Stocks recouping losses...Cyprus deposit grab...Hiding tobacco
Monday - 3/18/2013, 3:20pm ET
NEW YORK (AP) -- Stocks had been sinking on Wall Street amid fresh concerns that Europe's financial crisis could flare again over a proposed bank bailout plan for Cyprus. Financial stocks have led today's declines. But after an early sell-off, the benchmark indexes have been recouping losses. The Dow was down less than 20 in afternoon trading.
NICOSIA, Cyprus (AP) -- Cyprus banks will remain closed until Thursday as lawmakers try to amend a bailout deal that would raid bank accounts in the country. The move would seize up to 10 percent of deposits as a condition for a $13 billion international rescue package. A parliamentary vote on the plan has been postponed as the government and eurozone finance ministers discuss changes. One proposal includes making the tax more graduated, with the levy on smaller accounts starting at 3 percent and rising to 15 percent for the largest.
WILMINGTON, Del. (AP) -- British drugmaker AstraZeneca is eliminating 1,600 jobs, mostly in the U.S. and United Kingdom. It's part of a global restructuring meant to reduce costs and make research programs more productive. In the U.S., AstraZeneca will scale back its site in Wilmington, Del., eliminating about 650 jobs and shifting 550 more to other locations.
BEIJING (AP) -- One of the world's biggest solar panel manufacturers has defaulted on $541 million in payments to bondholders. Suntech had been hailed by China's government as a leader in efforts to make the country a center of the renewable energy industry, but a sharp drop in solar panel prices has erased profits around the industry. Suntech CEO David King says the company is "exploring strategic alternatives with lenders and potential investors," but in a statement today he's providing no details.
NEW YORK (AP) -- New York Mayor Michael Bloomberg is backing a new public health measure, this one aimed at smoking. The legislation would require stores to keep tobacco products out of sight. Bloomberg says the goal is to reduce the youth smoking rate. The bill will be introduced in City Council tomorrow.
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