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AP Business News
05/17/2008 00:06:44
| Oil sets record near $128; pump price at high, too
NEW YORK (AP) - Oil prices spiked to a new record Friday, then held on to most of their gains after traders failed to respond to efforts by the U.S. and Saudi Arabia to boost supply. Light, sweet crude for June delivery was up $2.20 at $126.32 in afternoon trading on the New York Mercantile Exchange. Prices rose as high as $127.82 a barrel, a new record, earlier in the session.The previous trading record was $126.98. More » | Stocks pull back as oil pushes to fresh record
NEW YORK (AP) - Stocks declined Friday as enthusiasm over a surprise jump in home construction gave way to renewed concerns about how consumers will fare as oil pushes to fresh highs. Wall Street, hoping for an economic rebound in the second half of the year, has been searching for any signs that the housing market is bottoming. The Commerce Department's report that home construction jumped 8.2 percent in April came as welcome news but wasn't able to quell investors' concerns about ascendent energy prices and their effect on consumer spending, which accounts for more than two-thirds of U.S. economic activity. More » | UN: World economy to grow by 1.8 percent in 2008
UNITED NATIONS (AP) - The world economy is ``teetering on the brink'' of a severe downturn and is expected to grow only 1.8 percent in 2008, the United Nations said in its mid-year economic projections Thursday. That's down from a global growth rate of 3.8 percent in 2007, and the downturn is expected to continue with only a slightly higher growth of 2.1 percent in 2009, the U.N. report said. More » | Macy's signs deal to put FAO Schwarz in its stores
CINCINNATI (AP) - FAO Schwarz will open toy stores in close to 700 Macy's department stores over the next two years, the companies said Friday. About 75 full-size FAO toy stores will open across the country in the fall, along with about 200 smaller shops that will be up to 300 square feet, the companies said. More » | Japan's economy grows at 3.3 pct annual pace in 1Q
TOKYO (AP) - Japan's economy grew at a stronger-than-expected 3.3 percent annual pace in the first quarter, racking up its third consecutive quarter of growth. Japan's gross domestic product - or the value of a nation's goods and services - grew 0.8 percent in the January-March quarter from 2007's fourth quarter, according to Cabinet Office data released Friday. That would be a 3.3 percent annual pace. More » |
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