December 11, 2011
Stocks close higher as Europe nears budget pact
A deal to forge stronger ties between most of Europe’s economies sent stocks sharply higher Friday as hopes grew that the region is close to resolving its debt crisis. The Dow Jones industrial average rose 186 points. All 17 nations that use the…
December 10, 2011
Ford recalling 130,000 Fusion, Milans to fix wheels
Ford Motor Co. said Friday it is recalling more than 128,000 Ford Fusion and Mercury Milan sedans over concerns the wheel studs could crack and cause the wheels to separate, Detroit News reported. The recall includes 128,616 2010 Ford Fusion and…
December 10, 2011
UK alone as EU agrees fiscal deal
European leaders say 26 out of 27 EU member states have backed a tax and budget pact to tackle the eurozone debt crisis. Only the UK has said it will not join. Prime Minister David Cameron said he had to protect key British interests, including its…
December 10, 2011
Insurers face ratings downgrade threat from S&P
Some of Europe's top insurance companies have been warned their credit rating could be downgraded as a result of the European financial crisis. The warning comes from the rating agency Standard and Poor's, which earlier this week warned most…
December 10, 2011
French bank ratings downgraded again by Moody’s
Credit rating agency Moody's has downgraded France's three big banks due to their difficulty borrowing money. The agency cut Credit Agricole and BNP Paribas from Aa2 to Aa3, and Societe Generale from Aa3 to A1. The move follows a previous rating cut…
December 10, 2011
German exports drop as southern Europe markets shrink
German exports fell 3.6% in October as demand from crisis-hit southern European markets shrank, data shows. It was the biggest fall in six months, and much bigger than the 1% decline expected by markets. German imports shrank by 1% versus a month…
December 10, 2011
US trade deficit narrows further to $43.5bn
The US trade deficit narrowed further in October as imports fell faster than exports, official data has shown. Total exports of $179bn (£115bn) fell 0.8% from September, while imports fell 1% to $223bn, giving a total deficit of $43.5bn, or roughly…
December 8, 2011
European Central Bank cuts interest rates back to 1%
The European Central Bank has cut interest rates back to their historic low of 1%, as expected by markets. The quarter-point cut comes as crisis and recession threaten the eurozone. The decision comes just ahead of a "do-or-die" Brussels summit of…
December 8, 2011
Corzine: ‘I don’t know where the money is’
Jon Corzine, the former chief executive officer of the bankrupt broker MF Global, apologized for his firm's failure Thursday and told a House committee that he doesn't know where the missing money went. "I simply do not know where the money is, or…
December 8, 2011
LIAT passengers still stranded
Passengers using LIAT flight service were left stranded for a second day as pilots called in sick again. As of Tuesday, pilots have been calling in sick as they protest the dismissal of one of their colleagues on Monday. In a release issued…