World financial news

LONDON — The collapse of talks aimed at reducing the staggering U.S. budget deficit weighed on world markets Tuesday but failed to stifle a rebound in Europe.

Stocks took a pummeling on Monday after a so-called supercommittee in Congress failed to reach a deal to cut the U.S. federal budget deficit by $1.2 trillion over 10 years. While not entirely unexpected, the failure heightened worries that political bickering — in the U.S. and Europe — will hurt efforts to cut debt during a period of declining economic growth.

European countries are locked in a debate over how to provide a lasting solution to their debt crisis, which is causing borrowing rates to rise to dangerous highs for ever-larger countries.

Many countries would like the European Central Bank to step up its bond purchases, which have the effect of keeping down borrowing rates. It currently buys bonds in limited amounts, but experts say it needs to expand the program significantly if it is to be effective.

Germany, however, opposes such a move for fear it would create inflation and saddle the central bank with bad loans.

Berlin is also against issuing eurobonds — debt backed by all 17 eurozone nations — that the European Commission is pushing for this week. Chancellor Angela Merkel is worried it would expose German taxpayers to irresponsible spending in other countries and erode pressure on governments to reform their economies.

As the leaders struggle to find common ground, the markets remained on edge.

Spain was forced to pay sharply higher interest rates in an auction of short-term debt, suggesting investor remain wary of the country’s financial prospects despite a new, center-right government coming to power this week.

European stocks were up slightly after huge losses on Monday, as some investors sought bargains. Britain’s FTSE 100 added 0.6 percent to 5,251.46 while Germany’s DAX rose 1.1 percent to 5,664.73 and France’s CAC-40 gained 1.0 percent to 2,922.81.

Wall Street was headed for a soft opening, with Dow Jones industrial futures flat to 11,519 and S&P 500 futures up 0.5 percent at 1,196.

Shares in Asia struggled to make headway after Monday’s losses on Wall Street. Japan’s Nikkei 225 index fell 0.4 percent to 8,314.74, its lowest close since March 2009.

Australia’s S&P/ASX 200 dropped 0.7 percent to 4,133. China’s Shanghai Composite Index edged 0.1 percent lower to 2,412.63. Benchmarks in Taiwan, Malaysia and New Zealand also fell.

But Hong Kong’s Hang Seng erased early losses, rising 0.1 percent to end at 18,251.59 and South Korea’s Kospi index rose 0.3 percent to 1,826.28.

Clouds are gathering in Asia, where Singapore — seen as a bellwether of Western demand because of its very high reliance on trade — said Monday its economy would likely suffer a sharp slowdown in 2012 as export orders from developed countries wane.

“I think we are looking at maybe 2 percent growth for the entire world. For a normal year, global economic growth will be like 4 percent, but now it has to revise down to about 2 percent, so you are taking out a big chunk of the GDP … around the world,” said Francis Lun, managing director of Lyncean Holdings in Hong Kong.

Losses among Asian stocks were broad-based and included banks and consumer shares.

Hong Kong-listed China Construction Bank and Australia & New Zealand Banking Group both fell 1.1 percent. Hong Kong-listed GOME Electrical Appliances slid 1.9 percent and China Garments Co. lost 2.3 percent.

Mainland Chinese shares in power, food and travel companies led the gains while shares in chemical, aviation and auto companies weakened. Air China Ltd. lost 5.5 percent while Bright Food (Group) Co. gained 3 percent.

In currency trading, the euro rose to $1.3533 from $1.3496 late Monday in New York. The dollar was roughly unchanged at 76.93 yen.

Benchmark crude for January delivery was up 93 cents at $97.85 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 75 cents to settle at $96.92 in New York on Monday.

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Tropical Storm Kenneth is strengthening in the eastern Pacific Ocean, with forecasters calling it a rare late-season tropical storm.

The U.S. National Hurricane Center in Miami said Sunday that Kenneth had maximum sustained winds near 50 mph (85 kph). The storm was centered about 505 miles (810 kilometers) south of Manzanillo, Mexico, but was moving away from the coast.

Projections show Kenneth moving west out to sea, away from land, over the next several days.

The eastern Pacific hurricane season ends Nov. 30.

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Boeing is starting to fly right.

An Indonesian airline’s commitment to buy $21.7 billion worth of new planes is the latest good news for the company after a year when some things could have gone better.

Earlier this week, Emirates Airlines ordered $18 billion worth of 777s. Both deals come shortly after Boeing finally began delivering its two newest planes, the next-generation 787 and the latest version of the iconic 747.

Just a year ago, the outlook was dicier.

The new 787 was already running nearly three years late when an electrical fire on a test plane in November 2010 forced it to suspend flight tests. The revamped 747 was running late, too. And Airbus announced plans to put a new engine on its A320, making the plane more fuel efficient and a more potent competitor to Boeing’s 737.

The Airbus move forced Boeing to switch gears and offer a new-engine version of its 737 rather than build an all-new plane as it had originally expected to do.

Boeing needed some successes, and it found them in Asia and the Middle East, where rising wealth is turning more people into travelers.

Boeing expects demand for 11,450 planes in the Asia-Pacific region over the next 20 years, more than in any other part of the world. That number includes planes made by Boeing and competitors such as Airbus and new entrants into the market. Airbus has already booked 1,268 firm orders for its A320neo, so named for its “new engine option.”

The commitment by Indonesia’s Lion Air announced on Thursday is for 230 Boeing 737s. Lion Air also has options for 150 more planes, valued at $14 billion, bringing the deal’s total potential value to $35 billion.

The order would be Boeing’s largest ever in terms of both volume and dollars.

“This order is a big deal,” RBC Capital Markets analyst Robert Stallard wrote in a research note to clients. The deal “gives a meaningful boost to Boeing’s backlog.”

Most of the planes are the 737 Max, a new version of Boeing’s most popular plane with more fuel-efficient engines. It won’t be delivered to its first customer until 2017. Boeing has said it has about 600 commitments for the 737 Max.

But the Lion Air deal is not a certainty. The airline still has to finalize the order, and it’s struggling no teletrek payday advance. The Jakarta Post reported in August that Lion Air was ordered to ground 13 planes so it would have more in reserve because it had too many late flights.

“There’s always a risk that a deal’s going to fall through,” Citi analyst Jason Gursky said. “It’s a brutal industry, and when we go through periods of slower economic growth, there will be failures. It’s Boeing’s job to pick the winners and losers. But I think they’re pretty agnostic right now as to who they sell to.”

Gursky said Boeing went on “order holiday” in 2011 because it didn’t have a product to sell. That has changed now that it decided to put a new engine on the 737. He expects Boeing’s deliveries to increase by 27 percent next year, compared with a 9 percent increase at Airbus.

“That’s why we think this year is going to be the year of Boeing,” he said.

Even before Lion Air announced its plans, Boeing has been ramping up production to try to meet demand for the 737 as well as the 777, a larger plane used mostly on international routes. It already has a backlog of 2,191 737s that have been ordered by airlines around the world but not yet built.

Boeing already completes about one 737 every day in Renton, Wash. It is raising that to 42 per month in 2014. It has not yet said whether the 737 Max will be assembled in Renton or somewhere else, perhaps in South Carolina, where it is opening a second assembly line for its new 787.

Boeing already employs some 80,000 people in Washington state. Gursky, the analyst, has written that the biggest risk to Boeing’s planned rate increases appears to be its ability to hire the thousands of new workers it will need.

Lion Air already has orders for 125 more Boeing 737-900ERs. Its fleet currently stands at 73 planes, according to Airfleets.net. Sixty-five of those are Boeing 737s.

Also Thursday, Boeing said that aircraft leasing company Aviation Capital Group had ordered 20 of its 737-800s and committed to buy 35 of the planned 737 Max.

Shares of Chicago-based Boeing fell 25 cents Thursday to close at $66.09.

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Prime Minister-designate Mario Monti of Italy says he is ready to present his new government to the president on Wednesday after winning wide backing from political, business and union leaders.

Monti expressed his “serenity” and “conviction” in Italy’s ability to overcome the difficult phase of its economic crisis. He told reporters Tuesday evening that he had received assurances from various parties that they would endure sacrifices for the greater good of the country.

The economics professor tapped to head Italy’s next government has been holding intense talks for two days, seeking support for his mission to steer the eurozone’s third-largest economy through its debt crisis.

Monti’s government must then win confidence votes in both houses of Parliament, expected later this week.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

ROME (AP) _ Italy’s prime minister-designate is ready to present his new government on Wednesday after winning wide backing from political, business and union leaders for his Cabinet and economic reforms during intense consultations aimed at steering the euro zone’s third-largest economy through its debt crisis.

Italian news reports said Monti would present details of his government on Wednesday morning. Monti’s government must then win confidence votes in both houses of Parliament, expected this week.

Monti, a respected economist and former European commissioner, is under pressure to quickly reassure markets that Italy will avoid a default that could tear apart the 17 countries that use the euro currency and push the global economy back into recession.

Monti, 68, has already shown his determination to press through deep reforms by making it clear he intends to serve until regularly scheduled elections in 2013, rejecting calls for an early vote.

On Tuesday, after rounds of meetings, Monti garnered support from the center-left Democratic Party, Silvio Berlusconi’s People of Freedom party and the Confindustria, a powerful business lobby.

“We strongly support the birth of this government because for us it is the last chance to regain credibility,” Confindustria leader Emma Marcegaglia said.

Union leader Raffaele Bonanni said Monti was close to completing his Cabinet at the time of their meeting Tuesday afternoon.

“Monti told us that he has reached an agreement with the main political forces that will give him a consistent parliamentary majority that will support him and he will very quickly be in a position to present the list of ministers,” said Bonanni, leader of the powerful CISL union no credit check payday loans.

Despite reports of progress, European markets closed lower Tuesday as investors worried that politicians might pull their support in the future if austerity measures proved unpalatable.

Amid the uncertainty, the yield on Italy’s 10-year bonds jumped again to 6.94 percent. Last week’s spike above 7 percent _ a level considered unsustainable in the long term _ raised fears Italy would eventually need a bailout like Greece, Ireland and Portugal.

But a financial debacle in Italy raises a whole new set of problems, because the country is considered too big for Europe to bail out.

Monti was asked to form a government Sunday after Berlusconi resigned amid weeks of market turmoil over Italy’s stagnant growth and high public debt, which at euro1.9 trillion ($2.6 trillion) is nearly 120 percent of GDP.

Many of those debts are coming due soon, with Italy having to roll over more than euro300 billion ($410 billion) of its debts next year alone.

Monti met Tuesday with the head of the Democratic Party and Angelino Alfano, leader of the Peoples of Freedom party.

“We think, in light of the facts and after this latest conversation, that Professor Monti’s attempts are destined to turn out well,” Alfano told reporters afterward.

Previously, his party had conditioned its support on the shape of Monti’s cabinet, his government agenda and the duration of his term.

Pierluigi Bersani, head of the Democratic Party, pledged support and placed no timeframe on Monti’s tenure.

Only the Northern League, Berlusconi’s allies, have refused to support his government. They wanted early elections this spring, something Monti has rejected.

The EU, meanwhile, says said new measures will be necessary for Italy to balance its budget as promised by 2013. The eurozone avoided contracting in the third quarter, thanks mainly to Germany and France, but is widely expected to fall into recession imminently as a result of its raging debt crisis.

Monti says Italians will have to make some sacrifices to get through the crisis but “not tears and blood.”

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Bank of America is selling most of its remaining shares in China Construction Bank, expecting an after-tax gain of about $1.8 billion.

It said Monday that about 10.4 billion shares will be sold through private transactions with a group of investors. Bank of America will hold about 1 percent of the Chinese company’s common shares after the transactions close.

Bank of America Corp., based in Charlotte, N.C., had owned about 10 percent of China Construction before it announced plans in late August to begin cutting its stake.

It’s the latest initiative by Bank of America to increase its capital base to comply with new international regulations governing large banks. The bank has taken several steps recently to sell non-core assets and businesses.

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Greece’s incoming prime minister is due to name his cabinet Friday, a day after being appointed to head an interim coalition government that will push through a new European debt deal and secure continued bailout funding to prevent a catastrophic default.

Former European Central Bank vice president Lucas Papademos held talks with the country’s main political parties late into Thursday night to determine who would staff his cabinet, ahead of the formal swearing in early Friday afternoon.

Papademos’ appointment capped two weeks of a political crisis that threatened to derail an EU plan to get a grip on the Greek debt crisis and raised questions about the country’s continued presence in the eurozone.

He was named to take over from outgoing prime Minister George Papandreou, who agreed to step aside half way through his four-year term.

Although the composition of the new cabinet had not been announced by midmorning, many key ministerial positions were expected to remain unchanged, with Finance Minister Evangelos Venizelos widely expected to retain his post.

Venizelos was deeply involved in negotiating the latest debt deal _ a package agreed as recently as Oct. 27. The euro130 billion ($177 billion) debt deal took months to work out, and includes provisions for private bondholders to forgive 50 percent _ or some euro100 billion _ of their Greek debt holdings.

The latest political turmoil was sparked by Papandreou’s Oct. 31 surprise announcement that he would put the deal to a referendum. His plan infuriated European leaders, rocked global markets and led many of his own Socialist party lawmakers to rebel and call for his resignation.

Papandreou withdrew the public vote plan after the main conservative opposition said they backed the deal, and agreed to step aside.

After days of intense power-sharing talks, Papandreou’s Socialists and the conservatives, led by Antonis Samaras, along with a smaller right-wing party, appointed Papademos as interim premier.

Papademos’ government will be called on to pass the debt deal and secure the next euro8 billion installment of the country’s initial euro110 billion bailout. Without the funds, Greece will default in a matter of weeks.

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Lee Enterprises, the publisher of the St. Louis Post-Dispatch and more than 40 other daily newspapers, swung to a loss in its fourth fiscal quarter as print advertising revenue continued to slump.

The Davenport, Iowa-based Lee reported a loss of $8.8 million, or a loss of 20 cents a share, for the quarter ended Sept. 25 compared to net income of $5.2 million, or a profit of 11 cents a share, a year earlier. Despite a 23 percent increase in digital ad sales, Lee’s operating revenue declined 3.3 percent to $182.4 million.

Excluding noncash charges related to the impairment of goodwill and debt financing costs, Lee would have reported a profit of 20 cents a share in the quarter compared to 16 cents a share a year earlier.

The company also reported that it had not yet finalized a $904 cash advances pay day loan.5 million debt financing agreement that had been tentatively reached.

“We continue to work toward the refinancing of our April 2012 debt maturities, which we announced in September,” Carl Schmidt, Lee’s vice president, chief financial officer and treasurer, said in a written statement.

He said the publisher had met a Monday deadline to preserve its right to file a prepackaged Chapter 11 bankruptcy . In September, Lee said it would consider prepackaged bankruptcy if if it couldn’t get 95 percent of the lenders to agree to the refinancing terms. At the time, Lee said it had 90 percent support.

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Ireland announced a deepening austerity drive Friday, committing itself to cut euro3.8 billion ($5.2 billion) from its 2012 deficit and to keep increasing taxes and slashing spending through 2015 to meet the terms of its international bailout.

Finance Minister Michael Noonan said the rising level of cuts and tax increases outlined in his 2012-15 fiscal plan are needed for Ireland to claw its 2015 deficit back within 3 percent of gross domestic product, the key target in last year’s bailout deal.

“The large gap that still exists between government spending and revenue must be closed,” Noonan told a Department of Finance press conference. “Continuing to run big deficits and engaging in the high levels of borrowing required to fund them is simply not viable. To do so would result in unsustainable debt and a long-term loss of sovereignty.”

Ireland in November 2010 was forced to negotiate a potential euro67.5 billion ($92 billion) credit line from the European Union and International Monetary Fund after the nation reached the brink of bankruptcy over its runaway bank-rescue program. Ireland already has drawn down nearly half of that funding. EU and IMF monitors have lauded Ireland’s commitment to fight its deficits as part of the deal.

Even before seeking international aid, Ireland was the first of Europe’s debt-struck nations to impose emergency austerity budgets after its ill-regulated banks began to buckle in 2008 amid imploding property markets in Ireland, Britain and the United States. Irish banks were exceptional risk-takers in all three markets. The government ended up nationalizing five banks at a cost to taxpayers expected to top euro70 billion ($100 billion).

The planned 2012-15 cuts run deeper than previously expected, in part, because Ireland has trimmed its growth forecasts in line with continued depression in consumer demand and rising uncertainty in its key American and European export markets.

Ireland lowered its 2012 growth projection to just 1.6 percent versus previous expectations of 2.5 percent. Average growth for 2013-15 also was reduced from 3 percent to 2.8 percent, a figure that many economists said still looked too rosy.

Friday’s plan presumes that consumer demand will not recover soon in a country where households often are fearful of losing their jobs, mired in negative-equity mortgages, and struggling to pay rising bills on reduced incomes.

It expects consumer demand to keep declining a further 1 percent next year, versus a previous assumption of flat growth. And demand in 2013 now is expected to be flat, versus previous hopes of a 1 percent uptick.

Noonan said deficit reduction in 2012, to be detailed in his budget Dec. 6, would involve euro1.6 billion in tax increases and euro2.2 billion in spending cuts.

He said a further euro3.5 billion would be cut from the 2013 deficit, euro3.1 billion in 2014, and euro2 billion in 2015. In total, the planned euro12.4 billion in deficit cuts over the next four years would involve euro4.65 billion in tax increases _ or more than euro1,000 for every man, woman and child in Ireland.

Such cuts, he said, were forecast to reduce Ireland’s deficit for 2012 to 8.6 percent of GDP; for 2013 to 7.5 percent; 2014 to 5.1 percent; and 2015 to 2.9 percent.

Noonan conceded that the cutting and tax hikes were suppressing economic growth, but said Ireland had no choice but to bite the bullet hard. He said Ireland’s unemployment rate, currently near a 17-year high of 14.4 percent, would improve only once consumer spending grows from 2014 onward.

“The likelihood is that exports will remain the only significant source of positive momentum in the economy for the next couple of years,” he said, referring to Ireland’s 1,000-strong stable of foreign high-tech companies, which generate a growing proportion of tax revenues but relatively few jobs.

Business leaders welcomed the size of the planned deficit cuts as necessary, but warned that the government should press harder for spending cuts, rather than hiking taxes.

“International evidence shows that tax-based austerity is more harmful to economic growth and employment than current expenditure reductions,” said Danny McCoy, director of the Irish Business and Employers Confederation, the main lobbying group for Ireland’s more than 7,000 businesses.

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European stock markets shot higher Thursday as investors waded into riskier assets, emboldened by EU leaders’ pre-dawn agreement to slash Greece’s massive debts.

Oil prices rose above $92 per barrel while the euro gained strongly following the European summit dedicated to fixing a debt mess in Greece before it provokes a bigger debt crisis across the continent.

European trading was buoyant from the outset. Britain’s FTSE climbed 2.1 percent to 5,670.12. Germany’s DAX jumped 3.7 percent to 6,243 and France’s CAC-40 gained 3.9 percent to 3,297. Wall Street also headed toward gains, with Dow Jones industrial futures rising 1.6 percent and S&P 500 futures gaining 1.8 percent.

The Greek market rallied on hopes the early morning deal would finally lift the specter of government bankruptcy.

Shortly after opening Thursday, shares on the Athens Stock Exchange were up 3.46 percent at 800.55, with banking stocks up more than 10 percent _ after suffering heavy losses earlier this week.

The hard-fought European deal requires banks to take on 50 percent losses on Greeks bonds. Eurozone countries and the International Monetary Fund will also provide an additional euro100 billion ($140 billion) in rescue loans as a second bailout package for Greece.

EU leaders “stopped the hemorrhaging,” said Marc Touati, chief economist at Assya Compagnie Financiere in Paris. “(They) have saved the Eurozone and that’s the good news and that’s why the markets are reacting positively.”

European leaders agreed early Thursday on a plan to provide Greece with more rescue loans to help relieve its crushing debt obligations. It will involve private investors taking bigger losses on the value of their Greek bonds, which would make Greece the first nation that uses the euro currency to be rated in default on its debt.

European Union President Herman Van Rompuy said the deal will reduce Greece’s debt to 120 percent of its gross domestic product in 2020. Under current conditions, it would have grown to 180 percent.

In addition, the euro440 billion European Financial Stability Facility will be used to insure part of the losses on the debt of wobbly countries like Italy and Spain, rendering its firepower equivalent to around euro1 trillion ($1 paydayloans.4 trillion).

Loose ends still need to be worked out, and the fundamental problem of low economic growth in the euro zone has not been resolved by the crisis summit, some economists warned.

“(They) have only saved it temporarily,” Touati said. “Unfortunately the fundamental problem concerning the absence of growth has not been resolved.”

Shares in Asia posted solid gains earlier in the day. Japan’s Nikkei 225 index rose 2 percent to close at an eight-week high of 8,926.54. South Korea’s Kospi added 1.5 percent to 1,922.04. Hong Kong’s Hang Seng gained 3.3 percent to 19,688.70.

Australia’s S&P/ASX 200 jumped 2.5 percent to 4,348.20 after trading resumed following a 4-hour technical glitch.

Meanwhile, strong economic reports helped send Wall Street higher on Wednesday.

The Dow Jones industrial average gained 1.4 percent to 11,869.04. The S&P 500 index rose 1.1 percent to 1,242. The Nasdaq composite added 0.5 percent to 2,650.67.

Reports in the U.S. showed businesses ordered more heavy machinery and other long-lasting manufactured goods last month. That indicates businesses are still spending on equipment despite worries about a weak economy and Europe’s debt problems. Sales of new homes rose in September after falling for four straight months.

Benchmark crude for December delivery was up $1.98 at $92.15 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell $2.97, or 3.2 percent, to end the day at $90.20 in New York on Wednesday.

Brent crude was up $1.87 at $110.78 a barrel on the ICE Futures Exchange in London.

In currencies, the euro climbed to $1.4003 from $1.3908 late Wednesday in New York. The dollar weakened to 75.83 yen from 76.20 yen.

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President Barack Obama says he’s waiting until more Republican presidential hopefuls are “voted off the island” before he starts tuning into the GOP race.

During an appearance on NBC’s “Tonight Show,” Obama says once the field of contenders aiming to replace him is narrowed down to one or two, he’ll start paying attention.

The president taped his appearance with Jay Leno Tuesday morning in Los Angeles before heading north to San Francisco for a campaign fundraiser.

Obama also addressed the recent killing of Libyan leader Moammar Gadhafi, the end of the war in Iraq and the NBA lockout during his appearance on Leno’s show. The full interview is scheduled to air late Tuesday night.

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP’s earlier story is below.

President Barack Obama is making the rounds in reliably Democratic California, joking with Jay Leno and tapping the coffers of wealthy, celebrity donors as he raises money for his re-election bid.

The president taped an appearance on “The Tonight Show with Jay Leno” that was scheduled to air Tuesday night. It’s his second stop on the show as sitting president and fourth appearance overall. From Los Angeles, Obama headed north to San Francisco for a fundraiser featuring a performance by folk rock singer-songwriter Jack Johnson. Obama also had fundraisers scheduled in Denver, all part of a three-day, three-state swing through the west.

Tuesday’s fundraisers follow star-studded campaign events in Los Angeles on Monday. Obama joined actor Will Smith and basketball legend Earvin “Magic” Johnson at a dinner at the home of producer James Lassiter. Then he mingled with Melanie Griffith and Antonio Banderas over canapes at the movie star couple’s home just a few blocks away.

Obama was in California for money events last month. The state ranks as Obama’s top donor state, and he raised about $1 million in the Los Angeles area alone during the last two fundraising quarters, according to an Associated Press review of contributions above $200.

The western tour is one of Obama’s busiest donor outreach trips of the season. Celebrities are tried and true fundraising draw, particularly for Democratic presidents. Both the president and the stars bask in their reflected fame and the endorsement of stars can be a useful asset.

Not that he needs the votes here. California is a solidly Democratic state, though Sacramento-based Democratic consultant Roger Salazar said the president, echoing national trends, is less popular now in the state than he was when he was elected.

“Democrats by their nature are going to give the president the benefit of the doubt,” said Salazar, a veteran of California and national political campaigns. “But they want him to do something about it. They want to see some movement.”

Obama is promising some movement. He has been promoting his $447 billion jobs bill, which has been broken up into its component parts in hopes Congress can pass some of them business cards design.

Addressing about 240 donors at the Bellagio hotel and casino in Las Vegas Monday, Obama said the pieces that Republicans reject would likely linger as campaign issues in 2012.

“This is the fight that we’re going to have right now, and I suspect this is the fight that we’re going to have to have over the next year,” Obama said. “The Republicans in Congress and the Republican candidates for president have made their agenda very clear.”

Addressing donors in Los Angeles, Obama ticked off his administration’s accomplishments, eager to reinvigorate supporters whose enthusiasm has flagged since his 2008 election.

“Sometimes I think people forget how much has gotten done,” the president said, as Smith and Johnson looked on. He urged his backers to rally once again, at the same time joking, as he often does, that he is older and grayer now. “This election won’t be as sexy as the first one.”

At Banderas’ and Griffith’s house, its entrance path lined with rose petals and votive candles, Obama told about 120 mostly Latino contributors that he has kept a list of his campaign promises and that, by his count, he has accomplished about 60 percent of them.

“I’m pretty confident we can get the other 40 percent done in the next five years,” he said to loud applause.

The Griffith-Banderas event was Obama’s first Latino fundraiser, with donors giving at least $5,000 per person to attend. It featured guests such as actress Eva Longoria, comedian George Lopez, Labor Secretary Hilda Solis and mayors Antonio Villaraigosa of Los Angeles and Julian Castro of San Antonio.

Obama drew the loudest applause when he vowed to tackle an overhaul of immigration laws, a promise from 2008 that has gone unfulfilled in the face of Republican opposition.

The Las Vegas fundraiser attracted about 240 people who paid from $1,000 to $35,800 toward Obama’s re-election campaign and to the Democratic National Committee. The bigger donors met the president personally. Guests at Lassiter’s home contributed $35,800.

Obama has been displaying campaign-style vigor. At a Las Vegas subdivision where he promoted housing proposals, Obama waded into the neighborhood crowd to shake hands, sign autographs, even lift a baby.

Upon arriving in Los Angeles, Obama headed to a diverse neighborhood minutes from Lassiter’s home south of Hollywood and stopped at Roscoe’s, a popular Los Angeles chicken restaurant chain. Obama roved through the dining booths greeting customers, leaving at least one awestruck young boy holding his hand aloft after shaking the president’s hand. One man gave him a hug and a Hispanic man told his daughter that if she studied hard “you’ll be like him.”

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Associated Press writer Jack Gillum contributed to this report.

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