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Americans grim over economy before elections: poll (Reuters) (Aug-11, 20:37 EDT )-- Reuters - Pessimism over the economy is rising and the grim mood could hurt both parties in the November 2 congressional elections, according to an NBC News/Wall Street Journal poll released on Wednesday.
Cisco sees "unusual uncertainty," sales disappoint (Reuters) (Aug-11, 19:46 EDT )-- Reuters - Cisco Systems Inc CEO John Chambers warned of "unusual uncertainty" in the economy and forecast revenue that missed Wall Street targets, sending its shares plummeting and raising fears that a nascent recovery in technology spending could be...
DOE awards $21.3M to study CO2 underground storage (AP) (Aug-11, 18:26 EDT )-- AP - U.S. Department of Energy officials on Wednesday announced $21.3 million in funding for facilities to create safe and economical technologies nationwide for storing carbon dioxide in geologic formations.
Wash. money planner gets about 7 years for fraud (AP) (Aug-11, 18:25 EDT )-- AP - A Kirkland financial planner who looted her clients' investment accounts to the tune of $12 million was sentenced Wednesday to six years and eight months in prison by a federal judge who praised her for cooperating after she got caught.
Summary Box: Cisco revenue misses expectations (AP) (Aug-11, 17:53 EDT )-- AP - ON THE MEND: Cisco Systems Inc., the world's largest maker of computer networking gear, said revenue rose 27 percent from a year ago, and net income jumped 79 percent, as business bounced back from the recession.
Wider trade gap trims growth estimates (Reuters) (Aug-11, 17:34 EDT )-- Reuters - The U.S. trade gap widened a surprising 18.8 percent in June on a wave of consumer imports from China and other suppliers, suggesting U.S. second-quarter economic growth was weaker than previously thought.
Californians' income sees 1st decline since WWII (AP) (Aug-11, 17:27 EDT )-- AP - The personal income of California residents declined last year for the first time since World War II, state officials said Wednesday.
Business Highlights (AP) (Aug-11, 16:51 EDT )-- AP - Trade gap likely points to slower economic growth
US suffers widest trade gap in 20 months (AFP) (Aug-11, 16:20 EDT )-- AFP - The US trade deficit widened sharply in June to the highest level in 20 months on increased imports from China, triggering fresh fears of a slowdown in the world's largest economy.
Trade gap likely points to slower economic growth (AP) (Aug-11, 15:52 EDT )-- AP - The United States is selling fewer products around the world and spending more on cheap imported goods, an imbalance that hurts the job market at home and means the economy is even weaker than previously thought.
U.S. trade deficit and disappointing global reports send stocks into sell-off (Aug-11, 15:36 EDT )-- Stocks were deeply in the red Wednesday after the U.S. trade deficit widened unexpectedly and a string of weak economic reports from Asia and Europe heightened concerns that the global recovery is veering off track. United States - Business -...
Cisco revenue misses Wall Street view (Reuters) (Aug-11, 15:35 EDT )-- Reuters - Cisco Systems Inc's quarterly revenue fell slightly short of Wall Street's expectations, disappointing investors who thought an improving economy and growing Internet traffic would have spurred even stronger sales of routers and switches.
U.S. posts $165 billion July deficit, spending ebbs (Reuters) (Aug-11, 15:10 EDT )-- Reuters - The United States racked up a $165.04 billion budget deficit during July, 8.7 percent below the year-ago gap as economic stimulus and bailout spending subsided from peak levels, the Treasury Department said on Wednesday.
A look at economic developments around the world (AP) (Aug-11, 14:48 EDT )-- AP - A look at economic developments and activity in major stock markets around the world Wednesday:
Metal, energy prices drop as investors pare bets (AP) (Aug-11, 14:45 EDT )-- AP - Industrial metals and energy prices tumbled along with stocks Wednesday as more worrisome economic news followed the Federal Reserve's downgrade of its outlook for the recovery.
Obama signs manufacturing bill (AP) (Aug-11, 14:27 EDT )-- AP - President Barack Obama has signed a bill meant to reduce costs for U.S. manufacturers and help them regain their footing in the shaky economy.
Fed to buy $18 billion in government debt (AP) (Aug-11, 14:14 EDT )-- AP - The Federal Reserve announced Wednesday that it will buy $18 billion worth of government debt in a bid to jumpstart the economic recovery.
Buffett Preps His Portfolio for Inflation (The Motley Fool) (Aug-11, 14:11 EDT )-- The Motley Fool - Just as the specter of deflation is gaining ground, Warren Buffett is taking the contrarian view and positioning Berkshire Hathaway's (NYSE: BRK-A - News; NYSE: BRK-B - News) bond portfolio for higher inflation. Has he lost the plot?
Fortress to buy most of AIG consumer finance unit (Reuters) (Aug-11, 13:41 EDT )-- Reuters - American International Group Inc is selling most of its consumer finance unit to hedge fund and private equity firm Fortress Investment Group at a deep discount and taking a $1.9 billion pretax loss due to the sale.
U.S. not immune to economic slowdowns overseas: White House (Reuters) (Aug-11, 13:31 EDT )-- Reuters - The White House said on Wednesday the United States is not immune to economic slowdowns that begin in other parts of the world, after China reported weaker economic data.
U.S. expands homeowner aid for jobless (Reuters) (Aug-11, 13:23 EDT )-- Reuters - The Obama administration on Wednesday nearly doubled to $4.1 billion the size of its foreclosure prevention program to help struggling homeowners hardest hit by falling home prices and rising unemployment.
Social Security Still Keeping Its Promises (U.S. News & World Report) (Aug-11, 12:58 EDT )-- U.S. News & World Report - Social Security celebrates its 75th birthday this weekend, and it's hard not to draw parallels between 2010 and 1935. Now, as then, we are struggling with a serious erosion of the national and world economies. This is a...
Summary Box: BOE warns of rocky recovery (AP) (Aug-11, 12:44 EDT )-- AP - CHOPPY RECOVERY: The Bank of England cut the nation's growth forecast for next year due to an uncertain economic outlook in the United States and Europe.
Summary Box: China's industrial growth slows (AP) (Aug-11, 12:34 EDT )-- AP - SLOWING GROWTH: China's industrial growth slowed further in July as Beijing clamped down on a credit boom. Inflation spiked to its highest level this year as summer flooding wrecked crops but analysts say the increase will fade quickly.
The Myth of Good Debt (U.S. News & World Report) (Aug-11, 12:26 EDT )-- U.S. News & World Report - Think your low-interest mortgage is good debt? Think again.
Immigrant workers faring better than U.S.-born in New York (Reuters) (Aug-11, 12:21 EDT )-- Reuters - Immigrants in New York City have a lower unemployment rate and participate in the labor force at a higher rate than native-born Americans, a divergence from the national trends that may reflect optimism about the recovery.
Philanthropy becoming new status symbol for wealthy (Reuters) (Aug-11, 12:12 EDT )-- Reuters - As dozens of U.S. billionaires pledge their fortunes to charity and the country struggles to shake off recession, philanthropy is a growing status symbol of the rich, experts say.
AIG sells consumer credit affiliate (AFP) (Aug-11, 11:57 EDT )-- AFP - Ailing US insurance giant AIG announced on Wednesday the sale of 80 percent of its consumer credit provider American General Finance to Fortress Investment Group, a hedge fund manager.
Fortress buying most of AIG's American General (AP) (Aug-11, 09:41 EDT )-- AP - American International Group Inc. said Wednesday it is selling an 80 percent stake in its consumer credit business, American General Finance Inc., to hedge fund manager Fortress Investment Group LLC as it continues to sell off assets to repay...
Job openings flat at 2.9 million in June (Reuters) (Aug-11, 09:30 EDT )-- Reuters - U.S. job openings were flat in June while the number of new hires slipped, according to a government report on Wednesday that underscored the persistent weakness in the labor market.
Bank of England warns of rocky recovery (AP) (Aug-11, 09:20 EDT )-- AP - Britain faces a "choppy recovery" amid great uncertainty about the outlook for the United States and the eurozone, the Bank of England warned Wednesday as it lowered its economic growth forecast for next year.
Philanthropy becoming new status symbol for wealthy (Reuters) (Aug-11, 09:10 EDT )-- Reuters - As dozens of U.S. billionaires pledge their fortunes to charity and the country struggles to shake off recession, philanthropy is a growing status symbol of the rich, experts say.
Mortgage applications nearly flat last week (AP) (Aug-11, 09:03 EDT )-- AP - Applications for home loans were almost flat last week even though mortgage rates fell to the lowest level in decades.
BoE forecasts leaves scope for further easing (Reuters) (Aug-11, 08:59 EDT )-- Reuters - The Bank of England left the door open on Wednesday for more monetary easing, cutting its forecast for UK economic growth and predicting that inflation would fall well below its 2 percent target in two years.
Trade deficit widens to $49.9 billion in June (AP) (Aug-11, 08:26 EDT )-- AP - The U.S. trade deficit surged in June to the highest level since October 2008 and imports of foreign consumer goods hit an all-time high. But U.S. exports faltered, representing a setback for American manufacturers.
Trade gap widens sharply in June (Reuters) (Aug-11, 08:13 EDT )-- Reuters - The trade deficit widened a surprising 18.8 percent in June on a surge of consumer goods from China and other suppliers, suggesting second-quarter economic growth was much weaker than previously thought.
Dollar slides vs yen as Fed tries to stabilize US (AP) (Aug-11, 07:56 EDT )-- AP - The dollar tumbled to a 15-year low Wednesday versus the Japanese yen, which many traders have taken as a safer bet after the Federal Reserve said it expected a weaker recovery and took steps to support the economy.
US dollar falls to a 15-year low against the yen (AP) (Aug-11, 07:35 EDT )-- AP - The U.S. dollar slid to a 15-year low against the yen Wednesday, dragged down by the anemic recovery in the world's biggest economy.
Oil falls below $80 amid growth slowdown fears (AP) (Aug-11, 07:18 EDT )-- AP - Oil prices fell below $80 a barrel Wednesday as signs of slowing growth in China, a cautious statement from the Federal Reserve and falling stock markets undermined expectations that demand will strengthen.
IEA lifts oil demand forecast but warns on economy (Reuters) (Aug-11, 07:01 EDT )-- Reuters - Global oil demand growth will inch higher over the rest of this year and into 2011, but any rise will be wiped out if the economy is weaker than forecast, the International Energy Agency (IEA) said on Wednesday.
Japan debt safer than U.S. debt: China economist (Reuters) (Aug-11, 06:42 EDT )-- Reuters - China has been buying record amounts of Japanese government debt because it is less risky than U.S. debt, at least in the short term, a Chinese government economist said on Wednesday.
Record low mortgage rates do little for demand (Reuters) (Aug-11, 06:17 EDT )-- Reuters - Home loan demand climbed last week but record low mortgage rates failed to light a fire in a market constrained by unemployment and tight lending practices.
Record low mortgage rates do little for demand (Reuters) (Aug-11, 06:17 EDT )-- Reuters - Home loan demand climbed last week but record low mortgage rates failed to light a fire in a market constrained by unemployment and tight lending practices.
Global equities slide as economic outlook darkens (AFP) (Aug-11, 06:14 EDT )-- AFP - World stock markets sank on Wednesday after both the US Federal Reserve and the Bank of England downgraded their economic outlooks, sparking deep concern over the global recovery, dealers said.
China's industrial growth slows, inflation jumps (AP) (Aug-11, 06:05 EDT )-- AP - China's industrial growth slowed further in July as Beijing clamped down on a credit boom, fueling expectations it will ease monetary policy to shore up its economic expansion.
Prudential Financial payouts to veterans OK in NJ: report (Reuters) (Aug-11, 05:01 EDT )-- Reuters - A New Jersey insurance regulator has concluded that Prudential Financial Inc properly handled life-insurance benefits in a controversial matter involving a U.S. soldier killed in Afghanistan, the Wall Street Journal said on Tuesday.
Dollar drop as data prod Japan closer to policy action (Reuters) (Aug-11, 04:02 EDT )-- Reuters - Weak Japanese economic data and a fall in the dollar to an eight-month low against the yen on Wednesday prodded Tokyo closer to fresh action to support an already fragile economic recovery.
Federal Reserve to buy U.S. debt, shifts policies as recovery slows (Aug-10, 23:00 EDT )-- With the recovery losing momentum, the Federal Reserve moved Tuesday to try to boost growth, an about-face by a central bank that has spent most of the last year winding down its aggressive measures to support the economy. Federal Reserve System ...
Census coming in at least $1.6 billion under budget (Aug-10, 23:00 EDT )-- Higher-than-anticipated response rates and an overqualified temporary workforce helped the U.S. Census Bureau keep the 2010 Census at least $1.6 billion under budget, officials announced Tuesday. United States - Census - Gary Locke - Genealogy -...
Former senator Ted Stevens dies in plane crash (Aug-10, 23:00 EDT )-- The ruby-red 1957 DeHavilland floatplane came down in the rain and mist of the southwestern Alaska wilderness late Monday, unnoticed by radar and unreachable by official rescue teams until morning. Ted Stevens - Alaska - United States -...
State Dept. faces skyrocketing costs as it prepares to expand role in Iraq (Aug-10, 23:00 EDT )-- As the last U.S. combat troops prepare to leave Iraq this month, the State Department is struggling to implement an expanded mission that it has belatedly realized it might not be able to afford. Iraq - Middle East - Warfare and Conflict - United...
Former White House social secretary Desirée Rogers named Johnson Publishing CEO (Aug-10, 23:00 EDT )-- Desirée Rogers, the former White House social secretary, has been named chief executive officer of Johnson Publishing, the company announced Tuesday. White House Social Secretary - United States - President - White House - Government
President Obama signs $26 billion jobs bill to aid state payrolls (Aug-10, 23:00 EDT )-- President Obama approved a final spurt of spending Tuesday to shore up the sluggish recovery, signing into law a $26 billion plan to save the jobs of thousands of teachers and other government workers. The measure brings total direct federal spending...
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