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Obama says EU is wealthy enough to solve crisis

U.S. President Barack Obama said on Thursday he was very concerned about the euro zone crisis and believed the European Union had the resources to solve it if leaders could find the political will.

European Union leaders' comments ahead of summit

European Union leaders gathered on Thursday for a critical two-day summit focused on trying to find a solution to the euro zone debt crisis.

European Banks' Cash Hole Grows by 7.18 Percent to €114.69 Billion

The European Banking Authority noted banks within the 27-nation European Union need to raise €114.69 billion ($152.8 billion) by June of next year in order to meet the authority's capital requirements. That amount is €8.24 billion, or 7.18 percent, more than the supranational regulator had noted on October 30. The balance sheet apparently worsened at certain banks, most notable in Germany, Belgium and Austria.

Europe's Markets Close at One-Week Low Thursday on ECB, EU

European shares fell to a one-week closing low on Thursday after European Central Bank President Mario Draghi gave no indication it would aggressively increase its bond-buying program and said the region's economy faced increased downside risks.

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Gold profits from bargain hunters, euro gain

Gold Prices Fall Hard on ECB Restraint

Gold prices fell Thursday as the European Central Bank head tapped down hopes of more government bond buying, hammering the euro and boosting the dollar.

McDonald's November sales beat Street view

McDonald's Corp reported a bigger-than-expected rise in November sales at established restaurants across the board, led by big gains in Japan, China and a strong showing in its top revenue market of Europe.

Europe's Markets Lower Thursday at Mid-day on ECB Comments

European shares fell in a choppy afternoon session on Thursday, erasing earlier strong gains, with traders saying the market came under pressure after European Central Bank President Mario Draghi cautioned on the region's economic outlook.

IBM ‘s DemandTec Buy to Contest Oracle, SAP

IBM, the No. 2 computer giant, said it plans to acquire e-commerce specialist DemandTec for $440 million to beef up its retail and marketing software services.

A sculpture showing the Euro currency sign is seen in front of the ECB headquarters in Frankfurt

ECB Cool on More Bond Buying, Lending to IMF

The European Central Bank doused on Thursday hopes it will aggressively ramp up its bond-buying program and allow the euro zone to lend money to IMF so it can help fight the Eurozone debt crisis.

Arsenal News: Who the Gunners Could Face Next in the Champions League

English Premier League club Arsenal booked their place in the first knock-out round of the UEFA Champions League this year and now know the complete list of potential opponent for the next round. The draw for the knockout stages will now be held on Dec. 16 in Nyon, Switzerland. This season's Champions League will conclude at the Allianz Arena in Munich, Germany.

ECB cuts rates as France, Germany press for EU deal

The European Central Bank acted to soften a looming recession and avert a credit crunch in the debt-plagued euro zone by cutting interest rates on Thursday as European Union leaders prepared for a crucial summit.

Mario Draghi speaks during a news conference at the G20 Summit in Seoul.

ECB Cuts Rates to Record Low on Recession Fears

The European Central Bank cut interest rates by a quarter of a point on Thursday to counter the twin threats of recession and deflation in the Eurozone, and is expected to unveil fresh measures to help banks hurt by the bloc's debt crisis.

France's President Nicolas Sarkozy (R) and Germany's Chancellor Angela Merkel attend a joint press conference on the eve of a G20 summit of major world economies in Cannes

France, Germany to Push Crisis Plan

The president of the European Commission appealed to EU leaders on Thursday to set aside their differences and unite to rescue the euro from a sovereign debt crisis that is menacing the world economy.

Rupee Extends Fall on Weak Equities, Euro

The rupee extended its drop to the third session Thursday, dragged by weak domestic equities amid investor concern over slowing growth and lackluster policymaking.

China to Support EU in Tackling Debt Crisis: Foreign Minister

China will support Europe in its efforts to overcome its debt crisis which Beijing sees as only temporary, Chinese Foreign Minister Yang Jiechi said after talks in Berlin Wednesday.

UAW won't name foreign auto organizing target

The United Auto Workers union has decided it will not identify an organizing target among foreign automakers with U.S. operations, a shift in strategy in a campaign that union leadership sees as central to its survival.

A customer examines a Nook e-reader at a Barnes and Noble store in Boston, March 18, 2011.

U.S. European Antitrust Regulators Look at e-books

The United States is looking into allegations that the electronic book industry has violated antitrust law, a top Justice Department official said on Wednesday.

France and Germany seek support for crisis plan

France and Germany are to sound out conservative European leaders on Thursday about their plan to defuse the euro zone's debt crisis, eager to rally support before a high-stakes EU summit.

U.S., European antitrust regulators look at e-books

The United States is looking into allegations that the electronic book industry has violated antitrust law, a top Justice Department official said on Wednesday.

Germany pours cold water on EU summit hopes

Pessimistic comments from EU paymaster Germany and new figures exposing deepening stress among Europe's banks dented financial market hopes of a turning point in the euro zone's debt crisis at a summit this week.

New York Banks Put on Security Alert; Package Bomb Targets Deutsche Bank

Yet the New York Police Department has warned all banks in the city to beef up mailroom security in light of the episode. The package in Germany was made of explosives and shrapnel, and it was discovered in the mailroom at Deutsche Bank's headquarters. The package was detected by X-ray technology, police said. It did not detonate.

Wall St edges up with eyes on EU summit

Hopes the euro zone will figure out a solution to its ongoing debt crisis inspired enough buying to push stocks to a third day of gains on Wednesday in light trading.

Wall Street wavers with eyes on EU summit

Stocks were little changed in choppy, light trading on Wednesday as investors weighed high expectations about an upcoming euro zone summit against headline-driven selling.

Wall Street flat, eyes on euro zone summit

Stocks were little changed in choppy, light trading on Wednesday as investors weighed high expectations about an upcoming euro zone summit against headline-driven selling.

Europe's Markets Close Lower Wednesday on EU Summit Concerns

European shares slipped back slightly in cautious trade on Wednesday, ahead of a EU summit this week, amid uncertainty about the chances a comprehensive deal would be reached to help end the region's debt crisis.

Paris, Berlin seek action on company, financial tax

France and Germany want a new EU framework to speed up progress towards a common corporate tax base and a financial transaction tax as well as convergence of financial regulation and labor market policies, a Franco-German letter sent on Wednesday to European Council President Herman Van Rompuy showed.