Monthly Archives: July 2011

MADRID (AFP) – The IMF praised Spanish government’s “strong and wide-ranging” response to its economic crisis Friday but warned that many of the underlying problems have not been fully addressed. It urged the Socialist government to strengthen reforms already underway, … Continue reading →

NEW YORK – Bank of America Corp. is facing a new lawsuit filed by a group of shareholders of mortgage giant Countrywide Financial Corp., which the bank bought in 2008. The group of investors, which include BlackRock funds, T. Rowe … Continue reading →

NICOSIA, Cyprus – Standard Poors agency cut Cyprus’ credit grade by one notch to BBB+, or three notches above junk status on Friday, and warned of a further downgrade on concerns that the country won’t meet its deficit reduction targets … Continue reading →

TRENTON, N.J. – Pfizer Inc., which reports second-quarter results before the stock market opens Tuesday, will discuss a few recent drug approvals, new data on some experimental drugs and plans to divest some of its non-core businesses. WHAT TO WATCH … Continue reading →

NEW YORK – The dollar fell broadly Friday on signs of a sharp slowdown in U.S. economic growth and the increasing possibility of a debt default that could hurt the economy. The government said that the U.S. economy grew at … Continue reading →

NEW YORK (Reuters) – The crisis over raising the debt ceiling may have been manufactured by politicians, as many on Wall Street charge, but its effect on consumers and the broader economy is likely to prove very real. Fear that … Continue reading →

NEW YORK (Reuters) – Merck Co Inc (MRK.N) plans to cut another 12,000 to 13,000 jobs by late 2015 to wring out additional annual cost savings of up to $1.5 billion that can be plowed back into research and deal … Continue reading →

WASHINGTON (Reuters) – The economy stumbled badly in the first half of 2011 and came dangerously close to contracting in the January-March period, raising the risk of a recession if a standoff over the nation’s debt does not end quickly. … Continue reading →