Debating debt rules

Debating debt rules

LUXEMBOURG

European finance ministers plan to hash out a deal on stricter budget rules to avoid another government debt crisis, as a surging euro casts doubt on the continent’s fragile economic recovery.

Two differing proposals spelling out penalties for overspending governments will be considered, after ballooning debt and deficit levels in countries such as Greece, Ireland and Spain shook the foundations of the 16-nation eurozone earlier this year.

The two-day gathering beginning today in Luxembourg comes amid the specter of a possible global currency war, as governments around the world try to boost their economies by pushing down the value of their currencies, thus making their exports more competitive.

Trump stymied

wantagh, n.y.

After promising in typical Trumpian modesty to replace a restaurant at a landmark New York beach with “the finest dining and banquet facility anywhere in the world,” Donald Trump seethes four years later over what he calls “a rat-infested dump.” When he announced plans in 2006 for “Trump on the Ocean” at Jones Beach, designed by legendary urban planner Robert Moses, he envisioned a facility with sweeping views of the Atlantic.

What he didn’t anticipate was persistent civic opposition, or skeins of bureaucratic red tape.

“The word I’d use is incomprehensible,” Trump told The Associated Press. “I was going to build a magnificent building on the boardwalk that would have made Robert Moses envious and proud. It would have been the best building in the entire state parks system.”

China rejects probe on clean energy

beijing

A senior Chinese official rejected a U.S. trade complaint about Beijing’s clean-energy policy and said Sunday that Washington might be improperly supporting its own industry.

The U.S. government said Friday it would investigate complaints by a labor union that Beijing unfairly subsidizes its producers of wind and solar equipment.

“Chinese subsidies to new energy companies are much smaller than those of the U.S. government,” said Zhang Guobao, director of the Cabinet’s National Energy Administration, at a news conference. “If the U.S. government can subsidize companies, then why can’t we?”

The complaint by the United Steelworkers adds to strains between Washington and Beijing over trade in tires, steel, chicken, movies and other goods.

Associated Press

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .62, 20.69 .12

Avalon Holdings,2.90—.06

Clear Channel, 1.75 53.89 —1.07

Cortland Bancorp, 5.35.10

Delphi Automotive, .02 .00

Farmers Nat., .12, 3.60 —.05

First Energy, 2.20, 38.93.28

FirstMerit Corp., .64,18.00 —.19

First Niles Financial, .327.50.00

First Place Fin., 3.55—.08

FNB Corp., .48,8.91—.18

General Electric, .48,16.30—.86

Motors Liquidation, .34.00

Huntington Bank, .04, 5.69—.04

JP Morgan Chase, .20,37.15—1.57

Key Corp, .04,8.03—.15

LaFarge, 14.65 .03

Macy’s, .20, 24.18.14

Parker Hannifin, 1.08, 71.03—.14

PNC, .40,51.32—.43

RTI Intl. Metals,29.65—.71

Rural/Metro, 8.81 .11

Simon Prop. Grp., 2.40,97.48.74

Stoneridge 12.62 .34

United Community Fin. 1.47—.03

Selected prices at 4 p.m. Friday. Provided by Stifel Nicolaus. Not to be construed as an offer or recommendation to buy or sell any security.