2012

By RICARDO ALONSO-ZALDIVAR, Associated Press

WASHINGTON (AP) — Medicare's payment system, the unseen but vital network that handles 100 million monthly claims, could freeze up if President Barack Obama's health care law is summarily overturned, the administration has quietly informed the courts.

Read More

Best Buy chief marketing officer leaves

May 3, 2012

NEW YORK (AP) — Another executive at Best Buy has left the company, the consumer electronics retailer said Thursday.

Former Chief Marketing Officer Barry Judge is no longer with the Minneapolis company. The company said he left to "explore the next chapter in his career" but did not offer more ...

Read More

Israel gets 4th nuke-capable German submarine

May 3, 2012

By TIA GOLDENBERG, Associated Press

JERUSALEM (AP) — Israel on Thursday received its fourth German-made submarine capable of launching nuclear warheads, expanding a fleet that experts say could be used in an attack on Iran.

Defense Minister Ehud Barak said that the submarine would increase ...

Read More

Pension Fund Urges Vote Against Walmart Directors

May 3, 2012

NEW YORK (AP) — New York City Pension Funds is urging shareholders to vote against the re-election of Wal-Mart Stores Inc. CEO Mike Duke and four other board members due to concerns about the world's largest retailer's bribery investigation in Mexico.

The pension group owns 5.6 million shares of ...

Read More

Oil below $102 as traders eye key US jobs data

May 3, 2012

By ALEX KENNEDY, Associated Press

SINGAPORE (AP) — Oil prices fell below $102 a barrel Friday in Asia amid investor concern U.S. jobs growth last month may disappoint and suggest demand is weakening.

Benchmark oil for June delivery was down 98 cents to $101.56 a barrel at late afternoon Singapore ...

Read More

US service companies expand at slower pace

May 3, 2012

By CHRISTOPHER S. RUGABER, Associated Press

WASHINGTON (AP) — U.S. service companies, which employ roughly 90 percent of the work force, expanded more slowly in April. Companies saw less growth in new orders and hired at a weaker pace.

The Institute for Supply Management said Thursday that its ...

Read More

Viacom 2Q earnings up 56 percent

May 3, 2012

By PETER SVENSSON, Associated Press

NEW YORK (AP) — Viacom Inc., the owner of Paramount Pictures, MTV and Nickelodeon, on Thursday said its net income rose 56 percent in the latest quarter, even though a slate of movies that was lackluster compared with last year held back revenue.

Viacom earned ...

Read More

U.S. Rate on 30-year Mortgage Hits Record Low

May 3, 2012

By MARTIN CRUTSINGER, Associated Press

WASHINGTON (AP) — Average U.S. rates for 30-year and 15-year fixed mortgages fell to fresh record lows this week, offering more incentive for Americans to buy or refinance homes.

Mortgage buyer Freddie Mac said Thursday that the rate on the 30-year loan fell ...

Read More

MGM 1Q loss balloons as costs increase

May 3, 2012

LAS VEGAS (AP) — MGM Resorts International said Thursday its first quarter loss ballooned as higher costs and some one-time charges overshadowed a huge jump in sales.

MGM shares dropped nearly 4 percent in morning trading.

The Las Vegas casino and hotel operator lost $217.3 million, or 44 cents ...

Read More

Freddie asks for $19M in aid after 1Q loss

May 3, 2012

By MARCY GORDON, Associated Press

WASHINGTON (AP) — Government-controlled mortgage giant Freddie Mac is requesting $19 million in additional federal aid after posting a loss for the first quarter of this year.

The requested amount is less than the $146 million that Freddie received from the ...

Read More

ECB chief sees slow recovery, offers no new help

May 3, 2012

By DAVID McHUGH and JOSEPH WILSON, Associated Press

BARCELONA, Spain (AP) — European Central Bank President Mario Draghi offered little prospect that the bank would deliver more support for the struggling economies of the 17-country eurozone, instead urging governments to agree a growth strategy ...

Read More

Heathrow Failing to Meet Waiting Time Targets

May 3, 2012

LONDON (AP) — The owner of Heathrow Airport says border control officers are failing to meet their waiting time targets for non-EU passengers but are hitting the mark for carriers of EU passports.

BAA Ltd. said Thursday that immigration officers had done worst at Terminal 5, the center of British ...

Read More

Spain auctions $3.3BN in mid-term debt

May 3, 2012

MADRID (AP) — Spain managed to beat its targets for an auction of medium-term debt, but at sharply higher interest rates, in its first bond sale since its credit rating was downgraded over fears that it may seek a bailout.

The Treasury sold €2.52 billion ($3.3 billion) in 3- and 5-year bonds ...

Read More

France's borrowing costs fall in $9.7BN auction

May 3, 2012

PARIS (AP) — France's borrowing costs fell in a bond auction that sold €7.4 billion ($9.7 billion) in long-term debt.

The yield, or interest rate, on the largest issue — a 10-year bond — edged down from 2.98 percent to 2.96 percent when it was last issued in April.

Another class of 10-year bond ...

Read More

Ahead of the Bell: U.S. Unemployment Benefits

May 3, 2012

WASHINGTON (AP) — The number of people seeking U.S. unemployment benefits likely fell last week after rising in the past month. A drop in applications would ease concerns that hiring is slowing.

Economists forecast that weekly applications declined 8,000 to a seasonally adjusted 380,000, according ...

Read More

You Might Also Like