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FINANCIAL & BUSINESS NEWS
Last Update on February 07, 2012 08:30 GMT
WALL STREET
NEW YORK (AP) -- Stock indexes closed slightly lower Monday as talks dragged on between Greek political leaders over a fresh cost-cutting package required for the country to get more bailout loans.
On an otherwise quiet day, energy stocks were among the few to rise.
The Dow Jones industrial average fell 17.10 points to close at 12,845.13. Travelers Cos. Inc. led the Dow lower with a 1.3 percent loss.
In other trading, the Standard & Poor's 500 index slipped 0.57 of a point to 1,344.33. The Nasdaq composite fell 3.67 points to 2,901.99.
WORLD MARKETS
BANGKOK (AP) -- Asian stock markets fell today as talks dragged on to resolve a massive debt mess in Greece before it explodes into a wider financial crisis.
Greek political leaders have been haggling over the details of a cost-cutting package required for the country to get more urgently needed loans from international lenders. Some $170 billion in bailout money is on the line.
Without an injection of emergency money, Greece will likely default on its bond repayments on March 20 -- an event that could shake European banks and other private lenders with Greek debt on their books.
Benchmark crude oil hovered below $97 per barrel while the dollar rose against the euro and the yen.
ECONOMY-DAY AHEAD
WASHINGTON (AP) -- On today's economic calendar, Federal Reserve Chairman Ben Bernanke heads back to Capitol Hill. He'll testify before the Senate Budget Committee.
Also, the Fed today releases December consumer credit data.
The Labor Department reports on job openings and job turnover for December.
GREECE-FINANCIAL CRISIS
ATHENS, Greece (AP) -- Greece's coalition government caved in to demands to cut civil service jobs, announcing 15,000 positions would go this year, amid mounting international pressure to agree on austerity measures needed to secure major new debt agreements.
The announcement yesterday signals a shift in Greece's policy, as state jobs have so far been protected during the country's acute financial crisis, which started about two years ago.
Unions have called a 24-hour general strike today in response to the new austerity measures.
Greece is racing to push through the painful reforms -- which have yet to be agreed to by Greece's coalition partners -- to clinch a $170 billion bailout deal from its European partners and the International Monetary Fund and avoid a March default on its bond repayments.
FORECLOSURE SETTLEMENT-STATES
WASHINGTON (AP) -- More than 40 U.S. states have agreed to a nationwide settlement over foreclosure abuses.
The deal would force the five largest mortgage lenders to reduce loans for about 1 million households. And the remaining holdouts could sign onto a deal in the coming days.
Officials say that negotiators worked well into Monday night to persuade more states to join the settlement. There is growing optimism that California, Delaware, Nevada, New York and others will eventually sign on.
The reduced loans would benefit homeowners who are behind on their payments and owe more than their homes are worth. The lenders -- Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial -- would also send checks for about $2,000 to hundreds of thousands of people who lost homes to foreclosure.
APP ECONOMY JOBS
SAN FRANCISCO (AP) -- Looking for a promising career in a lousy economy? A new study suggests you're apt to find it in apps -- the services and tools built to run on smartphones, computer tablets and Facebook's online social network.
The demand for applications for everything ranging from games to quantum physics has created 466,000 jobs in the U.S. since 2007, according to an analysis released Tuesday by technology trade group TechNet.
The estimate counts 311,000 jobs at companies making the apps and another 155,000 at local merchants who have expanded their payrolls in an economic ripple effect caused by increased spending at their businesses.
The study asserts this so-called "app economy" is still in the early stages of a boom driven by the mobile computing and social networking crazes unleashed by Apple Inc.'s iPhone and Facebook's online hangout.
EDUCATION-BUDGET CUTS
WASHINGTON (AP) -- The Center on Education Policy says after last school year's rough budget cuts for schools, states are predicting a brighter outlook on spending for K-12 this school year.
The advocacy group bases that assessment on a survey of state education officials in 37 states and the District of Columbia.
Diane Stark Rentner is the advocacy group's interim director. She says there's a strong feeling among states that education funding hit rock bottom last school year, but is on the rebound. But she said it's still a mixed picture because most state education agencies that oversee reforms in schools are facing cuts or having operating budgets flat-lined.
The budget cuts have led to layoffs in schools. About $100 billion in stimulus money for education helped, but has largely been spent.
FAA BILL-SENATE
WASHINGTON (AP) -- Congress has passed a bill aimed at prodding the nation's aviation system into a new high-tech era in which satellites are central to air traffic control and piloted planes share the skies with unmanned drones.
The bill speeds the nation's switch from radar to an air traffic control system based on GPS technology. It also requires the Federal Aviation Administration to open U.S. skies to drone flights within four years.
Final approval of the measure was marked by an unusual degree of bipartisan support despite labor opposition to a deal cut between the House and Senate on rules governing union organizing elections at airlines and railroads.
The Senate passed the bill Monday, and the House did so last week. It now goes to President Barack Obama for his signature.
CHINA-ENVIRONMENT
SHANGHAI (AP) -- Chinese officials report that environmental accidents are on the rise, mainly due to chemicals industry-related traffic and industrial mishaps.
Reports said Tuesday that the total costs of such harm to the environment are also rising, posting a threat to the country's development.
Authorities, meanwhile, have punished nine officials in connection with the latest disaster, a spill of about 20 tons of highly toxic cadmium into rivers in southwestern China's Guangxi region.
They say the spill has been contained, but investigations into its cause uncovered many violations of environmental standards, and an order for smelters in the region to eventually close down or relocate.
JAPAN-EARNS-TOYOTA
TOKYO (AP) -- Toyota is reporting that quarterly profit slid 13.5 percent but is confident enough in a recovery to raise its forecast for annual profit.
Toyota Motor Corp. reported a $1.05 billion profit for the October-December third quarter.
Car production was hurt by the tsunami disaster in Japan and flooding in Thailand last year.
But underlining a recovery is on track, Toyota raised its fiscal year profit forecast to $2.6 billion.
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Forecast
OVERNIGHT: Clouds
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Low 27
TUESDAY: Mostly Cloudy
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AP News
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BUSINESS NEWS
Stock market coming off a day of slippage
NEW YORK (AP) -- Stock indexes closed slightly lower Monday as talks dragged on between Greek political leaders over a fresh cost-cutting package required for the country to get more bailout loans.
CONSUMER INFO
Builders step up spending for fifth straight month
WASHINGTON (AP) -- Builders increased their spending in December for the fifth consecutive month, offering more evidence of a turnaround in the battered construction industry. ...
SCIENCE/TECH NEWS
IN THE NEWS: CZECH-WEBSITES ATTACKED
PRAGUE (AP) -- The Czech Republic is suspending the ratification of an international copyright treaty after street protests and attacks on government and political party websites.
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MANNING-LETTERMAN
NEW YORK (AP) -- No sibling rivalry between the Manning boys.
