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Featured Advertiser (Jun-29, 23:00 EDT )
Panel scraps bank fee from regulations bill (Jun-29, 23:00 EDT )-- Lawmakers who thought they were done negotiating the final version of financial regulatory legislation reconvened Tuesday after key Republican supporters threatened to bolt in a sudden dispute over how the bill would be funded. Financial services...
Senators predict a climate bill capping emissions only for utilities (Jun-29, 23:00 EDT )-- A bipartisan group of senators emerged Tuesday from a meeting with President Obama still divided over how to craft a climate and energy bill, with lawmakers predicting scaled-back legislation that would cap emissions from electric utilities rather than...
Steering U.S.-China economic relations toward a new normal (Jun-29, 23:00 EDT )-- Let's take a moment to note that stock prices fell sharply Tuesday in part because of a downward revision of leading economic indicators -- in China. China - Asia - Business and Economy - Maps and Views - Economic Cooperation Framework Agreement
Strong trading debut for Tesla Motors sparks hopes for electric-car market (Jun-29, 23:00 EDT )-- Since its founding in 2003, the luxury automaker Tesla Motors has never turned a profit. Its charismatic founder recently ran out of cash. It has sold fewer than 1,500 vehicles. Tesla Motors - Business - Electromechanical - Electronics and...
Despite BP corporate code, firm has made political contributions (Jun-29, 23:00 EDT )-- BP, the global energy corporation whose massive oil spill is fouling huge swaths of the Gulf of Mexico, proclaims in its corporate code of conduct that it will "make no political contributions, whether in cash or in kind, anywhere in the world." ...
SEC settles with Gary Aguirre over firing during Pequot Capital Management probe (Jun-29, 23:00 EDT )-- First, they fired him. Then, they worked to portray him as a "basket case." Now, they're paying him $755,000 to settle his claims. The agreement by the Securities and Exchange Commission on Tuesday to settle a wrongful-termination suit by former...
Gen. McChrystal to retain four-star rank in retirement (Jun-29, 23:00 EDT )-- Gen. Stanley A. McChrystal will retain his four-star rank when he retires from the military, the White House said Tuesday. The decision means he will earn about $149,700 per year before taxes in military retirement pay. United States - Stanley...
China, Taiwan sign trade pact (Jun-29, 23:00 EDT )-- BEIJING -- China and Taiwan, political rivals separated by 60 years of history and hostility, highlighted their growing economic links Tuesday by signing a trade cooperation agreement that could dramatically increase the flow of goods across the narrow...
Madigan sues Countrywide, alleging discrimination (AP) (Jun-29, 19:33 EDT )-- AP - Attorney General Lisa Madigan filed a lawsuit Tuesday against Countrywide, alleging the fallen mortgage industry giant discriminated against blacks and Latinos buying home mortgages in Illinois.
House rejects extension of unemployment benefits (AP) (Jun-29, 19:17 EDT )-- AP - With Republicans citing concerns about the growing national debt, the House rejected a bill Tuesday to extend unemployment benefits for people who have been out of work for long stretches.
Stock and job woes take toll on Americans' mood (AP) (Jun-29, 19:16 EDT )-- AP - So much for optimism. A dramatic drop in consumer confidence sent stocks plunging Tuesday and left a key index at its lowest level of the year, heightening fears that the economic recovery is stalling.
IMF mulls new crisis-lending instruments (Reuters) (Jun-29, 18:54 EDT )-- Reuters - The International Monetary Fund is working to develop new lending instruments for economies hit by crises that are not of their own making, IMF Managing Director Dominique Strauss-Kahn said on Tuesday.
Schwarzenegger urges postponing $11.1 billion water bond (Reuters) (Jun-29, 17:53 EDT )-- Reuters - Citing California's fiscal challenges, Governor Arnold Schwarzenegger said on Tuesday he would ask lawmakers to help him postpone an $11.1 billion water infrastructure bond slate for the November ballot until 2012.
"Broken" New York unemployment trust may cost $1.3 billion (Reuters) (Jun-29, 16:29 EDT )-- Reuters - New York's "broken" unemployment trust could cost the state $1.265 billion in interest penalties over the next eight years because it has a $3.2 billion deficit, Governor David Paterson said Wednesday.
Summary Box: Commodities plummet on economy fears (AP) (Jun-29, 16:23 EDT )-- AP - ECONOMIC WORRIES: Investors were spooked by disappointing economic reports from the U.S., China and Japan. Traders are concerned that a slowdown in three of the world's largest economies will cut into demand for industrial metals and oil.
Democrats hold slight edge in California races: poll (Reuters) (Jun-29, 16:13 EDT )-- Reuters - California Democratic candidates for the Senate and governor hold a narrow edge over their Republican opponents as voters worry about the economy with four months to go until the November elections, a Reuters/Ipsos poll found on Tuesday.
Commodities fall as investors spooked by weak data (AP) (Jun-29, 15:59 EDT )-- AP - Industrial metals and oil led a broad sell-off in commodities Tuesday as investors were unnerved by more signs that the economic recovery around the world may be becoming more tenuous.
Fiscal 2011 could be hardest yet for states (Reuters) (Jun-29, 15:52 EDT )-- Reuters - U.S. states in fiscal 2011 could be facing the worst budget situation since the recession began in 2007, according to a think-tank report released on Tuesday.
Bipartisan group of senators ends meeting without deal on climate bill (Jun-29, 15:51 EDT )-- A bipartisan group of senators emerged Tuesday from a closed-door meeting with President Obama still divided over how to craft a climate and energy bill, though some lawmakers said they could envision a scaled-back bill focused on electric utilities...
Consumer confidence slumps, home prices rise (Reuters) (Jun-29, 15:50 EDT )-- Reuters - U.S. consumer confidence dropped in June after rising for three months, adding to the view the economic recovery is slowing, while home prices unexpectedly climbed in April.
House fails to pass unemployment aid extension (Reuters) (Jun-29, 15:27 EDT )-- Reuters - Republicans in the House of Representatives on Tuesday blocked a Democratic effort to extend unemployment benefits for the long-term unemployed.
House rejects extension of unemployment benefits (AP) (Jun-29, 15:26 EDT )-- AP - With Republicans citing concerns about the growing national debt, the House rejected a bill Tuesday to extend unemployment benefits for people who have been out of work for long stretches.
Oil prices plummet on concerns about US demand (AP) (Jun-29, 15:24 EDT )-- AP - Oil prices plummeted Tuesday as ebbing consumer confidence in the economic recovery set off concerns about gasoline demand for the busy summer season.
Stock and job woes take toll on Americans' mood (AP) (Jun-29, 15:08 EDT )-- AP - Stung by falling stocks and sick of waiting for jobs to come back, Americans are in a sour mood about the economy. And it's getting worse fast.
Oil prices drop sharply (AP) (Jun-29, 14:56 EDT )-- AP - Oil prices plummeted Tuesday as ebbing consumer confidence in the economic recovery set off concerns about gasoline demand for the busy summer season.
JFK terror plot suspect pleads to lesser charge (AP) (Jun-29, 14:14 EDT )-- AP - One of four men accused of plotting to kill thousands and cause an economic catastrophe by blowing up John F. Kennedy International Airport pleaded guilty to a lesser charge Tuesday, the day before his federal trial was to begin.
Democrats hold slight edge in California races: poll (Reuters) (Jun-29, 14:07 EDT )-- Reuters - California Democratic candidates for the Senate and governor hold a narrow edge over their Republican opponents as voters worry about the economy with four months to go until the November elections, a Reuters/Ipsos poll found on Tuesday.
A look at global economic developments (AP) (Jun-29, 12:53 EDT )-- AP - A look at economic developments and activity in major stock markets around the world Tuesday:
Global markets plunge on renewed growth fears (AFP) (Jun-29, 12:34 EDT )-- AFP - Stock markets in Europe and the United States fell hard Tuesday, following earlier losses in Asia, on news of a surprising erosion in US consumer confidence that sparked fears for global recovery.
Obama: US economy 'strengthening' despite weak data (AFP) (Jun-29, 12:00 EDT )-- AFP - President Barack Obama, with Federal Reserve chairman Ben Bernanke at his side, insisted the US economy was "strengthening" Tuesday despite foreboding data and a fresh stock market slump.
Wal-Mart names new U.S. CEO amid slumping sales (Reuters) (Jun-29, 11:48 EDT )-- Reuters - Wal-Mart Stores Inc on Tuesday named Bill Simon to run its U.S. discount stores, which have struggled with sluggish sales as their core customer continues to be pressured by high unemployment.
Wal-Mart names new U.S. CEO (Reuters) (Jun-29, 10:00 EDT )-- Reuters - Wal-Mart Stores Inc on Tuesday named Bill Simon to run its U.S. discount stores, which have struggled with sluggish sales as their core customer continues to be pressured by high unemployment.
The Dangers of DIY Estate Planning (U.S. News & World Report) (Jun-29, 09:59 EDT )-- U.S. News & World Report - Every year, thousands of consumers bypass lawyers and create their own wills, powers of attorney, and other estate planning documents with the help of online tools and books. As one might expect, lawyers don't like this do-it...
Obama, Bernanke agree economy strengthening (Reuters) (Jun-29, 09:58 EDT )-- Reuters - President Barack Obama said on Tuesday he and Federal Reserve Chairman Ben Bernanke agreed that the U.S. economy is strengthening and that growth must be increased to boost jobs.
China, Taiwan sign trade pact linking economies (Jun-29, 09:47 EDT )-- BEIJING -- China and Taiwan, political rivals separated by 60 years of history and hostility, highlighted their growing economic links Tuesday by signing a trade cooperation agreement that could dramatically increase the flow of goods across the narrow...
Consumer confidence tumbles in June (AP) (Jun-29, 09:46 EDT )-- AP - Americans, worried about jobs and the sluggish economic recovery, are having a relapse in confidence, causing a widely watched index to tumble in June and raising concerns about consumer spending in the critical months ahead.
UK FTSE index plunges more than 3% (AFP) (Jun-29, 09:40 EDT )-- AFP - The London stock market dived by more than 3.0 percent on Tuesday, mirroring steep losses elsewhere on the back of weak US data and mounting global economic jitters, dealers said.
US consumer confidence slumps (AFP) (Jun-29, 09:33 EDT )-- AFP - US consumer confidence tumbled in June after three straight monthly rises amid increasing US economic uncertainty and unemployment concerns, according to a closely watched survey released Tuesday.
Consumer confidence drops in June on jobs worries (Reuters) (Jun-29, 09:13 EDT )-- Reuters - Consumer confidence fell steeply in June after rising for three months, due to worries about the labor market because of a recent slowdown in jobs growth, according to a private sector report released on Tuesday.
Google changes China access after Beijing objects (Jun-29, 09:08 EDT )-- BEIJING-- Google Inc., faced with the likelihood of losing its Chinese operating license this week, said Tuesday that would no longer automatically direct users in China to its companion site in Hong Kong. Google - China - Hong Kong - Asia -...
Home prices climb on tax credit push (Reuters) (Jun-29, 08:58 EDT )-- Reuters - Single-family home prices unexpectedly climbed in April from March, driven by a final sales push before tax credits expired, but signs of a sustained recovery have yet to emerge, Standard & Poor's/Case Shiller home price indexes showed on...
Japan's economic recovery falters in May (AP) (Jun-29, 06:06 EDT )-- AP - Japan's economic recovery faltered in May as moderating export demand dented factory output, household spending fell and the jobless rate unexpectedly rose for a third straight month.
Supreme Court upholds Sarbanes-Oxley Act (Jun-28, 23:00 EDT )-- The Sarbanes-Oxley Act, the heart of the government's response to accounting scandals at Enron and WorldCom, survived a Supreme Court test Monday almost unscathed. Supreme Court - United States Supreme Court - Sarbanes–Oxley Act - United...
Scott Brown reconsidering support of financial regulation bill (Jun-28, 23:00 EDT )-- Sen. Scott Brown (R-Mass.), one of only four Republicans to vote for an earlier version of new financial regulations, is wavering on whether he will support the final bill this week. Scott Brown - United States - Rhode Island - Education -...
Pentagon looks for 100 billion in cost savings (Jun-28, 23:00 EDT )-- Pentagon officials said Monday that they plan to try to cut as much as $100 billion over the next five years out of the billions of dollars spent annually in buying weapons systems and other services from outside contractors. Pentagon - United...
Featured Advertiser (Jun-28, 23:00 EDT )
Two new studies point to risks for people taking the diabetes drug Avandia (Jun-28, 23:00 EDT )-- Two teams of researchers have produced powerful new evidence that the diabetes drug Avandia increases the risk of heart problems and strokes, renewing questions about the safety of the medication. GlaxoSmithKline - Food and Drug Administration -...
Approach of storm delays effort to boost oil extraction from damaged BP well (Jun-28, 23:00 EDT )-- HOUMA, LA. -- Tropical Storm Alex is churning through the Gulf of Mexico as it threatens to become the first storm of this region's notorious hurricane season, forcing officials to delay efforts to double the amount of oil that can be siphoned from BP...
American Capital restructures debt (Jun-28, 23:00 EDT )-- PRIVATE EQUITY Business - Financial Services - Financial Planning - Debt Consolidation - Debt
A global effort of individual moves (Jun-28, 23:00 EDT )-- As the economic crisis has given way to a tentative recovery, the Group of 20 large economies and the International Monetary Fund have agreed that countries need to tailor individual economic policies to fit their circumstances, but that coordinating...
Corrections (Jun-28, 23:00 EDT )-- -- A June 28 Washington Business article about the energy software firm Opower misquoted company founder Alex Laskey in a comment about the annual nationwide savings for utility customers using the company's usage-analysis program. Laskey said annual...
Electric car maker Tesla raises $226 million in IPO; Noble buys Frontier (Jun-28, 23:00 EDT )-- Electric-car maker Tesla Motors raised $226 million selling shares above its forecast price range in the first initial public offering of a U.S. automaker in half a century. Electric car - Tesla Motors - Electric Vehicles - Technology - Energy
China's push to develop its west hasn't closed income gap with east, critics say (Jun-28, 23:00 EDT )-- BEIJING -- Ten years ago, China's leadership launched its "Go West" campaign, an ambitious plan to develop and modernize the country's poor western hinterlands. The aim was simple: to close the region's yawning income gap with the more prosperous east...
The bottom line on financial regulation (Jun-28, 23:00 EDT )-- The House and Senate are getting ready to vote on new rules regulating Wall Street after lawmakers spent last week hammering out a final version of the bill. Democratic leaders still hope to deliver the legislation to President Obama's desk by July 4,...
Featured Advertiser (Jun-28, 23:00 EDT )
IMF grants third tranche of $2.6 billion Sri Lanka loan (Reuters) (Jun-28, 22:23 EDT )-- Reuters - The International Monetary Fund will pay out the delayed third tranche of a $2.6 billion loan to Sri Lanka, saying the government was planning to tackle its weak finances in the 2010 budget to be announced on Tuesday.
EU firms wary of unpredictable China rules: survey (Reuters) (Jun-28, 22:09 EDT )-- Reuters - European firms remain optimistic about China's economic growth prospects, but are less confident about the near-term outlook for profits and are very concerned about regulatory unpredictability, according to a survey.
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