World stocks up amid upbeat economic signs; some Asian markets jump more than 5 percentLONDON — World stocks rose strongly on Monday, with some Asian markets up more than 5 percent amid upbeat economic news from China and the U.S. EU predicts European Union and euro-zone to shrink by 4 percent this yearBRUSSELS — Europe is suffering “a deep and widespread recession,” the EU said Monday, estimating that unemployment will rise sharply over the next two years and that EU economies will shrink twice as much as it predicted only a few months ago. Stock futures rise as ahead of economic reports as Street looks to extend recent gainsNEW YORK — Wall Street looked to extend its rally Monday as investors awaited readings on housing and construction. EU expects recession until 2011BRUSSELS - The European Union is facing a recession until at least 2011, with the bloc’s economy set to contract by 0.1 percent in 2010 following a worse-than-expected slump of 4 percent in 2009, the EU’s executive said Monday. EU says European Union and euro area will shrink by 4 percent this yearBRUSSELS — The European Union says Europe faces a “deep and widespread recession” and that unemployment will rise sharply over the coming two years. Australia delays carbon-trading schemeSYDNEY - Australia Monday postponed by a year the introduction of its proposed emissions-trading scheme, citing the slowing economy for the delay. Asian markets rise on hopes for US economy, fading swine flu worries; Taiwan jumps 5.6 percentSEOUL, South Korea — Asian stock markets rose Monday, led by Taiwan, on optimism about emerging strength in the U.S. economy and easing fears about swine flu. Oil hovers above $53 in Asia as investors look for signs US economy on recovery pathVIENNA — Oil prices hovered around $53 a barrel Monday as investors awaited the results of the U.S. government’s stress tests into its leading financial institutions and key U.S. unemployment data later in the week. Buffett says operating profit will be down slightly at Berkshire Hathaway in the 1st quarterOMAHA, Neb. — Warren Buffett says his holding company, Berkshire Hathaway Inc., will report a roughly 10 percent drop in its first-quarter operating profit next week. Some Little Leagues feeling recession’s pinch with drop in donations and sponsorshipsLittle League baseball has always been as much about fundraisers and concession stands as balls and strikes. This year, teams expect a scramble to get a sponsor’s name on the back of their jerseys. Treasury prices fall, pushing yields higher, after better-than-expected manufacturing reportNEW YORK — Investors pulled more money out of Treasurys on Friday after a report on U.S. manufacturing came in better than expected. Chrysler has brief bankruptcy court hearing as documents disclose plans to close 5 more plantsNEW YORK — Attorneys for Chrysler LLC said the company will file a motion by Saturday morning to sell substantially all of its assets to Italian automaker Fiat Group SpA, but that won’t include eight plants, including five that the automaker revealed it will shutter by the end of next year. TALF program to bolster commercial real-estate lending launches in JuneWASHINGTON — The Federal Reserve announced Friday that it will launch a much-awaited program in June to bolster commercial real-estate lending. Chrysler has brief hearing in bankruptcy court as lawyers note urgency of a speedy resolutionNEW YORK — Attorneys for Chrysler LLC will ask a federal bankruptcy judge Monday to let the ailing automaker start using a new infusion of $4.5 billion in loans from the Treasury Departmentto keep operating under bankruptcy protection. Australia releases plan to build up navy and air force strengthCANBERRA, Australia — Australia plans to buy 100 state-of-the-art U.S. jet fighters and double the size of its modest submarine fleet in a bid to keep pace with an Asian military buildup. Jaguar Land Rover to hit Indian roads in JuneMUMBAI - Tata Motors-owned British luxury car maker Jaguar Land Rover (JLR) is set to launch its premium brands in the Indian market next month, the company said in a statement Friday. Asian Development Bank renews fight against poverty as global slump hits Asia’s poorNUSA DUA, Indonesia — Just two years ago, the Asian Development Bank was struggling with an identity crisis of sorts as a wave of new prosperity called into question its basic mission: lifting millions out of extreme poverty. US stocks mixed after Chrysler bankruptcyNEW YORK - Two US stock indices retreated but a third was up after the White House announced Thursday that Chrysler, the country’s third-largest car maker, was seeking protection from creditors in bankruptcy court and would take a buy-in from Italy’s Fiat. Drops in consumer spending, incomes reveal fragile economy battling to emerge from recessionWASHINGTON — Americans spent less than expected in March, pulling back after a burst of buying in the first two months of the year. The reversal was tied to a larger-than-anticipated decline in income and is a stark reminder of a fragile economy trying to rise out of a deep recession. Cigna profit triples, but adjusted results slip; insurer cuts profit forecast for yearINDIANAPOLIS — Cigna Corp. said Thursday its first-quarter profit more than tripled as it took a smaller hit from discontinued businesses, but the managed care company cut its 2009 outlook and forecast a slightly steeper medical enrollment drop. Consumer spending dips in March as recession persists; jobless claims stuck at elevated levelsWASHINGTON — Consumer spending fell more than expected in March after two straight monthly gains, a stark reminder of a fragile economy that has pushed a record number of Americans to draw jobless benefits. Saints and state agree to extension of Superdome leaseNEW ORLEANS — The New Orleans Saints have agreed to a lease extension that will keep the NFL team playing home games in an improved Louisiana Superdome through the 2025 season. Consumer spending and incomes both drop by larger-than-expected amounts in MarchWASHINGTON — Consumer spending fell for the first time in three months while income growth slipped for a second straight month, indicating that the economy is still struggling to emerge from the recession. Starwood Hotels 1st-qtr profit falls 81 percent, but surpasses Wall Street’s forecastNEW YORK — Starwood Hotels & Resorts Inc. said Thursday that its first-quarter profit plunged 81 percent, but deep cost cuts helped the lodging company’s adjusted results beat Wall Street’s expectations. Japan economy sees signs of emerging recovery; factory output up for first time in 6 monthsTOKYO — Japan’s struggling manufacturers are showing signs of life: The government said Thursday that industrial production rose for the first time in six months in March. World stocks rally on Fed’s US assessment despite warning that swine flu pandemic is imminentLONDON — World stock markets rose sharply Thursday even though the World Health Organization warned that a swine flu pandemic was imminent, as investors warmed instead to the Federal Reserve’s suggestion that the worst of the recession in the U.S. may be over. Obama says he does not want to run auto companiesWASHINGTON - President Barack Obama has said that he does not want to run American auto companies, which are presently experiencing a major crisis. Legislation reining in credit card practices may pass, helped by Obama support, tough economyWASHINGTON — Responding to a wave of populist anger, the House moved toward passage of a consumer protection bill to rein in credit card practices and eliminate sudden interest rate increases and late fees that have entangled millions of consumers. Oil jumps above $51 in Asia as Fed signals worst of US recession may be overVIENNA — Oil rose above $51 a barrel Thursday as investors took heart from optimistic comments from the U.S. Federal Reserve that the worst recession in decades may well be easing. Japan’s central bank leaves key interest rate unchanged at 0.1 percentTOKYO — Japan’s central bank kept its benchmark interest rate steady amid signs that the country’s economic picture may be brightening. |
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