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Japan's economy shrinks 2.3 percent in 4Q

Japan's economy shrank 2.3 percent in the fourth quarter as manufacturers were battered by the strong yen, weak export demand amid the European debt crisis and flooding in Thailand.

  • Asia stocks rise after Greece austerity vote

    Asian stock markets rose Monday after Greece's parliament approved a new set of austerity measures that were required by international lenders in exchange for an emergency bailout.

  • Oil above $99 as Greece approves austerity cuts

    Oil prices rose above $99 a barrel Monday in Asia after the Greek parliament approved new austerity measures that should secure a bailout and avoid bankruptcy.

  • Jittery investors watch Greece, US economic data

    For the past six weeks, Wall Street traders have optimistically pushed the Dow Jones industrial average up nearly 4.8 percent on a belief that the U.S. economic recovery is finally gaining momentum.

  • In this photo released by CBS News White house Chief of Staff Jacob Lew talks on CBS's Face the Nation in Washington Sunday, Feb. 12, 2012. Lew, who appeared on various Sunday shows, said the new budget would put the country on track to achieve $4 trillion in deficit reductions over the next 10 years, achieved by raising taxes on the wealthy and trimming government spending. The president's budget would cut spending by $2.50 for every $1 it raises in new taxes. "In the long run, we need to get the deficit under control in a way that builds the economy," he said. "We do it in a way that's consistent with American values so that everyone pays a fair share."

    The fight begins: Obama's budget going to Congress

    The new budget that President Barack Obama is sending to Congress aims to achieve $4 trillion in deficit reduction over the next decade by restraining government spending and raising taxes on the wealthy. To help a weak economy, Obama's proposal Monday requests increases in transportation, education and other areas. Photo Gallery Available

  • As Facebook IPO nears, the case for dull stocks

    Investors thinking of buying a piece of Facebook after it goes public are hoping it will perform like Google, whose stock has risen 500 percent since its debut seven and a half years ago.

  • Snow covers the rooftops of the houses overlooking the harbour of the Tuscan island of Giglio, Italy, Saturday, Feb. 11, 2012, as the grounded Costa Concordia cruise liner still lays stricken in background. The Concordia ran aground on Jan. 13 after the captain deviated from his planned route and gashed the hull of the ship on a submerged reef.

    Fuel removal under way on Italy cruise ship

    Authorities in Italy say pumping operations have begun to remove some of the 500,000 gallons of fuel aboard the cruise ship that ran aground off Tuscany.

  • Iraq's Prime Minister Nouri al-Maliki, right, symbolically opens the valve of a new oil export terminal in the Persian Gulf, southern Iraq, Sunday, Feb. 12, 2012. Iraq has opened the taps at a new oil export terminal in the Persian Gulf in a vital step to bringing revenue for reconstruction after decades of war and international sanctions.

    Iraq opens new oil export terminal in Persian Gulf

    Iraq inaugurated a new offshore oil export terminal in the Persian Gulf on Sunday in a vital step to ease infrastructure constraints and to bring sorely needed cash for reconstruction after decades of war and international sanctions.

  • Boeing says it's frustrated with Dreamliner glitch

    A top Boeing Co. executive says that the plane maker is frustrated with the latest 787 Dreamliner production glitch, but that it shouldn't delay output goals.

  • A protester wearing a Greek flag sits in front of riot police during a rally outside the Greek Parliament in Athens, Saturday, Feb. 11, 2012. The leaders of the two parties backing Greece's coalition government called on their deputies Saturday to back legislation that calls for harsh new austerity measures - essential if Greece is to get a new bailout deal worth euro 130 billion ($171.6 billion) and stave off bankruptcy.

    Greece passes new austerity deal amid rioting

    Greek lawmakers on Monday approved harsh new austerity measures demanded by bailout creditors to save the debt-crippled nation from bankruptcy, after riots in Athens and other cities left stores looted and burned and more than 120 people hurt. Video Available Photo Gallery Available

  • Copies of of President Barack Obama's fiscal 2013 federal budget are readied for shipment, Thursday, Feb. 9, 2012, at the Government Printing Office (GPO) in Washington.

    The fight begins: Obama's budget going to Congress

    The new budget that President Barack Obama is sending to Congress aims to achieve $4 trillion in deficit reduction over the next decade by restraining government spending and raising taxes on the wealthy. To help a weak economy, Obama's proposal Monday requests increases in transportation, education and other areas. Photo Gallery Available

  • Protesters carry a banner which reads in Greek '' uprising '' during a protest in the northern port city of Thessaloniki, Greece, Saturday, Feb. 11, 2012. The leaders of the two parties backing Greece's coalition government called on their deputies Saturday to back legislation that calls for harsh new austerity measures - essential if Greece is to get a new bailout deal worth euro 130 billion ($171.6 billion) and stave off bankruptcy.

    Greece's grim choice: deep budget cuts or default

    Why would Greece accept more pain when unemployment is at 21 percent, the economy is enduring its fifth year of recession and rioters are hurling gasoline bombs in the streets of Athens? Photo Gallery Available

  • Chart shows unemployed persons by duration of their joblessness.

    Faces beyond the numbers of long-term unemployed

    J.R. Childress is up before the sun, bustling about in the French colonial brick house he built. He helps pack his wife's lunch, downs some eggs or cereal for breakfast, pores over online and newspaper job listings and hopes - even prays - this will be the day when his fortunes turn around. Photo Gallery Available

  • FILE - A Thursday Dec. 4, 2008 photo from files showing author JK Rowling reading to around 200 schoolchildren at a tea party in the Parliament Hall Edinburgh Thursday Dec, 4, 2008, where she read passages from her new book "The Tales of Beedle the Bard". J.K Rowling described how press intrusion made her feel like a hostage, Hugh Grant traded insults with a newspaper editor and a former tabloid reporter insisted that only evildoers had any need of privacy. The first phase of Britain's media ethics inquiry ended this week after 40 days of dramatic hearings that heard from 184 witnesses _ celebrities, journalists, editors, academics and lawyers _ and revealed wildly differing perspectives on the murky workings of the tabloid press.

    UK gov't: Press must face tougher penalties

    Britain's press must face tougher penalties for breaches of standards in the wake of the tabloid phone-hacking scandal, the government minister responsible for the media said Sunday. Photo Gallery Available

  • President Barack Obama pauses while announcing the revamp of his contraception policy requiring religious institutions to fully pay for birth control, Friday, Feb. 10, 2012, in the Brady Press Briefing Room of the White House in Washington.

    Deadline nears, Obama wants payroll tax cut action

    President Barack Obama is pressuring Congress to extend a payroll tax cut for the rest of the year as another deadline nears for Congress to act or see taxes go up for millions of working people. Photo Gallery Available

  • Republic Bancorp founder Bernard Trager dies at 83

    Bernard Trager, the longtime chairman and founder of bank holding company Republic Bancorp Inc., has died. He was 83.

  • Fishermen meet amid bleak cod prospects

    Fishermen and federal officials grappled Friday with the increasingly bleak prospect of finding some way for the historic New England industry to avoid collapse amid troubles with the health of Gulf of Maine cod.

  • Bank failures in Ill, Ind bring 2012 total to 9

    Regulators on Friday closed small banks in Illinois and Indiana, increasing to nine the number of U.S. bank failures this year, a slower pace than in 2011, when there were 92 bank closures.

  • S&P lowers rating on 34 Italian banks

    Standard & Poor's Ratings Services on Friday lowered its ratings on 34 Italian banks, citing concerns over Italy's financial vulnerability and expectations for weak profits at the banks.

  • George Karatzaferis, leader of the rightist LAOS party, left, holds a gift for the Greek President Karolos Papoulias, right, during their meeting at the Presidential palace in Athens, Friday, Feb. 10, 2012. The leader of a junior partner in Greece's coalition government says his will not vote for new austerity measures, required for a massive new bailout deal to avoid bankruptcy.

    Greek premier defends bailout deal, painful cuts

    Warning of a "catastrophe" that would leave Greeks subsisting on food stamps and the country wallowing in bankruptcy, Greek leaders urged lawmakers Saturday to pass more painful spending cuts on the eve of a crucial vote to qualify for a massive bailout. Video Available Photo Gallery Available

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