AP Business NewsBrief at 3:19 p.m. EST
(Associated Press Via Acquire Media NewsEdge) Cypriot deposits grab shocks savers across EuropeNICOSIA, Cyprus (AP) _ A plan to seize up to 10 percent of people's savings in the small Mediterranean island nation of Cyprus sent shockwaves across Europe on Monday as households realized the money they have in the bank may not be safe. A weekend agreement between Cyprus and its European partners called for the government to raid bank accounts as part of a (EURO)15.8 billion ($20.4 billion) financial bailout, the first time in the eurozone's crisis that the prospect of seizing individuals' savings has been raised.
Wall Street recovers from swoon set off by CyprusNEW YORK (AP) _ Stocks were little changed on Wall Street after recouping losses from an early sell-off caused by concern that a bailout plan for the Mediterranean island nation Cyprus would re-ignite the European debt crisis. The Dow Jones industrial average bounced back from an early swoon of nearly 110 points and was down nine points, or 0.1 percent, at 14,506 as of 2:39 p.m.
Jobless rates rise in January in half of US statesWASHINGTON (AP) _ Unemployment rates increased in half of U.S. states in January from December, as employers nationwide added the fewest jobs in seven months. The Labor Department said Monday that unemployment rates rose in 25 states. They fell in only 8 states and were unchanged in 17.
US builder confidence falls on weak supply, laborConfidence among U.S. homebuilders fell this month because of concerns that increased demand for new homes is exceeding supplies of ready-to-build land, building materials and workers. In the short term, those constraints could slow sales. But builders' outlook for sales over the next six months has reached its strongest point in more than six years.
Obama nominates Justice official to top Labor slotWASHINGTON (AP) _ Thomas Perez, President Barack Obama's choice for Labor secretary, has used his perch as the nation's chief civil rights enforcer to crack down on voter suppression, discrimination and police brutality. Labor advocates and civil rights groups expect him to bring the same aggressive mindset to the Labor Department, raising the agency's profile and playing a more prominent role in the Cabinet than Hilda Solis, who left the post in January.
AstraZeneca reorg to cut 1,600 jobs in US, UKTRENTON, N.J. (AP) _ Struggling Anglo-Swedish drugmaker AstraZeneca PLC said Monday that it will eliminate 1,600 jobs, mostly in the U.S. and United Kingdom, as its new CEO starts a major research and development reorganization. The cuts, meant to reduce costs and make research programs more productive, come just weeks after the company reported big drops in revenue and net income for 2012 and forecast continuing difficulties as generic competition hurts sales.
Suntech announces default, search for financingBEIJING (AP) _ Suntech, one of the world's biggest solar panel manufacturers, said Monday it has defaulted on a $541 million bond payment in the latest sign of the financial squeeze on the struggling global solar industry. Suntech Power Holdings Ltd.'s announcement was a severe setback for a company lauded by China's Communist government as a leader of efforts to make the country a center of the renewable energy industry. Its founder, Shi Zhengrong, became one of the industry's most prominent entrepreneurs and a billionaire, only to see most of his fortune evaporate as the company's share price plummeted.
Ericsson, STMicroelectronics to cut 1,600 jobsSTOCKHOLM (AP) _ STOCKHOLM (AP) _ Swedish wireless equipment maker Ericsson and Switzerland's STMicroelectronics say they will lay off up to 1,600 workers globally as part of a plan for splitting up their unprofitable joint venture. STMicroelectronics, one of Europe's largest chipmakers, announced in December that it wanted out of ST-Ericsson as it struggled with a downturn in global demand. After months of talks the two companies said Monday they had agreed to end the joint venture.
Monitoring your kids on Facebook That's so 2009.WASHINGTON (AP) _ After Friendster came MySpace. By the time Facebook dominated social media, parents had joined the party, too. But the online scene has changed _ dramatically, as it turns out _ and these days even if you're friends with your own kids on Facebook, it doesn't mean you know what they're doing. Thousands of software programs now offer cool new ways to chat and swap pictures. The most popular apps turn a hum-drum snapshot into artistic photography or broadcast your location to friends in case they want to meet you. Kids who use them don't need a credit card or even a cellphone, just an Internet connection and device such as an iPod Touch or Kindle Fire.
Oil cuts losses as Cyprus worries easeNEW YORK (AP) _ The price of oil reversed sharp early losses Monday as nervousness over a bailout plan in Cyprus abated. By early afternoon in New York, benchmark oil for April delivery was down just 3 cents to $93.42 a barrel. It had dropped as low as $91.76.
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