German court backs bailout fund

German top court clears euro rescue fund, fiscal pact KARLSRUHE, Germany (AFP)— The eurozone cleared a key hurdle towards resolving its debt crisis Wednesday as Germany‘s top court approved a new European firewall for ratification, with some minor conditions.In a landmark ruling watched around the world, the Constitutional Court overturned a raft of legal challenges aimed at preventing President Joachim Gauck from signing two crucial crisis-fighting tools into law.Delivering a momentous decision

Sept. 12, 2012

S. Korea's job creation slows in August

South Korea's jobless rate edged down in August from a month earlier but job creation slowed markedly amid worries the overall economic conditions are toughening at home and abroad, a government report showed Wednesday.According to the report by Statistics Korea, the jobless rate stood at 3 percent last month, down from 3.1 percent tallied in the previous month, marking the lowest level for this y

Sept. 12, 2012

Moody's warns of U.S. rating cut

NEW YORK (AP) — The U.S. government’s debt rating could be heading for the “fiscal cliff” along with the federal budget.Moody's Investors Service on Tuesday said it would likely cut its “Aaa” rating on U.S. government debt, probably by one notch, if budget negotiations fail.If Congress and the White House don’t reach a budget deal, about $1.2 trillion in spending cuts and tax increases will automa

Sept. 11, 2012

Philips to shed 2,200 jobs globally

THE HAGUE (AFP) -- Philips said Tuesday it would shed 2,200 jobs globally as part of its restructuring program in a move to save the Dutch electronics giant an additional 300 million euros ($384 million).“The company has identified additional opportunities, among others in the healthcare and lighting sectors, to further decrease inefficiency and complexity,” Philips said in a statement.“These additional structural saving opportunities of 300 million euros will bring the overall savings program f

Sept. 11, 2012

Japan finance services minister dead: reports

TOKYO (AFP) -- Japan's financial services minister was found dead at his home on Monday in what police believe was a possible suicide, media said.Tadahiro Matsushita, 73, who was also the state minister in charge of postal reform for Prime Minister Yoshihiko Noda, was found collapsed at his house in Tokyo and confirmed dead at hospital shortly afterwards, public broadcaster NHK said.Kyodo News and Jiji Press, citing police sources, reported that Matsushita was thought to have taken his own life.

Sept. 11, 2012

Spanish leader rules out bailout that dictates cuts

Spain's Prime Minister Mariano Rajoy ruled out Monday any economic bailout that dictates spending cuts or touches old-age pensions.As global markets anticipated a rapid international rescue for the eurozone's fourth-biggest economy, Rajoy refused to be rushed into a deal or to contemplate surrendering key powers over the budget."I could not accept that they tell us which are the concrete policies

Sept. 11, 2012

U.S. Treasury to sell $18 bil. of AIG stock

The U.S. Treasury Department announced Sunday that it has launched a public offering of $18 billion of its common stock in AIG, the giant insurer bailed out by the U.S. government.The Treasury will also grant a 30-day option to the offering's underwriters to purchase up to an additional $2.7 billion of AIG common stock to cover any over-allotments.AIG intends to buy up to $5 billion of common stoc

Sept. 10, 2012

China factory output weakest in 3 years in August

BEIJING (AP) -- Growth in China's factory production slowed to a three-year low in August, suggesting Beijing might need to launch more stimulus efforts to reverse a painful slowdown in the world’s second-largest economy.Inflation climbed to 2 percent as food prices rose, and further increases could complicate efforts by the government to revive growth as Europe struggles with a debt crisis and the U.S. economy remains sluggish.Growth in industrial production weakened to 8.9 percent from July's

Sept. 9, 2012

Greeks protest fresh cuts as ‘troika’ visits

THESSALONIKI (AFP) ― More than 12,000 protesters marched Saturday against fresh austerity measures the Greek government has prepared to win another slice of an international bailout loan.As auditors from Greece’s international creditors inspected the government’s books, four separate marches took place in the northern city of Thessaloniki.“The Greek people can’t take any more,” read one banner. A number of ambulances joined the demonstration: hospital workers are among those hit, both by salary

Sept. 9, 2012

China's inflation rate accelerates in August

China's consumer price inflation accelerated slightly in August amid higher costs for food, official data showed Sunday, but producer prices continued to fall amid the country's slowing economic growth.Consumer prices rose 2.0 percent year-on-year, the National Bureau of Statistics said, as food prices increased 3.4 percent. Inflation stood at 1.8 percent in July.Producer prices -- which measure c

Sept. 9, 2012

APEC seeks growth boost despite tensions and politics

VLADIVOSTOK, Russia (AP) ― Asia and Pacific leaders meeting in the Russian seaport of Vladivostok this weekend urgently need to push ahead with their agenda for freer trade. Faltering vital signs in China and elsewhere suggest the global recovery may depend on it.The Asia Pacific Economic Cooperation forum aims to foster growth by dismantling barriers and bottlenecks that slow trade and business, while nurturing closer economic ties. But election-year politics and territorial spats are weakening

Sept. 7, 2012