May 21, 2013

Business News

US Treasury Reports $113B Surplus in April

Posted: 05/10/13 - The U.S. Treasury says it took in a surplus of $113 billion in April, the largest in five years. That lowered the federal deficit through the first seven months of the budget year and kept it on pace to be the smallest since 2008. Read More

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Obama Emphasizes Trade with Latin America

Posted: 05/04/13 - President Barack Obama says the U.S. places great importance on its trading relationships with Latin America and will keep working to improve those ties and help the region become more competitive. Read More

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More Business News

Economic News

  • Europe's Recession Sparks Grass-Roots Political Push
    Rather than tune out a political system plagued by allegations of cronyism and wasteful spending, Spaniards and many other Europeans are turning to grass-roots activism.
  • German Central Bank Sounds Upbeat Note
    The German economy is due to recover at a stronger clip this quarter, but the euro-zone debt crisis remains a significant risk, Germany's central bank wrote.
  • Developed Economies See Slight Growth
    Developed economies returned to growth in the first three months of the year, although the euro zone continued to lag behind the U.S. and Japan, according to figures released by the Organization for Economic Cooperation and Development.
  • IMF Tells Central Europe to Spend More
    Official says economic policies should be geared toward stimulus, "not creating an additional drag."
  • The Unthinkable: Quitting a Currency
    Can countries like Greece and Spain endure the unyielding squeeze indefinitely? So far, they say yes. So, too, did Argentines—that is, until they didn't.
  • States Bank On Online Sales Tax
    Congress hasn't yet agreed to end tax-free shopping on the Internet, but some states already are planning how they'll spend the money.
  • Chinese Credit Surge Raises Property Fears
    Surging credit has kept China's real-estate sector humming in the teeth of a renewed attempt by the government to bring prices under control, risking a destabilizing correction in prices down the line.
  • An Independent Scotland Risks Financial Shocks
    An independent Scotland would have banking assets worth more than 1,250% of Scottish gross domestic product, putting taxpayers at significant risk in the event of another banking crisis, the U.K. Treasury said Sunday.
  • BOE Chief Urges Growth Action
    The U.K. economy is in recovery but policy makers need to do more to lift growth, Bank of England Governor Mervyn King said.
  • Consumer Optimism Returns to Pre-Crisis Level
    The Thomson-Reuters/University of Michigan early-May consumer-sentiment index jumped to 83.7 from 76.4 at the end of April and a preliminary April reading of 72.3.

US Business News

  • Apple Avoids Overseas Taxes, Panel Finds
    Apple paid no corporate income tax to any nation on tens of billions of dollars in income over the past four years, Senate investigators disclosed ahead of a hearing on Tuesday.
  • Sprint to Discuss Dish's Bid
    Sprint Nextel said it agreed to enter into negotiations with Dish Network Corp. about Dish's $25.5 billion bid for the wireless carrier. But Sprint stopped short of saying Dish's offer could be superior to what Japan's SoftBank has already bid.
  • G4S Chief Buckles Resigns
    Security company G4S said Chief Executive Nick Buckles, who was heavily criticized over the company's handling of the London Olympic Games last year, will resign at the end of the month.
  • Burberry Shows Signs of Rebound
    Burberry showed further signs of recovery after a midyear profit warning, as it reported a rise in full-year revenue and bucked a wider trend in the luxury industry that has seen some of its rivals lose steam in China.
  • Vodafone Keeps Verizon Dividend
    Vodafone said it will keep the $3.15 billion dividend payment it will receive from Verizon Wireless and plow it into its flagging operations in Europe, which weighed heavily on the mobile giant's full-year profit.
  • Poor Earnings Pressure M&S Boss
    British retailer Marks & Spencer reported another set of lackluster earnings, putting Chief Executive Marc Bolland under the spotlight after three years in charge.
  • Southern Executive Departs as Clean-Coal Costs Mount
    Southern Co. replaced the head of its Mississippi utility amid growing concern about the cost of a "clean coal" power plant whose estimated price tag has ballooned to $4.3 billion.
  • GrubHub and Seamless to Merge
    GrubHub and Seamless, two tech startups that make it easier to order takeout food from restaurants, are merging, although they will remain separate brands.
  • Mining-Service Firms Face Hard Times in Australia
    Power generators, engineering firms and other companies that service mining operations in Australia are forecasting weaker earnings as the mining boom slows.
  • Philippines Bank UCPB Hires Adviser to Review Alternatives
    Philippine commercial bank United Coconut Planters Bank hired an adviser to conduct a strategic review of the bank, a move that could lead to a sale or an initial public offering of bank shares.