Business News
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Subdued Dimon is confronted over $2B trading loss
Tweet Share on Facebook 11:10PM May 15, 2012 CommentTAMPA, Fla. (AP) — The CEO of JPMorgan Chase offered a quick but blunt apology to shareholders Tuesday for a $2 billion trading loss that "should never have happened" and survived a push to strip him of the title of chairman of the board.
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Deficit summit brings about more talk, no answers
Tweet Share on Facebook 9:23PM May 15, 2012 CommentWASHINGTON (AP) — Government leaders past and present gathered in Washington on Tuesday to do what they do best about the nation's deficit woes: talk.
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Congress votes to reauthorize Export-Import Bank
Tweet Share on Facebook 8:50PM May 15, 2012 CommentWASHINGTON (AP) — The government's vehicle for promoting U.S. export sales survived a challenge from conservatives Tuesday with a Senate vote to renew the charter of the Export-Import Bank for three years. The vote, coming after the Senate rejected amendments to weaken or kill the bank, sends the measure to President Barack Obama for his signature.
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NY judge: Apple statements damage lawsuit position
Tweet Share on Facebook 8:27PM May 15, 2012 CommentNEW YORK (AP) — A federal judge cited the confident voice of the late Apple founder Steve Jobs on Tuesday as she refused to toss out lawsuits alleging the company and various publishers conspired to drive up the price of electronic books.
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FDA panel backs first rapid, take home HIV test
Tweet Share on Facebook 7:32PM May 15, 2012 CommentWASHINGTON (AP) — American consumers may soon be able to test themselves for the virus that causes AIDS in the privacy of their own homes, after a panel of experts on Tuesday recommended approval of the first rapid, over-the-counter HIV test.
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Warmer weather pushes Home Depot 1Q profit up
Tweet Share on Facebook 5:50PM May 15, 2012 CommentNEW YORK (AP) — Home Depot said Tuesday that its first-quarter net income climbed nearly 28 percent as unseasonably warm winter and increased business from contractors and other professional customers boosted results at the world's biggest home-improvement company.
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Oil drops to lowest level in 6 months
Tweet Share on Facebook 5:33PM May 15, 2012 CommentNEW YORK (AP) — The price of oil dropped to a six-month low Tuesday on concern that economic uncertainty in Europe could hurt demand for crude.
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Pentagon Restricts F-22 Flights, Safety a Concern
Tweet Share on Facebook 5:29PM May 15, 2012 Comment
A crew chief signals the pilot of an F-22 Raptor to prepare to taxi March 31, 2011, on the flightline at Kadena Air Base, Japan. The Airmen, along with the F-22s, are assigned to the 525th Expeditionary Fighter Squadron at Joint Base Elmendorf-Richardson, Alaska. They deployed to Kadena AB earlier in 2011 to test their capabilities in a new environment and to train with Airmen and aircraft there.
WASHINGTON (AP) — Facing a mysterious safety problem with the Air Force's most-prized stealth fighter, Defense Secretary Leon Panetta on Tuesday ordered new flight restrictions on the F-22 and summoned help from Navy and NASA experts.
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Suu Kyi backs proposal to suspend US sanctions
Tweet Share on Facebook 5:25PM May 15, 2012 CommentWASHINGTON (AP) — Myanmar democracy leader Aung San Suu Kyi is cautiously backing a U.S. senator's proposal to suspend U.S. economic sanctions.
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Avon finally calling, but Coty slams the door
Tweet Share on Facebook 5:18PM May 15, 2012 CommentNEW YORK (AP) — Shares of Avon Products Inc. fell almost 10 percent Tuesday after the smaller beauty products maker Coty Inc. dropped its $10.7 billion takeover bid.
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US builder confidence at highest level in 5 years
Tweet Share on Facebook 5:09PM May 15, 2012 CommentWASHINGTON (AP) — Confidence among U.S. builders rose to the highest level in five years in May, a hopeful sign that modest improvement in the housing market will pick up.
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Lack of trust in Facebook may hold back ad sales
Tweet Share on Facebook 5:08PM May 15, 2012 CommentNEW YORK (AP) — Facebook's reach is wide but not deep. Few users surveyed in an Associated Press-CNBC poll say they click on the site's ads or buy the virtual goods that make money for it.
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Dow Jones average continues a two-week slide
Tweet Share on Facebook 5:06PM May 15, 2012 CommentEurope's latest political impasse cast a gloom over financial markets Tuesday. The euro plunged, and the Dow Jones industrial average extended a slide that has wiped out nearly 5 percent of its value in two weeks.
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Greece to head to polls again after talks collapse
Tweet Share on Facebook 4:39PM May 15, 2012 CommentATHENS, Greece (AP) — Greece headed into a month of political uncertainty after power-sharing talks collapsed Tuesday, triggering new elections that could determine whether the country retains its tenuous position in Europe's currency.
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Americans spending a bit more as gas prices fall
Tweet Share on Facebook 4:38PM May 15, 2012 CommentWASHINGTON (AP) — Americans are starting to see some relief from higher gas prices, a change that could revive the economy in the months ahead.
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Boehner: Spending cuts must exceed debt limit hike
Tweet Share on Facebook 4:38PM May 15, 2012 CommentWASHINGTON (AP) — House Speaker John Boehner said Tuesday that when Congress raises the nation's borrowing cap he will again insist on spending cuts and budget reforms to offset the increase.
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Penney reports loss and plummeting sales in 1Q
Tweet Share on Facebook 4:20PM May 15, 2012 CommentNEW YORK (AP) — J.C. Penney is reporting a bigger-than-expected loss and plummeting profits in the first quarter as many of its customers are rejecting a new bold pricing strategy that puts an end to rampant discounting in favor of everyday low prices.
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Facebook raises IPO price as offering nears
Tweet Share on Facebook 3:33PM May 15, 2012 Comment
Facebook's logo.
NEW YORK (AP) — Already expected to be the largest-ever initial public offering for an Internet company, Facebook is making its IPO even bigger.
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Ex-tabloid boss Brooks faces phone hacking charges
Tweet Share on Facebook 3:32PM May 15, 2012 CommentLONDON (AP) — One of Rupert Murdoch's most trusted lieutenants and five people close to her were charged Tuesday with conspiring to hide evidence of phone hacking, bringing the scandal that has raged across Britain's media and political elite uncomfortably close to Prime Minister David Cameron.
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Hollande Has a Tough To-Do List
Tweet Share on Facebook 1:30PM May 15, 2012 Comment
President-elect Francois Hollande waves from his car as he drives down the Champs Elysees avenue in Paris, France, after the handover ceremony with outgoing French President Nicolas Sarkozy.
PARIS (AP) — Francois Hollande campaigned for the French presidency with some pretty radical promises. But his carefully worded agenda and his political record suggest as president he's likely to revert to the moderate consensus-building that has characterized his career.
