News and Finance

Economic growth in Belgium weakened to the slowest pace in more than three years in the second quarter as soaring inflation sapped consumers' purchasing power and foreign demand cooled.
The Belgian economy, the sixth-largest in the euro region, expanded 0.3 percent from the prior quarter, the lowest rate since the first three months of […]

President Bush dropped his opposition Wednesday to legislation aiming to calm the chaotic housing market despite his objections to a $3.9 billion provision. The House was expected to vote on the bill Wednesday, and it could become law as early as this week.
Under the bill, the government would help struggling homeowners get new, cheaper […]

Computer and consumer electronics maker Apple reported fiscal third-quarter earnings Monday that beat forecasts on strong sales of Mac computers and iPhones. But shares fell after-hours as the company’s outlook for the fourth quarter disappointed investors.
The Cupertino, Calif.-based company posted fiscal third-quarter net income of $1.07 billion, or $1.19 per diluted share, up 31% […]

China needs to better manage its exchange rate to curb accelerating inflows of “hot money'' that pose a threat to the economy, the finance and economic committee of the nation's legislature said.
The country needs to counter expectations for the yuan to keep rising, the committee's economic office said in a report published by […]

Australia's annual inflation rate probably accelerated in the second quarter, reinforcing speculation the central bank will leave borrowing costs at a 12- year high.
The consumer price index rose 1.3 percent in the quarter for an annual gain of 4.3 percent, up from 4.2 percent in the previous three months, according to the median […]

JPMorgan Chase’s profits plunged more than 50%. Continental Airlines reported a loss.
But this was initially cause for celebration on Wall Street today because JPMorgan’s (JPM, Fortune 500) profits didn’t fall as much as analysts were expecting and Continental’s (CAL, Fortune 500) loss wasn’t as large as forecasts.
Shares of JPMorgan Chase rose nearly […]

Investor confidence in the Swiss economy dropped to the lowest ever as soaring raw material costs and flagging growth in the U.S. and Europe dimmed the outlook.
An index of investors' and analysts' expectations for the next six months fell to minus 76.9 in July from minus 63.8 the previous month, the ZEW Center […]

President Bush on Saturday tried to pin the blame on Congress for soaring energy prices and said lawmakers need to lift long-standing restrictions on drilling for oil in pristine lands and offshore tracts believed to hold huge reserves of fuel.
"It’s time for members of Congress to address the pain that high gas prices […]

China should eliminate energy price controls “as soon as possible'' to prevent shortages, central bank adviser Fan Gang said.
“Under-priced energy is distorting market demand and supply and causing shortages,'' Fan said at a forum in Beijing today. “The government should resolve such price distortions as soon as possible.''
China raised retail fuel prices […]

The number of newly laid-off people signing up for unemployment insurance rose sharply last week.
The Labor Department, in a new report Thursday, says new applications jumped by 16,000 to 404,000, the highest level since late March.
The increase was bigger than economists were expecting. They were forecasting claims to rise to around 385,000 no fax […]