Business

Business Justice Department calls Swiss Bank a 'fugitive' Justice Department calls Swiss Bank a 'fugitive'

By DAVID B. CARUSO,Associated Press Published: Feb 11, 2012 at 11:07 AM PST
The U.S. Justice Department called Switzerland's largest private bank a fugitive from justice on Friday after it didn't send any representatives to a court hearing in New York, where it has been charged with conspired with American clients to hide $1.2 billion from the Internal Revenue Service.
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Business Greece's grim choice: deep budget cuts or default Greece's grim choice: deep budget cuts or default

By CHRISTINA REXRODE & PAUL WISEMAN, AP Business Writers Published: Feb 11, 2012 at 11:00 AM PST
Why would Greece accept more pain when unemployment is at 21 percent, the economy is enduring its fifth year of recession and rioters are hurling gasoline bombs in the streets of Athens?
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Business Turbo-traders take Bank of America for a ride Turbo-traders take Bank of America for a ride

By PALLAVI GOGOI, AP Business Writer Published: Feb 10, 2012 at 7:59 AM PST
On a normal day, 4 billion shares of stock change hands on the New York Stock Exchange. One in 10 belongs to a single company. It's not McDonald's or IBM, both of which have been on a tear.
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Business Company challenges Kodak move to dump theater deal Company challenges Kodak move to dump theater deal

By Associated Press Published: Feb 10, 2012 at 7:55 AM PST
The owner of Hollywood's Kodak Theatre is challenging bankrupt Eastman Kodak Co.'s effort to end its sponsorship agreement and have the company's name removed from the Academy Awards venue.
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Business Trade deficit widens to $48.8 billion in December Trade deficit widens to $48.8 billion in December

By MARTIN CRUTSINGER, AP Economics Writer Published: Feb 10, 2012 at 7:46 AM PST
The Commerce Department said Friday that the overall trade deficit widened to $48.8 billion in December because imports grew at a faster pace than exports. It was the largest imbalance since June.
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Business Japan seeks waiver from U.S. penalties on Iran Japan seeks waiver from U.S. penalties on Iran

By Associated Press Published: Feb 10, 2012 at 7:39 AM PST
Prime Minister Yoshihiko Noda says Japan is trying to negotiate a waiver from U.S. penalties on companies doing business with Iran. He says Tokyo is seeking other suppliers to offset a reduction of Iranian oil imports.
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Business Democrats propose 6-week cut in jobless benefits Democrats propose 6-week cut in jobless benefits

By ANDREW TAYLOR, Associated Press Published: Feb 9, 2012 at 8:47 AM PST Last Updated: Feb 9, 2012 at 11:26 AM PST
Congressional Democrats are urging a modest six-week cut in the number of weeks that unemployed workers can receive jobless benefits as House-Senate talks on a payroll tax cut slowly inch along.
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Business Kodak to stop making cameras, digital frames Kodak to stop making cameras, digital frames

By Associated Press Published: Feb 9, 2012 at 8:40 AM PST Last Updated: Feb 9, 2012 at 3:21 PM PST
Eastman Kodak Co. said Thursday that it will stop making digital cameras, pocket video cameras and digital picture frames, marking the end of an era for the company that brought photography to the masses more than a century ago.
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Business Wholesale inventories rose 1 percent in December Wholesale inventories rose 1 percent in December

By MARTIN CRUTSINGER, AP Economics Writer Published: Feb 9, 2012 at 8:37 AM PST
Wholesale businesses increased their stockpiles sharply in December although the gains are expected to slow in coming months, a development that could curb overall economic growth.
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Business Pepsico to cut 8,700 jobs; 4th qtr net rises Pepsico to cut 8,700 jobs; 4th qtr net rises

By MAE ANDERSON, AP Business Writer Published: Feb 9, 2012 at 8:34 AM PST
PepsiCo said it plans to cut 8,700 jobs, or about 3 percent of its workforce, as it tries to offset higher costs for ingredients and increased spending on advertising in North America.
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Business Amazon in talks for NJ warehouses Amazon in talks for NJ warehouses

By ANGELA DELLI SANTI Associated Press Published: Feb 8, 2012 at 7:08 PM PST
Amazon.com, the world's biggest online retailer, is in talks to bring two warehouses to New Jersey in a deal that could bring 1,500 or more full-time jobs to a state where unemployment has hovered around 9 percent.
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Business 13,000 is next Dow milestone, with record in sight 13,000 is next Dow milestone, with record in sight

By CHRISTINA REXRODE AP Business Writer Published: Feb 8, 2012 at 8:40 AM PST
It was just last summer that the Dow Jones industrial average shed 2,000 points in three terrifying weeks. Investors had a host of things to worry about, including the possibility of another recession.
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Business Murdoch's company settles more phone hacking lawsuits

By RAPHAEL SATTER Associated Press Published: Feb 8, 2012 at 8:37 AM PST
Rupert Murdoch's News International has succeeded in settling nearly all the cases in the first wave of lawsuits against it for phone hacking, with a new round of apologies and payouts announced in a London court Wednesday.
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Business Nokia ends phone assembly in Europe, cuts jobs

By MATTI HUUHTANEN Associated Press Published: Feb 8, 2012 at 8:36 AM PST
Nokia Corp. plans to stop assembling cellphones in Europe by year-end as it shifts production to Asia and will cut another 4,000 jobs, its latest attempts to cushion itself from stiff competition in the smartphone sector.
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