Euro zone economy to shrink in 2012 (Reuters)

Reuters - The euro zone's economy is heading into its second recession in just three years, while the wider European Union will stagnate, the EU's executive said on Thursday, warning that the currency area has yet to break its vicious cycle of debt.

EU expects eurozone to suffer mild recession (AP)

AP - The 17-nation eurozone economy will suffer a modest recession this year despite recent signs of stabilization, particularly in financial markets, the European Union's executive branch said Thursday.

Stock index futures signal gains; HP eyed (Reuters)

Reuters - U.S. stock index futures pointed to a higher open on Wall Street on Thursday, with futures for the S&P 500 up 0.24 percent, Dow Jones futures up 0.34 percent and Nasdaq 100 futures up 0.52 percent at 1000 GMT.

Europe's banks bleed from Greek debt crisis (Reuters)

Reuters - Greece's debt problems drove a slew of heavy losses across the European banking sector on Thursday, and bosses warned the euro zone crisis would continue to threaten earnings.

Jerry Brown's Risky Path: How to Raise Taxes in California (Time.com)

Time.com - In a campaign that may influence the policies of other states (and even the federal government), the three-time governor is heading down a hazardous political path

Greece readies debt swap under bailout deal (Reuters)

Reuters - Greece's parliament will endorse a debt swap with private bondholders on Thursday to help reduce the country's debt and secure an international bailout, despite new protests against the tough terms of the deal.

Greek Parliament to vote on debt writedown deal (AP)

AP - Greek lawmakers are debating emergency legislation to approve a massive bond swap that would shave euro107 billion ($142 billion) off the country's privately held debt.

Royal Bank of Scotland losses widen on writedowns (AP)

AP - Royal Bank of Scotland, which is majority-owned by the British taxpayer, saw its loss in 2011 swell by 78 percent as it booked large provisions for Greek debt and compensation for buyers of payment protection insurance.

Obama to address gas prices, pitch energy policy (AP)

AP - President Barack Obama is confronting Americans' anxiety over rising gasoline prices by drawing attention to his energy policies and taking credit for rising oil and gas production, a greater mix of energy sources and decreased consumption.

HP profit plummets, CEO urges patience (Reuters)

Reuters - Hewlett-Packard Co's earnings fell nearly 44 percent and the world's No. 1 computer maker forecast a second-quarter profit below Wall Street estimates as it struggles with weak sales of PCs and printers.

Romney proposes 28 percent top income tax rate (Reuters)

Reuters - Republican Mitt Romney revised his proposal for overhauling the U.S. tax code on Wednesday, calling for all individual tax rates to be cut by 20 percent while declining to offer specifics on how to make up the lost revenue from lower rates.

Ford to add $3.8B to pension plans this year (AP)

AP - Ford Motor Co. will pump $3.8 billion into its global pension plans this year as it tries to get them closer to fully funding their obligations.

Some money from mortgage settlement to be diverted (AP)

AP - The ink wasn't even dry on a settlement with the nation's top mortgage lenders when Missouri Gov. Jay Nixon laid claim to a chunk of the money to avert a huge budget cut for public colleges and universities.

'Occupy' to hold national conference in Philly (AP)

AP - A group of protesters affiliated with the Occupy Wall Street movement plans to elect 876 "delegates" from around the country and hold a national "general assembly" in Philadelphia over the Fourth of July as part of ongoing protests over corporate excess and economic inequality.

Holiday spending pushes Macy's 4Q profit higher (AP)

AP - A strong holiday shopping season and hearty online sales pushed Macy's Inc.'s fourth quarter net income up 12 percent. That topped Wall Street's expectations, and the department store chain's stock hit a 52-week high.

World stocks rise on hopes for Greece, US economy (AP)

AP - Stock markets advanced Friday on hopes that Greece would soon get its crucial second bailout and following another batch of upbeat U.S. economic news.