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U.S. economy contracts in first quarter; dollar hurts corporate profits

WASHINGTON - The U.S. economy contracted in the first quarter as it buckled under the weight of unusually heavy snowfalls, a resurgent dollar and disruptions at West Coast ports, but activity already has rebounded modestly.

Recent Business News

U.S. warns G7 of global economy 'accident' without Greece deal

DRESDEN, Germany - The United States warned on Friday of a possible accident for the world economy if Greece and its creditors miss their June deadlines to avert a debt default.

2:25pm EDT

U.S. funds raise equity allocation, cut euro zone assets: Reuters poll

- U.S. fund managers recommended increasing equity exposure in a model portfolio in May, a Reuters poll showed, raising allocations in mainly North American and British shares at the expense of those in the euro zone.

9:11am EDT

Unrepentant Lehman ex-CEO Fuld says firm 'was not bankrupt'

NEW YORK - Six years, seven months and 13 days after Lehman Brothers Holdings Inc filed for bankruptcy, its former chief executive, Richard Fuld Jr., is still insisting it did not go broke.

5:18am EDT

Deutsche's Jain wins support of bank's top labor leader

FRANKFURT - Deutsche Bank co-Chief Executive Anshu Jain won welcome support from the group's top labor representative on Friday, who said a Frankfurt-based workers council acted alone when it called for Jain's resignation this week.

9:32am EDT

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