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Fed expected to downgrade US growth outlook (AFP) (Aug-9, 21:44 EDT )-- AFP - The Federal Reserve's interest rate-setting panel will meet Tuesday, under pressure to bolster a weak economic recovery that many fear is grinding to a halt.
Critics rain on Spain getaway for first lady (AP) (Aug-9, 20:21 EDT )-- AP - It sounded simple enough: a mother-daughter getaway during the dogs days of August. But it's not so simple when Mom is the first lady of the United States. And the trip is to a luxury resort on Spain's Costa del Sol. During tough economic times at...
Obama urges Americans to take the lead in higher education (AFP) (Aug-9, 18:27 EDT )-- AFP - President Barack Obama urged Americans Monday to crack the books and boost post-secondary graduation rates, arguing that higher education achievement was key to US economic health.
Fed Poised To Ease, But When? (Investor's Business Daily) (Aug-9, 18:16 EDT )-- Investor's Business Daily - Market expectations are growing that the Federal Reserve will get back in the game in a big way, but not quite yet.
WH officials press BP on payment of claims (AP) (Aug-9, 17:12 EDT )-- AP - Top White House officials told BP executives Monday to move quickly on paying state and local government claims in the Gulf and stay committed to long-term recovery from the oil spill there. President Barack Obama celebrated progress in stopping...
Pakistan floods cause "major" harm to economy: IMF (Reuters) (Aug-9, 17:02 EDT )-- Reuters - Pakistan's floods, the worst to hit the country in 80 years, will cause "major harm to the economy," the International Monetary Fund said on Monday as donors' and investors' concerns grew over the disaster's impact on an already fragile economy.
Nelnet 2Q profit jumps sixfold on loan servicing (AP) (Aug-9, 16:56 EDT )-- AP - Nelnet Inc. said Monday its second-quarter profit rose sixfold on higher revenue from servicing student loans for the government.
EIA to cut world demand outlook on weak economy (Reuters) (Aug-9, 16:10 EDT )-- Reuters - With signs that the U.S. economic recovery is faltering, the U.S. government may cut its estimate of global oil demand in its new monthly forecast.
Summary Box: Gov't likely to keep housing role (AP) (Aug-9, 15:48 EDT )-- AP - THORNY QUESTIONS: Keeping mortgage giants Fannie Mae and Freddie Mac alive will cost taxpayers billions more. But analysts say the government is unlikely to end its support of the mortgage business.
Pentagon belt-tightening will cut jobs (AP) (Aug-9, 15:32 EDT )-- AP - Defense Secretary Robert Gates said Monday that tough economic times require that he shutter a major command that employs some 5,000 people around Norfolk, Va., and begin to eliminate other jobs throughout the military.
Gov't likely to keep big mortgage market role (AP) (Aug-9, 15:28 EDT )-- AP - Keeping Fannie Mae and Freddie Mac in business will cost taxpayers billions. But getting the federal government out of the mortgage business would cost home buyers dearly, in the form of higher interest rates.
Gov't likely to keep big mortgage market role (AP) (Aug-9, 15:28 EDT )-- AP - Keeping Fannie Mae and Freddie Mac in business will cost taxpayers billions. But getting the federal government out of the mortgage business would cost home buyers dearly, in the form of higher interest rates.
Obama attacks Bush policies in Bush's home state (Reuters) (Aug-9, 15:22 EDT )-- Reuters - President Barack Obama attacked the economic policies of his Republican predecessor George W. Bush in Bush's home state on Monday as evidence of the way Republicans would operate if given power in November 2 U.S. congressional elections.
In campaign mode, Obama makes Texas dash for cash (AP) (Aug-9, 14:58 EDT )-- AP - Deep in the land of George W. Bush, President Barack Obama swept through Texas on Monday to gather Democratic cash and votes, pounding home education as not just an economic imperative but also a political wedge.
Ethics committee outlines charges against Rep. Waters (Aug-9, 14:43 EDT )-- The House ethics committee Monday unveiled a three-count charge against Rep. Maxine Waters (D-Calif.) alleging she broke congressional rules when her office helped arrange a more than $12 million infusion of federal bailout funds into a bank in which...
Summary Box: Fed ponders ways to bolster economy (AP) (Aug-9, 14:32 EDT )-- AP - PERKING UP ECONOMY: Federal Reserve meets Tuesday to mull options to energize the recovery, which is losing speed.
Are You Prepared for a Market Correction? (The Motley Fool) (Aug-9, 14:21 EDT )-- The Motley Fool - Don't let the August market doldrums lull you into complacency. The market will very likely get much more volatile before the end of the year. If you're not prepared, a spike in the level of volatility could lead you to take rash...
As recovery loses speed, Fed mulls ways to help (AP) (Aug-9, 14:21 EDT )-- AP - Federal Reserve policymakers are in a bind: they want to say and do things that will energize the economy, but in doing so they risk making things worse by sending signals that the recovery is in really bad shape.
Obama speech ties U.S. need for more college graduates to the economic recovery (Aug-9, 14:05 EDT )-- AUSTIN -- Saying that the country's long-term economic recovery depends on a wholesale improvement in education, President Obama on Monday pledged his administration's best efforts toward increasing the number of college graduates. United States ...
Significant chance of recession next 2 years: SF Fed (Reuters) (Aug-9, 14:03 EDT )-- Reuters - There is a "significant" chance the U.S. economy will slip back into recession in the next two years although a reversal is unlikely in the next few months, researchers at the San Francisco Federal Reserve Bank said on Monday.
Interest rates drop at weekly Treasury auction (AP) (Aug-9, 13:57 EDT )-- AP - Interest rates on short-term Treasury bills fell in Monday's auction to the lowest levels since late June.
On Leadership: HP needs to boost ethics by lowering severance (Aug-9, 12:34 EDT )-- Mark Hurd was supposed to be the boring one. The one who returned the grandfather of Silicon Valley companies to its humble and honest origins. The anti-Carly. The operations whiz. The one who could reassure investors amid an embarrassing corporate...
Economic developments around the globe (AP) (Aug-9, 11:46 EDT )-- AP - A look at economic developments and activity in major stock markets around the world Monday:
How to Sink Your Credit Score (U.S. News & World Report) (Aug-9, 11:28 EDT )-- U.S. News & World Report - The suits at Fair Isaac Corporation sure are good at what they do. How else can you explain the meteoric rise in importance of the lowly credit score? It's not just any credit score, either. The FICO credit score stands head...
BP chief to meet with top WH officials (AP) (Aug-9, 11:08 EDT )-- AP - BP Chief Executive Bob Dudley is meeting with top administration officials at the White House Monday to discuss environmental and economic recovery in the Gulf.
Obama examining candidates to replace Romer for top econ post (Reuters) (Aug-9, 10:18 EDT )-- Reuters - President Barack Obama is looking at candidates to fill a top White House economic post with no announcement expected this week, spokesman Bill Burton said on Monday.
Freddie Mac says needs $1.8 billion from taxpayers (Reuters) (Aug-9, 10:03 EDT )-- Reuters - Mortgage finance giant Freddie Mac on Monday said it would need another $1.8 billion in aid from taxpayers, bringing its total request since it was taken over by the government two years ago to more than $64 billion.
Dish Network loses subscribers, shares fall (Reuters) (Aug-9, 10:02 EDT )-- Reuters - Dish Network Corp said it lost satellite television customers in the second quarter due to intense competition and consumers struggling with the economic downturn.
German rise in exports signals strong growth (AP) (Aug-9, 09:41 EDT )-- AP - Germany's recovery is gaining pace as the country leads Europe out of this year's debt crisis turmoil, with exports rising in June to their highest level since late 2008.
Trend of mortgages "underwater" drops: Zillow (Reuters) (Aug-9, 09:24 EDT )-- Reuters - A smaller percentage of U.S. homeowners were saddled with "underwater mortgages" in the second quarter as more homes entered the foreclosure process even as price declines slowed, real estate website Zillow.com said on Monday.
Magazine newsstand sales slip 5.6 percent (AP) (Aug-9, 09:23 EDT )-- AP - U.S. magazine sales at newsstands and other retail outlets continued to slip in the first half of 2010, though the latest figures marked an improvement for an industry hard-hit by the recession.
Conference Board job index rises to 97.0 in July (Reuters) (Aug-9, 09:06 EDT )-- Reuters - A gauge of the U.S. job market rose in July for the 14th straight month although its pace of increase slowed, suggesting job growth would struggle to keep up with growth in the working-age population, a research group said on Monday.
US mortgage firm suffers $6 bln quarterly loss (AFP) (Aug-9, 09:03 EDT )-- AFP - Troubled US mortgage firm Freddie Mac reported Monday a second quarter net loss of six billion dollars and sought another 1.8 billion dollars from the Treasury to contain the red ink.
Freddie Mac requests $1.8B in aid after 2Q loss (AP) (Aug-9, 08:39 EDT )-- AP - Government-controlled mortgage buyer Freddie Mac is asking for $1.8 billion in additional federal aid after posting a larger loss in the second quarter.
Chrysler posts quarterly loss as sales lag (Reuters) (Aug-9, 08:32 EDT )-- Reuters - Chrysler Group LLC posted a quarterly net loss on Monday, underscoring the pressure on the smallest U.S. automaker from a slack economy and an aging product line-up.
Oil prices jump on eve of Fed meeting (AFP) (Aug-9, 07:06 EDT )-- AFP - World oil prices rose strongly on Monday, boosted by the weak dollar, rising equities, upbeat economic data and hopes that the Federal Reserve may take steps to boost the US economy this week.
European shares jump on US rate speculation (AFP) (Aug-9, 06:08 EDT )-- AFP - European stocks rallied on Monday, the eve of a US interest rate call, as investors bet that the Federal Reserve could launch monetary policy action to stimulate the battered economy, dealers said.
'India may let foreigners invest in share market' (AFP) (Aug-9, 02:54 EDT )-- AFP - India may loosen rules to allow foreign individual investors to invest in the country?s share markets as part of moves to reform Asia's third-largest economy, a report said Monday.
Jodie Fisher reportedly settles claim against ousted HP chief Mark Hurd (Aug-8, 23:00 EDT )-- The woman who made the sexual harassment accusations leading to the ouster Friday of Hewlett-Packard chief executive Mark Hurd identified herself Sunday and said that she and Hurd had resolved the claim privately and without litigation. Mark Hurd...
In weak economy, more people are filing early for Social Security (Aug-8, 23:00 EDT )-- In one of the most striking fallouts from the bad economy, Social Security is facing a rare shortfall this year as more people opt to collect payments before their full retirement age. Adding to the strain on the trust are reduced tax collections due...
INSIDER TRANSACTIONS (Aug-8, 23:00 EDT )-- Albemarle William B. Allen Jr.Officer and beneficial ownerJuly 30Sold1,00043.6623,296 American Capital Limited Roland H. ClineOfficerJuly 28Sold1,838... Business - Albemarle Corporation - United States - Private Securities Litigation Reform Act -...
Week ahead for Aug. 9-15 (Aug-8, 23:00 EDT )-- For an interesting narrative about how the economists Richard Berner of Morgan Stanley and Jan Hatzius of Goldman Sachs disagree about the economy's direction see Nelson D. Schwartz's piece in the New York Times. And if you miss listening to the former...
Financial news schedule for Aug. 9-15 (Aug-8, 23:00 EDT )-- A Federal Reserve meeting and reports this week on prices and consumer sentiment should provide new hints for those scrutinizing the state of the U.S. economic recovery. Sports - Financial Services - Football - American - Greece
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Bankruptcies (Aug-8, 23:00 EDT )-- These firms recently filed with the U.S. Bankruptcy Court's local clerk of court offices. Bankruptcy - Law - United States - Services - Lawyers and Law Firms
Best Buy balances big-box expansion, will open store in College Park (Aug-8, 23:00 EDT )-- Electronics retailer Best Buy will be moving into the former Linens 'n Things digs on Cherry Hill Road in College Park this September. By taking over the defunct retailer's space, Best Buy is borrowing a play from rival HHGregg, which snapped up most...
Insider Transactions: Appointments (Aug-8, 23:00 EDT )-- Vistronix of Reston named Gregory Downs vice president of information programs. E-Commerce - Windows - Chief executive officer - Financial services - Apple
Military experience helped later with facing challenges in career (Aug-8, 23:00 EDT )-- I joined the Navy in the closing years of the Vietnam War. I watched things change a great deal and realized I had an insatiable curiosity about the world and the complex forces affecting the change. Business - Military - Employment - Careers -...
Workers unknowingly exposed to radiation seek compensation from special fund (Aug-8, 21:31 EDT )-- CHICAGO -- Four years ago, then-U.S. Sen. Barack Obama called them "veterans of the Cold War" and pledged to help them receive compensation. Health Physics and Radiological Health - Environment - Environmental Health - Medicine - Oncology
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