Tests expected to show large banks don’t have enough money to survive if economy worsensWASHINGTON — Government stress tests are expected to show that nearly a dozen of the nation’s largest banks do not have enough money to survive if the economy worsens and will need to raise billions of dollars as a precaution. “Stress tests” show Cleveland-based KeyCorp needs $1.8B in new capital if recession worsensCLEVELAND — Results of the federal government’s “stress tests” of the nation’s largest regional banks show Cleveland-based KeyCorp needs to raise $1.8 billion in new capital to withstand losses if the recession gets worse. Still looking for a Mother’s Day gift? The clock is ticking. Suggestions for 5 classic optionsNEW YORK — With Mother’s Day just days away, there are plenty of options left for procrastinators, but most involve shelling out major bucks. This year, though, as retailers chase dollars amid the recession, some low-price options are available. German sportswear company Puma says first quarter net profit falls to euro5.6 millionFRANKFURT — German sportswear company Puma AG said Friday net profit fell substantially in the first quarter as the global recession and restructuring charges hurt sales and earnings. ECB cuts main interest a qtr-point to 1 pct; BoE boosts asset purchases, keeps 0.5 pct rateFRANKFURT — The European Central Bank has cut its main interest rate by a quarter point to 1 percent and is likely to unveil more measures aimed at boosting the economy of the 16-nation euro zone. Analysis: Obama’s updated budget, policy ambitions could collide with slow recoveryWASHINGTON — Barack Obama’s budget, unveiled with fanfare, fails to deal with his biggest money problems. World markets extend rally as fear over US bank stress tests fades; Nikkei soars nearly 5 pctHONG KONG — World stocks extended gains Thursday as early reports about the U.S. government’s tests of banking health helped to reassure many investors that a global economic recovery is on the horizon. 400,000 visitors boogied less, ate less, spent less away from New Orleans Jazz FestNEW ORLEANS — The New Orleans Jazz and Heritage Festival — which gives music fans plenty to celebrate — did not offer the city’s tourism industry as much to cheer about this year. McDonald’s same-store sales rise 6.9 percent in April, helped by sales of coffee, chicken wrapNEW YORK — Sales of new espresso-based coffee drinks and chicken Snack Wraps helped boost McDonald’s Corp.’s same-store sales by 6.9 percent in April, the nation’s largest hamburger chain said Friday. Asian stocks extend rally as fear over US bank stress tests fades; Nikkei soars nearly 5 pctHONG KONG — Asian stock markets climbed Thursday, following Wall Street higher as early reports about the U.S. government’s tests of banking health helped allay investor concerns about the financial sector. AIG’s 1st-qtr loss narrows, centers on charges tied to wind down of financial products unitNEW YORK — Battered insurer American International Group Inc. said Thursday its first-quarter loss narrowed and was much smaller than the record-setting loss it posted a quarter ago. 1 way to cope with recession: More cell-phone users dropping their landlinesWASHINGTON — In a high-tech shift accelerated by the recession, the number of U.S. households opting for only cell phones has for the first time surpassed those that just have traditional landlines. Government gives big banks rules on how they will be able to exist from bailout programWASHINGTON — The nation’s largest banks that want to exit the financial rescue program will have to demonstrate to the government that they can survive without its support. Anadarko reports $338 million 1Q loss on lower commodity prices, derivative lossesHOUSTON — Anadarko Petroleum Corp. said Wednesday it lost $338 million in the first quarter because of tumbling energy prices. The results still beat Wall Street expectations. Oil rises to near $58 in Asia as investors bet on global economic recovery this yearSINGAPORE — Oil prices jumped to near $58 a barrel Thursday in Asia, extending gains to near six-month highs on investor expectations global economic growth may begin to rebound by the end of the year. Fannie Mae seeks $19 billion in government aid after posting $23.2 billion 1st-quarter lossWASHINGTON — Fannie Mae issued a grave warning about its future on Friday, saying it needs $19 billion in additional government aid as job losses grow and risky loans made during the housing boom go bad at an unnerving pace. Bernanke calls for holistic approach to banking oversight to prevent future financial crisesWASHINGTON — Federal Reserve Chairman Ben Bernanke on Thursday called for a holistic approach to strengthening oversight of the banking system and said information gleaned from big bank “stress tests” should pave the way for improvements on that front. Productivity rebounds in first quarter while wage pressures ease as recession deepensWASHINGTON — The government says productivity rebounded in the first three months of this year while wage pressures eased, both outcomes reflecting the country’s deep recession. Dynegy says first quarter loss doubles as power prices fall sharply; cuts 2009 outlookHOUSTON — Dynegy said Thursday that its first-quarter loss more than doubled from a year ago as tumbling stock and power prices forced the power producer to write down the value of the company. Dynegy also cut 2009 guidance for the third time. Obama sees ‘encouraging signs’ in economy, but says number out of work still too highWASHINGTON — President Barack Obama said Friday there have been “somewhat encouraging” improvements in the country’s stricken labor markets, but the rate of joblessness is “still a sobering toll.” Stores post smaller sales declines in April as shoppers feel a little better about the economyNEW YORK — Consumers enticed by warmer weather and glimmers of hope for the economy bought a few more items in April, helping discounter Wal-Mart Stores and many mall clothing chains post better results for the month than expected. European Central Bank cuts rates, to buy euro covered bonds, extend 12-month credit to banksFRANKFURT — The European Central Bank cut interest rates a quarter point and said it would buy euro-denominated bonds as well as offer longer-term credit to banks as it moves to get more money flowing through the 16-nation euro zone economy. Layoffs may be easing but employers in no mood to hire as they cope with recessionWASHINGTON — Employers are letting up a bit on the mass layoffs they resorted to earlier this year to cope with the recession, but the unemployment rate is climbing because many businesses remain wary of hiring given all the economic and financial uncertainties. Societe Generale loses euro278M in first quarter after new writedowns on US real estatePARIS — French bank Societe Generale said Thursday it returned to a loss in the first quarter after the further devaluation of its U.S. real estate-linked assets caused it to take nearly euro2 billion ($2.7 billion) in new writedowns and provisions. Conservative election challenger to Ahmadinejad vows to save Iran’s economyTEHRAN, Iran — A conservative challenger to Iranian President Mahmoud Ahmadinejad vowed Friday to “save” Iran’s economy if elected, accusing the hard-line leader of pushing the country “on the edge of a precipice.” China’s April vehicle sales jump 25 pct to monthly high 1.15 millionSHANGHAI — China’s vehicle sales jumped 25 percent in April from the year before to a record monthly high of 1.15 million units, according to industry figures released Friday. Traders say ’sell’ as weak bond auction stirs worries about government financingNEW YORK — Weak demand at a Treasury bond auction touched off worries in the stock market Thursday about the government’s ability to raise funds to fight the recession. 5 regional banks asked to raise $8.2 billion in new capital based on government ’stress tests’WASHINGTON — Five of the nation’s largest regional banks are vulnerable to a worsening recession and need to raise a total $8.2 billion in new capital based on results of government “stress tests” released Thursday. New jobless claims plunge unexpectedly to 610,000, while retail sales improve in AprilWASHINGTON — New applications for jobless benefits plunged to the lowest level in 14 weeks, a possible sign that the massive wave of layoffs has peaked. Still, the number of unemployed workers getting benefits climbed to a new record. Consumer borrowing falls in March at fastest pace in over 18 years, Americans saving moreWASHINGTON — Consumer borrowing plunged in March at the fastest pace in 18 years as Americans put away their credit cards and hoarded cash amid the worst recession in decades. |
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