MOSCOW (AP) ― Russia has seen its credit grade cut to “junk” status for the first time in over a decade, a big blow for a country that wants to be a world economic power.The downgrade by Standard & Poor’s reflects the country’s growing economic problems, such as the collapse in the value of its oil exports and the impact of Western sanctions. But it is also rare for a country with such low debt levels.The Russian government announced Tuesday an anti-crisis plan that aims to fix the budget and ac

A JPMorgan flag flies at the company’s headquarters in New York. (Bloomberg)JPMorgan Chase & Co.’s foreign-exchange traders reaped a gain of as much as $300 million after the Swiss central bank roiled markets by abolishing its cap on the franc, according to two people with knowledge of the matter. The bank netted $250 million to $300 million on the day of the Swiss National Bank’s surprise decision to scrap the franc ceiling of 1.20 against the euro, said the people, who asked not to be identifi

OPEC’s secretary-general said oil prices as high as $200 a barrel are possible if producers fail to invest in new supply. Crude futures erased losses in New York. “If you don’t invest in oil and gas, you will see more than $200,” Abdalla El-Badri said in an interview in London on Monday, without giving a timeframe. West Texas Intermediate, the U.S. crude benchmark, erased a decline of as much as 2.7 percent. Crude prices tumbled 46 percent last year as Saudi Arabia and other members of the Organ

WASHINGTON (AP) ― The Federal Reserve ended 2014 with a pledge to be “patient” in raising interest rates from record lows. The way things are going, its patience may endure for a long while.Though the U.S. economy has steadily improved, inflation has dipped further below the Fed’s target rate. Chalk it up to plunging oil prices and a surging dollar, which makes foreign goods cheaper in the United States.Complicating the Fed’s timetable is the European Central Bank’s just-announced plan to pump 1

BRUSSELS (AFP) ― Greek anti-austerity party Syriza’s resounding election win on Sunday leaves the European Union caught between finding a compromise with its leader Alexis Tsipras and making concessions that will be hard to swallow for countries like Germany, analysts said.Having won over a frustrated Greek public with fighting talk of renegotiating the country’s 240 billion euro ($269 billion) rescue package and leaving behind years of painful spending cuts, Tsipras has put himself firmly on a

NEW YORK (AP) ― Oil prices rose initially on news of the death of Saudi Arabia’s powerful King Abdullah, but the increase was moderate and short-lived. The king’s death is unlikely to lead to a change in the kingdom’s immense crude production or change the course of oil prices in the coming months, analysts say. The benchmark U.S. crude futures contract rose more than $2 a barrel in the hours after the king’s death was announced Thursday evening in New York. But by the time commodity markets ope