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Business Highlights

Submitted by Fox First at Ten on July 23rd

By The Associated Press ___ 2nd triple-digit loss for Dow in 2 days NEW YORK (AP) - Fear that Spain may need a bailout sent its borrowing costs soaring, the euro to a two-year low against the dollar and stocks around the world tumbling as investors pulled back Monday from all manner of risk.

US wins dispute with China over payment services

Submitted by Fox First at Ten on July 16th

By CHRISTOPHER S. RUGABERAP Economics Writer WASHINGTON (AP) - The United States has won a trade dispute with China over that country's treatment of foreign companies that process credit card payments and other electronic transactions. U.S. officials said Monday that the ruling by the Geneva-

Oil price rises on stimulus hopes

Submitted by Fox First at Ten on July 16th

By CHRIS KAHNAP Energy Writer NEW YORK (AP) - Oil prices climbed for a fourth day on hopes that the Federal Reserve will take additional steps to prop up the economy. Benchmark U.S. crude on Monday rose $1.33 to end at $88.43 per barrel in New York, while Brent crude rose by $1.95 to finish at $

IMF cuts China forecast, 'hard landing' possible

Submitted by Fox First at Ten on July 16th

By JOE McDONALDAP Business Writer BEIJING (AP) - The International Monetary Fund cut its growth forecast for China's slowing economy Monday and said a "hard landing" was still possible. The IMF reduced its China growth outlook for 2012 by 0.2 percentage point to 8 percent and for 2013 by 0.3

IMF predicts slower economic growth for world, US

Submitted by Fox First at Ten on July 16th

By CHRISTOPHER S. RUGABERAP Economics Writer WASHINGTON (AP) - The global economy will grow more slowly over the next two years, according to the International Monetary Fund's latest forecast. And Europe's financial crisis and a potential budget crisis in the United States could slow

Stocks close lower after consumer spending slides

Submitted by Fox First at Ten on July 16th

By BERNARD CONDONAP Business Writer NEW YORK (AP) - Stocks closed lower for the seventh day out of the last eight on Monday after the government reported that U.S. consumers cut their spending last month. The news pushed stocks down from the start of the trading day. Though they recovered a bit

US economy appears weaker as retail sales slump

Submitted by Fox First at Ten on July 16th

By ANNE D'INNOCENZIO and MARTIN CRUTSINGERAP Business Writers WASHINGTON (AP) - The outlook for the U.S. economy appeared dimmer Monday after a report that Americans spent less at retail businesses for a third straight month in June. The report led some economists to downgrade their estimates

US futures sag on unsettling news from China

Submitted by Fox First at Ten on July 16th

NEW YORK (AP) - Futures are heading lower as the U.S. earnings season gets underway in earnest, with Citigroup posting net income of nearly $3 billion. Dow Jones industrial average futures are down 27 points to 12,675. Standard & Poor's 500 futures have given up 3.9 points to 1,347.80 and

Turkish bank sale drags Citi's net down 12 percent

Submitted by Fox First at Ten on July 16th

By PALLAVI GOGOIAP Business Writer NEW YORK (AP) - Citigroup's net income fell 12 percent in the second quarter partly due to a loss on the sale of its stake in a Turkish lender. The income of $2.9 billion was still better than analysts were expecting. Citi is one of the largest international

Yahoo's 2Q results to shed light on turnaround bid

Submitted by Fox First at Ten on July 16th

By MICHAEL LIEDTKEAP Technology Writer SAN FRANCISCO (AP) - Yahoo Inc. will update investors on how its latest change in leadership has affected its tortuous turnaround efforts when the Internet company releases its second-quarter earnings WHAT TO WATCH FOR: The report, due out after the stock