New York, NY, United States (AHN) – Wall Street opened lower Friday after a report showed that the U.S. economy expanded less than forecast..

Just after the opening bell, the Dow Jones Industrial Average was lower by 33 points, the Standard and Poor’s 500 Index was flat and the NASDAQ was up by about 6 points.

Weighing on stocks was a report that showed the U.S. economy expanded at 2.8 percent in the fourth quarter, less than the 3 percent that had been projected.

In Europe the Stoxx Europe 600 Index slipped 0.7 percent as investors await word on developments on the region’s sovereign debt crisis. European Union Economic and Monetary Affairs Commissioner Olli Rehn said authorities are “very close” to reaching an agreement on private-sector involvement in a Greek debt swap.

Despite those words of optimism, the dismal growth of GDP in the U.S. was keeping investors cautious. The health and growth of the U.S. economy is a very important and leading indicator of economic growth worldwide. As analysts like to say, “when the U.S. sneezes, the world catches a cold.”

In corporate news, Ford fell after reporting numbers that missed estimates. Starbucks shares slipped despite reporting better than expected numbers, and Juniper Networks plunged after the second biggest maker of computer networking equipment forecast sales and profits that missed estimates.

In commodities, oil was unchanged at $$99.60 a barrel, gold rose $4.70 to $1,725 a troy ounce and silver was up a few pennies at $33.63.

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Washington, D.C., United States (AHN) – Consumers decreased their credit card debt by 11 percent last year, with the average debt load declining in every state.

That information came from a report released Tuesday by credit tracking and financial education website CreditKarma.com. It analyzed data from more than 300,000 of its users.

“The new year typically inspires consumers to get in control of their finances, especially after the bout of holiday spending that occurred in December. Starting in January, you’ll see consumers start focusing on decreasing debt,” said Ken Lin, CEO of CreditKarma.com.

CreditKarma.com found that the average credit card balance was $6,576 in 2011, down from $7,404 the previous year.

However, that decline came in a climate of weak consumer confidence, which kept spending down as banks continued to tighten lending while slashing credit limits for many existing customers.

While credit card debt was down, so were credit scores.

Nationally, credit scores fell eight points to 660 in 2011 from the previous year.

States with the highest average credit scores are:

• California, Massachusetts and New Jersey — 679
• Washington — 675
• New York — 674

States with the lowest average credit scores are:

• Mississippi — 622
• Louisiana — 635
• Arkansas — 635
• South Carolina — 635
• West Virginia — 637

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Washington, D.C., United States (AHN) – Both the NATO chief and a former United States presidential candidate on Thursday welcomed plans announced by the U.S. leadership to make its military “leaner” but keep it “agile, flexible, and ready for the full range of contingencies and threats.”

Flanked by Defense Secretary Leon E. Panetta and Army Gen. Martin E. Dempsey, chairman of the Joint Chiefs of Staff, and other military officers, President Barack Obama, the first president to address journalists in the Pentagon briefing room, unveiled a new military strategy to make the U.S. military “leaner” while maintaining its superiority as it switches focus to the Asia-Pacific.

Welcoming the announcement, NATO Secretary General Anders Fogh Rasmussen said in a statement, “The review emphasizes the importance of modern capabilities, greater flexibility and effective partnerships,” adding, “In an unpredictable world, the United States’ affirmation that our transatlantic partnership remains indispensable to the security of all Allies is key.”

“As President Obama said, the U.S. will continue investing in NATO because the Alliance has demonstrated time and time again — most recently in Libya — that it is a force multiplier,” noted Rasmussen.

“We have the opportunity and the responsibility to look ahead to the force we need for the future,” said Obama as he highlighted the receding of wars where the U.S. forces prevailed.

Stating that America is the greatest force for freedom and security that the world has ever known, Obama added, “In no small measure, that’s because we’ve built the best-trained, best-led, best-equipped military in history — and as commander in chief, I’m going to keep it that way.”

“Our military will be leaner,” said Obama, cautioning, “but the world must know — the United States is going to maintain our military superiority with armed forces that are agile, flexible and ready for the full range of contingencies and threats.”

The strategy is designed to accommodate at least $450 billion in defense cuts over the next decade. However, there is an additional threat to the Pentagon budget of another $500 billion at the end of this year after Congress failed to agree on deficit reduction following a debt-ceiling deal in August.

“We have to renew our economic strength here at home, which is the foundation of our strength around the world. That includes putting our fiscal house in order,” noted the president. Anticipating criticism from his Republican rivals in the current election year, Obama stressed that the defense budget would keep growing, but at a slower pace.

Reacting to the Obama announcement, Republican Sen. John McCain said in a statement, “I understand the need for reductions in defense spending, but we must also address the broader cultural problem plaguing our defense establishment: the waste, inefficiency and ineffective programs that result from an overly consolidated military-industrial-Congressional complex.”

Lambasting fellow lawmakers, McCain said, “We must cut Congressional earmarks and pork-barrel spending on programs that the military does not request and does not need,” adding, “We must eliminate the shameless cost overruns that characterize too many of our defense programs.”

At the Pentagon, Obama reiterated previous comments during his visit to Canberra, Australia, that the Asia-Pacific was now a top priority for the U.S. “As I made clear in Australia, we’ll be strengthening our presence in the Asia-Pacific, and budget reductions will not come at the expense of this critical region.”

With the Iraq war over and the troop drawdown already under way in Afghanistan, President Obama said that the military “will no longer need to be sized to support the large-scale, long-term stability operations that dominated military priorities and force-generation over the past decade.”

Addressing the issue of veterans, he called it a “profound responsibility” of not only himself but also others in the Pentagon, to “only send them [military service persons] into harm’s way when it’s absolutely necessary, to give them the equipment and the support that they need to get the job done, and to care for them and their families when they come home.”

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New York, NY, United States (AHN) – U.S. stocks opened higher Friday after a mixed November durable goods orders report that showed a 3.8 percent increase, the most in four months.

In light trading, just after the opening bell, the Dow Jones Industrial Average was up 15 points, the Standard & Poor’s 500 Index was up about 2 points and the NASDAQ was up 5 points.

The Commerce Department reported Friday that bookings for equipment meant to last three years rose 3.8 percent in November after no change in October. However, demand for business equipment, excluding military hardware and aircraft, dropped 1.2 percent in November, the biggest decline since January.

The decrease in demand for capital goods signals manufacturers are still slow to boost investment in light of the political gridlock in the U.S. and the ongoing European sovereign debt crisis.

The reports shows that people and businesses are still cautious and hesitant to expand.

Trading is expected to be light ahead of the Christmas holiday. The low volume could potentially stir volatility.

In overseas trading, volume was low as several European markets closed early. The Tokyo exchange was closed for the Emperor’s Birthday holiday.

In commodities, oil was up about 50 cents, trading just under $100 a barrel, while gold was down $1 at $1,609.80 a troy ounce.

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Tampa, FL, United States (AHN) – It’s beginning to be a tough week for newspapers, with one major publication announcing a round of lay-offs, while another publisher announces bankruptcy.

Media General announced Monday that it will let go 165 staffers from the Tampa (FL)Tribune newspaper, TBO.com, and other community papers it publishes. Meanwhile, in Davenport, IL, Lee Enterprises has filed for bankruptcy. Lee Enterprises is a 121-year-old company that publishes 54 newspapers in 23 states, in addition to more than 300 weekly and specialty publications.

After the lay-offs, Virginia-based Media General will retain only 675 staffers for its Tampa-area print and online publications. The lay-offs will come in early 2012, according to rival publication St. Petersburg Times.

Lee Enterprises will attempt to refinance about $1 billion in debt, filing its bankruptcy petition in Wilmington, DE. The filing comes after Friday’s annual report, disclosing that the company is almost at its debt limit.

“Our ability to operate as a going concern is dependent on our ability to obtain approval by the U.S. Bankruptcy Court of the refinancing plan approved by creditors and to generate cash flows and maintain liquidity sufficient to service our debt,” Lee Enterprises explained.

Nationally, Lee Enterprises employs an estimated 10,700 people and owns such newspapers as St. Louis Post Dispatch, Columbus Telegram, Rapid City Journal, Post-Star in New York, and Sioux City Journal.

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Washington, DC, United States (AHN) – The United States-European Union summit here ended without any fiscal help emerging from the U.S. as ambassadors from both sides provided a read-out of the meeting while the host president brushed aside chances of any news-making headlines emerging.

President Barack Obama, along with European Council President Herman Van Rompuy and European Commission President José Manuel Barroso, did not address a news conference but made post-summit statements in the White House Roosevelt Room.

Obama noted that “much has changed” since the last EU summit in Portugal last year. “What hasn’t changed is the fundamental bonds” between the U.S. and EU, he said.

Playing down the idea of there being news from the meetings, Obama said, “These aren’t always the most dramatic meetings because we agree on so much; that sometimes it’s hard to make news,” stressing fundamental bonds of freedom, democracy, law and free-market economies.

Without announcing any concrete measures to help out the European debt crisis from across the Atlantic, the President highlighted its “huge importance” to the U.S. economy, saying the U.S. “stands ready” to help Europe to resolve the debt crisis.

“You know, if Europe is contracting or if Europe is having difficulties, then it’s much more difficult for us to create good jobs here at home because we send so many of our products and services to Europe,” Obama said.

During the regular daily press briefing in the Brady room, White House spokesman Jay Carney also stressed that Europe needed to shoulder the responsibility.

Carney said, “Europe has the resources and capacity to deal with it and they need to act decisively and conclusively to resolve this problem.”

At a post-summit press conference at the Foreign Press Center, William Kennard, U.S. ambassador to the EU, reiterated American reluctance to move International Monetary Fund (IMF) or other international mechanisms to help Europe.

“I want to be very clear there was no discussion about the U.S. increasing its commitment to the IMF or making any other financial obligation to the EU. That was not a part of this discussion,” said Kennard.

On the other hand, both Barroso and Rompuy said that Europe wasn’t alone in dealing with debt problems.

“We, the European Union and the United States, have the strongest trade and economic relationship in the world. And we therefore both need to take strong action to address near-term growth concerns as well as fiscal and financial vulnerabilities,” Rompuy said.

“The world economy has not yet been able to absorb and overcome all the effects of the 2008 financial crisis,” Barroso said, adding, “We face the common challenge of bringing debt under control, while re-launching growth and creating new jobs. We all know this is not an easy task.”

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NYC, NY, United States (AHN) – U.S. stocks rose Friday morning following two days of steep losses.

Just after 9:30 a.m., the Dow Jones Industrial Average was up 30 points, the Standard & Poor’s 500 Index rose 2 points and the NASDAQ was flat.

Giving stocks a slight boost Friday were comments from European Central Bank Chief Mario Daghi who criticized leaders for failing to follow through with comprehensive plans to resolve the sovereign debt crisis. Germany and France disagree on the role that the central bank should play. German Chancellor Angela Merkel has maintained that the ECB cannot act as a lender of last resort.

European stocks stabilized Friday after borrowing costs in Italy and Spain eased after record high levels in recent days had put extreme downward pressure on global markets.

There is little news on the economic calendar in the U.S. Friday to sway markets, so once again the focus remains on Europe.

After topping $100 a barrel earlier in the week for the first time since June, the December crude oil contract gained 72 cent to trade at $99.47 a barrel. Gold for December delivery was better by $2 at $1,722 a troy ounce.

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Athens, Greece (AHN) – Greek Prime Minister George Papandreou said Saturday that he will do what ever it takes to form a coalition government and move through a controversial international bailout package.

Papandreou met with the country’s president Saturday seeking permission to form a coalition, just hours after narrowly winning a vote of confidence, 153 to 145. Papandreou has also begun talks with smaller parties on forming a government.

The Greek vote capped a week of turmoil and violence in Greece that has had financial markets worldwide spiraling up and down for months. Fears continue that Greece is headed for bankruptcy and moving toward a exit from the euro, Europe’s common currency.

In forming Greece’s new government, Papandreou’s Socialist PASOK party is likely to seek the support of smaller parties, either on the left or right, after main opposition leader Antonis Samaras made it clear he did not want to be a part of a coalition.

Samaras has called for a transitional government for six weeks, followed by elections.

Papandreou argued that if elections were to be held immediately it would be disastrous as it would leave the bailout deal “up in the air.”

The deal would wipe out 100 billion Euros in Greek debt, half of what the financially troubled country owes. The deal comes with a promise of $30 billion Euros from the public sector to help pay off some of the outstanding debts. The entire deal is worth 130 billion Euros, $178 billion in U.S. dollars.

The package comes with mandates that would require Greece to cut government jobs, privatize some businesses and reduce pensions. Greek citizens chanted protest outside the Parliament on Friday ahead of the confidence vote.

Although Greece’s gross domestic product ranks 32nd globally, experts say it has a disproportionate influence on world markets, and a Greek default could cause a ripple effect throughout Europe, perhaps taking down other larger European countries along with it.

President Obama told the G-20 summit on Friday he was confident that Europe could meet the challenges presented troubled global economy.

Many questions, and many more answers, still remain. Markets and commodities on Monday will surely be volatile as eyes once again remain on Greece and the euro zone.

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Washington, D.C., United States (AHN) – The White House on Tuesday announced a series of measures including plans to help ease the loan payment burden of college students defining its efforts, “to make college more affordable and to make it even easier for students to repay their federal student loans.”

On the eve of his speech in Denver on Wednesday detailing the subject, President Barack Obama said in a statement on Tuesday, “In a global economy, putting a college education within reach for every American has never been more important, but it’s also never been more expensive,” adding, “That’s why today we’re taking steps to help nearly 1.6 million Americans lower their monthly student loan payments.”

Communicating with journalists via a teleconference late afternoon Tuesday, Secretary of Education Arne Duncan said, “This is trying to address a real challenge,” adding, “We all know how large student debt has become across the country.”

Duncan said, “College graduates are entering one of the toughest job markets in recent memory, and we have a way to help them save money by consolidating their debt and capping their loan payments. And we can do it at no cost to the taxpayer.”

Joining Duncan on the call, Domestic Policy Council Director Melody Barnes told journalists that instead of waiting till 2014, borrowers would be able to lower their student loan payments from 15 percent of their discretionary income to 10 percent of their discretionary income.

President Obama is taking immediate steps to alleviate loan repayment burden of students by giving them the chance to limit loan payments to 10 percent of their discretionary income starting in 2012.

According to the Obama Administration officials expanding on the measures, the debt would be forgiven after 20 years instead of 25, as current law allows borrowers to limit their loan payments to 15 percent of their discretionary income and forgives all remaining debt after 25 years.

In addition, there is a chance for loan repaying Americans to better manage their debt by consolidating their federal student loans like Direct Loan (DL) and a Federal Family Education Loan (FFEL) that required separate payments, which made them more likely to default.

The concerned borrowers should start seeing information on the new plans in their mail as early as January, Duncan promised.

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New York, NY, United States (AHN) – JP Morgan Chase saw profits for its investment banking arm fall by 4 percent in the three months ending in September, but that was better than expected and still left the bank with a profit of $4.3 billion.

However, that amount was down from the $4.4 billion profit for the same quarter last year.

The ongoing debt crisis in the Eurozone caused much of the fall in profits, bank executives said.

It also brought revenues down as well. The investment arm of the bank saw revenues for the third-quarter fall by 0.3 percent to $23.8 billion.

However, JP Morgan Chase chief executive Jamie Dimon said the bank made a reasonable amount of profit given the current economic environment. Moreover, Dimon reassured shareholders that the bank was conducting business in a cautious manner.

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