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AP Business NewsBrief at 7:34 a.m. EST
(Associated Press Via Acquire Media NewsEdge) European stocks fluctuate after growth dataLONDON (AP) _ European stock markets were looking for direction Friday as investors digested data showing the eurozone has emerged from recession but that France and Germany's recovery was slower than most analysts expected. Meanwhile, shares in British Airways and Iberia rose after they confirmed their planned merger.
Oil creeps above $77 amid US demand concernsOil prices crept above $77 a barrel Friday as the weaker dollar, which makes crude cheaper for international investors, offset doubts about U.S. crude demand. By early afternoon in Europe, benchmark crude for December delivery, which earlier fell to as low as $76, was up 48 cents to $77.42 a barrel in electronic trading on the New York Mercantile Exchange. The contract gave up $2.34 to settle at $76.94 on Thursday.
US commerce secretary: Trade pacts must waitSINGAPORE (AP) _ Trade agreements with South Korea, Colombia and Panama won't be put before Congress until it grapples first with President Barack Obama's pressing legislative goals, the U.S. commerce secretary said Friday. Commerce Secretary Gary Locke said Obama has an ambitious high-priority legislative agenda focusing on health care, financial regulation and alternative energy.
Eurozone emerges from recession in 3rd quarterLONDON (AP) _ The 16-country eurozone has officially joined the United States and Japan out of recession, after figures Friday showed its economy grew by 0.4 percent in the third quarter from the previous three-month period. However, the rise reported by the EU's statistics office Eurostat was not as large as the 0.6 percent most economists had been predicting, as growth in major economies fell short of forecasts. With a rebound in exports partially offset by weak household spending, Germany's economy grew by 0.7 percent and France's by 0.3 percent.
Chinese president pledges to boost domestic demandSINGAPORE (AP) _ China is doing what it can to expand domestic demand and rebalance its economy, President Hu Jintao said Friday, calling for renewed efforts to improve international financial oversight to prevent future crises. "Our focus in countering the crisis is to expand domestic demand, especially consumer demand," Hu said in outlining the approach of the world's third-largest economy to the global economic slowdown and its aftermath.
BA, Iberia agree on basis for combined companyLONDON (AP) _ British Airways PLC and Spanish airline Iberia SA have agreed to form a new company in which BA would hold a controlling 55 percent. The two companies, which together posted €15 billion ($22 billion) in revenues last year, are calling the deal a planned merger.
Japan Airlines posts $1.5 billion first-half lossTOKYO (AP) _ Japan Airlines said Friday it racked up a $1.5 billion loss and was seeking government help to fend off creditors as the beleaguered carrier struggles to recover from the travel industry's deepest slump in years. The fate of Asia's largest airline was so uncertain that it abandoned any forecasts for the year _ a sign of the hardships it faces as it presses for a government bailout and mulls painful cost-cutting steps that could slash thousands of jobs.
Stocks look to recoup portion of lossesNEW YORK (AP) _ Stock futures are signaling a higher open Friday on Wall Street after a sharp sell-off a day earlier. The gains in stock futures came as the dollar resumed its decline against other currencies, helping to push commodities like gold and oil higher.
Biz leaders: Asia leading world out of downturnSINGAPORE (AP) _ China, India and other Asian countries are leading the world out of the global economic crisis, business leaders said Friday, as trade and finance ministers pledged to make Asia-Pacific a cheaper, faster and easier region to do business in by 2015. The biggest economic crisis since the 1930s has been the focus of this year's Asia-Pacific Economic Cooperation forum, an annual gathering of 21 member economies from Asia and the Pacific Rim.
Dell smart phone to debut in China, BrazilSEATTLE (AP) _ Dell Inc. is officially jumping into the "smart" phone market this month in a deal with China's biggest wireless carrier, China Mobile Ltd. The Dell Mini 3, a keyboardless touch-screen phone that runs Google Inc.'s Android operating system, will also be available in Brazil later this year. The computer maker, based in Round Rock, Texas, would not say when the phone would reach the U.S.
(c) 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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