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Fed maintains record-low rates (AFP) (Jun-23, 21:54 EDT )-- AFP - The US Federal Reserve has held its key interest rate at historic lows and has said the economy was continuing its modest recovery despite financial headwinds from abroad.
Japan's exports rise in May for 6th straight month (AP) (Jun-23, 21:13 EDT )-- AP - Japan's exports expanded for a sixth straight month in May as brisk global demand for cars and high-tech products helped shore up a recovery in the world's second largest economy.
G20 to warn on complacency as fiscal fight looms (Reuters) (Jun-23, 21:03 EDT )-- Reuters - World leaders will warn this week against taking the global economic recovery for granted while also noting that the huge costs of stimulus could hurt long-term growth, a draft G20 document shows.
Senate Democrats push jobs tax compromise (Reuters) (Jun-23, 20:50 EDT )-- Reuters - In an effort to break a stalemate over a package of unemployment aid and business tax breaks, Senate Democrats on Wednesday offered a compromise that would pare proposed aid to cash-strapped states .
GOP senators may still block more jobless benefits (AP) (Jun-23, 20:37 EDT )-- AP - A Republican filibuster appears increasingly likely to kill long-sought legislation extending jobless benefits and a host of other spending and tax measures, despite a new round of cuts to the measure Wednesday that reduced its deficit impact even...
Calif. resolution urges Arizona economic boycott (AP) (Jun-23, 19:27 EDT )-- AP - A group of California lawmakers urged the state Wednesday to boycott Arizona over its tough new immigration law, placing the West Coast state on a growing list of government bodies considering an economic protest.
Bond expert Gundlach: double-dip recession coming (AP) (Jun-23, 18:41 EDT )-- AP - Bond expert Jeffrey Gundlach emphatically believes we're headed for a double-dip recession.
Dell's 2011 forecast meets Street view, margins eyed (Reuters) (Jun-23, 18:40 EDT )-- Reuters - Dell Inc forecast a 14 to 19 percent jump in fiscal 2011 revenue as consumer and corporate spending returns, matching Wall Street's expectations, but investors are focusing on whether the world's No. 3 PC maker can sustain margins.
Q+A: Obama grapples with crises (Reuters) (Jun-23, 17:32 EDT )-- Reuters - President Barack Obama replaced his top Afghan war commander on Wednesday, grappling with the latest in a series of challenges that include a disastrous oil spill and high unemployment.
Moody's: Worst is over for credit card write-downs (AP) (Jun-23, 16:57 EDT )-- AP - Moody's Investors Service on Wednesday said current trends indicate credit card companies have made it through the worst impacts of the recession.
Statistics show Wisconsin metro areas adding jobs (AP) (Jun-23, 16:27 EDT )-- AP - State statistics show all 12 metropolitan areas of Wisconsin added jobs and reported drops in their unemployment rate in May.
Nissan spends $900,000 lobbying US gov't in 1Q (AP) (Jun-23, 16:25 EDT )-- AP - Nissan's North American division spent $900,000 lobbying Congress and the federal government during the first quarter, focusing on issues from fuel economy to consumer protections.
Fed strikes more cautious tone on US recovery (AP) (Jun-23, 15:43 EDT )-- AP - The Federal Reserve struck a more cautious tone about the strength of the U.S. economic recovery, indicating Europe's debt crisis poses a risk to it.
Dollar slides after Fed holds rates at record low (AP) (Jun-23, 15:42 EDT )-- AP - The dollar moved lower Wednesday after the Federal Reserve pledged to hold interest rates at their record-low level and indicated that Europe's debt crisis poses a risk to the U.S. economy.
Senate Democrats struggle to revive jobless aid (AP) (Jun-23, 15:38 EDT )-- AP - Senate Democrats struggled Wednesday to revive a bill extending jobless benefits and a host of other spending and tax measures as they searched for ways to reduce the measure's deficit impact and attract critical GOP support.
Fannie Mae to penalize homeowners who walk away (AP) (Jun-23, 15:35 EDT )-- AP - Government-sponsored mortgage purchaser Fannie Mae is trying to encourage distressed homeowners to find alternatives to foreclosure by banning those who walk away from getting new loans for seven years.
New-home sales plummet in May after tax credit expires (Jun-23, 15:32 EDT )-- Sales of newly built homes plunged in May to their lowest level in more than four decades after a lucrative tax credit expired, draining demand for home purchases in all four regions of the country. United States - Business - Tax credit - United...
Housing market struggles without government aid (AP) (Jun-23, 15:27 EDT )-- AP - Americans showed far less appetite to buy new homes last month after the government stopped offering a homebuyer tax credit. The news signaled a renewed housing slump that threatens the broader economy.
Fed softens economy view as it renews low-rate vow (Reuters) (Jun-23, 15:14 EDT )-- Reuters - The Federal Reserve acknowledged a faltering pace of economic recovery on Wednesday as it renewed its vow to hold benchmark interest rates exceptionally low for an extended period.
Duo of Diabetes Drug Deals Make J&J Better (The Motley Fool) (Jun-23, 15:13 EDT )-- The Motley Fool - In the middle of a moribund market, Johnson & Johnson (NYSE: JNJ - News) boosted its potential diabetes treatment franchise yesterday with a pair of licensing deals. They look like nice additions for the diversified health-care giant.
Metal prices fall after weak housing report (AP) (Jun-23, 15:13 EDT )-- AP - Metals prices fell Wednesday after fresh signs of weakness in the U.S. housing market raised concerns about the economy.
Fed holds low rates, cites worse financial conditions (AFP) (Jun-23, 15:02 EDT )-- AFP - The US Federal Reserve held its key interest rate at historic lows Wednesday and said the economy was continuing to recover from recession despite financial headwinds from abroad.
GM plans for financing unit could complicate Ally's bailout repayment (Jun-23, 14:56 EDT )-- A General Motors proposal to develop its own auto-financing business has put the U.S. government in the middle of a multi-billion-dollar tug of war between two bailed-out companies in which the Treasury holds a majority stake. General Motors -...
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Summary Box: Fed strikes more cautious tone (AP) (Jun-23, 14:47 EDT )-- AP - RISKS AT HOME AND OVERSEAS: The Federal Reserve indicated that Europe's debt crisis poses a risk to the U.S. economy and pledged to hold rates at record lows to make sure the recovery stays on track.
Summary Box: New-home sales stumble in May (AP) (Jun-23, 14:45 EDT )-- AP - BIG DROP: Sales of new homes fell to lowest level on record in May as potential buyers stopped shopping for homes once they could no longer receive tax credits.
Fed holds interest rates at record lows amid Europe debt worries (Jun-23, 14:44 EDT )-- The Federal Reserve affirmed its ultra-low interest rate policy Wednesday, as the central bank leaders acknowledged new risks to the U.S. economy from the debt crisis in Europe but said they expect the economic expansion to continue. Interest...
Instant View: Fed softens view of economy, rates unchanged (Reuters) (Jun-23, 14:08 EDT )-- Reuters - The Federal Reserve acknowledged a faltering pace of U.S. economic recovery on Wednesday as it renewed its vow to hold benchmark interest rates exceptionally low for an extended period.
A look at the Fed's April, June statements (AP) (Jun-23, 13:56 EDT )-- AP - A comparison of the Federal Reserve's statements on the economy and its policy positions from its last regular meeting on April 27-28 and the meeting that concluded Wednesday.
Fed holds low rates, says economic recovery continues (AFP) (Jun-23, 13:51 EDT )-- AFP - The US Federal Reserve held its key interest rate at historic lows Wednesday and said the economy was continuing to recover from recession despite headwinds from abroad.
How Fed's policymakers hold power over your purse (AP) (Jun-23, 13:45 EDT )-- AP - The Federal Reserve's chief policymaking group has vast power over the finances of ordinary Americans, businesses and investors. The consequences of its interest-rate decisions range wide: from people's ability to get affordable loans to the price...
(AP) (Jun-23, 13:16 EDT )-- AP - Fed suggests Europe debt crisis is risk to economy; holds rates at record lows.
Splurge on This, Save on That (U.S. News & World Report) (Jun-23, 12:23 EDT )-- U.S. News & World Report - Alexa von Tobel, founder of LearnVest.com, a new personal finance Web site for women, says we need to stop spending money on "stupid" stuff - including $8 airline blankets and unnecessary cell phone charges - so we can spend...
17K Mich. homeowners to get federal mortgage help (AP) (Jun-23, 12:18 EDT )-- AP - Michigan is ramping up a new program aimed at helping homeowners avoid foreclosures after Wednesday's announcement that the federal government has approved $154.5 million for the effort.
Financial Overhaul 101: Targeting risky mortgages (AP) (Jun-23, 12:13 EDT )-- AP - They were at the root of the financial crisis: Risky home loans made to borrowers with poor credit. And "liar loans" that let people with little incomes get big mortgages they couldn't repay.
Mortgage application volume falls off last week (AP) (Jun-23, 11:50 EDT )-- AP - Mortgage applications volume dropped off by 5.9 percent last week even as mortgage rates decreased, a sign the housing market is struggling with government incentives, according to a report Wednesday from the Mortgage Bankers Association.
Report says gov't mortgage modifications work best (AP) (Jun-23, 11:15 EDT )-- AP - Borrowers with mortgages modified under the federal government's foreclosure prevention program are more likely to stay current than those with other modifications, a report Wednesday showed.
German consumer confidence stabilizes (AP) (Jun-23, 10:21 EDT )-- AP - German consumer confidence is stabilizing but people remain wary that budget cuts will have a negative impact on their personal finances, a closely watched survey showed Wednesday, even as the government insisted that the economic crisis is over.
G20 to warn on complacency (Reuters) (Jun-23, 09:55 EDT )-- Reuters - The Group of 20 rich and emerging nations later this week will warn against complacently assuming a sustainable global economic recovery, while admitting sickly public finances could hurt long-term growth, a draft G20 document shows.
New home sales at record low as tax credit expires (Reuters) (Jun-23, 09:39 EDT )-- Reuters - Sales of new homes dropped a record 32.7 percent in May to the lowest level in at least four decades as the boost from a popular tax credit faded, adding to worries of a slowing economic recovery.
New-home sales plunge 33 pct with tax credits gone (AP) (Jun-23, 09:37 EDT )-- AP - Sales of new homes collapsed in May, sinking 33 percent to the lowest level on record as potential buyers stopped shopping for homes once they could no longer receive government tax credits.
CEOs' view of economy brightens (Reuters) (Jun-23, 09:10 EDT )-- Reuters - U.S. chief executive officers' view of the economy reached a four-year high in the second quarter, with more planning to add jobs over the next six months, according to a Business Roundtable survey.
Survey: Hiring plans of US CEOs at 3-year high (AP) (Jun-23, 09:10 EDT )-- AP - The number of CEOs planning to ramp up hiring is at the highest level since mid-2007, according to a survey that suggests big U.S. companies are growing more confident about the economic recovery.
Fed on sidelines, waiting for recovery to firm (Reuters) (Jun-23, 08:09 EDT )-- Reuters - The Federal Reserve is expected to renew its promise to hold benchmark interest rates exceptionally low for an extended period on Wednesday and may acknowledge a slight slowdown in the pace of U.S. economic recovery.
Fed to keep rates low to support weak recovery (AP) (Jun-23, 08:07 EDT )-- AP - To sustain the fragile economic rebound, the Federal Reserve is sure to leave interest rates at record lows and is likely to repeat a pledge to keep them there for a while.
Oil prices sag before US energy report, Fed rate call (AFP) (Jun-23, 07:09 EDT )-- AFP - World oil prices weakened on Wednesday on the back of poor economic data, ahead of the latest energy inventories report and an interest rate decision in top consumer the United States.
Oil drops below $78 after US crude supplies jump (AP) (Jun-23, 05:44 EDT )-- AP - Oil prices fell below $78 a barrel Wednesday as downbeat economic data from Europe and a drop in U.S. crude supplies suggest a recovery in demand is likely to remain uneven.
EU calls on G-20 leaders to restore confidence (AP) (Jun-23, 04:59 EDT )-- AP - The European Union has called on leaders from the Group of 20 rich and emerging nations to restore confidence in the global economy by agreeing on when to withdraw stimulus measures that are supporting economic growth.
Divisions appear in Bank of England over strategy (AP) (Jun-23, 04:50 EDT )-- AP - Minutes of the latest Bank of England policy meeting released Wednesday revealed a division among members on the inflation outlook and one dissenter against keeping the base rate at an all-time low.
Fed set to hold low rates as US economy struggles (AFP) (Jun-23, 02:32 EDT )-- AFP - The US Federal Reserve is expected to keep US interest rates at historic lows when it meets later Wednesday, as it tries to keep a languishing recovery on track.
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Carnival profit dips on rising fuel costs (Jun-22, 23:00 EDT )-- Higher fuel costs dampened cruise operator Carnival's second-quarter profit, but the company said Tuesday that its revenue rose and that an important performance measure climbed for the first time in nearly two years. Carnival - Arts and...
Fairfax County supervisors authorize transformation of Tysons Corner (Jun-22, 23:00 EDT )-- Fairfax County officials on Tuesday approved a landmark proposal to allow the transformation of Tysons Corner from a sprawling, auto-dependent office park into vibrant, walkable city. Virginia - United States - Fairfax - Counties - Fairfax County...
Lack of electricity and water puts Iraqis on edge during heat of summer (Jun-22, 23:00 EDT )-- At least three times a week, Maher Abbas brings one of his two young children or his elderly mother to the hospital to be treated for dehydration, stomach bugs or heat exhaustion. Water - Utilities - Energy - Nouri al-Maliki - Business and Economy
Each day, another way to define worst-case for oil spill (Jun-22, 23:00 EDT )-- An enduring feature of the gulf oil spill is that, even when you think you've heard the worst-case scenario, there's always another that's even more dire. Oil spill - Environment - Energy - Petroleum in the Environment - Gulf of Mexico
Scott Brown's key vote gives Massachusetts firms clout in financial overhaul (Jun-22, 23:00 EDT )-- State Street isn't one of the iconic firms of Wall Street. It doesn't even make the top 10 largest bank holding companies in the country. But on Capitol Hill this week, as lawmakers finalize new rules regulating Wall Street, Boston-based State Street...
Oversight exemption for auto dealers gaining traction (Jun-22, 23:00 EDT )-- Lawmakers were on the brink Tuesday of exempting the nation's 18,000 auto dealers from oversight by a new consumer financial watchdog aimed at protecting borrowers from abusive lenders. United States - Regulation - Business and Economy -...
Geithner confident on recovering cost of bailout (Jun-22, 23:00 EDT )-- At a Capitol Hill hearing Tuesday, Treasury Secretary Timothy F. Geithner told the Congressional Oversight Panel, created to oversee the $700 billion rescue package from 2008, that banks have repaid about 75 percent of the bailout money they received,...
US sets out G20 battle lines (AFP) (Jun-22, 22:10 EDT )-- AFP - A simmering economic row between the United States and Europe showed little sign of abating, as Treasury Secretary Timothy Geithner insisted the economic recovery must take precedence over budget cuts.
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