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Summary Box: Fed mulls ways to rev up growth (AP) (Jul-29, 21:51 EDT )-- AP - WHAT TO DO? Debate is intensifying at the Federal Reserve over how best to cope with a weakening recovery.
US growth expected to slow amid looming stagnation (AFP) (Jul-29, 21:39 EDT )-- AFP - A key economic report Friday is expected to show the US recovery is losing pace, as a top Federal Reserve official warned of crippling "Japanese-style" stagnation.
NY AG announces probe of life insurance industry (AP) (Jul-29, 21:26 EDT )-- AP - State Attorney General Andrew Cuomo said Thursday that he had opened a fraud investigation into how life insurers pay out benefits after policyholders die.
Fed's Bullard: deflation risk has risen (Reuters) (Jul-29, 20:24 EDT )-- Reuters - St. Louis Federal Reserve Bank President James Bullard said the risk of deflation in the United States has risen somewhat compared with the beginning of this year, the Nikkei newspaper reported.
Republicans block small business plan in Senate (Reuters) (Jul-29, 18:38 EDT )-- Reuters - Senate Republicans blocked a $30-billion plan to help community banks boost lending to small businesses, dealing a blow to President Barack Obama's election-year battle to reduce unemployment.
New York Fed: Toxic assets from AIG gaining value (AP) (Jul-29, 17:54 EDT )-- AP - Toxic assets the government bought during the bailouts of American International Group Inc. and Bear Stearns are finally gaining value, the Federal Reserve Bank of New York said Thursday.
MetLife posts Q2 earnings of $1.5 billion, beating Street (Reuters) (Jul-29, 17:43 EDT )-- Reuters - MetLife Inc , the biggest U.S. life insurance company, posted a second-quarter profit of $1.53 billion, helped by higher premium revenue from sales domestically and abroad.
Florida mortgage firm settles federal charges (AP) (Jul-29, 17:30 EDT )-- AP - Federal regulators say a Florida company they accused of misleading borrowers who were seeking to avoid foreclosure has agreed to repay the consumers $2.4 million to settle those charges.
PMI Group narrows loss, but shares tumble (AP) (Jul-29, 17:29 EDT )-- AP - PMI Group Inc. on Thursday reported a nearly $151 million loss, narrower than a year ago but far wider than Wall Street expected. Shares of the mortgage insurer tumbled nearly 15 percent.
Congress to try to recoup Fannie, Freddie costs (AP) (Jul-29, 17:04 EDT )-- AP - Lawmakers plan to study ways to get back some of the $145 billion the government has pumped into giant mortgage buyers Fannie Mae and Freddie Mac.
AZ, FL, UT, VT to get Air Force's new F-35 fighter (AP) (Jul-29, 16:58 EDT )-- AP - The U.S. Air Force has chosen bases in Arizona, Florida, Utah and Vermont as homes for the military's F-35 Joint Strike Fighter, prompting applause from officials banking on the pricey new combat jets to supercharge their communities' economies.
Business Highlights (AP) (Jul-29, 16:42 EDT )-- AP - Initial jobless claims drop to 457,000
Fed officials clash on need for more stimulus (Reuters) (Jul-29, 16:40 EDT )-- Reuters - Federal Reserve officials clashed on Thursday over whether the central bank should be more aggressive in supporting the stumbling economy and one said the Fed's current policy may be contributing to worryingly low levels of inflation.
Debate intensifies in Fed over economy (AP) (Jul-29, 16:26 EDT )-- AP - Debate is intensifying at the Federal Reserve over how best to cope with a weakening recovery, with momentum growing for a concrete plan to prevent a backslide into recession.
US Fed official warns of 'Japanese-style' stagnation (AFP) (Jul-29, 16:19 EDT )-- AFP - The US economy risks "Japanese-style" stagnation, a top Federal Reserve official warned Thursday, as a key economic report was expected to show the recovery is losing pace.
A look at global economic developments (AP) (Jul-29, 15:53 EDT )-- AP - A look at economic developments and activity in major stock markets around the world Thursday:
Summary Box: Initial jobless claims drop (AP) (Jul-29, 15:48 EDT )-- AP - JOBLESS CLAIMS DROP: New requests for unemployment benefits dropped last week by 11,000 to 457,000, the third drop in four weeks.
Big Oil posts better profits on higher fuel prices (AP) (Jul-29, 15:46 EDT )-- AP - The major oil companies continue to climb back from the recession, with higher fuel prices driving up earnings.
Pentagon officials condemn leak of Afghan war documents (Jul-29, 15:43 EDT )-- Defense Secretary Robert Gates on Thursday condemned the leak of tens of thousands of pages of classified military documents on the Afghan war, warning that the "battlefield consequences" are "potentially severe and dangerous" for American troops and...
Summary Box: Mortgage rates hit low of 4.54 pct. (AP) (Jul-29, 15:25 EDT )-- AP - RATES KEEP FALLING: Mortgage company Freddie Mac said the average rate for 30-year fixed loans this week was 4.54 percent, down from 4.56 last week.
MetLife posts Q2 earnings of $1.5 billion (Reuters) (Jul-29, 15:15 EDT )-- Reuters - MetLife Inc , the biggest U.S. life insurance company, posted a second-quarter profit of $1.53 billion, helped by investment gains.
Dollar hits 11-week low vs euro on recovery fears (AP) (Jul-29, 14:45 EDT )-- AP - The dollar slid to its lowest level against the euro in nearly three months Thursday amid mounting concerns about the U.S. economy at a time when European indicators are improving.
On the Call: Goodyear President-CEO Richard Kramer (AP) (Jul-29, 14:10 EDT )-- AP - Tire inventories dwindled during the recession with money so tight. J.P. Morgan analyst Himanshu Patel asked Goodyear executives on Thursday to discuss the commercial truck inventory situation. Goodyear's president and CEO, Richard J. Kramer, said...
Fed official eyes revival of crisis-era program (AP) (Jul-29, 14:09 EDT )-- AP - The Federal Reserve should revive a crisis-era program to buy government debt if the country seems headed toward a bout with deflation, a Fed official said Thursday.
Citigroup settles charges over misleading investors (AFP) (Jul-29, 14:00 EDT )-- AFP - US bank Citigroup agreed Thursday to pay a 75-million-dollar fine to settle charges it misled investors about exposure to subprime mortgage-related assets, the Securities and Exchange Commission said.
Interpublic 2Q results surpass analyst views (AP) (Jul-29, 14:00 EDT )-- AP - Interpublic Group of Cos., a marketing conglomerate, on Thursday reported second-quarter results above analyst estimates — the latest indication that companies are growing more comfortable spending on advertising as the economy recovers.
Republicans block small business plan in Senate (Reuters) (Jul-29, 13:50 EDT )-- Reuters - Senate Republicans blocked a $30-billion plan to help community banks boost lending to small businesses, dealing a blow to President Barack Obama's election-year battle to reduce unemployment.
Cuba: Deficit lower than expected for 2010 (AP) (Jul-29, 12:58 EDT )-- AP - Cuba says its budget deficit came in far below forecasts in the first half of 2010, evidence that tax increases and deep spending cuts on food imports may be helping the communist government weather a severe economic crunch.
US Fed official warns of 'Japanese-style' deflation (AFP) (Jul-29, 12:38 EDT )-- AFP - The United States risks "Japanese-style" economic stagnation like that seen in the Asian giant's "lost decade," top Federal Reserve official James Bullard warned in a gloomy paper published Thursday.
Fed's Bullard: buy more Treasuries if prices dip (Reuters) (Jul-29, 11:52 EDT )-- Reuters - The Federal Reserve should consider buying more Treasury securities, instead of promising an extended period of low rates to support recovery, should inflation drift lower, a top Fed official said.
Unemployment claims fall, but still elevated (Reuters) (Jul-29, 11:38 EDT )-- Reuters - New claims for unemployment benefits slipped last week, but stayed at a stubbornly high level that underscored the labor market recovery was having trouble gaining traction.
Federal-Mogul 2Q profit jumps; revenue up 23 pct. (AP) (Jul-29, 10:37 EDT )-- AP - Vehicle parts maker Federal-Mogul Corp. reported a $49 million profit for the second quarter on Thursday as the company capitalized on its global restructuring while the auto industry continued to recover from the recession.
How states fared on jobless claims, at a glance (AP) (Jul-29, 10:29 EDT )-- AP - New applications for unemployment benefits fell last week for the third time in four weeks, a sign layoffs may be slowing. But jobless benefit claims remain above 450,000, an elevated level that also indicates companies aren't hiring large numbers...
US to press partners for more Iran sanctions: Official (AFP) (Jul-29, 09:56 EDT )-- AFP - Top US officials will travel to Asia, the Middle East, and South America over the coming weeks to press for "strong" sanctions against Iran, a senior US Treasury official said Thursday.
AP survey: A bleaker outlook for economy into 2011 (AP) (Jul-29, 09:43 EDT )-- AP - The U.S. economic recovery will remain slow deep into next year, held back by shoppers reluctant to spend and employers hesitant to hire, according to an Associated Press survey of leading economists.
Mortgage rates hit low of 4.54 percent (AP) (Jul-29, 09:39 EDT )-- AP - Mortgage rates dropped to the lowest level on record for the fifth time in six weeks, making homebuying and refinancing the most attractive in decades for those who can get loans.
Initial jobless claims drop to 457,000 (AP) (Jul-29, 09:35 EDT )-- AP - New jobless claims fell last week for the third time in four weeks but remain elevated. The decline is a sign that the economy likely added jobs in July, although not enough to lower the nation's high unemployment rate.
Obama defends education policies to critics (AP) (Jul-29, 09:27 EDT )-- AP - President Barack Obama says the country's long-term economic success will be tied to the success of the nation's schools.
(AP) (Jul-29, 09:01 EDT )-- AP - Mortgage rates drop to 4.54 pct., hitting lowest level on record for fifth time in six weeks.
(AP) (Jul-29, 09:01 EDT )-- AP - Mortgage rates drop to 4.54 pct., hitting lowest level on record for fifth time in six weeks.
Euro hits $1.31 for first time since May (AFP) (Jul-29, 09:00 EDT )-- AFP - The European single currency topped 1.31 dollars for the first time since May on Thursday, boosted by US economic concerns and upbeat eurozone news, traders said.
Toyota recalls 412,000 cars in U.S. (Jul-29, 08:59 EDT )-- Toyota Corp. said Thursday that it is recalling 412,000 Avalons and Lexuses for steering problems, bringing the number of cars recalled around the world since October to nearly 9 million. Toyota - Automobile - auto - Toyota Avalon - Makes and Models
Jobless claims fall, raise optimism for recovery (Reuters) (Jul-29, 08:15 EDT )-- Reuters - New U.S. claims for unemployment benefits fell slightly more than expected last week, offering a ray of hope for the anemic labor market recovery.
US jobless claims fall unexpectedly (AFP) (Jul-29, 08:15 EDT )-- AFP - New claims for US unemployment benefits fell unexpectedly last week to 457,000, down 2.4 percent from the previous week, the Labor Department said.
Euro lifted by data, dollar hit by Fed warning (AFP) (Jul-29, 06:31 EDT )-- AFP - The euro hit its highest level against the dollar since May on Thursday, boosted by upbeat data while the US unit was hampered after the US Federal Reserve warned on the economic outlook.
After crisis, firms fuel spark of European optimism (Reuters) (Jul-29, 06:00 EDT )-- Reuters - A string of Europe's largest firms issued surprisingly upbeat profit reports on Thursday, bolstering an abrupt renewal of investor confidence in the region after months of debt turmoil and fears for the euro.
US recovery fears weigh on Asian markets (AFP) (Jul-29, 05:14 EDT )-- AFP - Concerns about the strength of economic recovery in the United States weighed on Asian stocks Thursday, with traders cashing in profits from recent gains in banks.
Euro zone economic sentiment rises to 28-month high (Reuters) (Jul-29, 05:10 EDT )-- Reuters - Euro zone economic sentiment rose strongly in July, buoyed by figures from Germany that point to a recovery as the currency area overcomes the sovereign debt crisis, but the outlook remains uncertain.
German jobless rate edges up to 7.6 percent (AP) (Jul-29, 05:02 EDT )-- AP - Germany's unemployment rate edged up slightly to 7.6 percent in July from 7.5 percent the previous month as summer vacations started, but the labor market is still on the road to recovery, new data showed Thursday.
Eurozone economic sentiment up again in July (AP) (Jul-29, 04:33 EDT )-- AP - Economic sentiment in the 16 countries that use the euro is at its highest level for over two years, the European Commission said Thursday.
Oil hovers near $77 on US economy, crude demand (AP) (Jul-29, 00:40 EDT )-- AP - Oil prices hovered near $77 barrel Thursday in Asia amid signs of a slowing U.S. economy and weak demand for crude.
FBI and military investigating source of leaked Afghan war documents (Jul-28, 23:00 EDT )-- The FBI and the Justice Department are working with the military to investigate the source of the leak of tens of thousands of classified military documents on the Afghan war to WikiLeaks.org, U.S. officials said Wednesday. Federal Bureau of...
Ex-Enron CEO Skilling seeks release on bail after Supreme Court ruling (Jul-28, 23:00 EDT )-- Former Enron executive Jeffrey Skilling is seeking to be released from prison on bail while an appeals court reconsiders convictions questioned by the Supreme Court. Supreme Court of the United States - Supreme Court - Enron - Jeffrey Skilling - Law
Geithner may borrow from financial agencies to staff new consumer bureau (Jul-28, 23:00 EDT )-- Employees at seven federal agencies will soon receive notice that they could have a new employer this time next year: the Consumer Financial Protection Bureau. United States - Home - Consumer Information - Advocacy and Protection - Business
Post Tech Cecilia Kang (Jul-28, 23:00 EDT )-- Rep. John D. Dingell (D-Mich.) said Wednesday that the chairman of the Federal Communications Commission should drop his push to re-regulate broadband lines. United States - Government - Cecilia Kang - Facebook - Washington Post
White House proposal would ease FBI access to records of Internet activity (Jul-28, 23:00 EDT )-- The Obama administration is seeking to make it easier for the FBI to compel companies to turn over records of an individual's Internet activity without a court order if agents deem the information relevant to a terrorism or intelligence investigation. ...
Unusual bunch of foes to postal rate increase unites as Affordable Mail Alliance (Jul-28, 23:00 EDT )-- By the time the U.S. Postal Service announced plans to raise rates earlier this month, an unusual alliance of customers was in place to oppose it. Mail - United States - Recreation - United States Postal Service - Stamps
Majority of spilled oil in Gulf of Mexico unaccounted for in government data (Jul-28, 23:00 EDT )-- Was Tony Hayward right, after all? Back in May, BP's chief executive told a British newspaper that "the Gulf of Mexico is a very big ocean," and the vast amounts of oil and chemical dispersants dumped into it were small by comparison. After he said...
Dominion reports increase in net income; a 'New Realism' at Fannie Mae (Jul-28, 23:00 EDT )-- Energy provider Dominion Resources said Wednesday that a sale of its assets and higher electric demand helped its net income more than triple in the second quarter. Fannie Mae - Business - Programming - NET - Component Frameworks
A crossroads for the U.S. economy (Jul-28, 23:00 EDT )-- The U.S. economy is out of the ditch. But is there enough gas left in the engine to reach highway speed? Economic - Asia - Politics - Barack Obama - United States
Small businesses emerge as big campaign issue for Democrats and Republicans (Jul-28, 23:00 EDT )-- As President Obama and his adversaries look for winning themes in the run-up to the November congressional election, both sides are noisily clamoring to prove their support for a critical constituency: America's small-business owners. Small...
digest (Jul-28, 23:00 EDT )-- The Obama administration is revising the latest report on its troubled mortgage-relief program, and the changes are likely to show a greater number of borrowers facing foreclosure after having their loans modified. Education - Methods and...
On midterm campaign trail, Obama mixes populist appeal with wooing of big donors (Jul-28, 23:00 EDT )-- President Obama's message to voters this election year is simple and full of populist zeal: Democrats are on the side of the little guy, not the Wall Street brokers, celebrities and chief executives. Barack Obama - United States - President -...
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