Bernanke: Economic growth to be frustratingly slow

WASHINGTON (AP) _ Federal Reserve Chairman Ben Bernanke on Wednesday acknowledged that the pace of economic growth is likely to be ``frustratingly slow,'' after the Fed downgraded its forecast for the next two years.Bernanke said the central bank is open to purchasing more mortgage-backed securities

Nov. 3, 2011

Nokia plans to return smartphone market in 2012 with a bang

Nokia Oyj will reenter the U.S. smartphone market in early 2012 with the introduction of devices running Microsoft Corp.’s Windows Phone for multiple U.S. carriers, Chief Executive Officer Stephen Elop said. “Our intention is to come back in the United States and grow significant share in this market,” Elop said in an interview Tuesday at Bloomberg’s headquarters in New York. Elop, 47, last week unveiled Nokia’s first Windows Phone models after the Espoo, Finland-based company struggled to sell

Nov. 2, 2011

Philips to take $370M loss on TV arm

AMSTERDAM (AP) — Royal Philips Electronics NV says it has renegotiated a deal to shed its television unit, placing it into a joint venture 30 percent owned by Philips and 70 percent owned by China's TPV.The company said in a statement Tuesday it would book a loss on the deal of euro270 million

Nov. 2, 2011

U.S. manufacturing growth slowed slightly in Oct.

WASHINGTON (AP) ― U.S. manufacturing growth slowed slightly in October, hampered by weaker demand for exports and slower production at factories.But companies ordered more goods and factories slashed their stockpiles, trends that suggest activity could rebound in coming months.The Institute for Supply Management said Tuesday that its manufacturing index dropped to 50.8, down from 51.6 in September. Any reading above 50 indicates expansion.Measures of production and new export orders fell. A gaug

Nov. 2, 2011

Greek cabinet backs referendum on debt rescue plan

ATHENS, Nov 2, 2011 (AFP) - Greek Prime Minister George Papandreou secured the unanimous backing of his cabinet for a referendum on the eurozone debt rescue plan, government spokesman Elias Mossialos said early Wednesday.The cabinet also approved Papandreou's decision to hold a vote of confidence in

Nov. 2, 2011

MF Global is first big U.S. victim of Europe crisis

WASHINGTON (AP) ― The European debt crisis has claimed its first big casualty on Wall Street, a securities firm run by former New Jersey Governor Jon Corzine.MF Global Holdings Ltd., which Corzine has led since early last year, filed for bankruptcy protection Monday. Concerns about the company’s holdings of European debt caused its business partners to pull back last week, which led to a severe cash crunch, the company said in its filing.Corzine, the former head of investment banking giant Goldm

Nov. 1, 2011

Bill Gates unfussed by Jobs’ jab

WASHINGTON (AFP) ― Microsoft founder Bill Gates coolly parried some harsh criticism from late Apple co-founder Steve Jobs, in an interview with ABC television Sunday, saying their professional rivalry was positive.Gates, who maintained a long rivalry with the Apple innovator, was asked about an authorized biography of Jobs by Walter Isaacson which portrayed Gates as comparatively uninspired as a creative spirit.The Microsoft founder was told by ABC that Jobs “basically said that you were ‘unimag

Oct. 31, 2011

Japan, India to jointly develop rare earth

TOKYO (AFP) ― The foreign ministers of Japan and India agreed on Saturday at a meeting in Tokyo to accelerate joint development of rare earth mineral deposits in the South Asian country.Koichiro Gemba and his Indian counterpart S.M. Krishna also confirmed they would move forward stalled talks on a civilian nuclear cooperation pact at a joint news conference after their meeting.“The two countries will move ahead with a joint development,” of rare earth deposits in India, said Gemba, quoted by Jij

Oct. 30, 2011

Qantas grounds global fleet due to strikes

Qantas Airways says strikes are ‘crisis’ for airlineCANBERRA (AP) ― Qantas Airways has grounded its global fleet, suddenly locking out striking workers after weeks of flight disruptions that an executive said could close down the world’s 10th-largest airline piece by piece.Following Saturday’s announcement by Qantas, the Australian government called for an emergency arbitration hearing, which was adjourned early Sunday morning after evidence was heard from the unions and airline. The hearing was

Oct. 30, 2011

U.S. president cites income gap to push stalled jobs bill

WASHINGTON (AP) ― President Barack Obama is banking on a new report detailing the income disparity in the country as further evidence of the need for his $447 billion jobs bill.A report this past week by the Congressional Budget Office found that average after-tax income for the top 1 percent of U.S. households had increased by 275 percent over the past three decades. Middle-income households saw just a 40 percent rise. For those at the bottom of the economic scale, the jump was 18 percent.Obama

Oct. 30, 2011

European debt deal lifts Dow by almost 340 points

NEW YORK (AP) _ An agreement to contain the European debt crisis electrified the stock market Thursday, driving the Dow Jones Industrial average up nearly 340 points and putting the Standard & Poor's 500 index on track for its best month since 1974.Investors were relieved after European leaders craf

Oct. 28, 2011

The 787 takes flight, and lives up to its promise

Boeing‘s 787 won’t fix the chair-kicking kid, but it improves almost everything elseIt‘s the plane that is supposed to change the experience of flying.No more stuffy noses, dry throats or severe fatigue. Larger windows to provide a stronger connection to the world outside. And mood lighting that can either ease jet lag or turn the plane into a nightclub at 40,000 feet.And for the most part, Boeing’s 787 succeeds. Flying it is more enjoyable. But it‘s still flying. Just because the plane is new d

Oct. 27, 2011