Chinese consumers becoming more emotional: study
Chinese consumers will become more emotional and individualistic this decade, as the Asian giant’s economic engine shifts gear from investment to consumption, a new survey showed Wednesday. “Meet the 2020 Chinese Consumer”, a report by consultancy group McKinsey, says consumption will account for about 43 percent of China’s economic growth by 2020, compared [...]
Market slips after rally as housing sputters (Reuters)
NEW YORK (Reuters) ? Wall Street dipped on Thursday as housing and financial stocks declined after weaker-than-expected housing data gave investors reason to pause after a recent rally. Housing-related stocks declined after data showed sales of new single-family homes fell for the first time in four months in December and were shy of Wall Street [...]
Nokia loss tempered by Windows phone launch
HELSINKI (AP) ? Mobile phone maker Nokia Corp. on Thursday posted a fourth-quarter net loss of ?1.07 billion ($1.38 billion) as sales slumped 21 percent even as the company’s first Windows smartphones hit markets in Europe and Asia. The loss, widened by a ?1 billion loss booked on Nokia’s navigation systems unit, compares with a [...]
Rate on 30-year fixed mortgage rises to 3.98 pct. (AP)
WASHINGTON ? The average rate on the 30-year fixed mortgage rose this week for the first time in a month, though it remained below 4 percent for the eighth straight week. The low rates have had few takers because most who can afford to buy or refinance have already done so. Freddie Mac says the [...]
EU online spending estimated to grow 16 percent, reach ?232 billion in 2012
Pardon us Americans as we act surprised, but it turns out that we have one more thing in common with our Euro brethren: a growing number of us dislike shopping in stores. According to Kelkoo estimates, online spending in the European Union is projected to continue its upward trend, which is said to reach somewhere [...]
Details of his vast personal fortune trail Romney
Republican presidential candidate, former Massachusetts Gov. Mitt Romney, campaigns in Irmo, S.C., Wednesday, Jan. 18, 2012. (AP Photo/Charles Dharapak) Republican presidential candidate, former Massachusetts Gov. Mitt Romney, campaigns in Irmo, S.C., Wednesday, Jan. 18, 2012. (AP Photo/Charles Dharapak) Republican presidential candidate, former Massachusetts Gov. Mitt Romney, carries 7-month-old Leah Locklear as he campaigns in Irmo, [...]
JPMorgan profit falls, but sees hope in economy (Reuters)
(Reuters) ? The drag of the European debt crisis on investment banking weighed on JPMorgan Chase & Co’s fourth-quarter profit, sending financial stocks tumbling even as the bank provided evidence that the domestic economy is strengthening. Chief Executive Jamie Dimon said the New York-based bank was seeing signs of improvement in credit quality as well [...]
Bailed-out Portugal’s recession seen worsening (AP)
LISBON, Portugal ? Portugal’s recession will deepen this year under the weight of austerity measures meant to reduce public debt, the bailed-out country’s central bank predicted Tuesday. Portugal is trying to free itself from a huge debt burden that forced it to ask for a euro78 billion ($100 billion) financial rescue package last year to [...]
Stock indexes rise on US jobs news, Merkel talk (AP)
NEW YORK ? A surprise drop in the U.S. unemployment rate sent stocks higher Friday, capping a week of extraordinary gains. Investors were also encouraged after Germany’s chancellor made tough remarks about fiscal discipline in the European Union. The Dow Jones industrial average rose 47 points, or 0.4 percent, to 12,068 at 12:30 p.m. Eastern [...]
Dow sinks 3 percent as Europe uncertainty deepens
Trader Michael Zicchinolfi runs across the floor the New York Stock Exchange Wednesday, Nov. 9, 2011. The Dow Jones industrial average lost more than 240 points in early trading after Italy’s borrowing costs soared.(AP Photo/Richard Drew) Trader Michael Zicchinolfi runs across the floor the New York Stock Exchange Wednesday, Nov. 9, 2011. The Dow Jones [...]