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German economy shrank 3.8 pct in 1st quarter

May 14, 2009 10:50 pm | by PATRICK McGROARTY - Associated Press Writer - Associated Press | News | Comments

BERLIN (AP) — Germany's economy shrank by 3.8 percent in the first quarter, the sharpest decline since record-keeping began in 1970, as demand for the country's exports dried up amid the global economic crisis, government data showed Friday.The steep drop in January-March over the previous three...

Panasonic slumps to $4 billion yearly loss

May 14, 2009 10:50 pm | by TOMOKO A. HOSAKA - Associated Press Writer - Associated Press | News | Comments

TOKYO (AP) — Panasonic Corp. slumped deep into the red last fiscal year, joining the expanding club of big Japanese brands shellshocked by their rapid descent from cash cow to money loser.The world's biggest plasma TV maker Friday reported a 378.96 billion yen ($4 billion) loss for the fiscal year...

European markets recoup losses on US resilience

May 14, 2009 10:19 pm | by PAN PYLAS - AP Business Writer - Associated Press | News | Comments

LONDON (AP) — European stock markets recovered most of their losses Friday after Wall Street performed better than expected amid a few signs that the downturn in the U.S. economy was easing.In Europe, Germany's DAX closed down 0.97 point, or a bare 0.02 percent, at 4,737.50 while the CAC-40 in...

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Singapore's Temasek sells Bank of America stake

May 14, 2009 9:29 pm | by The Associated Press | News | Comments

SINGAPORE (AP) — Singapore state investment company Temasek sold its stake in Bank of America Corp., a move that likely added to large losses last year from its investments in U.S. and European banks.Temasek held 188.8 million Bank of America shares in January, worth about $2.6 billion, after it...

Mitsubishi UFJ scraps purchase of Citigroup unit

May 14, 2009 8:58 pm | by The Associated Press | News | Comments

TOKYO (AP) — Japan's biggest bank says it has scrapped plans to buy Citigroup Inc.'s Japan trust banking unit.In December, a unit of Mitsubishi UFJ Financial Group Inc., known as MUFG, agreed to buy NikkoCiti Trust and Banking Corp. in an all-cash deal valued at 25 billion yen ($261.2 million).MUFG...

Foreign investment in China down 22.5 pct in April

May 14, 2009 8:53 pm | by ELAINE KURTENBACH - AP Business Writer - Associated Press | News | Comments

SHANGHAI (AP) — China's foreign direct investment fell in April for a seventh month as companies cut back amid the global financial crisis, the Commerce Ministry said Friday.The ministry reported that foreign direct investment in China totaled $5.89 billion in April, down 22.5 percent from a year...

May rally for energy prices stalls

May 14, 2009 8:13 pm | by CHRIS KAHN - AP Energy Writer - Associated Press | News | Comments

NEW YORK (AP) — Rapidly climbing energy prices stalled this week as a steady stream of dismal financial news suggested that even if the global economy has bottomed out, it will be some time before demand for crude rebounds.Benchmark crude for June delivery dropped $2.28 to settle at $56.34 a barrel...

Chrysler dealers across country react to closures

May 14, 2009 8:08 pm | by The Associated Press | News | Comments

Chrysler LLC says it is seeking to close about a quarter of its 3,200 U.S. dealerships by early next month, saying the network is antiquated and has too many stores competing with each other. Here's a look at what dealers and community leaders in some affected towns and cities had to say about the...

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Official: South Korean economy remains vulnerable

May 14, 2009 7:47 pm | by KELLY OLSEN - AP Business Writer - Associated Press | News | Comments

SEOUL, South Korea (AP) — South Korea's economy is showing encouraging signs of recovery but prospects for a full-fledged revival remain cloudy, the country's financial regulator said Friday."In (South) Korea, we do see several economic indicators pointing to more positive directions," Chin...

Rio Tinto says still committed to Chinalco deal

May 14, 2009 7:42 pm | by ROHAN SULLIVAN - Associated Press Writer - Associated Press | News | Comments

SYDNEY (AP) — Debt-laden miner Rio Tinto Ltd. said Friday it remains committed to a $19.5 billion deal with China's Chinalco, pouring cold water on market speculation it might be backing away from the tie-up.The comments came in response to a request from the Australian Securities Exchange to try...

Japan machinery orders drop 1.3 percent in March

May 14, 2009 7:37 pm | by TOMOKO A. HOSAKA - Associated Press Writer - Associated Press | News | Comments

TOKYO (AP) — Japanese machinery orders turned lower again in March, suggesting that companies remain wary of spending even amid emerging signs that the world's second-largest economy has bottomed.Core private sector machinery orders fell 1.3 percent in March from the previous month to 727.9 billion...

Philly getting new spot for free entertainment

May 14, 2009 7:07 pm | by The Associated Press | News | Comments

PHILADELPHIA (AP) — A new outdoor venue with year-round free entertainment is about to open in Philadelphia's Northern Liberties neighborhood.The Piazza at Schmidts has a 40- by 20-foot stage and a 26- by 16-foot high-definition television screen. Planned entertainment includes live music, dance...

Calif. gov. wants to revive oil drilling project

May 14, 2009 6:56 pm | by The Associated Press | News | Comments

LOS ANGELES (AP) — Gov. Arnold Schwarzenegger is pushing legislation that he believes would raise $1.8 billion for cash-strapped California by allowing the first new oil drilling project off the state's coast in 40 years.The governor's proposal would revive a project for the Santa Barbara coast...

Interior secretary sued for revoking Utah leases

May 14, 2009 6:46 pm | by PAUL FOY - Associated Press Writer - Associated Press | News | Comments

SALT LAKE CITY (AP) — Three drilling companies and officials in three Utah counties have filed lawsuits over Interior Secretary Ken Salazar's decision to revoke oil and gas leases auctioned off during President George W. Bush's administration.Carbon, Duchesne and Uintah counties filed suit...

Gin Blossoms to headline party for Delta employees

May 14, 2009 6:16 pm | by The Associated Press | News | Comments

ATLANTA (AP) — Delta Air Lines Inc. employees, retirees and their families may get a trip down "Allison Road" at a company party headlined by the rock band Gin Blossoms.The group, which had several hits in the 1990s, is scheduled to perform at a private party that the world's biggest airline...

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