TMCnet News
AP Business NewsBrief at 8:13 a.m. EDT(Associated Press Via Acquire Media NewsEdge) Greece weighs on markets despite China-Italy talksLONDON (AP) _ Investors fretted about a chaotic Greek debt default Tuesday even though German Chancellor Angela Merkel indicated the debt-ridden country was making progress in meeting the demands of international creditors. Confirmation that Italy's finance minister had discussions with China's sovereign wealth fund last week amid speculation that Rome is looking to persuade Beijing to buy its bonds helped support U.S. stocks late Monday. That positive momentum held for much of the Asian session, but faded in European trading. Greece, Europe struggle to contain debt crisisATHENS, Greece (AP) _ German Chancellor Angela Merkel sought to calm market fears that Greece is heading for a chaotic default on its debts as Europe struggles to contain a crippling financial crisis. Her comments Tuesday come a day after her deputy raised the possibility of a default, and come ahead of another telephone discussion between Greece's finance minister and his German counterpart. Fiat, Chrysler CEO affirms goal of 6M cars a yearFRANKFURT (AP) _ Fiat and Chrysler CEO Sergio Marchionne on Tuesday said the combined companies still aim to produce 6 million cars a year by 2014 despite the increased uncertainty in global financial markets. Speaking on the sidelines of the Frankfurt Auto Show, Marchionne expressed frustration at Europe's spiraling debt crisis, which threatens to engulf Fiat's key market of Italy. It already is sapping consumer confidence with auto sales in Italy forecast at around 1.8 million this year, the lowest level since 1983. Italy confirms China talks amid bond help reportsROME (AP) _ Italy confirmed reports Tuesday that the finance minister has met with China's sovereign wealth fund amid speculation that Rome is looking to persuade Beijing to buy its bonds or invest in its companies. The news sent the Milan stock market higher on the open, following market tensions across Europe on Monday. But the rebound was short-lived, and by stocks across Europe, including Milan, were down. Nintendo seeks to rev up 3DS with holiday gamesTOKYO (AP) _ Nintendo is readying an array of video games for the holidays in an aggressive attempt at catch-up for lost time from the sales delay of the 3DS portable machine last year. Nintendo Co., which makes the Wii home console and Super Mario and Pokemon games, showed some of the gaming titles featuring glasses-free three-dimensional technology at a packed Tokyo event hall Tuesday. Oil hovers near $90 amid lower demand forecastsOil prices rose to near $90 a barrel Tuesday as a weaker dollar and expectations of falling U.S. stockpiles of crude and gasoline outweighed fresh forecasts of fragile global demand. By early afternoon in Europe, benchmark oil for October delivery was up $1.47 to $89.66 in electronic trading on the New York Mercantile Exchange. Crude rose 95 cents to settle at $88.19 on Monday. Obama to promote jobs plan in Boehner's home stateWASHINGTON (AP) _ President Barack Obama is visiting a school undergoing a multimillion-dollar renovation to sell his proposal for creating more jobs. And it's no coincidence that the school is in Ohio, the home state of House Speaker John Boehner, a critic of the president's proposal to tax the rich to pay for his plan. The visit Tuesday to Columbus, Ohio, is designed to promote $25 billion in school modernization and infrastructure spending that's part of the $447 billion jobs bill Obama sent Monday to Congress. BMW's Rolls-Royce shows electric concept carFRANKFURT, Germany (AP) _ In yet another sign that car manufacturers are really trying to go greener, Rolls-Royce is experimenting with an electric vehicle. The mega-luxurious brand has kicked off a presentation by parent company BMW AG at the Frankfurt auto show trumpeting its 102EX vehicle that has an electric power train engine and is based on Rolls Royce's classic Phantom. James Murdoch faces second grilling in ParliamentLONDON (AP) _ James Murdoch will be recalled for a second grilling before Britain's Parliament, a senior lawmaker investigating the tabloid phone hacking scandal said Tuesday. The announcement from John Whittingdale, the chairman of Parliament's media committee, comes after former Murdoch executives raised serious doubts about the credibility of the dramatic testimony given by James and his father Rupert, head of the News Corp. media empire. Government to expand E. coli tests in meatWASHINGTON (AP) _ The government is expanding its testing of E. coli in meat, a move that will hasten recalls and help authorities identify more foodborne illnesses. The meat industry has been required for 17 years to test for the common O157:H7 strain of the pathogen. Now it will test for six more. These other strains of E. coli have increasingly been found in food in recent years, and the federal Centers for Disease Control and Prevention says other strains cause an estimated 110,000 illnesses annually. (c) 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |