Economic News
EU Aims To Get U.S. Trade Deal By Next Year
April 18, 2013 1:53 pm | News | CommentsCommissioner Karel de Gucht told reporters after a meeting of the 27-nation bloc's trade ministers in Dublin that the talks with Washington should be concluded by October 2014, when the term of the European Commission ends and a month before U.S. holds midterm elections.
European Car Sales Plummet
April 18, 2013 1:51 pm | by Colleen Barry, AP Business Writer | News | CommentsNew car sales across Europe slid 10 percent in the first quarter of 2013 to 2.9 million, down from 3.3 million in 2012, the European automakers association ACEA reported from Brussels on Wednesday. Even in Germany, one of Europe's strongest economies, new car sales plunged 13 percent during the first three months of the year.
Measure Of U.S. Economy's Health Declines In March
April 18, 2013 10:56 am | by Christopher S. Rugaber, AP Economics Writer | News | CommentsA measure of the U.S. economy's health over the next six months declined slightly in March from February, a sign that growth may slow this spring. The Conference Board says its index of leading indicators dipped 0.1 percent in March to 94.7. That's the first decline after three months of gains.
Nestle 'On Track' Despite Fragile Global Economy
April 18, 2013 8:12 am | News | CommentsSwiss food and drinks giant Nestle SA notched a gain of 2.3 percent in first-quarter sales and confirmed Thursday it was on track for another year of steady growth, despite economic problems in a number of its key markets in the developed world.
Fed: Strong Housing, Auto Sales Boost U.S. Economy
April 17, 2013 2:09 pm | by Christopher S. Rugaber, AP Economics Writer | News | CommentsA strengthening housing recovery and robust auto sales contributed to moderate growth across the United States in late February and March, according to a Federal Reserve survey. All of the Fed's 12 banking districts grew moderately and growth accelerated in two districts — New York and Dallas — from January and early February.
S.C. House Approves $120M For Boeing Expansion
April 17, 2013 1:49 pm | News | CommentsLegislation giving the Boeing Co. $120 million in incentives for their expansion plans in South Carolina is one vote away from reaching the governor's desk. The House voted 115-2 Wednesday to approve the bill. Another vote would send it to Gov. Nikki Haley, who is sure to sign it. The Senate approved the measure last week.
Apple Stock Falls To One-Year Low On Supplier News
April 17, 2013 12:06 pm | by Peter Svensson, AP Technology Writer | News | CommentsShares of Apple Inc. are setting a one-year low after news from a supplier hinted at a slowdown in iPhone and iPad production. The stock is down $18.48, or 4.3 percent, at $407.76. The shares hit $403.67 earlier, the lowest level since Dec. 2011.
Amgen To Pay $25M To Resolve Kickback Case
April 17, 2013 8:24 am | News | CommentsThe Justice Department said Amgen paid kickbacks to Omnicare Inc. and PharMerica Corp., which sell drugs to long-term care providers like nursing homes and hospitals, and Kindred Healthcare Inc., which runs long-term acute care hospitals and nursing and rehabilitation centers.
China's LDK Solar Misses $23.8M Bond Payment
April 17, 2013 8:21 am | News | CommentsLDK Solar Co. said Tuesday that it failed to make a $23.8 million bond payment this week because of a "temporary cash-flow shortage" but negotiated to delay some of the obligation. Payment on the 4.75 percent convertible notes was due Monday. LDK said it agreed with two bondholders to delay $16.6 million in payments.
Toyota's Hybrid Sales Pass 5 Million
April 17, 2013 7:46 am | by Yuri Kageyama, AP Business Writer | News | CommentsToyota's global sales of gasoline-electric hybrid vehicles have surpassed 5 million in a milestone for a technology that was initially greeted with skepticism. The Japanese automaker, which said Wednesday it had sold 5.125 million hybrid vehicles as of the end of March, started selling the Prius, the world's first mass produced hybrid passenger car, in 1997.
Daimler Selling Rest Of EADS Stake
April 16, 2013 10:00 pm | News | CommentsAutomaker Daimler AG says it is selling its remaining 7.5 percent stake in EADS, the parent company of aircraft manufacturer Airbus. Daimler helped found EADS but now is cashing out to focus on its core business of making cars. It sold a 7.5 percent stake last year.
Brazilian Meat Packers Face Fines
April 16, 2013 9:59 pm | News | CommentsThe federal prosecutors' office says in a statement that prosecutors in the Amazon jungle states of Amazonas, Mato Grosso and Rondoni, want the companies to pay $278.5 million for producing beef products from cattle raised in environmentally sensitive regions, on indigenous reservations and at farms that have been blacklisted for using slave-like labor.
Arkansas Legislature Approves Steel Mill Funding
April 16, 2013 9:30 pm | by Michael Stratford, Associated Press | News | CommentsArkansas is set to provide a new steel company with $125 million in financing and a package of tax breaks to build a mill in the northeast part of the state after the Legislature gave final approval to the plan on Tuesday. By an 81-9 vote, House lawmakers passed a Senate-approved budget bill to fund Gov. Mike Beebe's proposal.
Cars, Utilities Lift U.S. Industrial Output
April 16, 2013 11:08 am | by Paul Wiseman, AP Economics Writer | News | CommentsU.S. industrial output rose in March as cold weather kept utilities busy generating heat and a surge in auto production helped offset broader weakness in manufacturing. Production at the nation's factories, mines and utilities rose 0.4 percent in March from February, the Federal Reserve said.
PwC Barometer: Prevailing Optimism In U.S. Economic Outlook
April 16, 2013 10:49 am | by PwC US, Industrial Products Practice | News | CommentsAccording to PwC’s Q1 2013 Manufacturing Barometer, 55 percent of respondents expressed optimism about the 12-month outlook for the U.S. economy during the first quarter of 2013, up seven points from the fourth quarter, and only five percent were pessimistic.
IMF Cuts Forecast For Global Economy In 2013
April 16, 2013 9:13 am | by Christopher S. Rugaber, AP Economics Writer | News | CommentsThe International Monetary Fund has lowered its outlook for the world economy this year, predicting that government spending cuts will slow U.S. growth and keep the euro currency alliance in recession. The global lending organization has cut its forecast for global growth to 3.3 percent this year.
GM 1Q Global Sales Rise To Beat VW
April 16, 2013 9:11 am | News | CommentsGeneral Motors edged out fast-growing Volkswagen in first-quarter sales as both companies try to close the gap with Toyota for the global world sales crown. Toyota, which is scheduled to release first-quarter numbers next week, dethroned GM to retake the top spot in 2012.
Consumer Prices Drop On Cheaper Gas
April 16, 2013 9:03 am | by Christopher S. Rugaber, AP Economics Writer | News | CommentsU.S. consumer prices declined last month as the cost of gas fell sharply and food prices were unchanged. The tame reading is the latest evidence that the sluggish economy is keeping inflation in check. The consumer price index declined a seasonally adjusted 0.2 percent in March, after jumping 0.7 percent in February, the Labor Department said.
Coca-Cola's Profit Comes In Above Expectations
April 16, 2013 8:38 am | by Candice Choi, AP Food Industry Writer | News | CommentsCoca-Cola Co.'s first-quarter results came in above expectations as the world's biggest beverage maker saw global sales volume grow. The Atlanta-based company says it earned $1.75 billion, or 39 cents per share, for the period ended March 29. That's down from $2.1 billion, or 45 cents per share, a year earlier.
Tobacco Cos. Make Payments Under State Settlement
April 16, 2013 8:02 am | by Michael Felberbaum, AP Tobacco Writer | News | CommentsThe nation's top cigarette companies have made their payments as part of the longstanding settlement in which some cigarette makers are paying states for smoking-related health care costs. Philip Morris USA said it made its full annual payment of about $3.1 billion as part of the 1998 Master Settlement Agreement.
Trader Pleads Guilty In $1B Apple Stock Scheme
April 16, 2013 7:52 am | News | CommentsA securities trader has pleaded guilty for his role in a scheme involving the unauthorized purchase of about $1 billion of Apple stock that wound up costing his employer $5 million. Federal prosecutors say 40-year-old David Miller pleaded guilty Monday in Hartford to conspiracy and fraud offenses.
Dutch Company Linked To Horse Meat Fraud Bankrupt
April 16, 2013 7:45 am | News | CommentsA meat processing plant and wholesaler suspected of mixing undeclared horse meat with beef has been declared bankrupt. A court in the eastern Dutch city of Den Bosch court declared the Willy Selten meat works bankrupt Tuesday. The company is at the center of a huge recall announced last week of suspect beef across the European Union.
China's Struggle To Measure Economy Clouds Outlook
April 16, 2013 7:41 am | by Joe McDonald, AP Business Writer | News | CommentsAfter China reported quarterly economic growth of 7.7 percent this week — far above anemic U.S. and European performance — global markets reacted by falling, wiping billions of dollars off stock prices. The reason? Growth came in under the 8 percent expected by private sector forecasters who relied on Chinese trade and other data.
U.S. Declines To Label China Currency Manipulator
April 15, 2013 8:43 am | by Martin Crutsinger, AP Economics Writer | News | CommentsThe Obama administration on Friday declined to label China a currency manipulator, although it said that China's currency remains significantly undervalued. The decision came in a twice-a-year Treasury report on whether any nations are manipulating their currencies to gain trade advantages.
EADS In Talks To Buy Part Of French Gov't Stake
April 15, 2013 8:07 am | News | CommentsEuropean aerospace giant EADS says in a statement Monday that the deal would see it buy back 1.56 percent of its shares from the French government's current 14.83 percent stake. The company will pay 37.35 euros per share — about the same as French media group Lagardere was paid when it sold its entire stake last week.
