TMCnet News
AP Business NewsBrief at 12:31 p.m. EDT(Associated Press Via Acquire Media NewsEdge) Regulators balk at demands for foreclosure reportsWASHINGTON (AP) _ Banking regulators refused to commit to releasing details of their investigations into illegal foreclosure practices by the nation's largest banks. Appearing before a Senate panel Thursday, Federal Reserve Chairman Ben Bernanke and Acting Comptroller of the Currency John Walsh said they had not decided whether to release reports on illegal practices by individual banks Europe eyes new Greek aid, rescue fund overhaulBRUSSELS (AP) _ Eurozone leaders were preparing a radical overhaul of their bailout fund and new loans for Greece on Thursday to keep panic from spreading on financial markets, according to a draft summit statement. Markets cheered the news, with stocks, bonds and the euro rallying sharply on hopes that a deal in Brussels might prove a turning point in the 18 month-long crisis. India weddings faulted for prodigious food wasteNEW DELHI (AP) _ When the daughter of businessman Mohammed Sultan got married recently, guests were treated to a lavish 30-course meal served in super-sized silver platters. The Kashmiri feast, prepared by an army of chefs, included more than 20 meat and kebab dishes rich with spices to go with the saffron-flavored rice and naan breads. Nokia swings into red, slips behind iPhoneHELSINKI (AP) _ Nokia Corp. no longer sells the most smartphones in the world. The once-dominant mobile phone giant slipped behind Apple Inc.'s iPhone in the second quarter in terms of the quantity of smartphones shipped to vendors. Report: New questions over UK PMs ex-news chiefLONDON (AP) _ Opposition politicians questioned Thursday why the prime minister did not require his former communications director to obtain a top-level security clearance that could have turned up some evidence that eventually led to his resignation and arrest over phone-hacking and bribery. Andy Coulson is accused of overseeing hacking and payoffs to police officers while serving as editor of the News of the World. He left that job over the allegations, but went to become David Cameron's communications chief. Markets breathe big sigh of relief on Greek hopesLONDON (AP) _ Stocks and the euro surged Thursday as investors cheered draft details of a new bailout for Greece that will hopefully dramatically reduce its massive debts and prevent other countries such as Italy and Spain being dragged into the crisis. Traders had been very cautious earlier in the day and the euro was under severe pressure, dropping as low as $1.4132, as it looked increasingly likely that Greece's second bailout package in a little over a year would make it the first eurozone country to default on its debts. Express Scripts buying Medco for $29.1BThe two biggest prescription drug benefit managers in the U.S. plan to combine in a $29.1 billion deal they say will help rein in costs and improve patients' health. Express Scripts Inc. announced an agreement Thursday to buy Medco Health Solutions Inc., which is bigger in terms of revenue, but recently lost several major contracts covering millions of people. Hope for a European debt deal lifts marketsNEW YORK (AP) _ Hope for a plan to ease Europe's debt crisis lifted stock indexes on Thursday. Oil prices rose and U.S. government bond prices fell as investors bought riskier assets. European officials are moving closer to signing off on a new aid package for Greece at an emergency meeting in Brussels. German Chancellor Angela Merkel said European officials want to tackle the "root" of the crisis. More people sought unemployment benefits last weekWASHINGTON (AP) _ More people applied for unemployment benefits last week, evidence that layoffs are rising and the job market is weak. Applications for unemployment benefits rose by 10,000 to a seasonally adjusted 418,000, the Labor Department said Thursday. The four-week average, a less volatile measure, dipped to 421,250. Progress scarce as debt limit impasse continuesWASHINGTON (AP) _ The Senate has taken up tea party-backed House legislation tying an increase in the government's borrowing authority to a series of conservative demands including a constitutional balanced budget amendment. Majority Leader Harry Reid, D-Nev., called up the measure to placate Republicans demanding a vote. But he said it "doesn't have one chance in a million of passing the Senate." (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |