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California Democrats unveil state budget plan (Reuters) (Aug-3, 19:23 EDT )-- Reuters - The Democratic leaders of California's legislature unveiled on Tuesday a joint state budget plan, which a spokesman for Republican Governor Arnold Schwarzenegger had declared dead on arrival ahead of its release.
US auto sales rise in July, thanks to ads, credit (AP) (Aug-3, 17:57 EDT )-- AP - Summer promotions and easier credit lured shoppers back to car buying last month, a relief to an industry worried about June's sales slowdown.
CBS 2Q beats expectations on ad rebound (AP) (Aug-3, 17:44 EDT )-- AP - Broadcasting giant CBS Corp. said Tuesday that its second-quarter profit surged thanks to a rebound in local advertising spending, which is climbing back toward normal levels as the recession fades.
Fearful Americans save more as recovery slows (AFP) (Aug-3, 17:31 EDT )-- AFP - Americans are saving more and spending less, putting a choker on the economic recovery, data showed Tuesday as the US government warned sky-high unemployment may yet worsen.
Summary Box: Consumer spending, incomes flat (AP) (Aug-3, 16:49 EDT )-- AP - SPENDING and INCOMES FLAT: Consumer spending was flat in June, the third month of lackluster spending activity. Personal incomes also showed no increase in June.
Summary Box: Pending home sales sink (AP) (Aug-3, 16:43 EDT )-- AP - SALES SINK: The number of buyers who signed contracts to purchase homes fell 2.6 percent in June, as the weak economy and tight lending standards kept consumers away from the housing market.
Countrywide settlement pays fraction to investors (AP) (Aug-3, 16:33 EDT )-- AP - Former shareholders of fallen mortgage giant Countrywide Financial Corp. are in line to recoup a fraction of their investments now that a Los Angeles judge has approved a settlement worth more than $600 million settlement.
On the Call: What AmeriCredit means for Ally (AP) (Aug-3, 15:56 EDT )-- AP - Consumer finance company Ally Financial Inc. has long been the lender-of-choice for General Motors Co. But in recent months, GM has said it wants to do more business with customers that have lower credit scores. The automaker views this group as...
Summary Box: Ally Financial posts 2Q profit (AP) (Aug-3, 15:49 EDT )-- AP - IN THE BLACK: Ally Financial Inc., the consumer lender 56 percent owned by the federal government, posted net income of $565 million in the second quarter, thanks to improvements in its home mortgage business and demand for auto loans.
Economic recovery falls to thrifty consumers (AP) (Aug-3, 15:48 EDT )-- AP - American shoppers are being careful about how much they spend, and that's making businesses cautious about hiring.
P&G 4Q profit falls short after big ad spend (AP) (Aug-3, 15:23 EDT )-- AP - Procter & Gamble Co. is betting that heavy advertising will draw budget-conscious households to new products, even those with higher prices, as it tries to build sales and market share in a tough economy.
11 in San Francisco charged with trafficking in knockoffs worth millions (Aug-3, 15:15 EDT )-- The operators of eight shops in San Francisco's Fisherman's Wharf district have been charged with trafficking in counterfeit designer apparel and accessories worth millions of dollars, officials said Tuesday. They said the arrests are the largest...
US auto sales rise, helped by credit, promotions (AP) (Aug-3, 15:13 EDT )-- AP - Automakers posted higher U.S. sales last month, a sign that Americans are still willing to buy big-ticket items even though concerns linger about the economy and hiring.
Republicans detail wasteful U.S. stimulus spending (Reuters) (Aug-3, 15:07 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...
Harry Reid holds narrow edge in Nevada: Reuters-Ipsos poll (Reuters) (Aug-3, 14:21 EDT )-- Reuters - Senate Democratic leader Harry Reid, one of America's most powerful politicians, holds a narrow edge among likely voters in his re-election bid in recession-lashed Nevada, a Reuters-Ipsos poll said on Tuesday.
Consumer and housing data fan recovery worries (Reuters) (Aug-3, 14:13 EDT )-- Reuters - Consumer spending and incomes were flat in June while home purchase contracts tumbled to a record low, implying an anemic economic recovery for the remainder of this year.
The Top Stock of Multimillionaires -- and 4 More Like It (The Motley Fool) (Aug-3, 13:40 EDT )-- The Motley Fool - Would you like to know how successful entrepreneurs, former partners of Wall Street investment firms and top executives at Fortune 100 companies have invested their personal wealth? Michael Sonnenfeldt knows the answers to that question.
Fearful Americans save more as recovery slows (AFP) (Aug-3, 13:38 EDT )-- AFP - Americans are saving more and spending less, putting a choker on the economic recovery, data showed Tuesday, as the US government warned sky-high unemployment may yet worsen.
For-profit colleges urged applicants to lie to leverage more aid, GAO finds (Aug-3, 13:19 EDT )-- A government report on the for-profit higher education industry scheduled for release Wednesday finds instances of college recruiters urging applicants to invent children and to hide their savings as a way to leverage more federal aid. For-profit...
Casino operator Boyd's 2nd-qtr earnings plunge (AP) (Aug-3, 13:13 EDT )-- AP - Casino operator Boyd Gaming Corp. said Tuesday that its second-quarter net income plunged 73 percent as Americans continued to hold onto extra cash in an uncertain economy.
BP sheds $1.9 billion in assets, selling Colombian oil business to consortium (Aug-3, 13:12 EDT )-- BP peeled off another $1.9 billion of exploration and production assets Tuesday, selling its Colombian oil, gas and transportation business to a consortium made up of Colombia's national oil company and Calgary-based Talisman Energy. BP -...
Dow turns profit, but not enough for Wall Street (AP) (Aug-3, 13:11 EDT )-- AP - Wall Street is wondering if Dow Chemical Co. has been too optimistic in its profit forecasts after second-quarter results fell short of expectations.
How Financial Reform Affects Home Buyers (U.S. News & World Report) (Aug-3, 12:35 EDT )-- U.S. News & World Report - While the financial reform legislation won't upend the conventions of buying or selling a home, it will precipitate key changes within the mortgage market. Even after all of the new rules are implemented, most consumers will...
A look at global economic developments (AP) (Aug-3, 11:49 EDT )-- AP - A look at economic developments and activity in major stock markets around the world Tuesday:
OfficeMax posts 2Q profit, expects revenue dip (AP) (Aug-3, 11:23 EDT )-- AP - OfficeMax Inc. reported a higher-than-expected profit for the second quarter compared with a loss a year ago, but the office supply retailer said the economy continued to weigh on results and forecast slight revenue declines for the third quarter...
July auto sales: GM's four core brands up 25% (Aug-3, 10:47 EDT )-- General Motors' July sales of its four remaining brands shot up 25 percent last month compared with July of last year. General Motors - Business - United States - Marketing and Advertising - Salesmanship
US spending, incomes stagnant (AFP) (Aug-3, 10:46 EDT )-- AFP - US consumer spending was flat in June as incomes remained stagnant, the government said Tuesday, amid slower economic growth and high unemployment.
New Democratic strategy for creating jobs focuses on a boost in manufacturing (Aug-3, 10:21 EDT )-- President Obama and congressional Democrats -- out of options for another quick shot of stimulus spending to revive the sluggish economy -- are shifting toward a longer-term strategy that promises to tackle persistently high unemployment by engineering...
Ally Financial posts 2Q profit, expects 2011 IPO (AP) (Aug-3, 10:16 EDT )-- AP - Ally Financial Inc. on Tuesday said it expects to hold an initial public offering next year after posting a second-quarter profit of $565 million, driven by improvements in its home mortgage business and more demand for auto loans.
Consumer spending and personal incomes both weak (AP) (Aug-3, 09:27 EDT )-- AP - Consumers did not boost their spending in June and their incomes failed to increase, further evidence that the economic recovery slowed in the spring. And Americans saved at the highest rate in nearly a year.
Ally Financial posts $565M profit in 2Q (AP) (Aug-3, 09:22 EDT )-- AP - Ally Financial Inc. on Tuesday posted a second-quarter profit of $565 million, driven by improvements in its home mortgage business and more demand for auto loans.
Factory orders drop for second straight month (AP) (Aug-3, 09:18 EDT )-- AP - Factory orders fell in June for the second straight month due to lower demand for steel, construction machinery and aircraft.
Pending home sales sink 2.6 percent in June (AP) (Aug-3, 09:17 EDT )-- AP - The number of buyers who signed contracts to purchase homes dropped in June, as the weak economy and tight lending standards kept consumers away from the housing market.
(AP) (Aug-3, 09:02 EDT )-- AP - Factory orders fall for second straight month in latest sign manufacturing is slowing.
Consumers save more in June; wages, spending still stagnant (Aug-3, 09:02 EDT )-- Economic - Conferences - Computer Science - 2006 - Home
Featured Advertiser (Aug-3, 09:02 EDT )
Geithner issues US unemployment warning (AFP) (Aug-3, 08:59 EDT )-- AFP - Treasury Secretary Timothy Geithner warned Americans Tuesday that the country's already sky-high unemployment rate could get worse before it gets better.
Geithner: unemployment could rise (Reuters) (Aug-3, 08:43 EDT )-- Reuters - Treasury Secretary Timothy Geithner said the U.S. unemployment rate could rise for two months before it drops, potentially deepening Democrats' problems in the November congressional elections.
Flat consumer spending adds to recovery worries (Reuters) (Aug-3, 08:34 EDT )-- Reuters - Consumer spending and incomes were unexpectedly flat in June while personal savings were the highest in a year, implying an anemic economic recovery for the remainder of this year.
Dow Chemical turns profit on sales leap, cost cuts (AP) (Aug-3, 07:45 EDT )-- AP - Dow Chemical Co. said Tuesday that increased demand and higher prices for chemicals used in products ranging from consumer electronics to adhesives drove it to a second-quarter profit.
European Central Bank sees pressure ease (AP) (Aug-3, 07:22 EDT )-- AP - While Federal Reserve chairman Ben Bernanke faces pressure to spur the U.S. recovery, European Central Bank president Jean-Claude Trichet can take life a bit easier.
Geithner defends Obama policy on tax cut extension (AP) (Aug-3, 07:07 EDT )-- AP - Treasury Secretary Timothy Geithner said Tuesday it would be "deeply irresponsible" for the Obama administration to support a wholesale extension of Bush era tax cuts, including breaks for the wealthy.
Special Report: China bets future on inland cities (Reuters) (Aug-3, 06:34 EDT )-- Reuters - China has put big money down on a momentous gamble: rush to build new cities in its poor interior, then wait for people to come and help drive the economy to a new stage of growth.
Ahead of the Bell: Consumer spending and incomes (AP) (Aug-3, 05:49 EDT )-- AP - Consumer spending and incomes likely posted tiny gains in June, providing further evidence that the economic recovery slowed in the spring and early summer.
Euro climbs above $1.32, yen scores 2010 peak (AFP) (Aug-3, 05:43 EDT )-- AFP - The European single currency topped 1.32 dollars on Tuesday and the yen hit a new 2010 peak amid stubborn concerns over the US economic outlook, traders said.
Fannie Mae unveils consumer website for borrowers (AP) (Aug-3, 05:13 EDT )-- AP - Mortgage company Fannie Mae is introducing a website to help consumers who are struggling to avoid foreclosure learn about ways to get help.
Countrywide agrees to pay $600M to settle lawsuits (AP) (Aug-2, 23:07 EDT )-- AP - Countrywide Financial Corp. agreed to pay $600 million to settle shareholder lawsuits in the largest payout so far from the mortgage meltdown.
UAE crackdown on BlackBerry services to extend to foreign visitors (Aug-2, 23:00 EDT )-- DUBAI, UNITED ARAB EMIRATES -- The United Arab Emirates' crackdown on BlackBerry services will extend to foreign visitors, putting the government's concerns over the smartphones in direct conflict with the country's ambitions to be a business and...
The latest developments in the oil spill (Aug-2, 23:00 EDT )-- -- A hydraulic leak delayed the static kill, which will pump mud into the damaged well in an attempt to force the oil back to the source rock. That could be followed by a cement plug. But the first step in the static kill, an "injectivity test," was...
Geithner tells bankers not to fear new financial regulations (Aug-2, 23:00 EDT )-- NEW YORK -- Timothy F. Geithner, traveling salesman, swept through Manhattan on Monday making a pitch to skeptical bankers, business leaders and even the mayor. United States - Financial services - Business - United States Secretary of the...
Two men convicted in JFK airport plot (Aug-2, 23:00 EDT )-- Two men were convicted Monday of plotting to blow up jet fuel tanks at John F. Kennedy International Airport in New York. United States - Abdul Kadir - Business - 2007 John F. Kennedy International Airport attack plot - Transportation and Logistics
Harman Media buys Newsweek from Washington Post Co. for undisclosed amount (Aug-2, 23:00 EDT )-- Iconic but troubled Newsweek magazine has been sold by one Washington power family to another. Washington Post - Sidney Harman - Newsweek - Washington Post Co - United States
Key dates in the investigation (Aug-2, 23:00 EDT )-- April 2008 -- Maxine Waters's husband, Sidney Williams, resigns from the board of directors of OneUnited Bank. He retains bank stock worth $350,000 to $750,000 as of December 2009. Investigation - Business - Security - Investigators - Fire and...
U.S. official outlines plan targeting firms, banks that help fund North Korea (Aug-2, 23:00 EDT )-- SEOUL -- A top U.S. nonprofileration official outlined a plan Monday to penalize North Korea by choking off the international network of companies and banks that largely fund its nuclear weapons program and the lifestyles of its elite. North...
BWI fares among nation's cheapest; Dulles ranks as seventh most costly (Aug-2, 23:00 EDT )-- A new government tally of average airfares at the nation's largest airports shows that Dulles International Airport is one of the most expensive for passengers, while Baltimore-Washington International Marshall Airport ranks among the cheapest. ...
Health-care law to save Medicare $8 billion through next year, report predicts (Aug-2, 23:00 EDT )-- The new health overhaul law will start producing savings for Medicare right away and, over time, will add 12 years of solvency to the program's giant trust fund for inpatient care, the Obama administration says in a report to be released Monday. ...
Stocks surge on news from manufacturers, European banks (Aug-2, 23:00 EDT )-- Investors buoyed by solid bank earnings in Europe and promising manufacturing numbers in the United States plowed into the markets Monday, extending the stock market's July surge into the new month. Business - Equities - United States - Dow Jones...
In devising punishments, SEC faced with competing interests (Aug-2, 23:00 EDT )-- What's $75 million? For Citigroup, it's a week of profits, less than 0.1 percent of its market value, a rounding error on a balance sheet worth more than $2 trillion. And for the Securities and Exchange Commission, it's a fair price to pay for the bank...
Toyota was aware of unintended acceleration in 2003, according to lawsuit (Aug-2, 23:00 EDT )-- The attorneys leading a class-action lawsuit against Toyota say they have uncovered internal Toyota documents showing that some at the company were aware as far back as 2003 of the problem of unintended acceleration in cars the company made. ...
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