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IMF drops "substantially" undervalued yuan tag (Reuters) (Jul-27, 20:18 EDT )-- Reuters - Several directors of the International Monetary Fund's Executive Board believe the yuan is undervalued, but an annual report on China made no mention of the exchange rate being "substantially" below value.
Confidence falls even as corporate profits rise (AP) (Jul-27, 19:47 EDT )-- AP - The disconnect between Wall Street and Main Street is growing.
Obama pushes Congress to pass small business plan (Reuters) (Jul-27, 19:01 EDT )-- Reuters - President Barack Obama pushed the Senate on Tuesday to pass legislation he says will benefit small businesses and generate jobs, and called on Republicans to back what he described as a plan similar to programs they had supported in the past.
Lift 'reckless' oil drilling ban, Gulf residents plead (AFP) (Jul-27, 17:25 EDT )-- AFP - President Barack Obama's "reckless" moratorium on deepwater drilling in the Gulf of Mexico is suffocating small businesses and destroying livelihoods, lawmakers and residents said Tuesday.
Norfolk Southern 2Q profit surges; hiring resumes (AP) (Jul-27, 17:15 EDT )-- AP - Railroad Norfolk Southern Corp. said Tuesday that second-quarter earnings surged 59 percent, as shipments increased, prices rose and efficiency improved in the recovering economy.
Norfolk Southern profit surge on volume, prices (AP) (Jul-27, 15:55 EDT )-- AP - Railroad Norfolk Southern Corp. said Tuesday that second-quarter earnings surged 59 percent, as shipments increased, prices rose and efficiency improved in the recovering economy.
California city OKs tax rates for marijuana (Reuters) (Jul-27, 15:55 EDT )-- Reuters - Anticipating California voters will back a November ballot measure to legalize casual marijuana use, officials in Oakland have approved two tax rates on pot sales in their city, already a hub of the state's medicinal marijuana scene.
SEIU and Workers United end 18-month feud (Jul-27, 15:55 EDT )-- Two of the country's largest unions have resolved a vicious feud that roiled organized labor for 18 months, costing it hundreds of thousands of dollars in legal fees, undermining each other's organizing efforts, and distracting it from opportunities...
Global steelmakers paint gloomy picture (Reuters) (Jul-27, 15:48 EDT )-- Reuters - Steelmakers painted a gloomy picture of the short-term prospects for the industry on Tuesday as global prices have fallen and industrial demand is not recovering from the recession as quickly as expected.
Senate Democrats unable to proceed on bill to disclose corporate campaign donors (Jul-27, 15:45 EDT )-- Senate Democrats failed in their attempt to push ahead Tuesday with a far-reaching campaign-finance bill, marking a major political setback for President Obama and a significant victory for Senate Republicans and business groups prior to the midterm...
Labor unions Workers United and Unite Here end 18-month feud (Jul-27, 15:31 EDT )-- Two of the country's largest unions have resolved a vicious feud that roiled organized labor for 18 months, costing it hundreds of thousands of dollars in legal fees, undermining each other's organizing efforts, and distracting it from opportunities...
Why You Should Invest in European Stocks (U.S. News & World Report) (Jul-27, 15:27 EDT )-- U.S. News & World Report - Much has been made of the fiscal difficulties that some European Union countries, most notably Greece, are experiencing. Less has been said about what opportunities may exist for investors interested in the countries in the...
Local governments warn: more job, service cuts (Reuters) (Jul-27, 15:16 EDT )-- Reuters - Local government revenue has withered so drastically that U.S. cities and counties will have to cut hundreds of thousands of jobs in the coming months, leaving communities without basic services and raising jobless rates, according to a survey.
BP to claim $10B U.S. tax credit because of losses in gulf spill (Jul-27, 15:11 EDT )-- BP said Tuesday it plans to seek a $10 billion tax credit from the U.S. government because the company has lost so much money from the Gulf of Mexico oil spill. BP - Tax - United States - Oil spill - Gulf of Mexico
Drilling down into consumer confidence (AP) (Jul-27, 15:00 EDT )-- AP - The Conference Board's Consumer Confidence Index is based on a survey made up of five questions that haven't changed since the index started in 1967. Each question counts for 20 percent of the index.
Economy erodes election hope for Democrats (Reuters) (Jul-27, 14:29 EDT )-- Reuters - Americans by a large majority believe President Barack Obama has not focused enough on job creation, as economic fears threaten Democrats ahead of November 2 congressional elections, a Reuters-Ipsos poll found on Tuesday.
Confidence falls even as corporate profits rise (AP) (Jul-27, 14:25 EDT )-- AP - The disconnect between Wall Street and Main Street is growing.
Lift 'reckless'drilling ban, Gulf residents plead (AFP) (Jul-27, 14:23 EDT )-- AFP - President Barack Obama's "reckless" moratorium on deepwater drilling in the Gulf of Mexico is suffocating small businesses and destroying livelihoods, lawmakers and residents said Tuesday.
Obama pushes Congress to pass small business plan (Reuters) (Jul-27, 14:12 EDT )-- Reuters - President Barack Obama pushed the Senate on Tuesday to pass legislation he says will benefit small businesses and generate jobs, and called on Republicans to back what he described as a plan similar to programs they had supported in the past.
How to Hedge for Uncertain Times (The Motley Fool) (Jul-27, 14:07 EDT )-- The Motley Fool - Fed Chairman Ben Bernanke recently described the economic outlook as "unusually uncertain," and that's likely an apt description of what many investors are feeling.
Summary Box: Consumer confidence falls in July (AP) (Jul-27, 14:02 EDT )-- AP - FALLING CONFIDENCE: The Conference Board's Consumer Confidence Index slipped to 50.4 in July, from June's revised 54.3. It follows last month's nearly 10-point drop from May.
Summary Box: Conference on Fannie, Freddie (AP) (Jul-27, 14:01 EDT )-- AP - CONFERENCE SCHEDULED: The Obama administration will hold a conference Aug. 17 to discuss the future of government-sponsored mortgage buyers Fannie Mae and Freddie Mac, which almost collapsed nearly two years ago.
Treasury to hold conference on Fannie, Freddie (AP) (Jul-27, 13:49 EDT )-- AP - The Obama administration, which has been under fire for not developing a concrete plan for mortgage giants Fannie Mae and Freddie Mac, says it will hold a conference next month to discuss their future.
Consumer confidence dims as home prices climb (Reuters) (Jul-27, 12:47 EDT )-- Reuters - Job worries drove July U.S. consumer confidence to its lowest since February, with one in six people expecting lower income in the next six months, underscoring the precarious state of economic recovery.
Chevy Volt will cost $41,000 (Jul-27, 12:34 EDT )-- The forthcoming electric car the Chevrolet Volt will cost $41,000, General Motors announced Tuesday, leaving consumers to decide whether its environmental appeal is worth a price far above those of similarly sized conventional autos. ...
Americans want Obama to focus more on jobs, poll finds (Reuters) (Jul-27, 12:24 EDT )-- Reuters - Americans by a large majority believe President Barack Obama has not focused enough on job creation, as economic fears threaten Democrats ahead of November 2 elections, a Reuters-Ipsos poll found on Tuesday.
A look at global economic developments (AP) (Jul-27, 11:30 EDT )-- AP - A look at economic developments and activity in major stock markets around the world Tuesday:
US consumer confidence at worst level in five months (AFP) (Jul-27, 11:13 EDT )-- AFP - US consumer confidence plunged to its worst level in five months on concerns over unemployment amid an uncertain economic outlook, according to a closely-watched survey released Tuesday.
Summary Box: German consumer confidence rises (AP) (Jul-27, 11:01 EDT )-- AP - FEELING BETTER: A new GfK institute survey shows German consumer confidence is up strongly, rising to 3.9 points for August from 3.6 points in July. That's its highest level since November 2009.
US vows reform plan for Fannie Mae, Freddie Mac (AFP) (Jul-27, 10:12 EDT )-- AFP - The US Treasury on Tuesday promised a plan to reform troubled state-backed mortgage firms Fannie Mae and Freddie Mac by January, firing the starting gun on what is likely to be a rancorous debate.
Consumer confidence dims as home prices advance (Reuters) (Jul-27, 09:51 EDT )-- Reuters - Consumer confidence sank in July to its lowest since February on job market worries, underscoring the slow path to economic recovery, and home prices rose in May but without signs of a sustained rebound, reports released on Tuesday showed.
Consumer confidence falls to lowest since February (AP) (Jul-27, 09:45 EDT )-- AP - Americans' confidence in the economy eroded further in July amid worries about a still-stagnant job market. The report raised concerns about the overall economy and the back-to-school season.
US consumer confidence worsens (AFP) (Jul-27, 09:45 EDT )-- AFP - US consumer confidence has deteriorated on concerns over unemployment and business conditions amid an uncertain economic outlook, according to a closely-watched survey released Tuesday.
BP names Robert Dudley, an American, as chief executive (Jul-27, 09:29 EDT )-- BP announced Tuesday that it lost $17 billion in the second quarter of the year because of the mounting cost of halting and repairing damage from the massive oil spill in the Gulf of Mexico. BP - United States - Tony Hayward - Gulf of Mexico -...
US Treasury vows reform plan for Fannie Mae, Freddie Mac (AFP) (Jul-27, 09:28 EDT )-- AFP - The US Treasury on Tuesday promised it would come up with ideas to reform the troubled state-backed mortgage firms Fannie Mae and Freddie Mac by January.
Consumer confidence retreats further in July (AP) (Jul-27, 09:14 EDT )-- AP - Americans' confidence in the economy eroded further in July amid worries about a job market that has proven stubbornly stagnant. The report raised concerns about the overall economy and the back-to-school season.
Consumer confidence falls to lowest since February (Reuters) (Jul-27, 09:11 EDT )-- Reuters - Consumer confidence fell in July to the lowest level since February, weighed mostly by worries about the job market, according to a private sector report released on Tuesday.
Treasury to hold conference on Fannie,Freddie (AP) (Jul-27, 09:02 EDT )-- AP - The Treasury Department, under fire for not developing a concrete plan for mortgage giants Fannie Mae and Freddie Mac, says it will hold a conference in next month to discuss their future.
May home prices gain but no sustained recovery (Reuters) (Jul-27, 08:44 EDT )-- Reuters - Single-family home prices rose more than expected in May, reflecting robust spring sales spurred by homebuyer tax credits, Standard & Poor's/Case Shiller home price indexes showed on Tuesday.
DuPont shares surge after forecast (Reuters) (Jul-27, 08:28 EDT )-- Reuters - DuPont forecast 2010 earnings well above expectations on Tuesday and said its second-quarter profit nearly tripled as the rebounding global economy continued to fuel the company's recovery, sending it shares up 4.6 percent.
"Glimmers of improvement," but state woes remain (Reuters) (Jul-27, 08:01 EDT )-- Reuters - State tax revenue is improving, but only slightly, and may not be enough to end steep spending cuts or replace the loss of assistance from the federal stimulus plan that expires in December, according to a report on Tuesday.
China central bank sees economy slowing (Reuters) (Jul-27, 06:17 EDT )-- Reuters - China's central bank said on Tuesday that Chinese economic growth would slow but there would be no double-dip.
Former Northern Rock executive fined, banned (AP) (Jul-27, 05:46 EDT )-- AP - Britain's financial regulator has banned the former finance director of mortgage lender Northern Rock — the country's first major casualty of the global credit crunch — and fined him 320,000 pounds ($500,000) for misreporting figures...
German consumer confidence up strongly (AP) (Jul-27, 04:02 EDT )-- AP - German consumer confidence is up strongly, boosted by expectations that a quicker economic recovery will keep unemployment in check and by cheer over the football World Cup and sunny weather, a survey showed Tuesday.
Basel Committee reaches agreement on bank rules (Jul-26, 23:00 EDT )-- A panel of world financial officials has reached "broad agreement" on new rules to govern the global banking system but has postponed some key elements for as long as seven years while the impact is studied, the Switzerland-based group said Monday. ...
GE finds itself on wrong side of Obama's defense agenda (Jul-26, 23:00 EDT )-- For more than a year, General Electric has been notable among U.S. corporations for enjoying generally friendly relations with the White House. The company was broadly supportive of President Obama's stimulus efforts, and its chairman, Jeffrey Immelt,...
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Corrections (Jul-26, 23:00 EDT )-- -- Chris Cillizza's Monday Fix column in the July 26 A-section, about political candidates who use their personal wealth in attempts to get elected, incorrectly cited Terry McAuliffe as an example. The column said that McAuliffe spent millions in his...
Among House Democrats in Rust Belt, a sense of abandonment over energy bill (Jul-26, 23:00 EDT )-- When Democratic Rep. John Boccieri went home to Ohio early this year to talk with voters in his Canton-based district, he figured he would have to do battle with at least some constituents over his support for health-care reform. And the economic...
At Blagojevich trial, 'dirty schemes' in detail (Jul-26, 23:00 EDT )-- CHICAGO -- As governor of Illinois, Rod Blagojevich was a bully who rigged state business to build his campaign treasury and line his pockets, a federal prosecutor said Monday, urging jurors to find Blagojevich guilty of two dozen corruption charges. ...
Setting limits (Jul-26, 23:00 EDT )-- Some suggested measures to control systemic risk by limiting credit and asset bubbles: Politics - Term Limits - Campaigns and Elections - Election Reform - Games
BP set to name Robert Dudley, an American, as chief executive (Jul-26, 23:00 EDT )-- For a London-based petroleum company that relies largely on oil produced in the United States and Russia, Robert Dudley might be just the ticket. United States - Business - Chief executive officer - Tony Hayward - BP
E.U. opens two antitrust probes on IBM (Jul-26, 23:00 EDT )-- The European Union opened two antitrust probes of IBM on Monday, accusing the U.S. technology giant of abusing its dominant position in the mainframe computer market. One investigation stems from complaints by IBM competitors T3 and Turbo Hercules, who...
European Union imposes new economic sanctions against Iran (Jul-26, 23:00 EDT )-- PARIS -- Falling into step with the United States, European nations significantly broadened economic sanctions against Iran on Monday in what was described as an effort to force Tehran to resume serious negotiations on its disputed nuclear program. ...
Kerry's lonely push on climate change (Jul-26, 23:00 EDT )-- He fell just short of winning the White House in 2004. Four years later, he was rumored to be a leading contender to be secretary of state, until President-elect Barack Obama stunned everyone by tapping his former rival Hillary Rodham Clinton. ...
Disputed chemical bisphenol-A found in paper receipts (Jul-26, 23:00 EDT )-- As lawmakers and health experts wrestle over whether a controversial chemical, bisphenol-A, should be banned from food and beverage containers, a new analysis by an environmental group suggests Americans are being exposed to BPA through another,...
D.C. area housing market relatively insulated from downturn, report finds (Jul-26, 23:00 EDT )-- While the nation's housing market struggles amid a sudden downdraft that has once again battered sales, the Washington region appears relatively insulated and poised for a turnaround. Real estate economics - Business - Residential - Real Estate -...
'Systemic risk' theory gains in stature as way to prevent the next bubble (Jul-26, 23:00 EDT )-- Americans might be counting on the day when home and retirement-fund values start to rise again, but anyone expecting to benefit from a future boom in prices should take note: Economic policymakers around the world are looking for ways to make sure...
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