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Presidents Obama and Medvedev bond at Ray's Hell Burger (Jun-24, 23:00 EDT )-- During the Cold War, President Richard Nixon once gave Soviet leader Leonid Brezhnev a Lincoln Continental. The car fanatic and notoriously bad driver immediately took the startled president on a high-speed ride through the twisting mountain roads near...
World Cup failure adds to France's pain (Jun-24, 23:00 EDT )-- PARIS -- First, some government ministers were caught playing fast and loose with taxpayer money and influence peddling. Then the French soccer team proved better at bickering than scoring at the World Cup tournament in South Africa. And perhaps worst...
China's yuan move too soon to judge: Obama (AFP) (Jun-24, 21:41 EDT )-- AFP - US President Barack Obama has said it is too premature to determine the impact of China's limited currency reform although he viewed the move as "positive."
Japan consumer prices fall for 15th month in May (AP) (Jun-24, 20:34 EDT )-- AP - Japanese consumer prices fell for the 15th straight month in May as deflation kept its grip on the world's second biggest economy.
Republicans kill Senate jobless aid measure (AP) (Jun-24, 20:20 EDT )-- AP - Republicans on Thursday defeated Democrats' showcase election-year jobs bill, including an extension of weekly unemployment benefits for millions of people out of work more than six months.
Judge weighs pensions amid Philly newspapers sale (AP) (Jun-24, 19:16 EDT )-- AP - Creditors poised to take over Philadelphia's two largest newspapers hope to move employees from defined pensions to 401k plans or some mix of both, their lawyer said after a bankruptcy confirmation hearing Thursday.
Senate again rejects expanded spending package (Jun-24, 18:57 EDT )-- Senate Democrats on Thursday abandoned efforts to provide fresh aid to cash-strapped state governments and extend emergency unemployment benefits for millions of jobless workers, leaving in limbo President Obama's push for more spending to bolster the...
Congress approves new penalties against Iran (AP) (Jun-24, 18:24 EDT )-- AP - Congress on Thursday overwhelmingly passed tough new sanctions against Iran, sending a message to the Tehran government that notions of becoming a nuclear power could be accompanied by a steep economic price.
G20 nations see different paths for securing recovery (Reuters) (Jun-24, 18:19 EDT )-- Reuters - World leaders aimed for a common target on Thursday of securing the economic recovery, but disagreed over how best to reach it.
(AP) (Jun-24, 18:16 EDT )-- AP - Congress approves Iran sanctions bill for Obama's signature.
California lawmaker urges budget talks boycott: report (Reuters) (Jun-24, 17:57 EDT )-- Reuters - A California lawmaker wants fellow Democrats to boycott budget talks with Republican Governor Arnold Schwarzenegger even though the state has no spending plan on the eve of its new fiscal year, a newspaper reported on Thursday.
Senate Roll Call: GOP kills jobless aid measure (AP) (Jun-24, 17:47 EDT )-- AP - The 57-41 roll call Thursday by which Senate Democrats failed to break a Republican filibuster blocking a bill to continue weekly jobless benefits for long-term unemployed workers and provide new aid to state governments. Democrats needed 60 votes...
Geithner: G20 to focus on growth, confidence (Reuters) (Jun-24, 17:46 EDT )-- Reuters - Treasury Secretary Timothy Geithner said on Thursday that the Group of 20 leaders' summit should focus on both growth and fiscal responsibility to lay a foundation for stronger economic growth in the future.
For-profit colleges: Do they shortchange students? (The Christian Science Monitor) (Jun-24, 17:16 EDT )-- The Christian Science Monitor - Could for-profit colleges be the educational equivalent of the subprime-mortgage market?
Business Highlights (AP) (Jun-24, 17:14 EDT )-- AP - Mortgage rates at lowest point since mid-1950s
Fund managers venturing further outside the box (AP) (Jun-24, 17:01 EDT )-- AP - Top mutual fund managers aren't finding much to like these days in a stock market that's now about where it started in January.
Lawmakers slam top mortgage firms on loan mods (Reuters) (Jun-24, 17:01 EDT )-- Reuters - The four largest mortgage lenders in the United States were grilled on Capitol Hill on Thursday about the limited number of home loans they have modified for homeowners facing foreclosure.
Mortgage rates at lowest point since mid-1950s (AP) (Jun-24, 16:55 EDT )-- AP - Mortgages are cheaper today than they've been in a half-century. If only most people had the job security, the credit score and the cash to qualify.
Summary Box: Mortgage rates fall to post-1950s low (AP) (Jun-24, 16:52 EDT )-- AP - SINKING RATES: Rates on 30-year fixed mortgages fell this week to an average of 4.69 percent, the lowest since the mid-1950s.
WTO chief: Protectionist pressure tied to joblessness (Reuters) (Jun-24, 16:45 EDT )-- Reuters - As long as unemployment is high, there will be pressure to keep protectionist trade measures in place, the director-general of the World Trade Organization said on Thursday.
Mortgage rates sink: Is now the time to refinance? (AP) (Jun-24, 16:02 EDT )-- AP - Do the lowest mortgage rates since the mid-1950s mean it's a good time to refinance your home loan?
Jobless aid measure dying in Senate (AP) (Jun-24, 15:59 EDT )-- AP - Republicans in the Senate appear likely to kill legislation to provide continued unemployment checks to millions of people and provide states with billions of dollars to avert layoffs.
Commercial banks borrow slightly more from Fed (AP) (Jun-24, 15:59 EDT )-- AP - Banks borrowed slightly more last week from the Federal Reserve's emergency lending program, the first increase since January.
Sticking points keep work going on Wall St. bill (AP) (Jun-24, 15:55 EDT )-- AP - House and Senate negotiators struggled to meet a self-imposed Thursday deadline to wrap up a massive financial regulation bill, with two major sticking points standing in the way of completing legislation that has been one year in the making.
Jobless claims, durable orders ease double-dip fears (Reuters) (Jun-24, 15:55 EDT )-- Reuters - New claims for state jobless benefits fell last week while a closely watched gauge of demand for factory goods rebounded in May, offering assurance the economy's fragile recovery remains intact.
Business events scheduled for the coming week (AP) (Jun-24, 15:27 EDT )-- AP - WASHINGTON — Commerce Department releases personal income and spending for May, 8:30 a.m.
Mass. settles with Morgan Stanley for almost $103M (AP) (Jun-24, 15:21 EDT )-- AP - Morgan Stanley agreed Thursday to a nearly $103 million settlement with Massachusetts investigators who alleged the investment bank backed subprime mortgage lending that it knew to be risky.
Companies ramp up spending, fuel economic growth (AP) (Jun-24, 15:21 EDT )-- AP - Companies are spending again, and that could mean better economic times ahead.
Consumer stocks fall on economic worries (AP) (Jun-24, 15:18 EDT )-- AP - Consumer stocks fell Thursday as investors worried that the economy, which had been showing some signs of life, may be making a U-turn.
Correction: Fannie Mae penalties story (AP) (Jun-24, 14:50 EDT )-- AP - In a June 23 story about a new policy from Fannie Mae regarding homeowners who walk away from mortgages, The Associated Press erroneously gave two conflicting prices for Fannie Mae stock. The company's stock closed trading Wednesday at 41 cents,...
S&P: Stock buybacks up 80 percent in 1st quarter (AP) (Jun-24, 14:46 EDT )-- AP - Standard & Poor's said Thursday that stock repurchases among S&P 500 companies surged 80 percent in the first quarter from the same time last year, a sign that more companies feel comfortable enough about the economic recovery to begin cutting...
Russia to buy 50 Boeing 737s worth four billion dollars (AFP) (Jun-24, 14:36 EDT )-- AFP - President Barack Obama on Thursday said that Russia was buying 50 Boeing aircraft valued at four billion dollars that could create 44,000 jobs in the struggling US economy.
Senators: Blocking deep-water drilling would further hurt gulf economy (Jun-24, 14:33 EDT )-- The Obama administration's effort to freeze deep-water drilling met criticism from both parties at a Senate hearing Thursday as lawmakers said it would add economic damage to the toll from the gulf oil spill . Business - Mining and Drilling -...
A look at global economic developments (AP) (Jun-24, 14:27 EDT )-- AP - A look at economic developments and activity in major stock markets around the world Thursday:
Mortgage rates at lowest point since at least 1971 (AP) (Jun-24, 13:25 EDT )-- AP - Mortgage rates fell this week to the lowest level on records dating to 1971, giving consumers added incentive to lock in low payments for home purchases and refinanced loans.
Is This Motorola's iPhone Killer? (The Motley Fool) (Jun-24, 13:03 EDT )-- The Motley Fool - The Apple (Nasdaq: AAPL - News) iPhone is so good that everyone keeps looking for an iPhone killer. No such gadget has come forth, but Motorola (NYSE: MOT - News) has produced the closest thing to it in the Verizon (NYSE: VZ - News)...
Supreme Court casts doubt on ex-Enron CEO Skilling's conviction (Jun-24, 11:39 EDT )-- The Supreme Court Thursday restricted one of federal prosecutors' favorite tools for pursuing corrupt politicians and self-dealing corporate chiefs, and cast doubt on the conviction of former Enron chief Jeffrey Skilling. United States - Supreme...
U.S. pushes G20 growth, but Europe cautious (Reuters) (Jun-24, 11:32 EDT )-- Reuters - The top White House economic advisor said on Thursday world leaders must keep the tentative global recovery on track as Europe headed into this weekend's G20 summit defending plans for heavy cost-cutting.
FYI: Honda aims to blend sportiness, fuel economy (AP) (Jun-24, 09:54 EDT )-- AP - The words "sporty" and "hybrid" don't often go together. But with the CR-Z, Honda is hoping to shake buyers of the notion that hybrids have to be boring to drive.
Banks fear adding Fannie, Freddie to bank bill (AP) (Jun-24, 09:53 EDT )-- AP - Big banks are objecting strongly to a last-minute House proposal to add ailing mortgage giants Fannie Mae and Freddie Mac to the type of firms that would be subject to liquidation at financial industry expense.
Businesses spend more on durable goods in May (AP) (Jun-24, 09:49 EDT )-- AP - Businesses spent more on big-ticket goods in May and the pace of layoffs slowed in the past week, the latest evidence that the economy is gradually improving.
Thousands of striking French workers hold nationwide protests (Jun-24, 09:43 EDT )-- PARIS -- In a depressed and increasingly sour political atmosphere, hundreds of thousands of striking French workers took to the streets in nationwide protests Thursday to complain of government callousness and decry plans to push back the retirement...
Mortgage rates sink to lowest level on record (AP) (Jun-24, 09:09 EDT )-- AP - Mortgage rates fell this week to the lowest level on record, giving consumers added incentive to lock in low payments on home purchases and refinancings.
(AP) (Jun-24, 09:03 EDT )-- AP - Supreme Court limits use of 'honest services' fraud law, siding with ex-Enron CEO Skilling.
(AP) (Jun-24, 09:03 EDT )-- AP - Supreme Court limits use of 'honest services' fraud law, siding with ex-Enron CEO Skilling.
Obama and Medvedev to focus on global economy in Thursday's meeting (Jun-24, 08:58 EDT )-- Russian President Dmitry Medvedev arrives in Washington for talks with President Obama on Thursday as the two countries explore closer business ties and seek greater cooperation on the fate of the global economy. Dmitry Medvedev - United States -...
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Businesses spend more in May on durable goods (AP) (Jun-24, 08:42 EDT )-- AP - Businesses spent more on big-ticket goods in May, as manufacturing continued to be a source of strength in the economic recovery.
Summers says economy healthier now than year ago (Reuters) (Jun-24, 08:35 EDT )-- Reuters - Top White House economic adviser Lawrence Summers said on Thursday the U.S. recovery has a long way to go but the economy is far healthier now than it was a year ago.
US jobless claims fall (AFP) (Jun-24, 08:33 EDT )-- AFP - New claims for US jobless benefits fell for the first time in three weeks, the government said Thursday amid persistent concerns that unemployment may dampen recovery.
Obama hopes for firm recovery blueprint at Canada summits (AFP) (Jun-24, 08:24 EDT )-- AFP - US President Barack Obama hopes to return from the Group of Eight and Group of 20 meetings in Canada with new evidence that key powers will fulfill pledges to heal the global economy.
How states fared on jobless claims, at a glance (AP) (Jun-24, 08:05 EDT )-- AP - The Labor Department said Thursday that new claims for jobless benefits dropped by the largest number in two months, but they remain above levels that would signal healthy job growth.
Jobless claims fall, durable orders ex-transport up (Reuters) (Jun-24, 08:03 EDT )-- Reuters - New claims for jobless benefits fell last week, while orders for long-lasting manufactured goods excluding transportation rose in May, offering hope the fragile economic recovery remained intact.
Economy Watch: New weekly jobless claims drop (Jun-24, 07:51 EDT )-- The number of new jobless claims filed last week fell by 19,000 to 457,000, the Labor Department reported moments ago, in line with expectations. Business - Insurance - Financial Services - Claims - Unemployment
Fans scramble for Apple's iPhone upgrade (Reuters) (Jun-24, 07:46 EDT )-- Reuters - Apple fans queued overnight by the hundreds outside stores in the United States, Europe and Japan to snap up the latest iPhone, setting a new benchmark in the fast-growing smartphone market.
Ford to build new plant in Thailand (AFP) (Jun-24, 07:40 EDT )-- AFP - US carmaker Ford Motor Co. said Thursday it would spend 450 million dollars to build a new plant in Thailand, giving a much-needed boost to an economy reeling from deadly political unrest.
May durable goods orders drop less than expected (Reuters) (Jun-24, 07:39 EDT )-- Reuters - New orders for long-lasting manufactured goods fell for the first time in six months in May but the drop was less than expected, a government report showed on Thursday.
Venezuela to nationalize U.S. firm's oil rigs (Reuters) (Jun-24, 07:36 EDT )-- Reuters - Venezuela will nationalize a fleet of oil rigs belonging to U.S. company Helmerich and Payne, the latest takeover in a push to socialism as President Hugo Chavez struggles with lower oil output and a recession.
Jobless claims drop 19,000 last week (Reuters) (Jun-24, 07:33 EDT )-- Reuters - The number of workers filing new applications for unemployment insurance fell slightly more than expected last week, offering hope the fragile economic recovery remained intact.
European stocks slip on global recovery jitters (AFP) (Jun-24, 07:06 EDT )-- AFP - European stock markets fell on Thursday, hit by global economic recovery concerns after gloomy economic data and downbeat comments from the US Federal Reserve.
Resolution buys AXA businesses in UK (AFP) (Jun-24, 02:45 EDT )-- AFP - British insurer Resolution announced Thursday it has acquired French insurer AXA's life insurance and savings businesses in Britain for 2.75 billion pounds (3.3 billion euros, 4.0 billion dollars).
Democrats pressure Lincoln to change derivatives plan in reform measure (Jun-23, 23:00 EDT )-- Democratic leaders pressured Sen. Blanche Lincoln (D-Ark.) Wednesday to scale back a proposal that would force big banks to spin off their derivatives businesses, highlighting a conflict that has the potential to crack Democratic support behind the...
House drops proposal for fund to aid in winding down failing firms (Jun-23, 23:00 EDT )-- House negotiators, seeking to reach agreement with their Senate counterparts over new far-reaching financial rules, dropped their proposal Wednesday for a $150 billion fund, paid for by industry, that would have been used to cover the costs of winding...
Unemployment-benefits bill stalls in Senate as GOP rejects revised plan (Jun-23, 23:00 EDT )-- Senate Democrats were ready to throw in the towel late Wednesday on a months-long effort to deliver fresh aid to states and extend benefits to unemployed workers, saying Republicans had rejected their latest offer to pare down the size and cost of the...
Local Digest: Many takers for American Capital debt-swap offer (Jun-23, 23:00 EDT )-- Private equity firm American Capital, which is trying to restructure its $2.4 billion in debt outside of bankruptcy court, said Wednesday that holders of 98 percent of its 2012 notes have agreed to swap their debt for cash payments and new notes. ...
Transformed Tysons Corner still years away in Fairfax (Jun-23, 23:00 EDT )-- Fairfax County's go-ahead Tuesday to remake Tysons Corner will not immediately bring bulldozers and wrecking crews to transform the traffic-clogged office and retail center into a model of urban living. Virginia - Fairfax - United States -...
Iran is ready for planned U.S. sanctions targeting fuel imports, analysts say (Jun-23, 23:00 EDT )-- TEHRAN -- As Congress prepares to target Iran's vital fuel imports as part of its most far-reaching sanctions package yet , observers say the Tehran government has already done much to deflect the impact of the new U.S. measures. Iran - Middle...
CIA hires Xe, formerly Blackwater, to guard facilities in Afghanistan, elsewhere (Jun-23, 23:00 EDT )-- The CIA has hired Xe Services , the private security firm formerly known as Blackwater Worldwide, to guard its facilities in Afghanistan and elsewhere, according to an industry source. Afghanistan - Blackwater Worldwide - Asia - Iraq - United States
Russell Simmons wins swipe fee deal for his prepaid card (Jun-23, 23:00 EDT )-- Russell Simmons just scored a victory on Capitol Hill. Russell Simmons - Business - Hardware - Technology - Retail Trade
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