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Toyota sees losses deepening this year

May 7, 2009 10:48 pm | by YURI KAGEYAMA - AP Business Writer - Associated Press | News | Comments

TOKYO (AP) — Toyota Motor Corp., battered by plunging global sales, reported its worst annual loss since its 1937 founding — and forecast even more red ink in the year ahead.The world's largest carmaker said Friday its net loss for the January-March quarter was 765.8 billion yen ($7.7 billion) —...

World stocks up after US jobs data, stress tests

May 7, 2009 10:23 pm | by LOUISE WATT - Associated Press Writer - Associated Press | News | Comments

LONDON (AP) — World stocks rose Friday as a report revealed U.S. job losses slowed in April, stoking a growing belief that the recession in the world's largest economy is starting to ease.The Labor Department said employers cut 539,000 jobs last month, the fewest in six months and less than the...

China vice premier: world economy to get worse

May 7, 2009 8:37 pm | by The Associated Press | News | Comments

BEIJING (AP) — The global financial crisis is still spreading and the world economy is going to get worse before getting better, China's Vice Premier Wang Qishan said in a commentary published Friday.In an article about cooperation between China and Britain in the Financial Times newspaper, Wang, a...


Gas prices on the rise, crude ends week strong

May 7, 2009 8:32 pm | by CHRIS KAHN - AP Energy Writer - Associated Press | News | Comments

NEW YORK (AP) — Oil prices appeared headed for the strongest week so far this year on better-than-expected unemployment numbers and what some experts believe may be overly optimistic expectations about the country's appetite for energy.Retail gasoline prices, which had lingered around $2 per for...

Newark Star-Ledger announces salary, benefit cuts

May 7, 2009 5:40 pm | by The Associated Press | News | Comments

NEWARK, N.J. (AP) — New Jersey's largest newspaper says it will reduce employee salaries and no longer cover the entire cost of employee health insurance.Publisher George Arwady says the moves, announced Thursday, were made necessary by a continuing decline in advertising revenues at The...

"Stress tests": Ohio's KeyCorp needs $1.8B

May 7, 2009 5:20 pm | by M.R. KROPKO - AP Business Writer - Associated Press | News | Comments

CLEVELAND (AP) — Results of the federal government's "stress tests" of the nation's largest regional banks show Cleveland-based KeyCorp needs to raise $1.8 billion in new capital to withstand losses if the recession gets worse.Cleveland-based KeyCorp said Thursday it wants to raise capital from...

Stress test results: what it all means

May 7, 2009 4:39 pm | by MADLEN READ - AP Business Writer - Associated Press | News | Comments

NEW YORK (AP) — The government told investors Thursday what they've known since the crisis began: Some banks are healthier than others.The Federal Reserve said Bank of America Corp. needs $33.9 billion in capital; Wells Fargo & Co. needs $13.7 billion; and Citigroup Inc. needs $5.5 billion.But on...

San Diego Union-Tribune cuts 192 jobs

May 7, 2009 4:24 pm | by The Associated Press | News | Comments

SAN DIEGO (AP) — The San Diego Union-Tribune is cutting 192 jobs in another round of layoffs affecting all departments at the newspaper.The Union-Tribune said Thursday the layoffs amount to about 18 percent of its staff, which will be reduced to about 850 workers after the cuts become effective...


Meltdown 101: What do stress tests mean for me?

May 7, 2009 4:08 pm | by CANDICE CHOI - AP Personal Finance Writer - Associated Press | News | Comments

NEW YORK (AP) — Now that the highly anticipated results of the stress tests are finally out, what kind of service changes can you expect from your bank?It might be alarming to hear your bank needs to raise billions of dollars in a short time. But you likely won't see any major changes in day-to-day...

7 regional banks subjected to federal stress tests

May 7, 2009 4:03 pm | by The Associated Press | News | Comments

Here are details about the seven regional banks subjected to federal "stress tests" to see how they would fare if the recession worsened. Five of the seven — Regions Financial Corp., SunTrust Banks Inc., KeyCorp, Fifth Third Bancorp and PNC Financial Services Group Inc. — were found to need more...

BofA Lewis 'comfortable' with capital position

May 7, 2009 3:58 pm | by The Associated Press | News | Comments

CHARLOTTE, N.C. (AP) — Bank of America's CEO Ken Lewis says he is "comfortable" with his bank's current capital position, despite the government saying it needs $33.9 billion more."We are comfortable with our current capital position in the present economic environment," Lewis said.The Charlotte,...

Citigroup convert an additional $5.5B in stock

May 7, 2009 3:53 pm | by The Associated Press | News | Comments

NEW YORK (AP) — Citigroup Inc. is planning to convert an extra $5.5 billion of preferred shares into common stock to address its capital shortfall.The government's "stress tests" released Thursday determined that Citigroup needs $5.5 billion in additional capital in case the recession worsens.A...

Banks scramble for capital after 'stress tests'

May 7, 2009 3:42 pm | by STEVENSON JACOBS - AP Business Writer - Associated Press | News | Comments

NEW YORK (AP) — Wells Fargo and Morgan Stanley said Thursday they'll try to raise billions in fresh capital, becoming the first major banks to scramble for money after the government said 10 large financial institutions need $75 billion in new funds.Meanwhile, American Express Co. became the first...

Northwest e-mail accounts to be converted to Delta

May 7, 2009 3:22 pm | by HARRY R. WEBER - AP Airlines Writer - Associated Press | News | Comments

ATLANTA (AP) — Roughly 38,000 employees of carrier Northwest Airlines, which was acquired by Delta Air Lines Inc., will be getting Delta e-mail accounts over the next several months — a sign the integration of the two airlines is moving forward, Chief Executive Richard Anderson said Thursday.The...

How the major stock indexes fared Thursday, US

May 7, 2009 3:22 pm | by The Associated Press | News | Comments

Stocks jumped Thursday as gains in commodities like oil signaled that traders expect a strengthening economy will demand more energy. Ample demand at an auction for Treasury debt also eased fears that the government would have to pay higher interest rates to entice buyers. Higher rates on long-term...


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