Obama nominates Yellen to succeed Bernanke at Fed

In a history-making selection, President Barack Obama nominated Janet Yellen to be chairman of the Federal Reserve, a critical post as the nation continues its fitful economic recovery. If confirmed she would be the first woman to lead the powerful central bank.Yellen, who currently holds the No. 2 spot at the Fed, would replace Ben Bernanke, whose eight-year tenure at the helm of the Fed ends Jan. 31.Obama introduced Yellen as a “proven leader.” `'And she's tough, not just because she's from Br

Oct. 10, 2013

As Fed chair, Yellen would face tough challenges

If she becomes the next Federal Reserve chair, the challenges that lay ahead for Janet Yellen will require both the steely intellect and the personable style that many attribute to her.The job as the world's most important banker comes with a daunting to-do list: deciding when to slow the Fed's stimulus, forging consensus from a fractious policy committee and calculating the effects of any economic slowdown from Washington's budget fight. That's in addition to monitoring volatile financial marke

Oct. 10, 2013

US stocks fall as investors wait on Washington

NEW YORK -- Stocks ground lower Tuesday as budget gridlock in Washington brought the U.S. closer to an unprecedented default on its debt.After opening relatively flat, the stock market moved steadily lower in late morning trading. Nervous investors dumped short-term government debt as they worried that the standoff in Washington could jeopardize the nation's ability to pay its bills, including interest on its debt, as early as next week if Congress doesn't raise the nation's borrowing limit.Hous

Oct. 9, 2013

Debt limit overtaking shutdown as US crisis focus

A possible national default loomed closer on Monday as the partial federal government shutdown continued, rattling markets in the U.S. and overseas. A gridlocked Congress betrayed little or no urgency toward resolving either of the threats.The shutdown centers on a fight over funding for President Barack Obama's new health care law. Economists say the default that could follow might trigger a financial crisis and recession that would echo the 2008 financial crisis, which plunged the country into

Oct. 8, 2013

China reassures neighbors over economy, reforms

Chinese President Xi Jinping sought Monday to reassure Asian business and political leaders that his country only aspires to peace and that he is confident its economic growth will remain robust despite a recent slowdown.China's growth and other indicators are within reasonable expectations, Xi told a business conference on the sidelines of the annual summit of the Asia-Pacific Economic Cooperation forum.``I want to emphasize that I am fully confident about the future of China,'' Xi said in a ke

Oct. 7, 2013

JAL makes first purchase from Airbus, not Boeing

The purchase of 31 A350 planes deals a blow to U.S. rival Boeing, which had been JAL's star supplier for decades.Airbus Chief Executive and President Fabrice Bregier and Japan Airlines President Yoshiharu Ueki signed the deal Monday in Tokyo, which includes an option for JAL to buy 25 more Airbus planes. They declined to give the actual price tag on the deal. Ueki said the decision to turn to the European manufacturer, based in Toulouse, France, for replacements for retiring Boeing 777 jets was

Oct. 7, 2013

U.S. moves closer to a possible default on debt

The United States moved closer to the possibility of the first-ever default on the government's debt as Speaker John Boehner adamantly ruled out a House vote on a straightforward bill to boost the borrowing authority without concessions from President Barack Obama.With no resolution in sight, Treasury Secretary Jack Lew warned Sunday that Congress is “playing with fire” as he called on lawmakers to quickly pass legislation re-opening the government and a measure increasing the nation's $16.7 tri

Oct. 7, 2013

APEC leaders seek ways to foster growth

BALI, Indonesia (AP) ― Fighting protectionism and pushing through difficult reforms are critical to the global recovery as the world’s biggest economies struggle with their own internal obstacles to growth, Asia-Pacific leaders gathered for an annual summit said Sunday. With U.S. President Barack Obama bogged down in the domestic drama over the national budget and government shutdown, national leaders at the annual summit of the Asia-Pacific Economic Cooperation forum were watching to see how th

Oct. 6, 2013

Twitter unseals IPO papers, hopes to raise $1B

Twitter has unsealed the documents for its planned initial public offering of stock and says it hopes to raise up to $1 billion in one of the year's most eagerly awaited stock market debuts.The documents revealed for the first time how much money the social networking company makes. Founded in 2006, Twitter has never turned a profit and has an uninterrupted history of losses totaling $419 million since its inception. But its revenue is growing.Twitter disclosed three weeks ago that it filed conf

Oct. 4, 2013

Cerberus investment fund eyes BlackBerry bid: source

NEW YORK (AFP) ― The private equity firm Cerberus Capital Management is interested in a bid for troubled Canadian smartphone maker BlackBerry, a source familiar with the matter said Wednesday.The source indicated that the big investment group was preparing to sign a confidentiality agreement to examine BlackBerry’s finances for a possible counter-offer to a $4.7 billion buyout plan agreed last month.BlackBerry said on Sept. 23 it signed a letter of intent for the buyout, which translates to $9 a

Oct. 3, 2013