Nokia downgraded by S&P after Samsung pushes past

   HELSINKI (AP) -- Standard and Poor's says it has downgraded Nokia's credit rating by one notch and warned that it may reduce it again unless it improves performance.   Friday's downgrade comes after huge losses in the Finnish company's first quarter and a report that Samsung Electronics Co. has overtaken it as the world's largest maker of mobile phones.   Last week, Nokia Corp. announced one of

April 27, 2012

U.S. animal feed, beef safe from BSE: FDA

WASHINGTON (AFP) ―U.S. food safety authorities on Thursday called a new case of mad cow disease in California “atypical” and said they were confident in measures to prevent the disease from spreading via animal feed.The Food and Drug Administration sought to tamp down fears that the new case of bovine spongiform encephalopathy that surfaced Tuesday could herald a broader outbreak and disrupt the country’s huge trade in livestock and beef.“The FDA is confident in the effectiveness of the existing

April 27, 2012

Geithner urges China to keep up reforms

Treasury secretary urges China to push forward with financial reforms ahead of Beijing visitSAN FRANCISCO (AP) ― Treasury Secretary Timothy Geithner called on China Thursday to move forward with economic reforms ahead of his meeting with leaders in Beijing. Geithner spoke about the state of China-U.S. relations and a host of other economic issues during a San Francisco event hosted by the Commonwealth Club of California. He and Secretary of State Hillary Clinton are traveling to Beijing next wee

April 27, 2012

S&P cuts Spain's long-term credit rating 2 notches

   Standard & Poor's lowered Spain's long-term credit rating by two notches on Thursday, saying the country's budget problems are likely to get worse because of the weak economy.   S&P reduced Spain's long-term sovereign credit rating to ``BBB+'' from ``A.'' The agency also lowered Spain's short-term rating and assigned a negative outlook, which suggests the possibility of another downgrade in the

April 27, 2012

Deutsche Bank net profit falls to $1.85 billion in Q1

FRANKFURT, Germany (AP) -- Lower investment banking revenues amid Europe’s debt crisis and a one-time writeoff pushed Deutsche Bank’s net profit down by a third to 1.4 billion euros ($1.85 billion) in the first quarter.The net profit figure compared to 2.1 billion euros in the same quarter a year ago. Analysts surveyed by FactSet expected 1.66 billion euros.The company said revenues at the corporate and investment bank division, a key pillar of earnings, fell by 8 percent to 6.2 billion euros ($

April 26, 2012

Britain slides back into recession

LONDON (AFP) ― Britain was back in recession Wednesday after its economy shrank in the first quarter while Prime Minister David Cameron said the country was being buffetted by the European downturn.Gross domestic product fell 0.2 percent between January and March, after a 0.3-percent drop in the fourth quarter of 2011, the Office for National Statistics said in a statement.That technically placed Britain in recession, which is defined as two successive quarters of contraction, amid a broader dow

April 26, 2012

IMF urges further Spain bank reforms

MADRID (AFP) ― The International Monetary Fund on Wednesday urged Spain to push further ahead with banking reforms aimed at stabilizing its troubled financial sector.IMF inspectors concluded Spain needs “to continue with and further deepen the financial sector reform strategy to address remaining vulnerabilities and build strong capital buffers in the sector,” it said in a report.The conservative government that came to power in December has continued a clean-up of the banking sector prompted by

April 26, 2012

Apple’s squeeze hits phone companies, competitors

NEW YORK (AP) ― Apple is set to report another record quarterly profit on Tuesday, continuing the relentless string of results that’s made it the world’s most valuable company. Those profits don’t come out of thin air: A range of businesses ― from the company’s wireless carrier friends to its PC-making foes ― are seeing their profits melt away and flow to Apple’s bottom line. Apple’s success is good for the U.S. economy, and some businesses, like software developers and memory-chip makers, have

April 24, 2012

Economy worsens U.S. Social Security’s finance

WASHINGTON (AP) ― High energy prices and an economy that has been slow to rebound are worsening Social Security’s finances, shortening the life of the trust funds that support program by three years, the government said Monday. Those trust funds will now run dry in 2033, according to a report issued by the trustees that oversee the massive retirement and disability program. Medicare’s hospital insurance fund is projected to run out of money in 2024, which is unchanged from last year. The trustee

April 24, 2012

Spain back in recession

MADRID (AP) ― Spain slipped back into recession as the country’s economy contracted for the second quarter in a row, the central bank said Monday.A Bank of Spain monthly report recorded that economic output shrank 0.4 percent in the first quarter of the year, following a 0.3 percent decline in the last quarter of 2011. A technical recession is commonly defined as two consecutive quarters of economic contraction.The news of recession comes as no surprise, however ― the new conservative government

April 24, 2012

Europe’s debt fix falters, rattles markets

FRANKFURT, Germany (AP) ― Europe’s plan to fix its debt crisis by imposing budget cuts frayed Monday. Heavy selling rocked financial markets, uncertainty gripped two governments, and the economic outlook darkened across the continent.The German stock market suffered its worst day in six weeks. In the United States, the Dow Jones industrial average lost more than 100 points.Across Europe, the debt crisis appeared at its most perilous point since December, when most of the continent united behind

April 24, 2012

S&P downgrades Argentina's outlook after YPF deal

Standard & Poor's on Monday downgraded its credit rating outlook for Argentina from stable to negative, after Buenos Aires seized control of the country's largest oil company YPF."In our view, the recent government policies could increase risks to Argentina's macroeconomic framework, squeeze its external liquidity, and hinder medium-term growth prospects," the ratings agency said in a statement.As

April 24, 2012

Egypt terminates gas deal with Israel

CAIRO (AP) ― The head of the Egyptian Natural Gas Holding Company said Sunday it has terminated its contract to ship gas to Israel because of violations of contractual obligations, a decision Israel said overshadows the peace agreement between the two countries.The 2005 natural gas deal has become a symbol of tensions between Israel and Egypt since the uprising. For many Egyptians, it typifies the close relations the regime of deposed President Hosni Mubarak forged with Israel and how his associ

April 23, 2012