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Europe's relief from Greek vote likely fleeting

ATHENS, Greece (AP) — Greece's election result has eased fears of imminent financial disaster for Europe, but the continent's leaders are still searching for a way to contain a debt crisis that threatens the global economy.

A narrow victory for the New Democracy party in Greece means that the country is more likely to stick to the harsh austerity terms of its €240 billion ($300 billion) bailout and not face a chaotic exit from the euro in the very near future — an event many fear would destabilize Europe and send shockwaves through the world.

The country's economy is still very vulnerable, however. It is in a fifth straight year of recession and could easily deteriorate to point where a default and euro exit are inevitable.

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J.C. Penney says President Francis is leaving

J.C. Penney Co. says Michael Francis, the former Target Corp. executive brought in to redefine the brand, is leaving the company.

The department store operator gave no reason for his immediate departure.

J.C. Penney hired Francis in October as president to redefine the Plano, Texas, company's brand and boost its sagging sales.

J.C. Penney has hired a number of big-name executives to help transform everything about the retailer. The riskiest move was the elimination of hundreds of sales events in favor of more predictable low prices, a change that shoppers have not embraced.

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Fabricated bank adds to China's list of fakery

BEIJING (AP) — In a China awash with fake iPhones, pirated DVDs and knockoff Louis Vuitton bags, rice trader Lin Chunping took fakery to a whole new level: He invented a U.S. bank and claimed he bought it.

The little-known businessman shot to fame in January when state media reported that he had taken over Delaware-based Atlantic Bank. The unprecedented acquisition brought him praise: His hometown gave him a prestigious political appointment and state media called his business experience "legendary."

The only thing that may have been legendary is Lin's audacity. Not only did he not buy Atlantic Bank in Delaware for $60 million as he claimed, but there is no Atlantic Bank in that state.

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G-20 leaders call for Europe to fix finance woes

LOS CABOS, Mexico (AP) — European leaders at the G-20 summit struggled to reassure the world Monday that they were on the path to solving their continent's relentless economic crisis, defending the pace of their response even as market pressures pushed Spain closer to needing a bailout.

Less than 24 hours after election results eased fears of a Greek exit from the shared euro currency, the interest rate that Spain pays on its debt surged above the 7 percent level that forced Greece, Portugal and Ireland to seek international help.

The prospect of a bailout for Spain's €1.1 trillion ($1.39 trillion) economy immediately eclipsed the good feeling at the G-20 from Greece's election, and it dwarfed host country Mexico's expressions of confidence that the meeting of the world's largest economies would produce more than $430 billion in concrete commitments for the International Monetary Fund.

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US builder confidence ticks up to 5-year high

WASHINGTON (AP) — Confidence among U.S. builders ticked up this month to a five-year high, an indication that the housing market is slowly improving.

The National Association of Home Builders/Wells Fargo builder sentiment index rose in June to 29, the highest reading since May 2007. It increased from a reading of 28 last month, which was revised down one point from its initial figure.

The index, which was released Monday, has risen in seven of the past nine months, suggesting builders see the seeds of a recovery taking shape after years of stagnation.

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Feds expand Toyota fire probe to 1.4M vehicles

DETROIT (AP) — The government has expanded an investigation into fires that can start in the doors of several Toyota models, adding 600,000 Camrys and other vehicles to the probe.

The investigation now includes 1.4 million cars and SUVs from the 2007 to 2009 model years. When the probe began in February, it involved more than 800,000 Camrys and RAV4 SUVs from the 2007 model year.

Certain Camrys from the 2008 and 2009 model years, as well as some 2007 to 2009 Yaris subcompacts and all 2008 Highlander hybrid SUVs, have been added to the investigation, the National Highway Traffic Safety Administration said on its website Monday. The vehicles were built from September 2006 through August 2008, the safety agency said.

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Yahoo hires chief revenue officer to spur ad sales

SAN FRANCISCO (AP) — Yahoo is turning to a former colleague of its interim CEO to oversee the troubled Internet company's efforts to sell more online advertising.

Monday's announcement that Michael Barrett will be running Yahoo's advertising sales team, as chief revenue officer, comes five weeks after the Sunnyvale, Calif., company dumped Scott Thompson as its CEO amid a flap over misleading information on his biography.

Thompson's replacement, interim CEO Ross Levinsohn, worked with Barrett while they were both top Internet executives at Rupert Murdoch's News Corp. when that company owned MySpace, once the most popular online social network.

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Facebook buys facial-recognition tech company

NEW YORK (AP) — Facebook is bringing one of its long-term vendors, facial-recognition technology company Face.com, in-house.

The Israeli company's technology helps people tag photos on the Web by figuring out who is in the pictures.

Face.com announced the purchase on its blog on Monday. Financial terms were not disclosed.

Face.com did not say whether its website will continue to run after the acquisition. Facebook commonly shutters websites that it acquires and folds in their employees to its workforce. So far, Instagram, which it's buying for nearly $1 billion, has been the only exception.

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Samsonite pulls bags from HK amid safety scare

HONG KONG (AP) — Samsonite International SA pulled its "Tokyo Chic" line of luggage from Hong Kong stores on Monday after a local consumer group reported finding high levels of compounds linked to cancer in the handles, although the company insisted the bags were safe.

The Hong Kong Consumer Council said last week it found that the side handles on three Samsonite suitcases had higher levels of polycyclic aromatic hydrocarbons than recommended in voluntary guidelines.

The compounds are commonly found in plastics, rubber and lubricating oil and it's possible that traces were left during manufacturing, the council said. They've been known to cause cancer and birth defects in animals.

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By The Associated Press(equals)

The Dow Jones industrial average closed down 25.35 points, or 0.2 percent, to 12,741.82. The Nasdaq composite index rose 22.53 points, or 0.8 percent, to 2,895.33.

U.S. West Texas Intermediate crude fell by 76 cents to end the day at $83.27 per barrel. Brent crude, which helps set the price for much of the oil imported into the U.S., slipped $1.56 to $96.05 per barrel in London.

In other energy trading, heating oil lost 2.88 cents to end at $2.6177 per gallon and gasoline futures lost 4.08 cents to finish at $2.6609 per gallon. Natural gas rose by 16.8 cents to finish at $2.635 per 1,000 cubic feet in New York.