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Friday Afternoon Business Brief

June 22, 2012, 1:28 PM

Friday Afternoon Business Brief

The stock market has been in bounce-back mode today. The move, led by banks, comes a day after the market suffered one of its worst losses this year.

  • The leaders of France, Germany, Italy and Spain agree to work toward a growth package valued at up to $163 billion at a European Union summit next week. The gathering is aimed at energizing Europe's economy and defending against a breakdown of the euro.
  • A plan for European Union countries to tax financial transactions today ran into a roadblock. Only 10 the 27 countries were prepared to support it.  Money raised by the tax would be used to fund future bank bailouts.
  • Risk of engine fires has prompted General Motors to recall its popular Chevrolet Cruze compact car. The recall covers 2011 and 2012 models and affects nearly a-half million vehicles.
  • American Airlines is offering to drop plans to furlough pilots as it seeks union approval for a long-term cost-cutting deal. Word of the proposed changes came after a federal judge granted a one-week delay in ruling on American's request to throw out existing labor contracts.

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