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BUSINESS
July 21, 2012 | By Don Melvin and Daniel Woolls and associated press
BRUSSELS — Concerns about Spain's crippling financial problems flared again Friday as even news that the country had been approved for a bank bailout loan of up to $122.9 billion failed to blunt bad economic news. Earlier Friday, finance ministers from the 17 countries that use the euro unanimously approved the terms for a bailout loan for Spain's banks. The banks have been burdened by toxic loans and assets from the collapse of Spain's property market. Investors have for months worried that Spain could not control its deficit during a recession while supporting its stricken financial sector.
BUSINESS
May 24, 2012 | By Pallavi Gogoi and Matthew Craft
NEW YORK — A big final-hour comeback pulled the Dow Jones industrial average nearly back to where it started Wednesday. The Dow was down as much as 191 points earlier as the threat of a financial crisis spreading from Europe shook markets. The euro dropped to a nearly two-year low against the dollar, and oil prices sank to their lowest this year. A late surge of buying erased nearly all of the Dow's deficit, leaving it down just 6.66 points at 12,496.15 by the end of the day. The Standard & Poor's 500 index rose 2.23 points to 1,318.86.
NEWS
April 29, 2012 | May 2012). Amy Gutmann and Dennis Thompson are the authors of “The Spirit of Compromise” (Princeton University Press
Is compromise a dirty word? House Speaker John A. Boehner spoke for many politicians running for office when he declared, "I reject the word. " In the past, political leaders in the midst of election campaigns could declare their intent never to back down — and then once in office turn their attention to the give-and-take that is a necessary part of effective governance. But something has changed over the last several decades. We've entered a new era of the permanent campaign, where every day is effectively election day. Classic compromise — where all sides sacrifice something in order to improve on the status quo from their perspective — has become harder to conceive, let alone to achieve.
NEWS
April 22, 2012 | By Martin Crutsinger and Harry Dunphy, Associated Press
WASHINGTON - An infusion of hundreds of billions of dollars will give the International Monetary Fund a badly needed boost to tackle Europe's prolonged debt crisis. But global finance officials sent a strong message Saturday that struggling governments must speed reforms or risk spooking jittery markets and raising the economic danger. The lending agency said in a statement after its weekend meetings that financially strapped European countries must put in place bold changes to resolve their debt problems.
BUSINESS
April 17, 2012 | Erin Arvedlund
It hurts paying taxes no matter how much you make. But what if you are out of work and don't have the money to pay by today's April 17 deadline? Herewith we offer some tips for taxpayers who are unemployed and can't pay their taxes on time. The Internal Revenue Service has a new form for you! The IRS is trying to provide what's called "penalty relief" to unemployed taxpayers. Some who have been out of work for 30 days or longer will be able to avoid failure-to-pay penalties, according to Isdaner & Co., certified public accountants based in Bala Cynwyd.
BUSINESS
April 13, 2012 | By Matthew Craft, ASSOCIATED PRESS
NEW YORK — Encouraging signs from two of the most important zones of the world economy, the powerhouse of China and the debt-burdened countries of Europe, drove the Dow Jones industrial average up 181 points Thursday, its second-biggest gain this year. China's central bank reported a surprising jump in loans in March. That eased concerns about a sudden slowdown in the Chinese economy, whose growth has helped pull the globe out of recession. Italy's government easily sold $6.4 billion in bonds to investors.
NEWS
April 4, 2012 | By David Espo and Kasie Hunt, Associated Press
MILWAUKEE - Mitt Romney tightened his grip on the Republican presidential nomination Tuesday night, sweeping primaries in Wisconsin, Maryland and Washington D.C., with time left over to swap charges with President Obama. "Four more years?" Romney asked sarcastically of the president as supporters cheered in Milwaukee. He said Obama was "a little out of touch" after spending four years surrounded by the trappings of power and had presided over near-record job losses as well as increases in poverty, home foreclosures, government debt and gasoline prices.
BUSINESS
April 4, 2012 | By Daniel Wagner, ASSOCIATED PRESS
U.S. stocks and Treasury prices dropped Tuesday after Federal Reserve policymakers said they were worried about a slowdown in hiring and appeared to resist buying more bonds to help the economy. The Dow Jones industrial average was down as much as 133 points after the Fed released minutes of the March meeting of its Open Market Committee, which sets interest rates and monetary policy. It had been down 45 points before the minutes were released. The Dow bounced back by the close to a decline of 64.94 points, or 0.5 percent, at 13,199.55.
BUSINESS
March 10, 2012 | By Elena Becatoros and Gabriele Steinhauser, Associated Press
ATHENS, Greece - Greece's private creditors agreed Friday to take cents on the euro in the biggest debt write-down in history, paving the way for an enormous second bailout for the country to keep Europe's economy from being dragged further into chaos. Greece would have risked defaulting on its debt in two weeks without the agreement. Prime Minister Lucas Papademos called the deal - which shaves some $138 billion off Greece's $487 billion debt load - an important "historic success" in a televised address to the nation Friday night.
BUSINESS
March 8, 2012 | Daniel Wagner, Associated Press
The stock market reclaimed some losses from its biggest dive this year and returned Wednesday to its pattern of steady gains and stable trading. Reassuring reports on productivity and hiring overshadowed worries about the Greek debt crisis. Stock indexes made solid gains by midmorning after the government said oil refineries were operating at a faster clip than economists had expected. Oil refiners Valero Energy Corp. and Tesoro Inc. were among the biggest gainers in the Standard & Poor's 500. The Dow closed up 78.18 points, or 0.61 percent, at 12,837.33.
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