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US economy adds private jobs but at lackluster pace (AFP) (Aug-4, 21:19 EDT )-- AFP - The US economy created more private jobs than expected in July but hiring has not been rapid enough to ease a severe jobless rate stifling recovery, payrolls firm ADP said.
2 charged in first-of-its-kind credit fraud case (AP) (Aug-4, 20:01 EDT )-- AP - Federal prosecutors have charged a California woman and Florida man with helping at least three people build false credit histories that allowed them to obtain millions of dollars in mortgage loans.
HSBC in money laundering probe (Investor's Business Daily) (Aug-4, 17:30 EDT )-- Investor's Business Daily - The European banking giant's U.S. unit said authorities are looking into whether it complied with anti-money laundering rules. HSBC said it's cooperating and has strengthened controls. The authorities include the Office of...
Summary Box: Service sector brightens jobs outlook (AP) (Aug-4, 16:50 EDT )-- AP - SERVICE SECTOR GROWS: The Institute for Supply Management said Wednesday its service-sector index rose to 54.3 in July. Levels above 50 signal growth. July was the seventh straight month of expansion.
Job market brightens a bit as service sector grows (AP) (Aug-4, 16:02 EDT )-- AP - Job prospects are looking just a little brighter.
Big drop expected from Ind. local income taxes (AP) (Aug-4, 15:58 EDT )-- AP - Local governments across Indiana are projected to see big declines in their income tax revenue in the coming year, which will follow budget troubles that many have already seen from statewide property tax caps.
Pelosi to call House back into session to finish jobs bill (Aug-4, 15:47 EDT )-- House Speaker Nancy Pelosi will call the chamber back into session next week to finish work on a $26 billion plan to prevent the layoffs of tens of thousands of teachers and other public workers. United States - Senate - Government - Legislative...
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2 charged with creating false credit histories (AP) (Aug-4, 15:39 EDT )-- AP - A California woman and Florida man are accused of helping people create false credit histories to obtain loans in a Kansas City-area mortgage fraud scheme.
Geithner blasts Bush policies for debt (Reuters) (Aug-4, 15:35 EDT )-- Reuters - The Bush administration's "misguided" policies are to blame for huge budget deficits, Treasury Secretary Timothy Geithner charged on Wednesday as he sought to build an election-year case for ending tax cuts for the wealthiest Americans.
Private sector job growth remains tepid (Reuters) (Aug-4, 14:44 EDT )-- Reuters - Companies hired more workers in July but the gains are too slow to reduce unemployment and spur the economy significantly, reports showed on Wednesday.
Summary Box: Borrowing capacity scaled back (AP) (Aug-4, 14:35 EDT )-- AP - GOVERNMENT BORROWING: The Treasury Department says it has scaled back its annual borrowing capacity by $232 billion since April and plans further reductions in coming months.
3 Big Bets on Health Care (The Motley Fool) (Aug-4, 13:58 EDT )-- The Motley Fool - There's been a lot of turmoil and gnashing of teeth surrounding recent health-care reform, but even in the absence of reform, it's hard to deny that the health-care sector will play an increasingly important part in all our lives in...
Summary Box: Eurozone consumers shy about spending (AP) (Aug-4, 13:40 EDT )-- AP - SPENDING SHY: Shoppers in the 16 countries that use the euro remain reluctant to spend. The EU's statistics office says eurozone retail sales were flat in June from May and up only 0.4 percent from the previous year. Sales in Germany and France...
Obama tries to rally labor support for Democrats ahead of fall elections (Aug-4, 13:15 EDT )-- President Obama sought Wednesday to rally a key part of the Democratic base, pledging to union leaders that his administration will continue to fight to create jobs and portraying the November elections as a choice between moving forward or backward. ...
Minn. man jailed in fatal crash seeks retrial based on alleged Toyota defect (Aug-4, 12:57 EDT )-- After his Toyota Camry smashed at high speeds into a car stopped at a traffic light four years ago, Koua Fong Lee told everyone he could that he'd hit the brakes. He was sure of it. Toyota - Sudden unintended acceleration - Makes and Models -...
(AP) (Aug-4, 12:50 EDT )-- AP - White House: No one owes former BP chief executive Tony Hayward an apology.
Obama rallies labor support for tough election fight (Reuters) (Aug-4, 12:45 EDT )-- Reuters - President Barack Obama on Wednesday defended his economic policies and slammed the Republican opposition as he courted the powerful U.S. labor movement for support in November 2 congressional elections.
US economy adds private jobs but at lackluster pace (AFP) (Aug-4, 12:03 EDT )-- AFP - The US economy created more private jobs than expected in July but hiring has not been rapid enough to ease a severe jobless rate stifling recovery, payrolls firm ADP said Wednesday.
Intel to change practices in FTC settlement (Aug-4, 12:01 EDT )-- The Federal Trade Commission is banning tech giant Intel from a slew of practices deemed unfair and deceptive as part of an antitrust settlement over charges that the firm exploited its dominance in the chip market to elbow out competitors. ...
Obama seeks to rally labor ahead of key elections (AP) (Aug-4, 11:57 EDT )-- AP - Rallying a pivotal part of his base, President Barack Obama pleaded with labor leaders Wednesday to energize their members about the upcoming election, depicting a choice between those who fight for the middle class and those who are "not lifting...
Back-to-school season at a glance (AP) (Aug-4, 10:40 EDT )-- AP - The back-to-school season is retailers' second-biggest after Christmas. And with confidence in the economic recovery stalling, they're in a tough fight for shoppers' dollars.
Mortgage applications rise 1.3 percent last week (AP) (Aug-4, 10:37 EDT )-- AP - Applications for home loans edged up last week as mortgage rates continued to hover near the lowest level in decades.
Service sector grows more quickly in July (AP) (Aug-4, 09:51 EDT )-- AP - Growth in the U.S. service sector picked up in July, according to a trade group's survey, in a good sign for the overall economy and the job market.
Retail data: Americans remained cautious in July (AP) (Aug-4, 09:50 EDT )-- AP - Worried about the stalling economic recovery, Americans remained reluctant to spend at stores in July, especially on pricier items like jewelry, though they let go of some money for travel, according to data released Wednesday.
Service sector expands in July (Reuters) (Aug-4, 09:43 EDT )-- Reuters - The services sector grew slightly more than expected in July, with new orders and employment rising in the latest month, according to an industry report released on Wednesday.
US economy 'adds 42,000 jobs in July' (AFP) (Aug-4, 09:26 EDT )-- AFP - The US economy created more private jobs than expected in July but hiring has not been rapid enough to ease a severe jobless rate, payrolls firm ADP said Wednesday.
Public worker pay has many clamoring for reform (Reuters) (Aug-4, 09:06 EDT )-- Reuters - The following story is part of a package that Reuters reporters are preparing on the strains on state and local government finances during the recession.
Private sector sees job gains in July (Reuters) (Aug-4, 08:35 EDT )-- Reuters - Private sector employment rose slightly more than expected in July, easing some concerns about labor market weakness ahead of a key government jobs report later this week.
Treasury says scaling back borrowing capacity (AP) (Aug-4, 08:34 EDT )-- AP - The Treasury Department said Wednesday that it has scaled back its annual borrowing capacity by $232 billion since April and plans further gradual cuts in coming months.
Five states to get foreclosure prevention aid (Reuters) (Aug-4, 08:28 EDT )-- Reuters - As many as 50,000 struggling homeowners in five U.S. states with high unemployment may receive help from a special $600 million federal fund intended to head off foreclosures.
European banks see hazards as bad debts fall (Reuters) (Aug-4, 06:58 EDT )-- Reuters - Concerns about new banking regulations and a shaky economic recovery tempered optimism over improving results from more of Europe's top banks on Wednesday.
Planned layoffs edge up in July: Challenger (Reuters) (Aug-4, 06:32 EDT )-- Reuters - The number of planned layoffs at U.S. firms rose 6 percent in July, marking the third straight month of increased layoffs, though downsizing activity appears to be slowing, a report on Wednesday showed.
Republicans detail wasteful U.S. stimulus spending (Reuters) (Aug-4, 06:31 EDT )-- Reuters - An election-year war of words over the effectiveness of President Barack Obama's $862 billion economic stimulus law ratcheted up on Tuesday as Republicans detailed spending projects they said were wasteful and failed to achieve the main goal...
Home loan purchase demand up 3rd straight week (Reuters) (Aug-4, 06:10 EDT )-- Reuters - The demand for mortgage applications to purchase homes rose last week for a third straight week as interest rates tumbled, the Mortgage Bankers Association said on Wednesday.
Home loan purchase demand up 3rd straight week (Reuters) (Aug-4, 06:10 EDT )-- Reuters - The demand for mortgage applications to purchase homes rose last week for a third straight week as interest rates tumbled, the Mortgage Bankers Association said on Wednesday.
Dollar hits eight-month yen low (AFP) (Aug-4, 06:07 EDT )-- AFP - The dollar fell to the lowest level in more than eight months against the yen on Wednesday, as weak US data fuelled doubts about the strength of recovery in the world's top economy, dealers said.
Japan worries as yen rises towards 15-year high (Reuters) (Aug-4, 03:36 EDT )-- Reuters - The yen rose toward a 15-year high against the dollar on Wednesday, sending benchmark government bond yields below 1 percent and adding pressure on Japanese policymakers to keep the fragile economic recovery on course.
SocGen says recovery fragile, Q2 beats forecasts (Reuters) (Aug-4, 02:22 EDT )-- Reuters - French bank Societe Generale warned the economic recovery was still fragile, with moderate growth prospects in Europe, after it beat forecasts with an almost fourfold leap in second-quarter net profit.
Report finds fraud in for-profit education firms' recruiting (Aug-3, 23:00 EDT )-- A new government report on recruiting techniques in the for-profit higher education industry finds instances of college officials urging applicants to invent children and to hide their savings as a way to leverage more federal aid. For-profit...
U.S. savings rate at highest level in a year, data show (Aug-3, 23:00 EDT )-- Americans have rebuilt their savings to the highest level in a year even as uncertainty grows about the strength of the economic recovery as government stimulus programs phase out. Saving - United States - Business - Level - United States...
BP's fight against energy nonprofit highlights murky world of advocacy-for-hire (Aug-3, 23:00 EDT )-- Days after the Deepwater Horizon oil rig sank in the Gulf of Mexico, a conservative nonprofit group called the Institute for Energy Research asked BP to contribute $100,000 for a media campaign it was launching in defense of the oil industry. BP ...
EPA left to pick up climate change where Congress dropped the debate (Aug-3, 23:00 EDT )-- The Obama administration told Congress to find a way to regulate greenhouse gases -- or else. Climate change - Environment - Activism - Congress - Organizations
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