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Barroso: EU must help poor despite recession

April 23, 2009 12:42 am | by The Associated Press | News | Comments

BRUSSELS (AP) — The European Commission's president says the EU must continue to be the world's primary donor of aid to poor nations despite the global recession.Jose Manuel Barroso says poor countries "are the least responsible for this crisis but among the worst affected." He says the recession...

Japan's Mizuho Financial forecasts annual net loss

April 23, 2009 12:16 am | by The Associated Press | News | Comments

TOKYO (AP) — Mizuho Financial Group Inc., Japan's second-biggest bank, warned Thursday that it sank into the red last fiscal year amid mounting bad loans and steep stock market declines.The Tokyo-based lender slashed its earnings guidance for the 12 months through March 31, saying it expects a...

Euro nearly unchanged against dollar at $1.3024

April 22, 2009 11:56 pm | by The Associated Press | News | Comments

FRANKFURT (AP) — The euro was nearly flat against the dollar Thursday despite news that Germany's economy, Europe's largest, was expected to shrink more than 5 percent this year.The 16-nation euro bought $1.3024 in European morning trading, slightly up from the $1.3017 late Wednesday in New...

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California farmers to get slight drought relief

April 22, 2009 11:36 pm | by GARANCE BURKE - Associated Press Writer - Associated Press | News | Comments

FRESNO, Calif. (AP) — Farmers in California's drought-stricken agricultural basin finally will get a meager supply of federal water to nurture their crops this summer.Officials with the U.S. Bureau of Reclamation said Tuesday that heavy storms in March allowed them to boost the amount of water sent...

Japan automakers extend output slump in March

April 22, 2009 11:10 pm | by TOMOKO A. HOSAKA - Associated Press Writer - Associated Press | News | Comments

TOKYO (AP) — Japan's top automakers reported deep production declines in March as the unprecedented collapse in global demand maintained its painful grip on one of the country's key industries.Toyota Motor Corp., the world's biggest automaker, said its worldwide production slid 46 percent in March...

Credit Suisse reports Q1 net profit of 2B francs

April 22, 2009 10:55 pm | by FRANK JORDANS - Associated Press Writer - Associated Press | News | Comments

ZURICH (AP) — Swiss banking giant Credit Suisse on Thursday reported a first-quarter net profit of 2 billion Swiss francs ($1.72 billion), following a turnaround in its investment bank, which had previously been hit hard by the credit crunch.The figure was better than analysts' expectations for a...

Hong Kong tycoon drops $2 billion bid for PCCW

April 22, 2009 10:35 pm | by JEREMIAH MARQUEZ - AP Business Writer - Associated Press | News | Comments

HONG KONG (AP) — A Hong Kong tycoon abandoned his controversial $2 billion plan to take over the city's biggest telecom company Thursday after a court blocked the deal, handing regulators and minority shareholders a high-profile victory.Richard Li, chairman of fixed-line operator PCCW, said in a...

WSJ: BofA CEO says was told to be quiet on Merrill

April 22, 2009 9:34 pm | by The Associated Press | News | Comments

NEW YORK (AP) — Bank of America Chief Executive Kenneth Lewis told the New York attorney general he believed former Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke wanted him to keep quiet about the worsening terms of the bank's acquisition of Merrill Lynch, according to testimony...

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Hyundai Motor says first quarter net profit slumps

April 22, 2009 9:19 pm | by The Associated Press | News | Comments

SEOUL, South Korea (AP) — Hyundai Motor, South Korea's largest automaker, said net profit dived 42.7 percent in the first quarter as sales fell amid the global slump.The maker of the Sonata, Elantra and luxury Genesis earned 225 billion won ($166.7 million) in the three months ended March 31, down...

Honda mulling investment request from Pioneer

April 22, 2009 9:08 pm | by The Associated Press | News | Comments

TOKYO (AP) — Honda Motor Co. said Thursday it is considering investing in Pioneer Corp., the ailing Japanese audiovisual products maker that's seeking to bolster its capital base.The Nikkei financial daily reported that Japan's No. 2 automaker is finalizing plans for a capital tie-up worth several...

European stocks steady despite US cheer over Apple

April 22, 2009 8:58 pm | by JEREMIAH MARQUEZ - AP Business Writer - Associated Press | News | Comments

LONDON (AP) — European stock markets were little changed Thursday ahead of an expected solid opening on Wall Street, where investors appear to have been cheered by upbeat earnings from technology firm Apple Inc.The FTSE 100 index of leading British shares was up 22.87 points, or 0.6 percent, at...

Crude prices waver below $50

April 22, 2009 8:43 pm | by ALEX KENNEDY - Associated Press Writer - Associated Press | News | Comments

COLUMBUS, Ohio (AP) — Oil prices wavered below $50 Thursday with a number of major U.S. companies reporting larger-than-expected profits, but there was still plenty of evidence suggesting demand for energy will be sluggish at best.Benchmark crude for June delivery rose 77 cents to settle at $49.62...

Kirin offers to buy Australian brewer Lion Nathan

April 22, 2009 8:23 pm | by The Associated Press | News | Comments

SYDNEY (AP) — Lion Nathan Ltd., the Australian brewer of Tooheys and Hahn beers, said Thursday its biggest shareholder, Japan's Kirin Holdings Co., has offered to buy the 54 percent of Lion it doesn't already own.The price of the offer from Japan's biggest drinks maker wasn't disclosed but it would...

Ingersoll-Rand CEO's bonus halved amid recession

April 22, 2009 8:13 pm | by STEPHEN SINGER - AP Business Writer - Associated Press | News | Comments

HARTFORD, Conn. (AP) — Ingersoll-Rand Co. Chairman and Chief Executive Herbert L. Henkel received 2008 compensation valued at $11.4 million, up about 7 percent year-over-year, according to Associated Press calculations of data filed with regulators Wednesday.Henkel, 61, received a base salary of...

Development banks pledge $90B to Latam, Carib

April 22, 2009 7:12 pm | by NESTOR IKEDA - Associated Press Writer - Associated Press | News | Comments

WASHINGTON (AP) — Development banks on Wednesday pledged about $90 billion in loans to Latin America and the Caribbean over the next two years to help the region fight a looming recession and generate growth.The financial crisis is battering the region through lower commodity prices, slumping...

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