Dow average gains, holds on to 15,000 level

The Dow Jones industrial average rose, closing above 15,000 for a second day after breaching the landmark level for the first time Tuesday.On Wednesday, a day without any major economic releases, investors focused on company earnings as reporting for the first quarter draws to a close. Although earnings growth has slowed from last quarter, profits are at record levels and projected to rise throughout the year.The Dow closed up 48.92 points, or 0.3 percent, at 15,105.12. The index is 15.3 percent

May 9, 2013

Toyota profit more than doubles

TOKYO (AP) ― Toyota’s quarterly profit more than doubled to 313.9 billion yen ($3.2 billion) as cost cuts and better sales worked with a weakening yen to add momentum to the automaker’s comeback.Toyota Motor Corp., which last year reclaimed the title of world’s top-selling automaker, said Wednesday it expects the strong results to continue in its new business year that ends March 2014. It projected a 1.37 trillion yen ($13.8 billion) profit, up from 962 billion yen for the year ended March 2013.

May 8, 2013

New stock market milestone: Dow 15,000

Just two months after recovering the last of its losses from the financial crisis, the Dow Jones industrial average punched through another milestone Tuesday, closing above 15,000 for the first time.Good economic reports, strong corporate earnings and fresh support from central banks helped ease investor concerns about another economic slowdown. Many had been on the lookout for signs that a spring swoon would derail the rally, as happened in each of the past three years.Instead, the Dow continue

May 8, 2013

Adidas: Asia laborers can file complaints by SMS

BERLIN (AP) ― German sports gear maker Adidas says it is encouraging workers in factories of its Asian suppliers to anonymously share possible grievances directly with the company via text message. Adidas AG, which also owns the Reebok brand, said Monday the SMS hotline will help bridge the communication gap between management and workers, enabling employees to “simply send an SMS when they feel their rights are breached.”It says the initiative was successfully tested at an Indonesian supplier’s

May 7, 2013

China names yuan convertibility plan among goals

China will this year put forward a plan for allowing yuan capital-account convertibility as part of measures to loosen control over its currency and interest rates, the nation’s cabinet said.The yuan plan will also include creating a mechanism that allows investments overseas by individuals, the State Council said in a statement today after a meeting led by Premier Li Keqiang on the focus of economic reforms in 2013.Other measures include improving controls on risks from local government debt, e

May 6, 2013

Obama to hit road on economic plans

WASHINGTON (AP) ― Immigration, guns and national security are dominating the discussion on Capitol Hill, but Americans by and large are still focused on their bottom line. So President Barack Obama is launching a series of quick jaunts around the country to remind Americans he’s still got jobs and the economy on his mind. Obama will kick off the effort Thursday with a trip to Austin, Texas, the White House said. While in Texas, the president will visit a technical high school and meet with entre

May 6, 2013

Dell computers sold to Syria despite sanctions

Dell Inc., the world’s third-largest personal-computer maker, said it’s investigating allegations that one of its resellers was involved in a possible transaction with Syria. Computer equipment from Dell has been sold to the Syrian government through BDL Gulf, an authorized reseller for Dell in the Middle East and Africa, the New York Times reported Friday, citing emails, cash-transfer statements and other documents. “We have no details to provide on the investigation except that it is under way

May 5, 2013

EU forecast says eurozone recession to continue in 2013

BRUSSELS (AP) ― Europe will take longer to recover from its economic crisis as it tackles a worse-than-expected recession in the eurozone and unemployment at record levels, the European Union warned Friday. In its spring economic forecast, the EU said that gross domestic product in the 17 member countries that use the euro will shrink by 0.4 percent this year, better than the 0.6 percent contraction in 2012 but 0.1 percentage points worse than the EU had forecast back in February.The report also

May 5, 2013

Obama ends Latin America trip with focus on boosting trade

SAN JOSE (AFP) ― U.S. President Barack Obama turned the spotlight on economic ties with Latin America on Saturday, as he concluded a three-day trip to a region roiled by drug violence.Obama sought to shift the narrative away from the drug war during visits to Mexico and Costa Rica this week, praising trade as a path to fighting poverty and creating jobs that turn young people away from a life of crime.“The United States recognizes that our fate is tied up with your success,” Obama told an econom

May 5, 2013

U.S. employers add 165K jobs, rate falls to 7.5%

U.S. employers added 165,000 jobs in April, and hiring was much stronger in the previous two months than the government first estimated. The job increases helped reduce the unemployment rate from 7.6 percent to a four-year low of 7.5 percent.The report Friday from the Labor Department was a reassuring sign that the U.S. job market is improving despite higher taxes and government spending cuts that took effect this year.The only sectors of the economy that cut jobs last month were construction an

May 3, 2013

EU predicts Eurozone recession to continue in 2013

Europe will take longer to recover from its economic crisis as it tackles a worse-than-expected recession in the eurozone and unemployment at record levels, the European Union warned Friday. In its spring economic forecast, the EU said that gross domestic product in the 17 member countries that use the euro will shrink by 0.4 percent this year, better than the 0.6 percent contraction in 2012 but 0.1 percentage points worse than the EU had forecast back in February.The report also had bad news fo

May 3, 2013

Apple avoids $9.2 billion in taxes with debt deal

Apple Inc. avoided as much as $9.2 billion in taxes by financing part of a $55 billion stock buyback with debt rather than offshore cash that would have been billed by the U.S. government, Moody’s Investment Services estimates. Based on current rates, Apple will pay interest of about $308 million a year on the $17 billion bond offering, said Gerald Granovsky, a senior vice president at Moody’s. “From a pure corporate-finance theory perspective, this was a no-brainer,” Granovsky said. If the fund

May 3, 2013