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Today's News

Dollar gains on uncertainty over aid for Greece

2 minutes ago

The dollar climbed Friday as worries over who would provide aid for Greece and other debt-laden European countries sent investors scurrying for the safety of the U.S. currency. The 16-nation euro dropped to $1.3536 in late trading in New York from $1.3621 late Thursday. The euro has fallen steadily this year from above $1.51 in late November as worries about swelling debt and deficits in Greece, Portugal and other countries roiled credit markets and undermined the stability of Europe's monetary union. Now, concern about Europeans fighting over whether the International Monetary Fund should step in to aid debt-plagued countries or whether the European Union itself should find a solution helped drive the euro lower, said Marc Chandler of Brown Brothers Harriman in New York. Greece said on Thursday it would have to turn to the IMF for aid if the EU does not quickly extend a rescue package to help it trim its borrowing costs.

Appeals court rules bank loans can be disclosed

5 minutes ago

The Federal Reserve must reveal documents identifying financial companies that received Fed loans to survive the financial crisis, a federal appeals court ruled Friday. A panel of the 2nd U.S. Circuit Court of Appeals in Manhattan said in two separate opinions that such information isn't automatically exempt from requests under the Freedom of Information Act. Cases were brought by News Corp.'s Fox News Network LLC and Bloomberg L.P. The two companies sought details about loans that commercial banks and Wall Street firms received and the collateral they put up. The appeals judges had received written arguments on behalf of other news agencies including The Associated Press. The Fed argued that if it identified banks that drew emergency loans, it could cause a run on those institutions, undermine the loan programs and potentially hurt the economy.

Will US lose its triple-A ranking? Investors yawn

6 minutes ago

It's the financial equivalent of a high medal count at the Olympics or a seat on the U.N. Security Council _ a triple-A credit rating, the seal of approval that lets investors know a country's bonds are safe. The U.S. is one of a small number of nations with the coveted rating _ for now. Moody's Investors Service warned this week that the government's massive debt burden could cost the country its triple-A. Yet the reaction from investors and the public has mostly been a shrug. The stock market was briefly rattled, then resumed its gradual climb. And ordinary folks didn't seem to notice a report raising the possibility that their children and grandchildren face a lower standard of living thanks to mounting government debt. A triple-A rating says a country is very unlikely to default on its debt. Like a homeowner with a good credit rating, countries with this exalted status get better interest rates when borrowing with notes and bonds.

Final health bill omits some of Obama's promises

6 minutes ago

It was a bold response to skyrocketing health insurance premiums. President Barack Obama would give federal authorities the power to block unreasonable rate hikes. Yet when Democrats unveiled the final, incarnation of their health care bill this week, the proposal was nowhere to be found. Ditto with several Republican ideas that Obama had said he wanted to include after a televised bipartisan summit last month, including a plan by Sen. Tom Coburn of Oklahoma to send investigators disguised as patients to hospitals in search of waste, fraud and abuse. And those "special deals" that Obama railed against and said he wanted to eliminate? With the exception of two of the most notorious _ extra Medicaid money for Nebraska and a carve-out for Florida seniors faced with losing certain extra Medicare benefits _ they are all still there.

AP Top Extended Financial Headlines At 4:16 p.m. EDT

8 minutes ago

Boeing speeds production of 777 and 747 models, expects pickup in airline demand starting 2012 NY appeals court: Federal Reserve should reveal records about loans to private banks Stocks interrupt winning streak after concern about Greece's debt problems return to market The Final Four: The four large cities that best weathered the recession FDIC chairman says loopholes must be filled in Senate overhaul bill to end 'too-big-to-fail'

AP Top Financial News At 4:16 p.m. EDT

8 minutes ago

Boeing accelerates production of 747, 777 models Appeals court rules bank loans can be disclosed Stocks fall as worries about Greek debt return The four cities that best weathered the recession Bair says Senate bill must be tweaked

AirMedia Group executive president steps down

9 minutes ago

AirMedia Group Inc., which operates digital TV screens that display ads in airports and airplanes, said Friday that Ken Zijian Zeng has stepped down as executive president. He will continue to serve as a consultant, while Vice President Dr. Li Zeng will supervise traditional media in airports. Ken Zijian Zeng joined the company in January 2008. Dr. Li Zeng has served as vice president of AirMedia since January 2009. Shares fell 29 cents, or 4.6 percent, to close at $6.01.

Syms names Joel Feigenbaum integration chief

10 minutes ago

Discount apparel retailer Syms Corp. on Friday named Joel Feigenbaum chief integration officer. Feigenbaum will head the Filene's Basement division and bring co-branded Syms and Filene's Basement stores to the market. Syms bought Filene's Basement last June. Feigenbaum was previously president of Reader's Digest's Books Are Fun Ltd., a display marketer of books and gifts. Feigenbaum will split his time between Filene's headquarters in Burlington, Mass., and Syms' corporate headquarters in Secaucus, N.J. Shares rose 19 cents to $9.83 during afternoon trading.