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General Electric says that first-quarter profits fell 12 percent, although it topped Wall estimates when some one-time items are excluded.

The industrial and financial giant says that its transportation, health care and energy infrastructure businesses all boosted profits in the period.

GE reported earnings of $3.03 billion, or 29 cents per share, for the first quarter. That compares with $3.4 million, or 31 cents per share, for the same part of 2011. Revenue slipped by 8 percent to $35.2 billion Payday Loan for Bad Credit.

Excluding special items, GE says it earned 34 cents per share.

Analysts, who typically exclude special items in their estimates, were expecting earnings of 33 cents per share on sales of $34.8 billion.

Shares of General Electric Co. rose 32 cents to $19.46 in premarket trading.

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An Australian court on Tuesday found Google Inc. guilty of breaching trade law by hosting misleading or deceptive advertisements in a ruling that holds search engines responsible for their advertisers’ content.

Three Federal Court judges unanimously overturned a lower court’s ruling from September last year that Google was not responsible for advertisers’ breaches of Australia’s Trade Practices Act.

The appeal court ruled that Google had engaged in misleading or deceptive conduct with four ads that appeared on its Google Australia website. The advertisers used the names of competitors as keywords to trigger their own ads appearing.

The court ruled this was likely to mislead people searching for information about those competitors. Google’s “AdWords” system posts small text-only advertisements next to search results based on search keywords selected by the advertisers.

The section of the law that Google breached does not impose a fine. But the court ordered Google to make changes to prevent future breaches and to pay court costs to the Australian Competition and Consumer Commission, which appealed the September ruling cheap pay day loans.

Google said it was disappointed by the decision and is considering its options, which include a High Court appeal.

“Google AdWords is an ads hosting platform and we believe that advertisers should be responsible for the ads they create on the AdWords platform,” Google said in a statement.

ACCC chairman Rod Sims said he had appealed the original ruling because it raised important issues about the role of search engine providers as publishers of paid content.

“This is an important outcome because it makes it clear that Google and other search engine providers which use similar technology to Google will be directly accountable for misleading or deceptive paid search results,” Sims said in a statement.

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Stocks are opening lower after reports from China and Europe suggested that global economic growth is slowing.

A private survey of Chinese exporters released Monday fell to its lowest average reading in three years during the first quarter.

New European data showed that unemployment in the 17 countries that use the euro has risen to 10.8 percent. That’s the highest since the launch of the euro in 1999.

The Dow Jones industrial average fell 26 points to 13,185. The Standard & Poor’s 500 index fell 2 to 1,406. The Nasdaq composite index fell 7 to 3,084.

As traders sold stocks, they bought Treasurys, sending the yield on the 10-year Treasury note down to 2.18 percent from 2.24 percent earlier Monday.

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The recent New Democratic Party convention in Toronto may have done more than just select Thomas Mulcair as the party

A former MF Global executive is refusing to answer lawmakers’ questions about more than $1 billion in customer money that vanished in the days before the firm collapsed, invoking her Fifth Amendment right against self-incrimination.

Edith O’Brien, a former assistant treasurer at MF Global, was subpoenaed to testify before the House Financial Services oversight subcommittee hearing about an email she sent in the firm’s final days.

The email appears to contradict testimony from Jon Corzine, the firm’s then-CEO paydayloans. It says he ordered the transfer of $200 million from a customer account on Oct. 28 to cover an overdraft in the firm’s bank account in London.

Corzine testified in December that never directed anyone to use customer funds to fix the overdraft and he wasn’t told that customer money was used.

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Sometime in the past year, St. Louis slipped into an uncomfortable, but familiar  pattern. When the rest of the country is creating jobs, we lag behind.

So it has been for decades. We seem to miss out on the hot sectors and we were saddled, until recently, with a shrinking manufacturing base. We don’t seem to have the workforce that makes employers want to expand here.

There used to be a mythology that the St. Louis economy did OK during recessions, even if it lagged during expansions. That’s no longer true, if it ever was.

During the Great Recession and for a while afterward, the metro area’s employment reports tracked national trends closely. We suffered the same devastating job losses, percentage wise, as the rest of the country in 2008 and 2009, and we experienced the same halting recovery in 2010.

Then, early last year, the lines diverged. The nation continued to add jobs, slowly but steadily, and St. Louis didn’t. For all of 2011, the metro area lost 3,900 jobs, a shrinkage of 0.3 percent.

The U.S. economy added 1.8 million jobs last year, for growth of 1.4 percent. The St. Louis Federal Reserve Bank, commenting on the trend in a recent report, said the metro area’s job growth has been “systematically below the nation’s” since the first quarter of 2011.

David Rapach, associate professor of economics at St. Louis University, predicts that area employment will grow just 1.0 percent this year, compared with a national forecast of 1.7 percent.

St. Louis knows this territory well us fast cash.

“It’s just our usual thing of being behind,” says Howard Wall, chairman of the economics department at Lindenwood University. “The industries that are doing well, we don’t have.”

Of late, that’s the oil and gas industry. Until someone discovers shale gas under the Gateway Arch, we won’t keep pace with states like Texas, North Dakota and Pennsylvania.

We shouldn’t, however, just throw up our hands and complain that geology is destiny.

Some of the big industries we do have aren’t doing especially well. The health and education sector shrank slightly in St. Louis last year even as it grew 2 percent nationally.

Manufacturing, on the other hand, grew at about the national average. From the 1970s to the 1990s, the loss of factory jobs was a major reason why St. Louis lagged the nation. If that’s no longer an issue, why are we slipping into the old pattern?

“Our long-term problem,” Wall continues, “is human capital. We have not enough workers who are highly educated and too many of the poorly educated.”

Political leaders, however, don’t get it. Instead of figuring out how to improve Missouri’s education system, elected officials debate tax-credit programs that shift money to favored industries.

They’re fighting over pieces of the pie rather than making the pie bigger.

By just keeping pace with the nation, St. Louis could have had 22,000 more jobs than it actually did at the end of 2011. If Rapach’s forecast is correct, that jobs gap will grow by an additional 9,000 in 2012.

Those aren’t huge numbers, but they make a big difference over time. If the worst recession in 70 years wasn’t enough, what will it take to force a major rethinking of the region’s economic policies?

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Federal safety regulators are investigating complaints of throttles sticking in some Ford Tauruses.

The National Highway Traffic Safety Administration said on its website that 14 people have complained about the cars from the 2005 and 2006 model years, about 360,000 in all. No crashes or injuries have been reported, but the agency says a driver ran a red light and entered an intersection before the car could be stopped.

The agency says the cruise control cable may become detached and hold the throttle open guaranteed cash advance. Drivers have reported that it was hard to stop the car with the brakes, and several said they had to shut off the engine or shift into neutral to stop.

Ford says it is cooperating in the probe. The cars have not been recalled.

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Like millions of Americans, Joanne and John Buchanan are facing foreclosure. But at a value of more than $2 million, the home they stand to lose isn’t your average delinquency.

For the Buchanans, it’s the dream house they built from the ground up in a resort community near Breckenridge, Colo., in 2003. It took them almost two years and about $2.2 million to build — and soon they will have to move out.

Foreclosure Fiasco

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For years, homeowners at the high end of the housing market were able to postpone the foreclosure process, but now multi-million dollar homes are becoming more commonplace in America’s foreclosure pipeline. In fact, America’s wealthiest families are now losing their homes to foreclosure at a faster rate than the rest of the country, according to RealtyTrac.

Out of all foreclosure activity, the share of foreclosures on multi-million dollar properties — or homes valued at more than $2 million — has jumped by 273% since 2007.

For the Buchanans, losing the six-bedroom estate they helped design was unimaginable at one time, but now it seems unavoidable.

The couple moved to Colorado from California where John had worked as the director of business development at a high-tech Silicon Valley firm. They came seeking a less stressful life. John took a buyout package and the couple opened two wine and tapas restaurants, using their new dream home as collateral.

See inside the Buchanan’s $2 million dream home

Things went well, for a while. "In 2008, we were hit up here with the slowdown as much as anybody," John said. But "we were on the wrong end of the market," he said. High-end restaurants like theirs were quickly without customers.

John was forced to shutter the restaurants in a Chapter 7 bankruptcy filing.

Meanwhile other expenses were also piling up, including the couple’s mortgage payment, which was more than $7,000 a month. They had gone to their lender, CitiMortgage, to ask them to modify the mortgage on their home, which was then valued at $3 million. But the bank refused.

Eventually, the Buchanans just stopped paying their mortgage. John said he hoped it would get the bank’s attention. It has been almost 30 months since they last made a payment, meaning the couple is more than $210,000 behind on their mortgage no teletrek payday advance.

Sean Kevelighan, a spokesman for Citi, said the bank could not comment on specific cases. "Our first priority is to keep families in their homes," he said.

Since 2007, Citi has helped more than 1 million homeowners avoid potential foreclosure, he noted. "Unfortunately, that is not always possible, and some cases proceed to foreclosure," said Kevelighan.

As part of the bankruptcy filing, the Buchanans have agreed to sell their home and hand over the remaining assets to the restaurant lender after Citi recoups the $1.7 million that it is still owed on the mortgage, according to John.

"We had a lot of our savings tied up in the house and we’ll end up losing all of that," he said.

If the house doesn’t sell soon, CitiMortgage will proceed with a foreclosure, which will further destroy the Buchanan’s already damaged credit. But selling is looking less and less like an option: The market for high-end properties in the resort community has largely dried up. The Buchanan’s house was first listed for $3.3 million in 2008. Now it’s listed for $2.3 million, and there have been very few interested buyers, according to Joan Moats, the listing agent on the property.

"Transactions dropped, sales volume is lower and prices are down 25% to 30% since 2008," Moats said. Houses over the $1 million mark, like the Buchanans’ property, are particularly hard to move, she said. "We’ve reduced it by over a $1 million now — we’re trying to get it sold but I’m racing against the bankruptcy and the foreclosure."

"There’s no traffic, there’s no market at this level. If we find a buyer they will have difficulty getting a loan," John added. "The foreclosure will happen soon."

8 multi-million dollar foreclosures

And things just may get worse before they get better. More than 36,000 homes valued at $1 million or more were foreclosed on — or at least served with a notice of default — last year. That number is likely to rise in 2012, according to Daren Blomquist, vice president of RealtyTrac.

"The longer the tough economy persists, the more of these high-end homeowners will eventually succumb to foreclosure," Blomquist said.

After the Buchanans lose their home, they plan to move into a small rental property they can afford. "We probably won’t be able to buy anything for a long, long time," John said.  

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