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World Bank to aid poor countries with public works

April 25, 2009 11:18 am | by HARRY DUNPHY - Associated Press Writer - Associated Press | News | Comments

WASHINGTON (AP) — The World Bank said Saturday it would provide poor countries with more than $55 billion for public work projects left in limbo when the recession dried up capital investment.The goal is to create jobs and lay the foundation for future economic growth and poverty reduction. Africa...

Gas summit agrees on diverse gas supply routes

April 25, 2009 10:52 am | by VESELIN TOSHKOV - Associated Press Writer - Associated Press | News | Comments

SOFIA, Bulgaria (AP) — European countries and major gas producers taking part at a high-level energy meeting agreed Saturday to establish diverse supply connections and guaranteed gas deliveries for their industries already plagued by the global economic downturn.The two-day meeting — dubbed...

Profit reports turn spotlight on consumer spending

April 25, 2009 9:08 am | by MAE ANDERSON - AP Business Writer - Associated Press | News | Comments

NEW YORK (AP) — When the economy screeched to a halt late last year, so did consumer spending, which accounts for 70 percent of all U.S. economic activity. That's why the latest string of quarterly reports will be closely watched for any indication that consumers feel more confident about parting...

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Homebuyers hope to time the bottom

April 25, 2009 9:08 am | by J.W. ELPHINSTONE - AP Real Estate Writer - Associated Press | News | Comments

With white tin ceilings, original woodwork, bay windows, and a $699,000 price tag, the two-bedroom apartment at 719 Carroll St. in Brooklyn would have been snatched up in a New York minute a couple of years ago.Instead, it's been on the market for more than two months. On a recent spring weekend 14...

GM employee stock fund dumps all company shares

April 25, 2009 8:01 am | by The Associated Press | News | Comments

WASHINGTON (AP) — The manager of General Motors' employee stock fund has sold off all remaining shares of the troubled auto maker, which is closing plants and slashing costs in a bid to avoid bankruptcy.General Motors revealed in a regulatory filing late Friday that its employee stock-purchase plan...

Personal fortunes riding on the fate of GM's debt

April 25, 2009 7:16 am | by KIMBERLY S. JOHNSON - AP Auto Writer - Associated Press | News | Comments

GROSSE ILE, Mich. (AP) — Retired Chrysler LLC project manager Clifford St. Pierre and his wife Patricia bought $200,000 in General Motors Corp. notes three years ago, thinking it was a sound way to finance their retirement.The 10-year securities carry a 7.2 percent interest rate and what they...

Finance ministers encouraged but wary over economy

April 25, 2009 6:45 am | by MARTIN CRUTSINGER - AP Economics Writer - Associated Press | News | Comments

WASHINGTON (AP) — Finance ministers see signs the global economy is stabilizing but are cautioning it will take until the middle of next year for the world to emerge from the worst recession in decades.In a daylong session of the International Monetary Fund, many ministers said stimulus packages,...

Monaco says Navistar to buy most of its assets

April 25, 2009 6:35 am | by The Associated Press | News | Comments

COBURG, Ore. (AP) — RV maker Monaco Coach Corp. says Navistar International Corp. will buy most of its assets for about $52 million.The company said Friday the deal would be subject to approval in federal bankruptcy court in Delaware, where it had sought protection.Monaco said the transaction...

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Continental CEO's comp fell to about $5 million

April 24, 2009 6:41 pm | by DAVID KOENIG - AP Airlines Writer - Associated Press | News | Comments

DALLAS (AP) — The chief executive of Continental Airlines Inc. got compensation the company valued at nearly $5 million in 2008, down 17.1 percent from the year before, according to analysis of a regulatory filing Friday.Chairman and CEO Lawrence W. Kellner's salary was cut by 58 percent. But more...

Meltdown 101: How do bank 'stress tests' work?

April 24, 2009 3:09 pm | by DANIEL WAGNER - AP Business Writer - Associated Press | News | Comments

WASHINGTON (AP) — After weeks of speculation, regulators led by the Federal Reserve are telling banks how they fared in the "stress tests" at the center of the Obama administration's financial rescue plan.Markets rallied and investors breathed a little easier Friday after a Fed news release on the...

Cost-cutting saves Microsoft stock after rough 3Q

April 24, 2009 3:04 pm | by The Associated Press | News | Comments

SEATTLE (AP) — Shares of Microsoft Corp. jumped more than 10 percent Friday, the first trading session since the software maker said sinking personal computer shipments pushed sales and earnings down significantly from a year ago.Redmond-based Microsoft makes most of its profit from selling the...

Mutual of Omaha, Oprah spar over 'aha moment'

April 24, 2009 2:38 pm | by TIMBERLY ROSS - Associated Press Writer - Associated Press | News | Comments

OMAHA, Neb. (AP) — Insurance company Mutual of Omaha is suing Oprah Winfrey and her production company over use of the phrase "aha moment."Mutual said in a statement Friday it has been granted preliminary approval of a federal trademark for the slogan "official sponsor of the aha moment," which...

New York Times, McClatchy credit ratings cut

April 24, 2009 2:23 pm | by The Associated Press | News | Comments

NEW YORK (AP) — Moody's Investors Service on Friday downgraded the credit ratings of The New York Times Co. and McClatchy Co. on concerns that business will keep deteriorating as the newspaper advertising slump continues.Moody's cut the Times' corporate family rating, probability of default rating...

Ford shows it may be able to avoid federal bailout

April 24, 2009 2:08 pm | by KIMBERLY S. JOHNSON - AP Auto Writer - Associated Press | News | Comments

DEARBORN, Mich. (AP) — Better-than-expected earnings from Ford raised hopes Friday that the automaker's restructuring and new products may be enough to spare it from a federal bailout, while General Motors received more government help and Chrysler raced to avoid bankruptcy.Ford still lost $1.4...

10-year Treasury yield rises to 3 percent

April 24, 2009 2:03 pm | by The Associated Press | News | Comments

NEW YORK (AP) — Treasurys fell Friday after a strong gain in stocks and ahead of big debt auctions.The losses drove the yield on the 10-year Treasury note above 3 percent for the first time since the Federal Reserve announced in mid-March that it would start buying government debt.A Fed report on...

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