S&P rates new bonds but holds sovereign rating  in selective defaultATHENS (AP) ― The International Monetary Fund on Thursday approved 28 billion euros ($36.56 billion) in funding for crisis-hit Greece over the next four years, while Standard and Poor’s said that the country’s new bonds were still vulnerable to a default.An IMF’s executive board granted the immediate release of 1.65 billion euros ($2.15 billion) of these funds as part of the country’s second bailout, a statement said.Greece will

BEIJING (AP) _ Chinese state television has accused McDonald's and French retrailer Carrefour of selling expired chicken products in separate incidents amid public anxiety in China over food safety.McDonald's Corp. and Carrefour Inc. issued public apologies Friday and said they were investigating th

An ambitious project to clean the statue-topped colonnade that cradles St. Peter’s Square is likely to last at least three more years, the director of the Vatican restoration says. In this March 11, 2001 file photo, statues topping the Bernini colonnade frame St. Peter's Square at the Vatican.

Saudis say they and other oil suppliers can up exports as markets fret over Iran tensionsKUWAIT CITY (AP) ― Saudi Arabia’s top oil official said Wednesday his country and other oil exporters are ready to offset any shortfalls in supply, as fears of a showdown with Iran over its nuclear program help drive prices higher. The comments from OPEC’s biggest oil producer were followed by a call from a senior American energy official for increased production to relieve what he sees as “tight” markets th

LUXEMBOURG (AP) ― Countries in the 17-nation eurozone on Wednesday formally approved a second bailout for Greece and authorized the release of 39.4 billion euros ($51.44 billion), as they had signaled last week. Jean-Claude Juncker, prime minister of Luxembourg and chairman of meetings of eurozone finance ministers, said the bailout fund ― or European Financial Stability Facility ― will disburse the money in several installments. The decision was a formality, as Greece had already been found to

WASHINGTON (AFP) ― Investment banking titan Goldman Sachs has become a “toxic and destructive” firm focused on milking clients for everything it can, a resigning executive director said Wednesday in the New York Times.Greg Smith said the Wall Street giant, which paid huge penalties for double-dealing with investors in mortgage securities during the financial crisis, had dumped its old culture of honestly helping its customers make money.Today, instead, customers are called “muppets” by top execu

Fitch Ratings said Britain risks losing its top investment grade because of its limited ability to deal with shocks, days before Chancellor of the Exchequer George Osborne will present his annual budget. Fitch changed the outlook on Britain to “negative” from “stable,” indicating a “slightly greater” than 50 percent chance that the “AAA” rating will be reduced within two years, the company said in a statement in London late Wednesday, citing the weak economic recovery, high debt levels and threa