S&P cuts ratings on 9 eurozone countries

S&P cuts ratings on 9 eurozone countries

paris

Ratings agency Standard & Poor’s dealt a setback Friday to Europe’s ability to fight off a worsening debt crisis by downgrading the government debt of France, Italy, Spain and Austria. But it kept Germany’s at the coveted AAA level.

All told, S&P cut its ratings on nine eurozone countries.

The downgrades could drive up yields on European government debt as investors demand more compensation for holding bonds deemed to be riskier than they had been.

Higher borrowing costs would put more financial pressure on countries already contending with heavy debt burdens.

Balmy winter brings economic surprises

new york

Out of a relatively balmy winter have sprung some economic surprises. People have more cash in their pockets because they aren’t turning up the thermostat. Airlines don’t have to de-ice planes or battle blizzards. And shoppers are finding great deals on coats and boots.

But there are also disappointments. Merchants are stuck with unsold shovels and snowblowers. Drugstores say customers aren’t buying cold medicine or getting as many flu shots.

The weather has been so mild that at some hardware outlets, rakes are flying off the shelf, and grass seed is outselling ice-melting salt.

This winter has been remarkably tame, especially in regions accustomed to a three-month tussle with freezing temperatures, snow, sleet and ice.

In the Northeast, only four Decembers in the last 117 years have been warmer, according to the National Weather Service.

Apple discloses list of its suppliers

new york

Apple has disclosed a list of its suppliers for the iPhone, iPad and other popular gadgets for the first time amid growing criticism over labor and environmental practices, especially in China.

Apple disclosed its list of its suppliers responsible for 97 percent of its procurement expenditures worldwide. Some examples are Intel Corp., Broadcom Corp., Amphenol Corp. and Sanyo Electric Co.

Weaker Europe orders less from US

washington

A sign that Europe’s crisis has begun to weigh on the U.S. economy emerged Friday from a report that exports to the continent sank in November — far more than overall U.S. exports did.

Europe, which consumes nearly one-fifth of America’s exports, may already be in a recession. A weakening Europe could further shrink demand for American goods and slow the U.S. economy just as the job market has started to strengthen.

The U.S. trade deficit rose 10.4 percent in November to $47.8 billion, the Commerce Department said.

Overall exports dropped 0.9 percent to $177.8 billion. American exports to Europe fell much more sharply — nearly 6 percent.

Vindicator wire reports

Selected local stocks

STOCK, DIVIDENDCLOSECHANGE

Aqua America, .66, 21.26 —.10

Avalon Holdings,2.95.07

Clear Channel, .78 61.78 —1.19

Cortland Bancorp, 6.75.15

Farmers Nat.5.05 .00

First Energy, 2.20, 42.17—.03

FirstMerit Corp., .64,15.97 —.33

First Niles Financial, .32,7.25.25

First Place Fin., .58.00

FNB Corp., .48,12.30—.02

General Motors,24.29—.38

General Electric, .68,18.84—.09

Motors Liquidation, .0422.00

Huntington Bank, .16, 5.97.00

JP Morgan Chase, 1.00,35.92—.93

Key Corp, .12,8.31.09

LaFarge, 9.17 —.15

Macy’s, .40, 34.42—.62

Parker Hannifin, 1.48, 82.44—.64

PNC, 1.40,61.73—.36

RTI Intl. Metals,25.62—.22

Simon Prop. Grp.,3.60,126.92—.09

Stoneridge 9.44 .08

United Community Fin. 1.21—.05

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.