Business

Business Faces beyond the numbers of long-term unemployed

By SHARON COHEN, AP National Writer Published: Feb 12, 2012 at 3:11 PM PST

About 12.8 million people are out of work and what's especially troubling, according to Federal Reserve Chairman Ben Bernanke, is the large number of long-term unemployed - more than 40 percent have been jobless more than six months.

Business Obama's budget offers short-term help for economy

By MARTIN CRUTSINGER, AP Economics Writer Published: Feb 12, 2012 at 3:08 PM PST

The president will send Congress a budget that will provide short-term help to a struggling economy while offering a long-term plan to deal with soaring deficits, the White House said Sunday.

Business Micron CEO: 'Nothing interim' about new job

By Associated Press Published: Feb 12, 2012 at 3:06 PM PST

The new chief executive officer of Micron Technology Inc. says there is nothing interim about his job.

Business Drillers cut natural gas production as prices drop

By KEVIN BEGOS, Associated Press Published: Feb 12, 2012 at 3:03 PM PST

As natural gas prices continue to drop, the recent nationwide boom in drilling is slowing. Drillers don't make money if prices go too low - and drilling wells isn't cheap.

Business Iraq opens new oil export terminal in Persian Gulf

By SINAN SALAHEDDIN, Associated Press Published: Feb 12, 2012 at 3:01 PM PST

Iraq inaugurated a new offshore oil export terminal in the Persian Gulf on Sunday in a vital step to ease infrastructure constraints and to bring sorely needed cash for reconstruction after decades of war and international sanctions.

Business 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.

Business 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?

Business 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.

Business Donald Trump blasts plans for Scottish wind farm

By Associated Press Published: Feb 10, 2012 at 7:57 AM PST

Donald Trump has launched a blistering attack on Scotland's First Minister Alex Salmond over plans to build a wind farm off the coast of his luxury Scottish golf resort.

Business 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.

Business 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.

Business 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.

Business 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.

Business Ford CFO Booth to retire, CEO Mulally staying put

By TOM KRISHER, AP Auto Writer Published: Feb 9, 2012 at 8:45 AM PST

Two top Ford executives who helped lead Ford's comeback from financial disaster are retiring, but CEO Alan Mulally says he has no plans to leave.

Business 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.

Business 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.

Business 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.

Business 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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