SAN JUAN, Puerto Rico— Puerto Rico's governor said Thursday that creditors are responsible for helping the U.S. island out of its economic crisis because they lent money knowing the government was running a deficit. Alejandro Garcia Padilla also sought to clarify comments recently published in The New York Times saying he believes Puerto Rico's $72 billion...» Read More
NEW YORK-- If you are trying to figure out if small businesses are hiring, it depends on where you look. Just last Friday when the government was raising suspicious eyebrows with its report of a sudden drop in the unemployment rate so close to a presidential election, Andy Asbury was hiring a full-time employee to work at his Minneapolis real estate brokerage.
The euro rose to $1.2897 in late trading Wednesday from $1.2880 late Tuesday. The British pound rose to $1.6008 from $1.6004. The dollar fell to 78.19 Japanese yen from 78.22 yen and to 0.9385 Swiss franc from 0.9404 Swiss franc.
NEW YORK-- This winter is expected to feel like more winter. But customers will have to use more energy to keep warm, according to the annual Winter Fuels Outlook from the Energy Department's Energy Information Administration. That will result in record heating bills, an average of $2,494.
WASHINGTON-- President Barack Obama is lifting the U.S. restriction on international financial institutions like the World Bank lending to Myanmar to reward its progress toward democracy. Late last month, Congress passed legislation allowing the president to end the automatic U.S. block on lending by institutions also including Asian Development Bank.
Those wildly contrasting conclusions were offered to the New Jersey Sports and Exposition Authority on Wednesday by the two warring parties in the bitter dispute, the New York Giants and Triple Five Group, the developer that took over the troubled project last year.
NEW YORK-- The Boeing Co. said Wednesday that it has been awarded a $2 billion contract from the Defense Department to help the Air Force maintain its fleet of 246 C-17 cargo planes. Boeing said that the contract includes ensuring that spare parts are available for the planes as well as maintenance on the aircraft.
NEW YORK-- Downbeat reports from Alcoa and Chevron at the start of corporate earnings season pulled stock indexes lower for a third straight day Wednesday. Alcoa, the aluminum producer, beat Wall Street's earnings estimates on Tuesday night but said it expects a slowdown in China to weaken demand for aluminum.
A small Coke bottler in Minnesota says it's stopping production of the bottles, which customers could return to get back a 20- cent deposit. The company in Winona, Minn., had been refilling the returnable bottles since 1932 but said it no longer makes business sense to continue doing so.
NEW YORK-- FedEx Corp., the world's second-largest package delivery company, on Wednesday detailed its plan to boost profit by $1.7 billion annually by shedding jobs, aircraft and underused assets. FedEx aims to reach that goal within three years through cost cuts and efficiency improvements.
LOS ANGELES-- California gas prices dipped half a penny Wednesday, leaving experts split on where they will go next. Gas prices went up 50 cents a gallon between Oct. 1 and Oct. 8, from $4.168 to $4.668, the largest one-week price spike in California history, said AAA spokesman Avery Ash.
TWO BAD REPORTS: Alcoa beat Wall Street earnings estimates but cut its demand expectation for the year, mostly because of a slowdown in China. Chevron said slumping oil prices and production would hurt its earnings. WAL-MART GREETS A RECORD: Wal-Mart Stores surged $1.28 to $75.42 and touched an all-time high, $76.81.
BOSTON-- Netflix will offer closed captions on all TV and movie content by 2014 after a deaf Massachusetts viewer sued the company. A Netflix spokesman says the company is an industry leader and offering high quality captioning on the more than 1,000 devices on which Netflix is available is a "tall order."
LOUISVILLE, Ky.-- The CEO of a bankrupt southern Kentucky oil company was indicted Wednesday on federal charges that he failed to pay more than $1.6 million in taxes over two years and with making false statements to a licensed gun dealer.
WABASH, Ind.-- An energy drink maker is planning a $25 million expansion that's expected to bring up to 200 new jobs to a northern Indiana city. Living Essentials, the producer of 5- hour ENERGY, announced Wednesday it would build and equip a plant in Wabash with a total of 1 million square feet to be added in phases.
THE CHALLENGE: The leaders of France and Spain said Wednesday that the 17 countries that use the euro already have all the tools they need to solve their debt crisis and now must put their promises into action.
NEW YORK-- The Dow Jones industrial average is finishing sharply lower after downbeat reports from two stocks in the average, Alcoa and Chevron. Alcoa, the aluminum company, beat Wall Street earnings estimates on Tuesday night but cut its demand expectation for the year, mostly because of a slowdown in China.
NEW YORK-- DRINK UP: A small Coke bottler in Minnesota says it will no longer make the 6.5- ounce returnable, glass bottles it had been making since 1932.. The Coca-Cola Co. notes that its 8- ounce recyclable glass bottles are nearly identical and still widely available.
BAG O' HURT: Thousands of motorists may be driving cars and trucks installed with dangerous counterfeit bags and they should have them replaced at their own expense, according to the National Highway Traffic Safety Administration. :In government tests last month of 11 counterfeit bags, 10 failed to inflate properly or didn't inflate at all.
NEW YORK-- The fall TV season has claimed its first victim: the CBS series "Made in Jersey." CBS announced Wednesday the legal drama had been pulled from the Friday lineup after just two airings. The network, which is part of CBS Corp., is replacing it with the fourth season of the reality series "Undercover Boss," starting Nov. 2.
STEADY GOLD: The price of gold rose 10 cents an ounce to $1,765.10 on a rough day for the broader financial markets. SEESAW CRUDE: Oil closed down $1.14 to $91.25 per barrel. AG REPORT: Grain investors are waiting for a report Thursday from the Agriculture Department on world supply and demand.