AP Business NewsBrief at 6:52 p.m. EST
(Associated Press Via Acquire Media NewsEdge) Drivers endure high gas prices despite US oil boomNEW YORK (AP) _ The U.S. is increasing its oil production faster than ever, and American drivers are guzzling less gas. But you'd never know it from the price at the pump. The national average price of gasoline is $3.69 per gallon and forecast to creep higher, possibly approaching $4 by May.
Dell buyout intrigue heightens as deadline loomsSAN FRANCISCO (AP) _ Michael Dell is about to find out if other bidders think his company is worth more than he does. The answer could come Friday, which marks the end of a 45-day period that Dell Inc.'s board of directors settled on to allow for offers that might top a Feb. 5 agreement to sell the personal computer maker to CEO Michael Dell and a group of investors for $24.4 billion.
Weak Oracle sales, Cyprus fears weigh on US stocksStocks closed lower on Wall Street Thursday after Oracle's weak sales results weighed down big U.S. technology companies. Traders also worried about Cyprus running out of time to avoid bankruptcy. Major indexes followed European markets lower at the open and remained solidly negative all day. The Dow Jones industrial average fell as much as 129 points by mid-afternoon before paring the loss to close down 90 points.
Average for US jobless claims at fresh 5-year lowWASHINGTON (AP) _ The number of people seeking U.S. unemployment aid barely changed last week, while the average over the past month fell to a fresh five-year low. The decline in layoffs is helping strengthen the job market. Weekly unemployment benefit applications rose just 2,000 to a seasonally adjusted 336,000, the Labor Department said Thursday.
US homes sales highest in more than 3 yearsWASHINGTON (AP) _ U.S. sales of previously occupied homes rose in February to their fastest pace in more than three years, and more people put their homes on the market. The increases suggest a growing number of Americans believe the housing recovery will strengthen. The National Association of Realtors said Thursday that sales increased 0.8 percent in February from January to a seasonally adjusted annual rate of 4.98 million. That was the fastest sales pace since November 2009, when a temporary home buyer tax credit had boosted sales. The February sales pace was also 10.2 percent higher than the same month a year ago.
House passes GOP budget plan promising deep cutsWASHINGTON (AP) _ Moving on two fronts, the Republican-controlled House on Thursday voted to keep the government running for the next six months while pushing through a tea-party flavored budget for next year that would shrink the government by another $4.6 trillion over the next decade. The spending authorization on its way to the White House for President Barack Obama's signature leaves in place $85 billion in spending cuts to the Pentagon and domestic programs. The result will be temporary furloughs for hundreds of thousands of federal workers and contractors over the next six months and interrupted, slower or halted services and aid for many Americans.
Brother of hedge fund founder indicted in NYCNEW YORK (AP) _ The brother of a jailed one-time billionaire hedge fund boss has been charged with conspiring with his brother to cheat on Wall Street and earn nearly $1.2 million illegally, federal authorities announced Thursday. Rengan Rajaratnam, 42, of Manhattan, was charged in an indictment returned Wednesday and unsealed a day later with conspiracy to commit securities fraud and six counts of securities fraud. He was not immediately arrested. His brother, Raj Rajaratnam, is serving an 11-year prison sentence after he was convicted in 2011 of earning up to $75 million by swapping secrets about public companies with other hedge fund managers and friends at public companies.
US rate on 30-year mortgage declines to 3.54 pct.WASHINGTON (AP) _ Average U.S. rates on fixed mortgages fell this week and remained near historic lows, a trend that has supported a recovery in housing. Freddie Mac said Thursday that the average rate for the 30-year loan fell to 3.54 percent from 3.63 percent last week. That's near the 3.31 percent reached in November, which was the lowest on records dating to 1971.
Cyprus rushes bailout plan as clock ticksNICOSIA, Cyprus (AP) _ Cypriot politicians moved Thursday to restructure the country's most troubled bank as part of a broader bailout plan that must be in place by Monday to avoid financial ruin. Concerned customers rushed to get cash from ATMs as bank employees protested. Cyprus has been told it must raise 5.8 billion euros ($7.5 billion) if it is to receive 10 billion euros ($12.9 billion) from its fellow eurozone countries and the International Monetary Fund. If it does not find a way by Monday, the European Central Bank said it will cut off emergency support to the banks, letting them collapse.
Oil prices slip as Cyprus uncertainty continuesNEW YORK (AP) _ The price of oil fell 1 percent Thursday as the financial crisis in Cyprus overhung the market. Benchmark oil for May delivery dropped $1.05 to finish at $92.45 a barrel in New York.
(c) 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
[ Back To Technology News's Homepage ]