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Yahoo! News: Business News

Banks sink on European economic worry (Reuters)
Wed, 22 Feb 2012 21:45:52 GMT

Reuters - Banks led stocks lower on Wednesday as the S&P 500 stalled near a 10-month-high after signs of weak European business activity rekindled concerns about a recession overseas.

Fitch downgrades Greece on debt swap plan (Reuters)
Wed, 22 Feb 2012 14:04:45 GMT

Reuters - Fitch cut Greece's long-term ratings on Wednesday to its lowest rating above a default, becoming the first ratings agency to make the widely expected downgrade after the country announced a bond exchange plan to ease its massive debt burden.

Home resales at 1-1/2 year-high, supply falls (Reuters)
Wed, 22 Feb 2012 21:27:00 GMT

Reuters - Home resales rose to a 1-1/2-year high in January, pushing the supply of properties on the market to the lowest level in almost seven years in a hopeful sign for the housing sector.

Burned before, Fed officials cautious on rebound (Reuters)
Wed, 22 Feb 2012 21:47:38 GMT

Reuters - U.S. central bank officials have good reason to be skeptical about the strength of the economy: excessive optimism has caught them flat-footed before.

G20 hopes for progress on EU debt crisis: Carstens (Reuters)
Wed, 22 Feb 2012 22:39:06 GMT

Reuters - Group of 20 policymakers are hoping for a signal this weekend that Europe will boost crisis funding, smoothing the way for a deal to increase International Monetary Fund resources, the head of Mexico's central bank said on Wednesday.

World stocks rise on hopes for Greece, US economy (AP)
Fri, 17 Feb 2012 15:13:27 GMT

AP - Stock markets advanced Friday on hopes that Greece would soon get its crucial second bailout and following another batch of upbeat U.S. economic news.

Bank of England panel split on size of stimulus (AP)
Wed, 22 Feb 2012 11:01:46 GMT

AP - Bank of England rate-setters were divided this month on the vote to inject another 50 billion pounds ($79 billion) into the British economy, with two members arguing that a bigger stimulus was needed, minutes to their last meeting showed Wednesday.

HP CEO pleads patience as earnings fall 44 pct (AP)
Thu, 23 Feb 2012 00:16:58 GMT

AP - Hewlett-Packard Co. CEO Meg Whitman pleaded for patience Thursday as she described operational challenges and other internal problems that contributed to a decline in earnings at one of the world's largest technology companies.

As austerity bites hard, a once pliant Spain revolts (The Christian Science Monitor)
Wed, 22 Feb 2012 21:09:26 GMT

The Christian Science Monitor - After four days of daily protests, some violently dispersed, Spain is bracing for a cycle of social unrest against the harshest austerity measures in decades. At stake is not only Spain’s economic recovery, but that of the European Union.

Romney proposes 28 percent top income tax rate (Reuters)
Thu, 23 Feb 2012 00:26:40 GMT

Reuters - Republican Mitt Romney revised his proposal for overhauling the U.S. tax code on Wednesday, calling for all individual tax rates to be cut by 20 percent while declining to offer specifics on how to make up the lost revenue from lower rates.

Greek lawmakers rush to clear promised austerity (AP)
Wed, 22 Feb 2012 16:39:56 GMT

AP - Greece scrambled Wednesday to push through a batch of emergency laws that will further cut incomes and state spending, a day after securing a new bailout and debt relief deal designed to stave off bankruptcy.

Holiday spending pushes Macy's 4Q profit higher (AP)
Tue, 21 Feb 2012 22:42:48 GMT

AP - A strong holiday shopping season and hearty online sales pushed Macy's Inc.'s fourth quarter net income up 12 percent. That topped Wall Street's expectations, and the department store chain's stock hit a 52-week high.

Some money from mortgage settlement to be diverted (AP)
Wed, 22 Feb 2012 22:47:22 GMT

AP - The ink wasn't even dry on a settlement with the nation's top mortgage lenders when Missouri Gov. Jay Nixon laid claim to a chunk of the money to avert a huge budget cut for public colleges and universities.

Oil prices rise on continued concern about Iran (AP)
Wed, 22 Feb 2012 21:56:14 GMT

AP - Oil prices rose Wednesday on the expectation that world supplies could be squeezed further because of ongoing tensions with Iran.

Obama urges corporate tax cut, closing loopholes (Reuters)
Thu, 23 Feb 2012 01:04:02 GMT

Reuters - President Barack Obama made an opening offer in what could be a long negotiation with corporate America on Wednesday, putting forward his first detailed plan to cut the corporate tax rate.

Ford to add $3.8B to pension plans this year (AP)
Thu, 23 Feb 2012 00:25:50 GMT

AP - Ford Motor Co. will pump $3.8 billion into its global pension plans this year as it tries to get them closer to fully funding their obligations.