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Today's News

US lauds India for reducing Iranian oil imports

12 minutes ago

A senior American official on Friday praised India for reducing oil imports from Iran and said the U.S. government will decide soon on New Delhi's request to renew a waiver from sanctions on Tehran. U.S. Under Secretary for Political Affairs Wendy Sherman said that India's reduction of oil imports was supporting U.S. and European Union sanctions against Iran, which are aimed at deterring the country from developing nuclear weapons. India slashed imports of Iranian crude by nearly 27 percent in the financial year that ended March 31, according to the Press Trust of India news agency. However, India is reliant on imported crude and is reluctant to completely stop imports from Iran. India's waiver from the sanctions runs out next month. "I think that India has really made a tremendous progress in reducing the level of its importation of Iranian oil," Sherman told reporters. "All of the data is certainly in a positive direction."

Ahead of the Bell: US Durable Goods

23 minutes ago

A jump in volatile commercial aircraft demand likely boosted U.S. orders for long-lasting manufactured goods in April. However, business investment is expected to weaken for the third straight month, signaling more trouble for American factories. Economists forecast that orders for durable goods rose 1.7 percent in April, according to a survey by FactSet. The Commerce Department will release the report at 8:30 a.m. EDT Friday. Durable goods are items expected to last at least three years. Orders tend to fluctuate sharply from month to month. In March, orders dropped 6.9 percent, largely because of a steep decline in defense and aircraft products.

AP Top Extended Financial Headlines At 6:15 a.m. EDT

39 minutes ago

Americans plan summer vacations, but with incomes stagnant some families keep trips modest Procter & Gamble replaces CEO Bob McDonald with former CEO A.G. Lafley Gap's 1st-quarter net income rises 43 percent on strong sales as turnaround continues Asia stocks move erratically while Europe shares are steady a day after global market sell-off Investors worry about Fed's next move, but reduced bond purchases would mean stronger economy

AP Top Financial News At 6:15 a.m. EDT

39 minutes ago

Summer travel forecast: Better, but no blowout Procter & Gamble brings back A.G. Lafley as CEO Gap back in style as 1Q profit jumps 43 percent World stocks erratic a day after big sell-off Why worry? Less aid by Fed would point to recovery

Summer travel forecast: Better, but no blowout

39 minutes ago

The forecast for summer travel, 2013: Partly sunny. Airlines, hotels and campgrounds are commanding higher rates and seeing more customers than a few summers ago, and luxury hotels are selling out. Local businessmen and state officials are optimistic. But for a travel industry still stinging from the Great Recession, the best it can likely hope for is another summer of steady, but slow, recovery. The blockbuster crowds seen in 2007 have become a distant memory. Americans' plans for summer travel mirror the current state of the economy. Rising home prices and a soaring stock market are encouraging those at the top of the income ladder to take more lavish trips. But large segments of the population are staying close to home because wages are stagnant, rents are high and the end of the payroll tax holiday has shrunk their take-home pay.

Polish jobless rate falls to 14 percent

41 minutes ago

Government data show that Poland's jobless rate fell to 14 percent in April from 14.3 percent the month before, an improvement due largely to seasonal jobs that open up in the warmer months. The figure, released Friday by the Central Statistical Office, comes as other economic indicators show the once-vibrant economy facing a sharp downturn. The economy is projected to grow by over 1 percent this year, a sharp slowdown from growth of 4.5 percent in 2011 and 1.9 percent last year. Even in the boom times, however, Poland has struggled with a jobless rate that has mostly been stuck at over 10 percent, one of the legacies of the transition from a communist to market economy that began 23 years ago.

Abe on 1st trip to Myanmar by Japan PM in 36 years

43 minutes ago

Prime Minister Shinzo Abe is traveling to Myanmar on the first visit to the country by a Japanese leader in 36 years, as Tokyo bids to reassert its position as a top economic partner after decades of frosty relations with the previous military regime. Traveling with a delegation of business leaders, Abe was to arrive in Yangon Friday evening for a three-day trip, and will meet President Thein Sein on Sunday in Naypyitaw, officials from his office said. The last Japanese premier to visit Myanmar was Takeo Fukuda in 1977 during the Socialist regime of the late dictator Gen. Ne Win. "Japan will cooperate in Myanmar's reforms with both public- and private-sector assistance," Abe told reporters before departure, according to Kyodo News agency. Abe will meet Myanmar's democracy icon and lawmaker Aung San Suu Kyi whom he met during her visit to Japan in April.

US lauds India for reducing Iranian oil imports

48 minutes ago

A senior official praised India for reducing oil imports from Iran and said the U.S. government will decide soon on New Delhi's request to renew a waiver from sanctions on Tehran. U.S. Under Secretary for Political Affairs Wendy Sherman said Friday that India's reduction of oil imports was supporting U.S. and European Union sanctions against Iran, which are aimed at deterring the country from developing nuclear weapons. According to the Press Trust of India news agency, India slashed imports of Iranian crude by nearly 27 percent in the financial year that ended March 31. However, India is reliant on imported crude and is reluctant to completely stop imports from Iran. Sherman was in New Delhi to prepare for U.S. Secretary of State John Kerry's visit to India next month.