Tejinder Singh – AHN News Correspondent
Washington, DC, United States (AHN) – The United States-European Union summit here ended without any fiscal help emerging from the U.S. as ambassadors from both sides provided a read-out of the meeting while the host president brushed aside chances of any news-making headlines emerging. President Barack Obama, along with European Council President Herman Van Rompuy and European Commission President José Manuel Barroso, did not address a news conference but made post-summit statements in the White House Roosevelt Room. Obama noted that “much has changed” since the last EU summit in Portugal last year. “What hasn’t changed is the fundamental bonds” between the U.S. and EU, he said. Playing down the idea of there being news from the meetings, Obama said, “These aren’t always the most dramatic meetings because we agree on [...] Continue Reading…

The Media Line Staff
Ramallah, Palestinian Territory David Rosenberg (The Medi – Palestinian Authority Prime Minster Salam Fayyad is determined to wean his government off reliance on foreign assistance and tax transfer from Israel – and one way he aims to do that is by collecting more taxes from Palestinians. Fayyad made his plans clear at an investor conference in Ramallah this week, where he asked businesspeople to voluntarily delay investment tax credits they are entitled to for three years to help the PA pay its bills. “We are not saying that that the government will rescind these benefits but that the business sector should act voluntarily,” Fayyad said at a conference sponsored by the Palestine Exchange on Monday, terming it a patriotic act. “It’s a message of empowerment for the national economy, to deliver a message that [...] Continue Reading…

The Media Line Staff
Ramallah, Palestinian Territory David Rosenberg (The Medi – Palestinian Authority Prime Minster Salam Fayyad is determined to wean his government off reliance on foreign assistance and tax transfer from Israel – and one way he aims to do that is by collecting more taxes from Palestinians. Fayyad made his plans clear at an investor conference in Ramallah this week, where he asked businesspeople to voluntarily delay investment tax credits they are entitled to for three years to help the PA pay its bills. “We are not saying that that the government will rescind these benefits but that the business sector should act voluntarily,” Fayyad said at a conference sponsored by the Palestine Exchange on Monday, terming it a patriotic act. “It’s a message of empowerment for the national economy, to deliver a message that [...] Continue Reading…

Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – Despite rising and record prices, gold continues to shine, especially overseas. The European sovereign debt crisis has spurred a gold rush across the continent. The World Gold Council reported Thursday that investors in Europe purchased a record $6.2 billion in gold bars and coins in the third quarter. While not a record in terms of weight, Europe’s demand for about 118 metric tons of the yellow metal in the third quarter amounts to nearly a third of all the investment grade gold demand around the world for the period. It is also a 135 percent increase in demand from Europe from the same period a year ago. Worldwide, demand for gold bars and coins was up 29 percent from a year earlier. The increase [...] Continue Reading…

Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – U.S. stocks celebrated Veteran’s Day will a strong rally. Helping markets advance was a report that showed a better than expected rise in the Consumer Confidence Index and a vote in Italy on its debt reduction plan. At 3 p.m., with just an hour left in trading, the Dow Jones Industrial Average surged 266 points, the Standard & Poor’s 500 Index was up 23 points and the NASDAQ jumped 53. Stocks have had a rocky week as the main focus continued to be on the mounting eurozone sovereign debt crisis. But reports that Italy and Greece have come to an agreement for new governments and leaders in both of their financially countries added some much needed positive sentiment to battered global markets. U.S. [...] Continue Reading…

Diane Alter – AHN News Reporter
Washington, DC, United States (AHN) – Jon Corzine stepped down Friday from running troubled MF Global, the securities firm that collapsed after risky bets on European debt and filed for bankruptcy protection Monday. The firm announced the voluntary resignation of Corzine as chairman and CEO. He will decline a severance package worth $12.1 million, including cash and benefits. MF Global is currently under investigation by securities regulators and the FBI because hundreds of millions disappeared from customer accounts as it teetered into bankruptcy. The brokerage firm has also been hit with lawsuits trying to recover millions of dollars stolen by two Ponzi scheme architects. Corzine, who once ran the prestigious investment firm Goldman Sachs, and was governor of New Jersey before running MF Global, said in a statement that he [...] Continue Reading…

Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – U.S. stocks moved in and out of positive territory Friday after Thursday’s big gains, and finished the week substantially higher. The Dow Jones Industrial Average finished the day at 12,231.02 up 22.48, the Standard & Poor’s 500 Index nudged up 50 cents to $1,285 and the NASDAQ most 1.48 to finish the week at 2,737.15 Oil closed up a few pennies at $93.42, and gold lost $3.50 to $1,743.90 a troy ounce. Investors reacted positively to reports that showed consume spending and income both rose, and a separate report revealing that consumer sentiment edged up a bit. Stocks staged a explosive rally on Thursday rising more than 330 points after European leaders came to an agreement on the euro zone sovereign debt crisis. [...] Continue Reading…

Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – U.S. stocks staged a late day rally Tuesday on hopes of a European rescue agreement. The Dow Jones Industrial Average soared, closing up 180 points. The S&P 500 Index was better by 42 points and the NASDAQ rose more than 26 points. Shares active in the session included investment banking behemoth Goldman Sachs. The firm reported its only second quarter loss ever since going public, but managed to finish the day up 5.35 points to close at $102. 25. Bank of America, which reported an impressive comeback from the same period a year earlier, jumped over 10 percent to finish at $6.64. Shares of tech giant IBM dropped more than 4 percent despite reporting a 7 percent increase in third quarter earnings. Dragging IBM lower [...] Continue Reading…

Windsor Genova – AHN News News Writer
Harrisburg, PA, United States (AHN) – Pennsylvania’s capitol of Harrisburg has filed for bankruptcy protection as the cash-strapped city government can no longer pay its bills and workers by the fourth quarter. The City Council voted 4-3 to file for bankruptcy protection Tuesday night and the petition was faxed overnight to the U.S. Bankruptcy Court in Harrisburg. The council’s decision contradicts Mayor Linda Thompson’s financial recovery plan for the city, which is mired in $300 million debt. Under the plan, the state government will fund the city in exchange for an 8 percent property tax increase, outsourcing of city service functions and selling of a trash incinerator project. With the bankruptcy filing, Pennsylvania Gov. Tom Corbett will not bail out the city as he declared earlier. City Councilmen Brad [...] Continue Reading…

Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – Shorty before 2 p.m. Thursday, the Dow Jones Industrial Average was up about 75 points, on track for the market to close up for its third consecutive day. Driving stocks higher was news out of Europe that progress continued to be made in the region’s debt crisis. Also helping stocks were better than expected September sales from domestic retailers and decent job gains. Earlier in the day, mortgage giant Freddie Mac reported the average rate on the 30-year fixed mortgage fell bellow 4 percent for the first time. Shares of Apple were off about 1 percent, trading at $375 following news that the company’s legendary CEO, Steve Jobs, passed away Wednesday night after a long illness. Yahoo was active after rumors flew that [...] Continue Reading…

Diane Alter – AHN News Reporter
Wilbraham, MA, United States (AHN) – The Friendly’s restaurant chain is preparing for a possible bankruptcy filing as early as next week, the Wall Street Journal reported Friday. The Wilbraham, MA, company best known for its hamburgers and sundaes employs roughly 10,000 people and operates more than 500 restaurants. Economic conditions have weighed heavily on the chain. Fewer consumers are spending money to dine out and rising commodities prices for staples such as corn, butter and coffee have drained the company of cash. Other restaurant chains have faced similar fates, such as Quiznos and Sbarro. Friendly’s has more than $250 million in debt on its books. The company is in talks with Wells Fargo for $70 million in debtor-in-possession financing that would keep it above water during bankruptcy proceedings. Friendly’s [...] Continue Reading…