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Romer, key Obama economic aide, resigning (AP) (Aug-5, 21:43 EDT )-- AP - Christina Romer, one of President Barack Obama's most pivotal economic advisers, is resigning, a change that comes as the White House struggles to show signs of clear economic gains to a hurting nation.
Senate rejects Fed nominee Diamond before voting (Reuters) (Aug-5, 21:30 EDT )-- Reuters - The U.S. Senate on Thursday scrapped the nomination of Peter Diamond to the Federal Reserve Board, dealing a blow to President Barack Obama's push to fill long-standing vacancies at the central bank.
Key White House economic adviser Romer to step down (Reuters) (Aug-5, 21:03 EDT )-- Reuters - Christina Romer, one of President Barack Obama's top economic advisers, said on Thursday she was stepping down, an exit that comes as the White House is struggling to keep the recovery on track with congressional elections looming in November.
Fannie seeks less money, bailout price may shrink (AP) (Aug-5, 20:41 EDT )-- AP - Fannie Mae is asking for less money from the government, a sign that the cost to taxpayers for bailing out the mortgage giant could be billions lower than once thought.
(AP) (Aug-5, 19:26 EDT )-- AP - AP source: Obama economic adviser Christina Romer announces resignation, effective Sept. 3.
Obama lauds Ford's bid to boost auto exports, including 2011 Explorer (The Christian Science Monitor) (Aug-5, 18:32 EDT )-- The Christian Science Monitor - President Obama defended the government bailout of the US auto industry during a visit Thursday to a Ford Motor Co. plant here, noting that his plan to rebuild the US economy by doubling exports over the next five years...
Republicans say historical trends favor them (Reuters) (Aug-5, 18:16 EDT )-- Reuters - Republican Party officials said on Thursday historical trends favor them in November 2 congressional elections and that more races are competitive than they expected in a year when voters are focused on economic worries.
Summary Box: Fannie Mae asks for $1.5B in aid (AP) (Aug-5, 18:07 EDT )-- AP - TAXPAYER AID: Mortgage buyer Fannie Mae is asking for less money from the government, requesting $1.5 billion in assistance in a sign the taxpayer bill for bailing out the company could be billions lower than once thought.
Fannie Mae loss shrinks to 3.1 billion dollars (AFP) (Aug-5, 17:52 EDT )-- AFP - Troubled mortgage firm Fannie Mae said Thursday it lost 3.1 billion dollars in its second quarter, far less than the whopping 13.1 billion dollars suffered in the first three months of the year.
Summary Box: 15-year loan rates below 4 pct. (AP) (Aug-5, 17:50 EDT )-- AP - RARE OPPORTUNITY: Homeowners can now lock in a 15-year fixed-rate mortgage at a rate of less than 4 percent, the lowest in decades.
China Opens the Flood Gates for Gold and Silver (The Motley Fool) (Aug-5, 17:16 EDT )-- The Motley Fool - Now that the world's attention has drifted away from Europe's crisis, the U.S. dollar is back in focus as the troublemaking currency du jour.
Business Highlights (AP) (Aug-5, 16:45 EDT )-- AP - New claims for jobless benefits rise to 479K
Obama confident no 'double-dip' recession coming (AP) (Aug-5, 16:12 EDT )-- AP - President Barack Obama says he is confident the nation will not suffer the "double dip" of back-to-back recessions.
Fannie Mae posts $3.3 billion 2Q loss (AP) (Aug-5, 16:00 EDT )-- AP - Government-controlled mortgage company Fannie Mae posted a $3.1 billion loss in the second quarter but avoided a request for federal aid.
In an uncertain economy, shoppers are choosy again (AP) (Aug-5, 15:59 EDT )-- AP - With the economy only limping along, Americans are once again being choosy at stores, many of them buying only at deep discounts because they can't shake uncertainty about their jobs.
Fannie Mae cuts losses, needs less taxpayer help (Aug-5, 15:51 EDT )-- Fannie Mae said Thursday afternoon that its loss in the second quarter of the year shrank dramatically and that the company had put away money to cover most of the losses it expects in the future, likely reducing but not eliminating the need for...
Health-care law strengthens Medicare outlook, report finds (Aug-5, 15:48 EDT )-- The federal law intended to spur broad changes to the nation's health-care system has strengthened Medicare's financial condition, with the fund that pays for older Americans' hospital care predicted to last a dozen years longer than expected a year...
Jobless claims raise doubts about economy (Reuters) (Aug-5, 15:34 EDT )-- Reuters - New claims for unemployment benefits unexpectedly rose last week to the highest level since early April, highlighting a weak labor market and the fragile economic recovery.
Canadian finance chief's luxury problem (Reuters) (Aug-5, 15:29 EDT )-- Reuters - In a world of monster fiscal deficits, Canadian Finance Minister Jim Flaherty has a luxury problem: The strong economy is pushing up his currency.
Medicare fund will last extra 12 years — maybe (AP) (Aug-5, 15:15 EDT )-- AP - Medicare is in better shape because of President Barack Obama's sweeping health care overhaul, and the hospital fund for elderly Americans will stay afloat a dozen years longer than earlier forecast, the government said Thursday. But that depends...
Mortgage rates dip below 4 pct. on 15-year loans (AP) (Aug-5, 15:14 EDT )-- AP - A plunge in mortgage rates is giving homeowners a rare opportunity to lock in a 15-year fixed-rate loan for less than 4 percent.
Judge allows retrial in case against Abramoff associate (Aug-5, 14:58 EDT )-- A federal judge on Thursday allowed a high-profile corruption case brought against an associate of convicted ex-lobbyist Jack Abramoff to go forward to a second trial, despite a recent Supreme Court ruling that weakened an anti-corruption law used by...
Economic developments around the globe (AP) (Aug-5, 14:53 EDT )-- AP - A look at economic developments and activity in major stock markets around the world Thursday:
Russia to ban grain exports because of drought, fire devastation to crop (Aug-5, 13:51 EDT )-- Russia said Thursday that it will ban grain exports for the remainder of the year after a severe drought and wildfires destroyed one-fifth of its crop and forced the country to draw from emergency reserves. Russia - Drought - Wheat - Weather...
Tepid retail sales bode ill for autumn (Reuters) (Aug-5, 13:25 EDT )-- Reuters - Retailers posted July sales below analysts' expectations after cutting prices to attract shoppers worried about high unemployment, a strategy that bodes ill for the back-to-school season.
Senate approves jobs bill to stop teacher layoffs (Aug-5, 12:05 EDT )-- A $26 billion plan to save the jobs of thousands of teachers and other public employees cleared the Senate on Thursday and was headed back to the House, where Democratic leaders have scheduled a Tuesday vote to approve it and sent it on to the White...
Social Security 2010 outlays to exceed receipts (Reuters) (Aug-5, 11:57 EDT )-- Reuters - U.S. Social Security payments will exceed receipts this year for the first time in 27 years partly because of the impact of the recession but the long-range health of the program was little changed from last year, a government report said on...
(AP) (Aug-5, 11:28 EDT )-- AP - Senate approves $26 billion bill to aid states, save jobs of teachers, police, public workers.
ECB Trichet: data strong but crisis battle not won yet (Reuters) (Aug-5, 10:45 EDT )-- Reuters - It is too early to declare victory over the financial crisis despite stronger than expected data suggesting the euro zone recovery is outstripping expectations, the European Central Bank said on Thursday.
Should Young People See a Financial Planner? (U.S. News & World Report) (Aug-5, 10:20 EDT )-- U.S. News & World Report - Most young people who are just starting out don't have a lot of money to save or invest--much less pay a professional to advise them on how to save and invest. But some experts say financial guidance at a young age is worth...
Mortgage rates hit record lows (Reuters) (Aug-5, 09:56 EDT )-- Reuters - Mortgage rates fell in the past week to the latest in a series of record lows amid concerns about the state of the economy, according to a survey released on Thursday by Freddie Mac.
Mortgage rates hit record lows (Reuters) (Aug-5, 09:56 EDT )-- Reuters - Mortgage rates fell in the past week to the latest in a series of record lows amid concerns about the state of the economy, according to a survey released on Thursday by Freddie Mac.
US jobless claims jump to highest level since April (AFP) (Aug-5, 09:52 EDT )-- AFP - New claims for US jobless benefits rose unexpectedly last week to the highest level since April, the government said Thursday, underscoring concerns unemployment could scuttle the economic recovery.
Mortgage rates hit low of 4.49 pct. (AP) (Aug-5, 09:47 EDT )-- AP - Mortgage rates dropped to the lowest level in decades for the sixth time in seven weeks, offering the most attractive opportunity for those who qualify to refinance or purchase a home.
New claims for jobless benefits rise to 479K (AP) (Aug-5, 09:45 EDT )-- AP - Initial requests for jobless benefits rose last week to their highest level since April, a sign that hiring remains weak and some companies are still cutting workers.
Mortgage rates hit record low (Reuters) (Aug-5, 09:44 EDT )-- Reuters - Mortgage rates fell in the past week to the latest in a series of record lows amid concerns about the state of the economy, according to a survey released on Thursday by Freddie Mac.
Mortgage rates hit record low (Reuters) (Aug-5, 09:44 EDT )-- Reuters - Mortgage rates fell in the past week to the latest in a series of record lows amid concerns about the state of the economy, according to a survey released on Thursday by Freddie Mac.
Wary shoppers give retailers only modest gains (AP) (Aug-5, 09:32 EDT )-- AP - Deep discounts on summer leftovers and hot weather drove shoppers into malls in July, but they remained choosy, resulting in only modest gains.
How states fared on jobless claims, at a glance (AP) (Aug-5, 09:29 EDT )-- AP - New requests for jobless benefits rose last week to the highest level in almost four months. Economists said the jump in claims is a cautionary sign that higher corporate profits and a slowly recovering economy aren't spurring companies to...
Greece passes key EU/IMF test but long road ahead (Reuters) (Aug-5, 09:11 EDT )-- Reuters - International inspectors on Thursday applauded Greece's efforts to exit its debt crisis, endorsing a fresh 9 billion euro payment from an EU/IMF bailout scheme, but urged reforms in energy, banking and the public sector.
FCC draws fire over talks with Internet, telecom giants on 'net neutrality' (Aug-5, 09:06 EDT )-- Thwarted in his campaign to set government control over consumer access to the Internet, Federal Communications Commission Chairman Julius Genachowski has been trying to salvage his efforts by negotiating directly with a handful of the biggest Web...
Senate approves higher gov't mortgage fees (AP) (Aug-5, 09:04 EDT )-- AP - Higher monthly fees are coming for consumers who take out home loans guaranteed by the Federal Housing Administration, the primary source of mortgages for first-time homebuyers.
Retail sales tepid as frugality returns (Reuters) (Aug-5, 08:59 EDT )-- Reuters - Retailers posted July sales below analysts' expectations in the latest sign that skittishness about high unemployment and the economy in general are causing consumers to cut spending and focus on essentials.
ECB's Trichet says Q3 data stronger than expected (Reuters) (Aug-5, 08:04 EDT )-- Reuters - Third quarter euro zone economic data has been surprisingly strong so far but the European Central Bank still expects the bloc's economic recovery to be moderate and uneven, President Jean-Claude Trichet said on Thursday.
Surprise rise in jobless claims casts pall on economy (Reuters) (Aug-5, 07:56 EDT )-- Reuters - New claims for unemployment benefits unexpectedly rose last week, government data showed on Thursday, underscoring a weak labor market and the fragile economic recovery.
Oil prices fall further (AFP) (Aug-5, 07:05 EDT )-- AFP - World oil prices fell in subdued trade on Thursday, the eve of eagerly awaited US non-farm payroll data that will provide a crucial health check on the energy-hungry American economy.
Prognosis guarded for Medicare and Social Security (AP) (Aug-5, 07:05 EDT )-- AP - Medicare and Social Security — the foundation of a secure retirement — are facing strains from an aging population and an economy that can't seem to get out of low gear.
Bank of England holds rates steady as expected (Reuters) (Aug-5, 07:03 EDT )-- Reuters - The Bank of England kept interest rates at a record-low 0.5 percent on Thursday, a decision which was no surprise to economists but probably conceals a vigorous debate about whether Britain is at greater risk from slow growth or high inflation.
Barclays and Commerzbank profits fail to impress skeptics (Reuters) (Aug-5, 06:15 EDT )-- Reuters - Higher than expected profits from Barclays and Commerzbank failed to dispel concerns over the underlying health of Europe's top banks on Thursday.
Toyota makes $2.2 billion profit as vehicle sales recover (Aug-4, 23:00 EDT )-- Toyota said Wednesday that it earned $2.2 billion in the April-to-June quarter, reversing a loss of $799.7 million in the comparable period last year, as the automaker benefited from a sales recovery that offset doubts about the safety of its vehicles....
Virginia's inner struggle to get off the scotch tax (Aug-4, 23:00 EDT )-- RICHMOND -- For drinkers, a fifth of Jack Daniel's costs about the same wherever they buy it -- about $25 in Virginia and the District, a couple of bucks less in Maryland. But for the governments that regulate that bottle, the difference is as stark as...
Geithner says GOP wrong, ending tax cuts for wealthy won't hurt small business (Aug-4, 23:00 EDT )-- Treasury Secretary Timothy F. Geithner pushed back hard Wednesday against GOP criticism that allowing tax cuts to expire for the wealthiest Americans could harm small businesses. Small business - United States - Business - United States Secretary...
Love nightclub's owners file for bankruptcy (Aug-4, 23:00 EDT )-- Park Place Inc., the corporate entity behind Love, the District's largest nightclub, has filed for Chapter 11 bankruptcy protection to keep creditors at bay as the company wraps up the sale of the club. Law - United States - Bankruptcy - Services...
GM donates $41,000 to lawmakers' pet projects (Aug-4, 23:00 EDT )-- When General Motors went through bankruptcy last year, it suspended its political donations. Now that it's owned by the U.S. government, it's donating to lawmakers' pet projects again. Pets - Animal - Business - Politics - Shopping
GAO: 15 for-profit colleges used deceptive recruiting tactics (Aug-4, 23:00 EDT )-- Congressional officials on Wednesday identified 15 for-profit colleges where recruiters allegedly encouraged investigators posing as prospective students to commit fraud on financial aid applications or misled them about such matters as tuition costs...
Gates, Buffett tap billionaires for charity (Aug-4, 23:00 EDT )-- Forty wealthy families and individuals have joined Microsoft co-founder Bill Gates and billionaire investor Warren Buffett in a pledge to give at least half their wealth to charity. Bill Gates - Warren Buffett - United States - Microsoft - Site...
Government approves $600 million in housing aid for 5 states (Aug-4, 23:00 EDT )-- The Obama administration plans to send $600 million to help unemployed homeowners avoid foreclosure in five states.
FCC draws fire over talks with Internet, telecom giants on 'net neutrality' (Aug-4, 23:00 EDT )-- Thwarted in his campaign to set government control over consumer access to the Internet, Federal Communications Commission Chairman Julius Genachowski has been trying to salvage his efforts by negotiating directly with a handful of the biggest Web...
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Dark-horse entrant in race to build Air Force refueling tankers files protest (Aug-4, 23:00 EDT )-- The gloves have come off again in the controversial and hotly competitive race to build the next generation of aerial refueling tankers for the U.S. Air Force. United States Air Force - United States - Military - Air Force - Government
Aid package aimed at saving state jobs passes key hurdle in Senate (Aug-4, 23:00 EDT )-- An emergency plan to save the jobs of tens of thousands of public school teachers and other government workers overcame a key Senate hurdle Wednesday, and House Speaker Nancy Pelosi said she would summon lawmakers back from their August break to finish...
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