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Business Highlights (AP) (Aug-12, 16:43 EDT )-- AP - Jobs picture dims as unemployment claims rise
Jobless claims rise highlights economy's ills (Reuters) (Aug-12, 16:10 EDT )-- Reuters - The number of U.S. workers filing new claims for jobless benefits unexpectedly rose last week to the highest level in close to six months, the latest evidence the economy's recovery is faltering.
Summary Box: Mortgage rates sink to 4.44 pct. (AP) (Aug-12, 16:05 EDT )-- AP - RATES HIT NEW LOWS: The average rate on a 30-year fixed mortgage hit 4.44 percent this week, mortgage buyer Freddie Mac said. Growing pessimism over the economic recovery pushed rates to the lowest level in decades for the seventh time in eight...
Summary Box: Mortgage rates sink to 4.44 pct. (AP) (Aug-12, 16:05 EDT )-- AP - RATES HIT NEW LOWS: The average rate on a 30-year fixed mortgage hit 4.44 percent this week, mortgage buyer Freddie Mac said. Growing pessimism over the economic recovery pushed rates to the lowest level in decades for the seventh time in eight...
Moody's: Rate of loss on CMBS surged in 2Q (AP) (Aug-12, 15:55 EDT )-- AP - The rate of loss on liquidated U.S. commercial property loans pooled into securities climbed in the second quarter, Moody's Investors Service said Thursday.
Gov't proposes to curb home developer fees (AP) (Aug-12, 15:16 EDT )-- AP - The government is proposing to stop developers in most instances from collecting fees on the sale of homes they no longer own.
Oil prices drop sharply on demand fears (AFP) (Aug-12, 15:12 EDT )-- AFP - World oil prices fell sharply for the third straight day Thursday amid market fears that demand will shrink against the backdrop of a possible global economic slowdown.
Summary Box: Job picture dims, jobless claims rise (AP) (Aug-12, 14:21 EDT )-- AP - CLAIMS RISE: The employment picture is looking worse as new applications for unemployment insurance rose last week to their highest level since February.
US bailouts aided foreign firms: watchdog (AFP) (Aug-12, 14:15 EDT )-- AFP - The US decision to pour billions of taxpayer dollars into the economy likely propped up foreign firms as well as their US counterparts, a Congressional watchdog said Thursday.
Record low mortgage interest rates raise question of when to refinance (Aug-12, 13:43 EDT )-- With mortgage interest rates setting new record lows almost every week for more than two months, two questions naturally come to mind: How low can they go? And should I refinance -- again ? Refinancing - Business - Financial Services - Mortgages ...
Housing summit may yield Fannie and Freddie clues (Reuters) (Aug-12, 13:23 EDT )-- Reuters - An Obama administration summit of housing industry leaders next week may yield clues on the future of Fannie Mae and Freddie Mac , the two mortgage heavyweights that so far have sucked up close to $150 billion in taxpayer bailout funds.
How states fared on jobless claims, at a glance (AP) (Aug-12, 13:05 EDT )-- AP - New applications for unemployment benefits rose last week to their highest level since February, the Labor Department said Thursday. It's the latest evidence of a weakening economy and a sign that some employers are still cutting their staffs.
Mortgage rates hit 4.44 pct. as economy sours (AP) (Aug-12, 12:48 EDT )-- AP - Growing pessimism over the weak economic recovery pushed mortgage rates to the lowest level in decades for the seventh time in eight weeks.
Mortgage rates hit 4.44 pct. as economy sours (AP) (Aug-12, 12:48 EDT )-- AP - Growing pessimism over the weak economic recovery pushed mortgage rates to the lowest level in decades for the seventh time in eight weeks.
Cisco CEO Chambers stokes fears of "downturn 2.0" (Reuters) (Aug-12, 12:17 EDT )-- Reuters - Cisco Systems Inc CEO John Chambers' comments on the economy sent jitters through financial markets on Thursday, stoking fears that a recovery in technology spending could be waning.
Wall Street bonuses to rise this year: report (Reuters) (Aug-12, 12:15 EDT )-- Reuters - Wall Street bonuses likely will rise this year, despite the regulatory cloud hanging over compensation, as the financial sector recovers from recession faster than the broader U.S. economy, according to a published report.
Kohl's sees costs from new credit cards, shares fall (Reuters) (Aug-12, 12:00 EDT )-- Reuters - Kohl's Corp gave a profit forecast that missed Wall Street expectations, citing the cost of adapting to new consumer credit card laws, and expects slower sales growth.
Summary Box: Debt woes put Europe projects on hold (AP) (Aug-12, 11:45 EDT )-- AP - STALLED: A rebuilt Prussian palace in Berlin. High-speed rail from Lisbon to Kiev. A new visitor center for Britain's Stonehenge. They're some of the big-ticket projects put on hold by Europe's government debt crisis.
Summary Box: Eurozone industrial output declines (AP) (Aug-12, 11:45 EDT )-- AP - THE DROP: Industrial production in the 16-nation eurozone unexpectedly fell 0.1 percent in June from the previous month, raising fears that regional economic growth may not be as high as anticipated. The results sharply contrast with the 1.1...
US jobless claims jump to six-month high (AFP) (Aug-12, 11:13 EDT )-- AFP - The number of Americans filing new claims for jobless benefits jumped unexpectedly last week to the highest level in six months, the government said Thursday, adding to US recovery concerns.
U.S. to release for-profit school debt data Friday (Reuters) (Aug-12, 10:39 EDT )-- Reuters - The government plans to release student loan repayment rates for for-profit schools on Friday, identifying institutions by name, as part of efforts to tighten scrutiny of federal student aid.
9 Smart Ways to Come Up with Down-Payment Cash (U.S. News & World Report) (Aug-12, 10:37 EDT )-- U.S. News & World Report - Although cheaper prices and record-low mortgage rates have made home buying increasingly attractive, tight lending standards continue to keep consumers on the sidelines. And while a beefed-up FICO score and documentation...
U.S. firm's landmark solar deal with China starts off with a bang, then fizzles (Aug-12, 10:32 EDT )-- BEIJING -- With great fanfare, an Arizona-based energy company signed a preliminary agreement with China last fall to build the world's largest solar power plant in the Mongolian desert. Energy - United States - Business - Renewable - Solar
6 ETFs for the Second Great Depression (The Motley Fool) (Aug-12, 10:16 EDT )-- The Motley Fool - By now, everything about the economy was supposed to be better again. But even after suffering nearly two long years past the financial crisis, few have any confidence that things are going to get markedly better anytime soon -- and...
Jobless claims jump shows labor market ailing (Reuters) (Aug-12, 10:08 EDT )-- Reuters - The number of U.S. workers filing new claims for unemployment insurance unexpectedly rose last week to its highest level in close to six months, a fresh signal of a weak jobs market.
(AP) (Aug-12, 09:54 EDT )-- AP - General Motors CEO Whitacre says he's stepping down Sept. 1.
(AP) (Aug-12, 09:54 EDT )-- AP - General Motors CEO Whitacre says he's stepping down Sept. 1.
Mortgage rates hit fresh lows on soft economy (Reuters) (Aug-12, 09:52 EDT )-- Reuters - Home loan rates set new lows in the latest week on more evidence of a soft U.S. economy and high unemployment, home funding company Freddie Mac said on Thursday.
Mortgage rates hit fresh lows on soft economy (Reuters) (Aug-12, 09:52 EDT )-- Reuters - Home loan rates set new lows in the latest week on more evidence of a soft U.S. economy and high unemployment, home funding company Freddie Mac said on Thursday.
Jobs picture dims as unemployment claims rise (AP) (Aug-12, 09:47 EDT )-- AP - The employment picture is looking bleaker as applications for jobless benefits rose last week to the highest level in almost six months.
Money fair showcases $100,000 bills, rare coins (AP) (Aug-12, 09:28 EDT )-- AP - In an economic downturn, it might be tough to get your head around this: rare sheets of $100,000 bills, fabulous gold treasures dating back to the California Gold Rush era, rare coins including those tied to the first stirrings for America's...
Mortgage rates hit low of 4.44 pct. (AP) (Aug-12, 09:21 EDT )-- AP - Mortgage rates sank to the lowest level in decades this week, pushed down by the Federal Reserve's move to buy up government debt to help lift the economic recovery.
Mortgage rates hit low of 4.44 pct. (AP) (Aug-12, 09:21 EDT )-- AP - Mortgage rates sank to the lowest level in decades this week, pushed down by the Federal Reserve's move to buy up government debt to help lift the economic recovery.
Europe's sluggish recovery hinges on consumers (AP) (Aug-12, 08:32 EDT )-- AP - As Europe makes a wobbly recovery based largely on selling goods overseas, the key question for its economy is: Are shoppers at home ready to start spending again?
US jobless claims jump to highest level since February (AFP) (Aug-12, 08:26 EDT )-- AFP - New claims for US jobless benefits jumped unexpectedly last week to the highest level in about six months, the government said Thursday, fueling concerns unemployment could dampen recovery.
Jobless claims rise to almost half-year high (Reuters) (Aug-12, 08:22 EDT )-- Reuters - The number of U.S. workers filing new claims for unemployment insurance unexpectedly rose to its highest level in close to six months, a fresh signal of a weak jobs market.
Asian markets slip, but Europe steady after Wall St. sell-off (Aug-12, 08:09 EDT )-- Asian markets fell slightly and European indexes were mostly stable Thursday after a global sell-off the previous day over worries about the weakening U.S. recovery and cooling Chinese economy. Asia - Business and Economy - History - Germany -...
Cisco shares fall on weak revenue outlook (Reuters) (Aug-12, 07:05 EDT )-- Reuters - Shares of technology bellwether Cisco Systems Inc fell 8 percent in pre-market trade Thursday, a day after CEO John Chambers' comments about an uncertain economy spooked investors, prompting at least one brokerage to cut its rating on the...
Kucinich to Gibbs: You've read the liberals wrong (AP) (Aug-12, 06:27 EDT )-- AP - A Democrat whose name was invoked by President Barack Obama's spokesman in an attack on the party's liberal wing says the White House doesn't understand deep public frustration over the troubled economy.
AIG talking to big investors on AIA IPO: sources (Reuters) (Aug-12, 06:25 EDT )-- Reuters - American International Group Inc has started talks with potential investors to sell stakes in its Asian life insurance business AIA ahead of AIA's planned IPO, sources with direct knowledge of the matter said.
Japan officials step up campaign against yen rise (Reuters) (Aug-12, 05:42 EDT )-- Reuters - Japan policymakers fired off a volley of comments Thursday to curb yen strength and the central bank checked rates with banks as officials stepped up efforts to prevent the currency from harming a fragile economic recovery.
Eurozone industry output down in June, strong over Q2 (Reuters) (Aug-12, 05:23 EDT )-- Reuters - Euro zone industrial production declined in June, with output in France and Germany falling sharply, but a strong showing over the second quarter as a whole suggests Friday's GDP data for the bloc will be robust.
Watchdog panel cites global impact of US bailout (AP) (Aug-12, 05:20 EDT )-- AP - The $700 billion U.S. bailout program launched in response to the global economic meltdown had a far greater impact overseas than other countries' financial rescue plans did on the U.S., according to a new report from a congressional watchdog.
Debt woes sap Europe's big-dream investments (AP) (Aug-12, 04:08 EDT )-- AP - A rebuilt Prussian palace in Berlin. High-speed rail from Lisbon to Kiev. A new visitor center for Britain's Stonehenge. They're just some of the big-ticket European projects put on hold by the continent's government debt crisis.
Eurozone industrial output in unexpected June fall (AP) (Aug-12, 04:02 EDT )-- AP - Industrial production in the 16 countries that use the euro unexpectedly fell in June, official figures showed Thursday, raising fears that economic growth in the eurozone may not be as high as anticipated.
SEC enforcement division granted permanent subpoena powers (Aug-11, 23:00 EDT )-- The Securities and Exchange Commission on Wednesday quietly made permanent a vast expansion of the power of its enforcement division's ability to subpoena documents and compel testimony. United States - Law - Business - Allegedly Unethical...
GOP plan to extend tax cuts for rich adds $36 billion to deficit, panel finds (Aug-11, 23:00 EDT )-- A Republican plan to extend tax cuts for the rich would add more than $36 billion to the federal deficit next year -- and transfer the bulk of that cash into the pockets of the nation's millionaires, according to a congressional analysis released...
Michelle Singletary: IRS decision means tax-refund loans will be harder to make (Aug-11, 23:00 EDT )-- The Internal Revenue Service has dealt a hard blow to a tax product that has long needed to be knocked out. Tax refund - United States - Internal Revenue Service - Tax - Accounting
U.S. bailouts benefited foreign firms, report says (Aug-11, 23:00 EDT )-- The federal government's effort to stabilize the financial system in 2008 by flooding money into as many banks as possible resulted in a boon to many foreign firms and left the United States shouldering far more risk than governments that took a...
Dan Rostenkowski, 82; powerful committee chairman in U.S. House (Aug-11, 23:00 EDT )-- Dan Rostenkowski, 82, a product of the Chicago Democratic political machine who became one of the most powerful members of the U.S. House of Representatives before he lost his seat and was jailed for fraud, died Wednesday of cancer at his summer home...
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Robert Gibbs keeps jabbing the left (Aug-11, 23:00 EDT )-- "I am going to apologize in advance," White House press secretary Robert Gibbs said at the start of his briefing Wednesday afternoon. Robert Gibbs - People - United States - Lefthanders - Democratic
Cohee at OneUnited, bank in Maxine Waters case, has checkered record (Aug-11, 23:00 EDT )-- As chairman and chief executive of OneUnited Bank, Kevin L. Cohee has sought to build a company that is about more than just money. He promoted the bank, now at the center of a House ethics case against Rep. Maxine Waters (D-Calif.), as a uniquely...
Stocks plunge as U.S. trade deficit is wider than expected (Aug-11, 23:00 EDT )-- A wide-ranging sell-off on Wall Street sent stocks into the red for the year Wednesday after unexpectedly bad economic news from three continents reinforced fears that the global recovery is faltering. United States - Business - Balance of trade ...
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