Economic News
Natural gas prices rise 2 percent
Posted 1 year 1 month ago by Bea Karnes
Source: The Associated Press
NEW YORK (AP) Natural gas prices are climbing as President Obama pushes to find more ways for the country to use it. Obama wants to cut oil imports by a third over the next decade, and he says the U.S. could rely more on natural gas and biofuels to make that happen.
The natural gas contract for May delivery gained 9 cents, more than 2 percent, to $4.356 per 1,000 cubic feet on the New York Mercantile Exchange.
Natural gas prices remain around the same range they've been in… Click to Read More
Survey: CEOs plan to boost hiring, spending
Posted 1 year 1 month ago by Bea Karnes
Source: The Associated Press
WASHINGTON (AP) A majority of America's largest companies are ready to step up hiring this year and more than 90 percent expect sales to improve, a new survey found.
The Business Roundtable said Wednesday that 52 percent of its members plan to increase hiring in the next six months. That's the largest proportion for the group since it began surveying its members nine years ago. The trade group represents CEOs from roughly 200 of the nation's largest companies.
More than 60… Click to Read More
Japan quake stirs unease about global supply chain
Posted 1 year 1 month ago by Bea Karnes
Source: The Associated Press
BEIJING (AP) A shortage of auto parts and other components after Japan's earthquake has stirred unease about two pillars of manufacturing: the country's role as a crucial link in the global supply chain and "just in time" production.
Manufacturers slashed costs by adopting Japanese-style small inventories and close links to a tight circle of suppliers. But that left them without a cushion of raw materials to ride out disruptions, forcing factories as far away as Louisiana to close… Click to Read More
Developing economies' lead over rivals poses risks
Posted 1 year 1 month ago by Bea Karnes
Source: The Associated Press
WASHINGTON (AP) The world's biggest economies are recovering from the Great Recession at troublesome speeds: too fast or too slow.
China, India and other major developing countries quickly returned to breakneck rates of growth after escaping the worst of the economic downturn in 2008 and 2009. Their rapid recoveries showed for the first time that emerging economies have grown big and strong enough to thrive independently while the United States and other rich countries struggle.<… Click to Read More
Oil prices rise despite consumer worries
Posted 1 year 1 month ago by Bea Karnes
Source: The Associated Press
NEW YORK (AP) Oil prices rose Tuesday as concerns about political upheaval in North Africa and the Middle East trumped economic data suggesting that consumers are worried about the cost of fuel and food.
Benchmark West Texas Intermediate crude for May delivery added 17 cents at $104.15 per barrel in midday trading on the New York Mercantile Exchange. In London, Brent crude gained 44 cents at $115.02 per barrel on the ICE Futures Exchange.
Energy markets have been rattled b… Click to Read More
Volkswagen recalls 71,000 vehicles
Posted 1 year 1 month ago by Bea Karnes
Source: The Associated Press
HERNDON, Virginia (AP) - Volkswagen of America is recalling 2011 Jettas, about 71,000 in all, to reconfigure wiring related to its alarm system and horn.
The recall affects sixth-generation Jetta sedans built between March 2010 and March 2011.
No injuries or accidents have been reported.
Volkswagen of America is the U.S. subsidiary of Germany's Volkswagen AG.
Cyprus eyes bank fund worth $700 million
Posted 1 year 1 month ago by Bea Karnes
Source: The Associated Press
NICOSIA, Cyprus (AP) Cyprus' Central Bank governor said Monday that a proposed bank stability fund needs at least $700 million, or 3 percent of the island's GDP, to sufficiently backstop the financial sector in case it runs into trouble.
Athanasios Orphanides said the independent fund which is due to be set up within the next six months according to Central bank regulations is essential to ensuring the financial sector's credibility regardless of how the island's public fi… Click to Read More
Harry & David files for Ch. 11 protection
Posted 1 year 1 month ago by Bea Karnes
Source: The Associated Press
MEDFORD, Ore. (AP) Harry & David Holdings Inc., a provider of fruit baskets and other gifts, is filing for Chapter 11 bankruptcy protection.
The Medford, Ore., company said Monday that it agreed with some senior noteholders on terms of a reorganization plan that will eliminate "substantial" debt and provide equity financing to restructure its balance sheet.
The noteholders have agreed to vote for the plan and exchange their notes for common stock.
Harry & D… Click to Read More
Nuclear industry touts safety of new reactors
Posted 1 year 1 month ago by Bea Karnes
Source: The Associated Press
OLKILUOTO, Finland (AP) Halfway around the globe from Japan's atomic emergency, engineers building a cutting-edge nuclear reactor along Finland's icy shores insist the same crisis could never happen here.
And that's not only because Finland is seismically stable.
The 1,600-megawatt European Pressurized Reactor projected to come online in 2013 in Olkiluoto, 195 miles (315 kilometers) northwest of Helsinki, is the first of its kind expected to begin operating after the Japan… Click to Read More
Radiation in seawater may be spreading in Japan
Posted 1 year 1 month ago by Bea Karnes
Source: The Associated Press
TOKYO (AP) Highly radioactive iodine seeping from Japan's damaged nuclear complex may be making its way into seawater farther north of the plant than previously thought, officials said Monday, adding to radiation concerns as the crisis stretches into a third week.
Mounting problems, including badly miscalculated radiation figures and no place to store dangerously contaminated water, have stymied emergency workers struggling to cool down the overheating plant and avert a disaster w… Click to Read More
