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Volcker upbeat on "reasonable" reform bill (Reuters) (Jun-9, 21:02 EDT )-- Reuters - There is a good chance that a sweeping U.S. financial reform bill will be passed in a "reasonable form," White House economic adviser Paul Volcker said on Wednesday, adding the bill could provide a basis for international coordination on...
Goldman sued by hedge fund over notorious CDO deal (Reuters) (Jun-9, 20:02 EDT )-- Reuters - An Australian hedge fund is suing Goldman Sachs Group Inc over an investment in a subprime mortgage-linked security that contributed to the fund's demise in 2007.
Japan 1Q growth tad stronger than first estimated (AP) (Jun-9, 19:05 EDT )-- AP - Japan says its economy grew slightly more in the first three months of the year than initially estimated.
California Republicans play outsider card, vow jobs (Reuters) (Jun-9, 17:30 EDT )-- Reuters - Hours after clinching Republican nominations for California governor and U.S. Senate, two Silicon Valley businesswomen on Wednesday zeroed in on jobs and the economy as they kicked off a costly and likely bruising general election campaign...
Highlights from the Fed's latest economic survey (AP) (Jun-9, 17:18 EDT )-- AP - The Federal Reserve's survey of economic conditions found growth has spread to all parts of the country for the first time since the recession began.
US senator offers scaled-back climate bill (AFP) (Jun-9, 17:14 EDT )-- AFP - A Republican senator Wednesday offered a scaled-back plan to fight global warming, saying it was politically unrealistic for the United States to mandate cuts on carbon emissions in tough economic times.
Optimistic companies promising bigger payouts (AP) (Jun-9, 17:14 EDT )-- AP - Corporate America is betting cash — in the form of higher dividend payouts — that the economy is rebounding.
Oil spill ripples through Florida economy (Reuters) (Jun-9, 16:08 EDT )-- Reuters - Gary Chernekoff doesn't own a restaurant, isn't a charter boat captain and doesn't work for a hotel or resort.
Is Bernanke's Optimism Contagious? (U.S. News & World Report) (Jun-9, 15:58 EDT )-- U.S. News & World Report - Federal Reserve Chairman Ben Bernanke, testifying on Wednesday in front of the House Budget Committee, offered an upbeat assessment of the U.S. economy's ability to weather the debt crisis that's brewing in the euro zone. ...
Fed sees robust US growth despite euro crisis (AFP) (Jun-9, 15:42 EDT )-- AFP - The US economy is on track to grow 3.5 percent this year as it sees only a "modest" impact from the eurozone debt crisis, Federal Reserve chairman Ben Bernanke said Wednesday.
States begging Congress for $24B Medicaid bailout (AP) (Jun-9, 15:32 EDT )-- AP - Four governors and a leading national economist urged Congress on Wednesday to send an additional $24 billion bailout to the states, saying cash-strapped governments face deep budget cuts and thousands of lost jobs without the aid.
Summary Box: Recovery spreads to all parts of US (AP) (Jun-9, 15:25 EDT )-- AP - RECOVERY SPREADING: The economic recovery is finally spreading to all parts of the country, according to a new survey by the Federal Reserve.
Goldman sued by hedge fund over notorious CDO deal (Reuters) (Jun-9, 15:24 EDT )-- Reuters - An Australian hedge fund is suing Goldman Sachs Group Inc over an investment in a subprime mortgage-linked security that contributed to the fund's demise in 2007.
Fed survey finds a modest recovery is spreading (AP) (Jun-9, 15:22 EDT )-- AP - For the first time since the beginning of the recession, economic growth — modest and fragile, but growth nonetheless — has spread to every corner of the country.
Summary Box: Wholesale inventories rise in April (AP) (Jun-9, 15:17 EDT )-- AP - INVENTORIES: Stockpiles held by wholesale businesses rose 0.4 percent in April, the fourth straight monthly gain.
Summary Box: Bernanke sees recovery sticking (AP) (Jun-9, 15:14 EDT )-- AP - RECOVERY INTACT: Federal Reserve Chairman Ben Bernanke believes the unfolding recovery won't be derailed by Europe's debt problems and high unemployment in the United States.
Job outlook brightens for new grads — just barely (AP) (Jun-9, 15:14 EDT )-- AP - To get a sense of the job market new college graduates face, consider the latest crop of nurses from Santa Rosa Junior College. Just eight of the 55 students are leaving with job offers — and that's considered good news.
Bernanke says recovery on track but jobs to lag (Reuters) (Jun-9, 15:14 EDT )-- Reuters - Federal Reserve Chairman Ben Bernanke said on Wednesday the U.S. economic recovery was on a solid footing but cautioned it could be years before the jobs lost during the deep recession of 2008-2009 are restored.
Oil prices jump on rising recovery hopes (AFP) (Jun-9, 15:09 EDT )-- AFP - World oil prices made strong gains Wednesday as relatively upbeat comments by Federal Reserve chief Ben Bernanke and declining US stockpiles lifted the economic recovery outlook.
Dollar slides as Bernanke says recovery on track (AP) (Jun-9, 15:04 EDT )-- AP - The dollar slid Wednesday as comments from Federal Reserve Chairman Ben Bernanke raised hopes about the global economy.
Fed boss: `No easy resolution' in restoring jobs (AP) (Jun-9, 15:03 EDT )-- AP - Federal Reserve Chairman Ben Bernanke sees "no easy resolution" to restoring millions of jobs wiped out by the recession and strengthening the economy.
US economy will 'take time to repair': Volcker (AFP) (Jun-9, 14:51 EDT )-- AFP - The US economy faces a "considerably long slog" in returning to normal growth patterns, White House economic adviser Paul Volcker told an economic conference in Montreal on Wednesday.
Volcker upbeat on "reasonable" reform bill (Reuters) (Jun-9, 14:43 EDT )-- Reuters - There is a good chance that a sweeping U.S. financial reform bill will be passed in a "reasonable form," White House economic adviser Paul Volcker said on Wednesday, and said the bill could provide a basis for international coordination on...
Bernanke comments help boost oil prices (AP) (Jun-9, 14:17 EDT )-- AP - Oil prices jumped sharply Wednesday as Federal Reserve Chairman Ben Bernanke told Congress that the economic recovery remains on track.
Mutual Fund Buzz for June 9: The Tax Man Eyes The Fund Manager (U.S. News & World Report) (Jun-9, 14:01 EDT )-- U.S. News & World Report - Next week could be a rough one for some fund manager paychecks. That's when the Senate is expected to vote on a jobs bill that includes a big tax hike on private equity firms, hedge funds, and some real estate fund managers,...
Disney to close 5 ESPN Zone restaurants (AP) (Jun-9, 13:31 EDT )-- AP - The Walt Disney Co. said Wednesday that it is closing five ESPN Zone restaurants in Baltimore, Chicago, New York, Las Vegas and Washington, D.C., saying the economics of the business were "very challenging."
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Salazar defends drilling moratorium, Allen cites containment progress (Jun-9, 12:17 EDT )-- Interior Secretary Ken Salazar assured a Senate panel Wednesday that the Obama administration has merely pressed the "pause button" on oil and gas drilling on the Outer Continental Shelf, as he defended a moratorium on deep-water drilling in the face...
Poll: Many fault federal regulators for Gulf of Mexico oil disaster (Jun-9, 12:10 EDT )-- Just a quarter of Americans back expanding offshore drilling in the wake of the BP oil spill, and most fault federal regulators for the environmental disaster in the Gulf of Mexico, according to a new Washington Post-ABC News poll. Gulf of Mexico...
Overall mortgage application volume falls 12.2 pct (AP) (Jun-9, 12:00 EDT )-- AP - The number of customers applying for a mortgage to purchase a property fell to the lowest level in 13 years last week, a sign the housing market is struggling without government incentives.
What Dividend Stocks Can't Do (The Motley Fool) (Jun-9, 09:55 EDT )-- The Motley Fool - As the stock market continues to get more and more edgy, investors are starting to look for shelter from the coming storm. Although dividend stocks become even more attractive as stock prices fall, you need to understand going in that...
Highlights: Bernanke testimony to House Budget Panel (Reuters) (Jun-9, 09:49 EDT )-- Reuters - The following are highlights from a House of Representatives Budget Committee hearing on Wednesday with Federal Reserve Chairman Ben Bernanke testifying. For text of prepared testimony, click on
Fed sees robust US growth despite euro crisis (AFP) (Jun-9, 09:42 EDT )-- AFP - The US economy is on track to grow 3.5 percent this year as it sees only a "modest" impact from the eurozone debt crisis, Federal Reserve chairman Ben Bernanke said Wednesday.
Bernanke says recovery on track, restraints remain (Reuters) (Jun-9, 09:31 EDT )-- Reuters - Federal Reserve Chairman Ben Bernanke said on Wednesday the U.S. economic recovery was on solid footing but cautioned it could be years before the jobs lost during the deep recession are restored.
Bernanke says recovery on track despite headwinds (AP) (Jun-9, 09:25 EDT )-- AP - The European debt crisis is likely to have only a "modest" impact on the U.S. economic recovery as long as Wall Street stabilizes, Federal Reserve Chairman Ben Bernanke told Congress on Wednesday.
Wholesale inventories and sales both up in April (AP) (Jun-9, 09:19 EDT )-- AP - Inventories held by wholesalers rose for a fourth straight month in April while sales rose for a 13th consecutive time. Both gains were encouraging signs that point to a sustained economic recovery.
Without tax credit, home demand keeps slumping (Reuters) (Jun-9, 08:44 EDT )-- Reuters - Home buying applications sank for a fifth straight week to a fresh 13-year low, the Mortgage Bankers Association said on Wednesday, suggesting that tax credits had robbed more from future sales than expected.
Without tax credit, home demand keeps slumping (Reuters) (Jun-9, 08:44 EDT )-- Reuters - Home buying applications sank for a fifth straight week to a fresh 13-year low, the Mortgage Bankers Association said on Wednesday, suggesting that tax credits had robbed more from future sales than expected.
Goldman unlikely to settle Timberwolf: source (Reuters) (Jun-9, 08:06 EDT )-- Reuters - Goldman Sachs Group Inc may be looking at new legal headache, as settlement talks with an Australian hedge fund that invested $100 million in a now toxic mortgage-linked security appear to be breaking down, a source said.
More employees jump ship as economy improves (AP) (Jun-9, 06:19 EDT )-- AP - One sign of better economic times is when more people start finding jobs. Another is when they feel confident enough to quit them.
Israel's blockade of Gaza on Obama-Abbas agenda (AP) (Jun-9, 05:28 EDT )-- AP - With tensions newly heightened in the Middle East, President Barack Obama and Palestinian leader Mahmoud Abbas were set to discuss Israel's blockade of Gaza and the humanitarian and economic hardship facing the people there.
Ahead of the Bell: Wholesale Inventories (AP) (Jun-9, 05:11 EDT )-- AP - Inventories held by wholesalers are expected to have posted a fourth-straight increase in April while sales likely went up for 13th-straight month. Both gains would be signs pointing to a sustained economic recovery.
Exports fuel Hungary and Czech GDP (Reuters) (Jun-9, 04:44 EDT )-- Reuters - Exports and a slight pickup in domestic demand fueled growth in Hungary and the Czech Republic in the first quarter, though analysts said fiscal tightening in the euro zone will slow the pace of recovery later this year.
US charitable giving pounded by recession in 2009 (AFP) (Jun-9, 02:42 EDT )-- AFP - US charitable contributions slumped 3.6 percent in 2009 as the recession crimped gift giving, according to an annual survey released Wednesday that showed the steepest decline since 1974.
Japan machinery orders rise in sign of recovery (AP) (Jun-8, 23:26 EDT )-- AP - Japan's machinery orders, a closely watched indicator of future business investment, rose for a second straight month in April, signaling that capital spending is gathering pace with an economic recovery.
2009 charitable giving falls 3.6 percent in US (AP) (Jun-8, 23:04 EDT )-- AP - Charitable giving fell by 3.6 percent last year as Americans continued to struggle with the recession, though some philanthropic experts feared the decrease could have been much worse given the economic downturn, according to an authoritative...
Armando Falcon, ex-regulator for Fannie Mae, Freddie Mac, to advise trade group (Jun-8, 23:00 EDT )-- Armando Falcon Jr., who once was the top government regulator for troubled mortgage giants Fannie Mae and Freddie Mac, has accepted a position as senior policy adviser at the American Securitization Forum , a trade group representing firms that invest...
DynCorp offers to buy back debt (Jun-8, 23:00 EDT )-- CONTRACTING DynCorp International said its subsidiary will offer to buy back the $376.2 million debt outstanding under senior notes due in 2013. DynCorp, of Falls Church, said the tender offer is contingent on whether private-equity firm Cerberus...
Tech moves away from the all-you-can-eat model (Jun-8, 23:00 EDT )-- The night before my son's college graduation last month, we made plans to celebrate at one of his favorite restaurants, Fogo de Chão, one of those Brazilian steakhouses where they come around with more than a dozen types of grilled meat and you take...
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Officials cite progress in siphoning oil, but remain unclear on size of spill (Jun-8, 23:00 EDT )-- In the Gulf of Mexico, victories remain small and sour. On Tuesday, the U.S. government announced two steps forward in the battle against the massive oil spill -- including an increase in the oil being siphoned to the surface -- and, in the process,...
In Senate and on trail, Democrats target overseas job losses (Jun-8, 23:00 EDT )-- The threat of U.S. jobs heading abroad has become such a potent campaign issue this year that congressional Democrats are moving quickly to capitalize on it -- and to use it against Republicans. United States Senate - Senate - United States -...
Global firm to pay Montgomery, Md., schools millions for elementary curriculum (Jun-8, 23:00 EDT )-- Montgomery County Public Schools could soon become a global brand. Montgomery Alabama - United States - Montgomery - Counties - Maryland
Many Thai workers, now out of poverty, are in dissent (Jun-8, 23:00 EDT )-- NONBON, THAILAND -- San Silawat has three dogs, two cows and a parrot. He grows rice and spring onions on a small plot of land. But he's hardly a pauper: He's added a second floor to his house and built a blue-tiled patio. His son plays computer games...
Britain pledges cuts after warning from Fitch (Jun-8, 23:00 EDT )-- Britain's government pledged Tuesday to slash spending faster as Fitch Ratings warned that the country faces a "formidable" fiscal challenge and must make public-sector cuts to keep its top credit rating. Gross domestic product - Deficit - Credit...
California Elections Results 2010: In Orange County, greater concern about state economy than national issues (Jun-8, 23:00 EDT )-- NEWPORT BEACH, CALIF. -- Washington feels very far away from this upscale Orange County community, where voters in Tuesday's Republican primaries expressed greater concern about the state economy than the national issues that have motivated voters...
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