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GM says to expand in China despite US woes

April 19, 2009 11:36 pm | by AP Business WriterAssociated Press | News | Comments

SHANGHAI (AP) — Dealing with the crisis at General Motors Corp. kept new CEO Fritz Henderson from traveling to Shanghai's auto show, but executives say the company intends to continue growing in China regardless of how its financial mess is resolved."Of course, China remains a key market for GM,"...

Recession pits small banks against big banks

April 19, 2009 11:36 pm | by DEB RIECHMANN - Associated Press Writer - Associated Press | News | Comments

WASHINGTON (AP) — First they felt their reputations were stained by the financial meltdown. Now they're paying a price they protest is unfair.Small bankers are complaining loudly that they had nothing to do with the excesses of big Wall Street firms, freewheeling deals in the mortgage market and...

European, US markets sink on more bank worries

April 19, 2009 9:34 pm | by JEREMIAH MARQUEZ - AP Business Writer - Associated Press | News | Comments

LONDON (AP) — European and U.S. markets sank Monday as investors booked profits from last week's gains and new worries set in over banks' profit reports.Britain's FTSE 100 closed down 2.7 percent at 3,982.82, Germany's DAX fell 4.1 percent to 4,485.75 and France's CAC 40 faltered 4.1 percent to...

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Oil below $46 as stocks tumble ahead of earnings

April 19, 2009 8:19 pm | by ALEX KENNEDY - Associated Press Writer - Associated Press | News | Comments

SIOUX FALLS, S.D. (AP) — (AP) — Oil prices plunged to their lowest levels in more than a month Monday as investors, nervous about a week chock-full of corporate earnings reports, sought safer havens in gold and the dollar.Benchmark crude for May delivery fell $4.45 to settle at $45.88 a barrel on...

Survey: economy declining, but recession abating

April 19, 2009 8:14 pm | by EMILY FREDRIX - AP Business Writer - Associated Press | News | Comments

The economy is still in decline but results from a new economic survey show evidence the recession is abating as more companies see rising demand for their products, taper plans for job cuts and report profit margins on the uptick.The latest quarterly survey by the National Association for Business...

Washington to get first crack at free mobile TV

April 19, 2009 8:08 pm | by PETER SVENSSON - AP Technology Writer - Associated Press | News | Comments

Washington will be the first U.S. city to get free digital TV broadcasts for mobile devices like cell phones, laptop computers and in-car entertainment systems, broadcasters were set to announce Monday.Broadcasts using new "mobile DTV" technology are expected to begin in late summer from five...

Actor's union board endorses deal with studios

April 19, 2009 5:43 pm | by The Associated Press | News | Comments

LOS ANGELES (AP) — The Screen Actors Guild's board of directors narrowly voted Sunday to endorse a deal with Hollywood studios on movie and prime-time TV show productions, the union said in a statement.The tentative deal, which includes pay raises and other compensation hikes, follows the Internet...

Dayton Superior files for Chapter 11 protection

April 19, 2009 3:02 pm | by The Associated Press | News | Comments

DAYTON, Ohio (AP) — Dayton Superior Corp., which makes products used in concrete construction, said Sunday it filed for Chapter 11 bankruptcy protection and received $165 million in financing to continue its restructuring.The company said it had hoped to restructure its debt outside of court, but...

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NY Fed names Brian Sack to lead markets group

April 19, 2009 11:50 am | by The Associated Press | News | Comments

NEW YORK (AP) — The Federal Reserve Bank of New York has named Brian P. Sack to lead its markets group effective June 1, succeeding William C. Dudley, who became president and chief executive of the New York Fed earlier this year.Sack, 38, is currently a vice president at Macroeconomic Advisers, an...

Chavez gift to Obama makes book best-seller

April 19, 2009 11:15 am | by The Associated Press | News | Comments

PORT-OF-SPAIN, Trinidad (AP) — A book by an Uruguayan journalist that Venezuelan President Hugo Chavez gave to President Barack Obama is now the No. 5 seller on Amazon.com.It's an astounding jump for "Open Veins of Latin America: Five Centuries of the Pillage of a Continent," by Uruguayan...

Obama says reaching out to enemies strengthens US

April 19, 2009 11:15 am | by BEN FELLER - Associated Press Writer - Associated Press | News | Comments

PORT-OF-SPAIN, Trinidad (AP) — Defending his brand of world politics, President Barack Obama said Sunday that he "strengthens our hand" by reaching out to enemies of the United States and making sure that the nation is a leader, not a lecturer, of democracy.Obama's foreign doctrine emerged across...

NATO ships, helicopters hunt down 7 pirates

April 19, 2009 11:10 am | by KATHARINE HOURELD - Associated Press Writer - Associated Press | News | Comments

NAIROBI, Kenya (AP) — NATO warships and helicopters pursued Somali pirates for seven hours after they attacked a Norwegian tanker, NATO spokesmen said Sunday, and the high-speed chase only ended when warning shots were fired at the pirates' skiff.Seven pirates attempted to attack the...

Boredom, hunger and fear for pirates' hostages

April 19, 2009 11:10 am | by PAUL ALEXANDER - Associated Press Writer - Associated Press | News | Comments

MANILA, Philippines (AP) — Some hostages are little more than skin and bones, their food running out and illnesses setting in as negotiations for their release drag on, angering their volatile captors. Others report less brutal conditions, even being allowed to fish for extra provisions.Still, fear...

Flood of earnings will test market's 6-week run

April 19, 2009 10:19 am | by TIM PARADIS - AP Business Writer - Associated Press | News | Comments

NEW YORK (AP) — An intense week of earnings reports will tell whether Wall Street can extend its rally to a seventh week — or see its gains pop like a bubble.With each week that the stock market lifts itself from the 12-year lows seen in early March investors grow at turns hopeful and nervous. The...

White House: Obama to address credit card abuses

April 19, 2009 10:14 am | by The Associated Press | News | Comments

WASHINGTON (AP) — The White House says that it will back congressional efforts to clamp down on credit card abuses in an effort to address the recession's effect on Main Street.The House and Senate are considering a credit card bill of rights to limit the ability of credit card companies to raise...

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