*Malaysia Airlines flight loses contact hour after takeoff. KUALA LUMPUR/ HO CHI MINH CITY, March 9- A Malaysia Airlines flight carrying 227 passengers and 12 crew was presumed to have crashed off the Vietnamese coast on Saturday, and European officials said two people on board were using false identities.» Read More
WASHINGTON-- The United States has now spent $1 trillion more than it's taken in for four straight years. The Treasury Department confirmed Friday what was widely expected: The deficit for the just-ended 2012 budget year _ the gap between the government's tax revenue and its spending _ totaled $1.1 trillion.
NEW YORK-- Stocks that moved substantially or traded heavily Friday on the New York Stock Exchange and Nasdaq Stock Market:. Wells Fargo& Co., down 93 cents at $34.25. STMicroelectronics NV, up 36 cents at $6.
WASHINGTON-- The Obama administration is delaying a decision that had been due Monday on whether China is manipulating its currency to gain trade advantages. GOP challenger Mitt Romney has attacked the administration for not targeting China for unfair trade practices.
JEFFERSON CITY, Mo.-- Backers of a proposal to increase Missouri's lowest-in-the nation cigarette taxes wrapped up a statewide bus tour Friday at the state Capitol. Missouri voters next month are considering an initiative that would raise the state cigarette tax to 90 cents per pack while also increasing taxes on other tobacco products.
JACKSON, Miss.-- Bunge-Ergon will suspend ethanol production at its Vicksburg plant by the end of November, saying high corn prices make it impossible to profitably make ethanol. Ergon also operates an asphalt and lubricant oil refinery in Vicksburg and has a towboat company based there, with about 250 other employees.
LOS ANGELES-- The powerful Los Angeles Department of Water and Power sued air regulators Friday over demands to control dust from Owens Lake nearly a century after the exploding metropolis siphoned water to quench its growing thirst.
LONDON-- Royal Bank of Scotland said Friday that Spanish bank Santander has backed out of its deal to buy 316 of RBS branches in the U.K., leaving the bailed-out bank looking for a new buyer. In August 2010, Santander agreed to buy the 316 RBS branches in England and Wales, along with the NatWest branch business in Scotland, but the deal was delayed several times.
Here's what's meant by the deficit and the debt _ and how the government can address them:. The amount by which spending exceeds revenue during a budget year. The total U.S. debt tops $16 trillion.
The country's two biggest mortgage lenders, Wells Fargo and JPMorgan Chase, reported Friday that a surge in home lending pushed them to record profits. JPMorgan CEO Jamie Dimon declared that the housing market "has turned the corner." JPMorgan wrote $47 billion in mortgages, compared with $37 billion last year.
NEW YORK-- Ludovic Lefebvre can stomach just one more bite. After five years of LudoBites _ hugely popular guerrilla-style, short-lived eateries held mostly around Los Angeles _ Lefebvre says he is done with so-called pop-up restaurants. By the end of the year, he plans to pop up _ and stay put _ with a new and permanent Los Angeles restaurant.
Then, out of the blue, after three years of back-biting and seemingly daily financial crisis, the European Union won the Nobel Peace Prize for fostering peace on a continent long ravaged by war.
NEW YORK-- The price of oil dropped Friday after a new report predicted a slower pace of growth in demand for oil, overshadowing concerns about unrest in the Middle East. On the New York Mercantile Exchange:. _ Benchmark oil fell 21 cents to end at $91.86 per barrel.
LONDON-- A Gerhard Richter painting owned by Eric Clapton has sold for 21.3 million pounds, handily beating pre-sale estimates and setting a new auction record for the German abstract artist.
HARTFORD, Conn.-- Documents filed in the criminal case against a Venezuelan-American financier say losses from a Connecticut- based fraud scheme could total as much as $600 million.
SAN DIEGO-- Southern California home prices posted a sixth straight annual increase in September as buying shifted to more expensive houses along the coast and the supply of heavily discounted foreclosed properties dwindled, a research firm reported Friday.
NEW YORK-- Soda makers, restaurateurs and other businesses sued Friday to try to block the city's unprecedented move to restrict sales of super-sized, sugary drinks, an effort the city called a coup for public health but the industry views as unfair and undemocratic.
Wells Fargo said Friday that its third-quarter net income and revenue rose as the bank increased consumer lending and collected more fees. In a call with analysts, Wells Fargo Chairman, President and CEO John Stumpf explained why interest income might not be such a grave threat.
NEW YORK-- Analysts expect that Mattel Inc.' s third-quarter net income and revenue to rise as shoppers snap up its Monster High and Barbie dolls, among other toys, ahead of the busy holiday season.
Major indexes closed little changed on Wall Street Friday. Banks fell after Wells Fargo missed analysts' revenue estimates. Falling stocks outnumbered rising ones nearly two-to-one on the New York Stock Exchange.