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House OKs sweeping bank rules; Senate vote awaits (AP) (Jun-30, 21:54 EDT )-- AP - Nearly two years after a Wall Street meltdown left the economy reeling, the House on Wednesday passed a massive overhaul of financial regulations that would extend the government's reach from storefront thrifts to the executive suites of Manhattan.
China industry moves down a gear, PMI poll shows (Reuters) (Jun-30, 20:52 EDT )-- Reuters - The pace of Chinese manufacturing growth slowed in June as government steps to cool the red-hot property market and restrain bank lending combined with uncertainty over export prospects to dampen sentiment.
Senate GOP again kills jobless aid extension (AP) (Jun-30, 20:44 EDT )-- AP - For the third time in as many weeks, Senate Republicans on Wednesday successfully filibustered a bill to continue providing unemployment checks to millions of people.
Obama takes on election-year fears over big debt (AP) (Jun-30, 20:40 EDT )-- AP - Sensitive to election-year resentment over big government, President Barack Obama declared Wednesday he intends to get "our debt and our deficits under control." With fears alive of a double-dip recession, Obama warned that he won't slash spending...
Japan business mood best in 2 years (Reuters) (Jun-30, 20:27 EDT )-- Reuters - Japanese business confidence was at its best in two years in the three months to June and big firms revised up capital spending plans, a Bank of Japan survey showed, in a sign the export-driven economic recovery is taking hold.
(AP) (Jun-30, 20:24 EDT )-- AP - Senate Republicans again block measure to extend jobless benefits.
Fed officials see soft recovery and more uncertainty (Reuters) (Jun-30, 19:00 EDT )-- Reuters - Jitters that financial strains may derail the U.S. economic recovery mean the Federal Reserve will be in no rush to end its ultra-low interest rates, comments by officials of the U.S. central bank suggested on Wednesday.
Japan central bank says business confidence up (AP) (Jun-30, 19:00 EDT )-- AP - Japan's central bank says confidence at major Japanese manufacturers has improved for the fifth straight quarter.
Senate panel will vet Fed nominees July 15 (Reuters) (Jun-30, 18:44 EDT )-- Reuters - The Senate banking panel said on Wednesday it has scheduled hearings on the nominations of Janet Yellen to serve as Vice Chairman of the Federal Reserve and of two others to become members of the Fed Board of Governors.
Ex-AIG's Cassano says bailout was too generous (Reuters) (Jun-30, 17:55 EDT )-- Reuters - The former head of the AIG unit that nearly crippled the insurer said the 2008 taxpayer bailout of up to $182 billion was too generous to customers like Goldman Sachs.
Governors lobby for aid as fiscal year dawns (Reuters) (Jun-30, 17:44 EDT )-- Reuters - A bipartisan group of governors on Wednesday urged Congress to continue sending them emergency Medicaid funds through the first half of 2011, saying that for many the lack of funds could lead to thousands of layoffs and the end of the fragile...
At a Glance: Jobless rates around the nation (AP) (Jun-30, 16:45 EDT )-- AP - A snapshot of unemployment rates across the nation's largest metro areas in May:
Economist: Wyoming may mend sooner than expected (AP) (Jun-30, 16:42 EDT )-- AP - Wyoming may emerge from the recession more quickly than previously expected, but the state still is far from full economy recovery, economists and the governor said.
Summary Box: Rates dip in two-thirds of places (AP) (Jun-30, 16:28 EDT )-- AP - EMPLOYMENT SCORECARD: Unemployment rates dropped in two-thirds of the nation's largest metropolitan areas in May as the gradual recovery spurred some hiring.
Layoffs of census workers will distort jobs data (AP) (Jun-30, 15:42 EDT )-- AP - For the first time in six months, the federal unemployment report to be released Friday will likely show a net loss of jobs.
Obama attacks GOP over vision for the country (AP) (Jun-30, 15:21 EDT )-- AP - Seizing on a political opportunity, President Barack Obama on Wednesday lashed out at Republicans as out of touch with the daily problems of Americans, hoping to sharpen the contrast with the opposition party as midterm elections loom and economic...
Unable to pass stimulus, Dems push aid for jobless (AP) (Jun-30, 15:21 EDT )-- AP - Unable to deliver more stimulus spending for President Barack Obama, Democrats in Congress are trying at least to restore jobless benefits for 1.3 million laid-off workers.
Senate panels advance oil spill bill (AP) (Jun-30, 15:19 EDT )-- AP - Congress began advancing legislation Wednesday that imposes new safeguards on offshore oil drilling in hopes of preventing a repeat of the devastating spill that has brought environmental and economic havoc to the Gulf coast.
Private sector sees small job gains in June (Reuters) (Jun-30, 15:18 EDT )-- Reuters - U.S. private sector employment rose by a paltry amount in June, underscoring concerns about a weak labor market two days ahead of a closely watched government jobs report.
Retirement Planning Tool Tracks Your Progress (U.S. News & World Report) (Jun-30, 14:55 EDT )-- U.S. News & World Report - There are scads of online tools that ask you key questions about your retirement goals and then provide you a dollar figure for how much money you need to be setting aside to reach those goals. And that's all they do. The...
Gasoline prices little changed ahead of weekend (AP) (Jun-30, 14:53 EDT )-- AP - Gasoline prices were flat Wednesday despite an uptick in supply as cautious consumers weigh taking a road trip against the latest worries about the economy.
Obama says he's trying to bring jobs back to US (AP) (Jun-30, 14:51 EDT )-- AP - President Barack Obama says the global economy is forcing the U.S. to compete "like never before" with other countries and that his administration is moving on many fronts to bring jobs back home.
Bank bill faces House passage, Senate delays vote (AP) (Jun-30, 14:42 EDT )-- AP - A sweeping overhaul of financial regulations aimed at preventing another economic crisis headed Wednesday for a final House vote after Democrats backed down on a $19 billion tax they had added on big banks and hedge funds.
Ex-AIG's Cassano says could have saved taxpayers (Reuters) (Jun-30, 14:37 EDT )-- Reuters - The former head of the AIG unit that drove the insurer to the brink of collapse said he could have saved taxpayers money if allowed to settle claims with firms like Goldman Sachs, instead of being sidelined before a 2008 bailout.
Obama: Stimulus law worked; selling job didn't (AP) (Jun-30, 14:37 EDT )-- AP - President Barack Obama says his economic stimulus law did its job by staving off another Great Depression.
Obama slams Republicans over BP 'apology' and economy (AFP) (Jun-30, 14:37 EDT )-- AFP - US President Barack Obama lampooned Republicans over the Gulf of Mexico oil spill and the economy Wednesday, seeking to twist political liabilities to his advantage as elections loom.
Jobless rates drop in two-thirds of metro areas (AP) (Jun-30, 14:15 EDT )-- AP - Unemployment rates in roughly two-thirds of the nation's largest metropolitan areas dipped in May as the gradual economic recovery spurred some hiring.
CBO: Deficit would soar in coming decades despite Obama's health overhaul (Jun-30, 14:10 EDT )-- President Obama's overhaul of the health-care system has done little to improve the nation's budget outlook, congressional budget analysts said Wednesday. They also said the president's tax agenda -- including a pledge to extend an array of tax cuts...
Obama: Still problems in housing market (AP) (Jun-30, 14:09 EDT )-- AP - President Barack Obama says that no matter how much the government spends, some people still won't be able to afford their mortgages and will lose their homes.
Congress-backed bank reaches deal in Bucyrus sale (AP) (Jun-30, 13:55 EDT )-- AP - Word of a deal that could save 1,000 jobs across 13 states, including 300 in Wisconsin, broke Wednesday just hours before President Barack Obama was to speak at a town hall meeting on the economy.
D.C. area unemployment at 6% in May, an effect of uncertain global economy (Jun-30, 13:48 EDT )-- Unemployment in the Washington region in May reached 6 percent compared with 5.9 percent the previous month, according to government data released Wednesday, illustrating to experts that the area is still vulnerable to economic turmoil around the globe...
A look at global economic developments (AP) (Jun-30, 13:31 EDT )-- AP - A look at economic developments and activity in major stock markets around the world Wednesday:
Boehner defends criticism of financial overhaul as excessive (Jun-30, 13:30 EDT )-- House Minority Leader John Boehner (R-Ohio) fired back at the White House Wednesday, arguing that "they're the ones who are out of touch" with the American people while defending his critique of the financial regulatory reform bill as excessive...
Summary Box: New mortgages up after rates fall (AP) (Jun-30, 12:44 EDT )-- AP - HOME LOAN APPLICATIONS UP: The number of borrowers applying for home loans last week grew by nearly 9 percent from the previous week, according to the Mortgage Bankers Association.
BP didn't consider hurricanes in its response plan (Jun-30, 12:14 EDT )-- BP failed to mention the prospect of a hurricane or tropical storm affecting any potential oil spill in the response plan it submitted to federal authorities for the Gulf of Mexico a year ago, Rep. Edward J. Markey (D-Mass.) announced Wednesday. ...
Fed officials see high unemployment for years (Reuters) (Jun-30, 11:34 EDT )-- Reuters - Unemployment is likely to stay high for a long time, two Federal Reserve officials said on Wednesday, suggesting the U.S. central bank is in no rush to raise its ultra-low interest-rate policy.
Senate panel advances oil spill bill (AP) (Jun-30, 09:55 EDT )-- AP - A Senate panel has voted to require stronger oil spill response plans and to remove limits on a company's liability against economic harm.
Ex-AIG exec says he was truthful about losses (AP) (Jun-30, 09:27 EDT )-- AP - A former top executive of American International Group Inc. says he told the truth about the company's losses while defending its compensation plan.
Private employers hire modestly in June (Reuters) (Jun-30, 09:18 EDT )-- Reuters - Private employers added just 13,000 jobs in June, according to a report published on Wednesday that suggested expectations of a big drop in the government's upcoming nonfarm payrolls report were on target.
Pay Off Mortgage Faster - or Invest? (U.S. News & World Report) (Jun-30, 09:15 EDT )-- U.S. News & World Report - The stock market might be behaving badly, but that's not a reason to leave stocks out of your long-term financial planning right now. In fact, with the market near recent lows, you may be more interested in considering one of...
Ex-AIG's Cassano emerges to defend role (Reuters) (Jun-30, 09:13 EDT )-- Reuters - The much-maligned former head of the American International Group unit which drove the insurer to the brink of collapse, broke a long silence on Wednesday to defend his aggressive buildup of risky mortgage-linked securities.
Mortgage applications rise 9 pct. after rates fall (AP) (Jun-30, 09:04 EDT )-- AP - Applications for mortgages rose last week as consumers refinanced their loans at the lowest rates in more than 50 years.
US economy creates less than expected private jobs (AFP) (Jun-30, 08:56 EDT )-- AFP - The US economy created much less than expected private-sector jobs in June, a payrolls firm said Wednesday, in a further blow to the embattled labor market.
Senate combines jobless benefits, homebuyer credit (AP) (Jun-30, 08:53 EDT )-- AP - Senate Democrats are working on a new way to jump-start their stalled election-year jobs agenda while saving unemployment benefits for hundreds of thousands of laid-off workers.
Fed's Duke says bank lending dropping, may lag for years (Reuters) (Jun-30, 08:23 EDT )-- Reuters - U.S. bank lending continues to decline even though the banking sector is recovering, and it may be years before lending returns to pre-crisis levels, Federal Reserve Governor Elizabeth Duke said on Wednesday.
Fed's Evans says monetary accommodation still called for (Reuters) (Jun-30, 07:55 EDT )-- Reuters - The U.S. recovery is underway, but inflation is so low and unemployment is so high that the Federal Reserve's super easy monetary policy is still called for, Chicago Fed President Charles Evans said on Wednesday.
Bank of England rate-setter fears new UK recession (AP) (Jun-30, 07:53 EDT )-- AP - Britain could be pushed back into recession by the government's austerity moves and slow recovery in key export markets, a member of the Bank of England's rate-setting Monetary Policy Committee said Wednesday.
Irish economy resumes growth, unemployment rises (AP) (Jun-30, 07:33 EDT )-- AP - Export-driven Ireland has resumed growth following eight straight quarters of sharp declines, but the domestic side of the economy is still declining and unemployment keeps rising, the Central Statistics Office reported Wednesday.
Obama trying to restore confidence in economy (AP) (Jun-30, 07:25 EDT )-- AP - A day after consumer concerns about the economy sent stocks sliding, President Barack Obama is trying to assure the American people that the economic recovery is headed in the right direction.
Home refinancing up but buying demand near 13-year low (Reuters) (Jun-30, 06:36 EDT )-- Reuters - Refinancing drove total U.S. mortgage applications to an eight-month peak, as loan rates fell to or near record lows, but demand to buy homes sank toward 13-year lows last week, the Mortgage Bankers Association said on Wednesday.
Home refinancing up but buying demand near 13-year low (Reuters) (Jun-30, 06:36 EDT )-- Reuters - Refinancing drove total U.S. mortgage applications to an eight-month peak, as loan rates fell to or near record lows, but demand to buy homes sank toward 13-year lows last week, the Mortgage Bankers Association said on Wednesday.
German jobless rate down to 7.5 percent (AP) (Jun-30, 03:56 EDT )-- AP - Germany's unemployment rate declined to 7.5 percent in June thanks to an improving economy and a traditional springtime upturn, official data showed Wednesday.
The suspects in a Russian spy ring lived all-American lives (Jun-29, 23:00 EDT )-- Richard and Cynthia Murphy raised two children in a colonial house with maroon shutters on a winding street in suburban New Jersey. Cynthia, a vice president at a financial services firm, tended hydrangeas out front. Katie, 11, and Lisa, 7, rode pink...
Lawmakers reopen negotiations on financial overhaul 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...
Democrats seek to extend emergency jobless benefits (Jun-29, 23:00 EDT )-- Congressional Democrats are struggling to revive a plan to extend emergency unemployment benefits for millions of jobless workers. Although House leaders say they will pass the measure as soon as Wednesday, its fate in the Senate remains uncertain. ...
Iraqi government approves natural gas deal with Shell (Jun-29, 23:00 EDT )-- Iraq has approved a $17 billion joint venture project with Royal Dutch Shell to tap natural gas in four southern oilfields, the government announced Tuesday in its latest push to develop an oil sector battered by years of neglect and war. ...
Recession cut into employment for half of working adults, study says (Jun-29, 23:00 EDT )-- The recession has directly hit more than half of the nation's working adults, pushing them into unemployment, pay cuts, reduced hours at work or part-time jobs, according to a new Pew Research Center survey. Recession - Education - Employment -...
Defendant pleads guilty in plot to bomb JFK Airport (Jun-29, 23:00 EDT )-- 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. United States -...
CACI expects higher profit in 2011 (Jun-29, 23:00 EDT )-- EARNINGS Government information technology provider CACI International of Arlington on Tuesday reaffirmed its profit guidance for the fiscal year through June and issued an outlook for fiscal 2011 on the high end of analysts' range. CACI - United...
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