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Economists consider tearing down homes to protect housing market (Jun-11, 23:00 EDT )-- Douglas Duncan, vice president and chief economist for Fannie Mae, raised a provocative idea at a recent meeting of real estate journalists in Austin: Some of the misconceived housing developments built during the boom years might have to be torn down...
Homeowners in mediation programs face court backlog of foreclosure cases (Jun-11, 23:00 EDT )-- Shortly after Orlando Eslava's bank started to push him through the foreclosure process last year, he got some good news: He was eligible for a government mortgage relief program that would lower his loan payments. But the lender plowed ahead with the...
Allergies prompt U.S. to consider limiting or banning peanuts on planes (Jun-11, 23:00 EDT )-- Federal regulators are considering restrictions, or even a complete ban, on the serving of peanuts on commercial airline flights. Health - Peanut - Conditions and Diseases - Allergies - Food
Drilling rig inspections scrutinized in wake of gulf disaster (Jun-11, 23:00 EDT )-- In May 2007, an auditor named David McKay arrived by helicopter on the oil rig Deepwater Horizon. His mission was to assess the rig's compliance with an international safety and environmental protection code. Business - Energy - Gulf of Mexico -...
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FDA challenges companies over DNA tests sold to customers (Jun-11, 20:00 EDT )-- The Food and Drug Administration on Friday ordered five companies that offer genome-sequencing tests to consumers, or that provide the scientific services for them, to prove the validity of such products. DNA - Forensic science - Science in...
Europe and economic data to call stocks' tune (Reuters) (Jun-11, 18:32 EDT )-- Reuters - U.S. stock investors will keep a close eye on Europe next week, looking for signs the debt crisis may be stabilizing, while industrial production, housing starts and inflation data may offer more clues on the U.S. economic outlook.
Europe and economic data to call stocks' tune (Reuters) (Jun-11, 18:32 EDT )-- Reuters - U.S. stock investors will keep a close eye on Europe next week, looking for signs the debt crisis may be stabilizing, while industrial production, housing starts and inflation data may offer more clues on the U.S. economic outlook.
Greek PM optimistic about future (AP) (Jun-11, 16:48 EDT )-- AP - Steps taken to fight Greece's debt crisis are starting to take hold, the country's prime minister said Friday in an attempt to ease international concern about its fate.
Summary Box: Retail sales post big drop in May (AP) (Jun-11, 16:25 EDT )-- AP - RETAIL SALES: Retail sales fell 1.2 percent in May, the biggest drop in eight months. Dragging down the number were declines in home improvements, autos and sales at gasoline stations.
Texas two-year deficit may hit $18 billion: Moody's (Reuters) (Jun-11, 16:09 EDT )-- Reuters - Though Texas kept the top credit rating from Moody's Investors Service, the state's next two-year deficit could soar to between $11 billion and $18 billion, depending on how long the revenue-slashing recession drags on, the credit agency said...
Obama's hunt for Fed lieutenant delayed (AFP) (Jun-11, 15:54 EDT )-- AFP - President Barack Obama's efforts to put his stamp on the Federal Reserve appeared to have hit a speed bump Friday as the bank's number two delayed his departure until September.
Retail sales slump but consumer mood perks up (Reuters) (Jun-11, 15:52 EDT )-- Reuters - Sales at U.S. retailers unexpectedly fell in May for the first time in eight months, but a jump in consumer sentiment to a near 2-1/2 year high in early June tempered fears of a slowing economic recovery.
Less spending by Americans could slow recovery (AP) (Jun-11, 15:19 EDT )-- AP - Americans are pulling back on their spending, a trend that could slow the economic recovery if it continues.
A look at global economic developments (AP) (Jun-11, 15:04 EDT )-- AP - A look at economic developments and activity in major stock markets around the world Friday:
Looking to Invest Your Social Security Check? Consider These Factors (U.S. News & World Report) (Jun-11, 15:02 EDT )-- U.S. News & World Report - For many seniors, monthly Social Security checks are a safety net used to cover immediate costs. But for those who have the luxury of being able to grow their portfolios, these payments can represent a regular source of...
How to Plan For a Double-Dip Recession (U.S. News & World Report) (Jun-11, 14:16 EDT )-- U.S. News & World Report - The insurance company Aflac didn't lose money during the recession, and it managed to pare costs without any layoffs. But it did institute a hiring freeze, which could stay in effect until the economy looks a lot stronger...
Plosser wants asset sales; Kocherlakota warns on banks (Reuters) (Jun-11, 14:10 EDT )-- Reuters - Two Federal Reserve officials on Friday painted divergent pictures of U.S. economic strength, suggesting a growing split at the central bank that could affect the outlook for interest rates.
Goldman's CDO woes mean dollar signs for lawyers (Reuters) (Jun-11, 13:41 EDT )-- Reuters - Goldman Sachs Group Inc's mounting legal and regulatory woes stemming from the firm's sale of subprime mortgage-linked securities are turning into gold for a growing number of lawyers in New York and Washington.
Constellation Brands CEO drew $6.8M compensation (AP) (Jun-11, 12:45 EDT )-- AP - Constellation Brands Inc.'s CEO and president drew compensation valued at $6.77 million in fiscal 2010 as the world's biggest winemaker adjusted to sluggish sales of alcoholic drinks in a choppy economy, according to an Associated Press analysis...
Fed to conduct first test auction of bank CDs (AP) (Jun-11, 12:12 EDT )-- AP - The Federal Reserve on Monday will conduct the first test of a new tool intended to soak up the huge amounts of money it has injected into the economy.
N.Va.'s Observer newspaper shuts down (Jun-11, 11:42 EDT )-- The Observer, a family-owned community newspaper in Northern Virginia that for more than a quarter-century provided an insider's glimpse of life in Washington's rapidly growing suburbs, has shuttered after years of declining advertising revenue and...
Top US lawmaker: No BP dividends until claims paid (AFP) (Jun-11, 11:31 EDT )-- AFP - Top US lawmaker Nancy Pelosi called on energy giant BP not to pay dividends to its shareholders until it has paid economic claims by victims of the disastrous Gulf of Mexico oil spill.
FedEx shareholders look for spike in global volume (Reuters) (Jun-11, 11:22 EDT )-- Reuters - As investors struggle to shake fears -- fueled by European debt and U.S. unemployment -- of a double-dip recession, shareholders of FedEx Corp are looking elsewhere for signs of economic growth.
Pelosi: Eliminate liability limit for oil spills (AP) (Jun-11, 11:18 EDT )-- AP - House Speaker Nancy Pelosi says oil companies that cause major spills like the BP spill in the Gulf of Mexico should face unlimited liability for economic damages.
A Game-Changing Trend You Need to See (The Motley Fool) (Jun-11, 10:32 EDT )-- The Motley Fool - Observers have a tendency to underestimate the long-term impact of technology while exaggerating its short-term effects. That's why I was so interested to come across a recent study in Advertising Age that has sweeping implications...
Kohn announces he will stay on Fed board longer (AP) (Jun-11, 10:24 EDT )-- AP - Donald Kohn, the current vice chairman of the Federal Reserve, says he is delaying his departure on the short-staffed Federal Reserve board at the request of Chairman Ben Bernanke.
Retail sales fall but consumer sentiment strong (Reuters) (Jun-11, 09:41 EDT )-- Reuters - Sales at retailers unexpectedly fell in May for the first time in eight months, but a jump in consumer sentiment to a near 2-1/2 year high in early June eased fears of a slowdown in the economic recovery.
US retail sales plunge for first time in eight months (AFP) (Jun-11, 09:34 EDT )-- AFP - US retail sales slumped for the first time in eight months in May, the government said Friday, casting doubts on consumer spending, a linchpin of economic growth.
Asset sales wouldn't disrupt markets: Fed's Plosser (Reuters) (Jun-11, 09:24 EDT )-- Reuters - U.S. financial markets would be able to stomach gradual sales of the more than $1.4 trillion of mortgage-related debt the Federal Reserve bought to fight the credit crisis, a top Fed official said on Friday.
Asset sales wouldn't disrupt markets: Fed's Plosser (Reuters) (Jun-11, 09:24 EDT )-- Reuters - U.S. financial markets would be able to stomach gradual sales of the more than $1.4 trillion of mortgage-related debt the Federal Reserve bought to fight the credit crisis, a top Fed official said on Friday.
Business inventories rise 0.4 percent in April (AP) (Jun-11, 09:17 EDT )-- AP - Inventories held by businesses rose for a fourth consecutive month in April while total business sales increased for a 13th consecutive month.
Retail sales drop 1.2 percent in May (AP) (Jun-11, 09:14 EDT )-- AP - A big drop in May retail sales has raised new concerns about the durability of the economic recovery.
US retail sales fall for first time in eight months (AFP) (Jun-11, 09:13 EDT )-- AFP - US retail sales fell for the first time in eight months in May, the government said Friday, casting doubts on consumer spending, a linchpin of economic growth.
Markets exaggerating euro zone risks: ECB policymakers (Reuters) (Jun-11, 09:02 EDT )-- Reuters - Financial markets are exaggerating the risks to the euro zone, which is on an economic recovery path, and to the single currency, European Central Bank policymakers said on Friday.
Consumer sentiment strongest since January 2008 (Reuters) (Jun-11, 08:57 EDT )-- Reuters - Consumer sentiment improved in early June to its strongest level in nearly 2-1/2 years, bolstered by hopes of better job and credit conditions, a survey released on Friday showed.
China policy outlook murky after mixed bag of data (Reuters) (Jun-11, 07:58 EDT )-- Reuters - Chinese inflation quickened to a 19-month high in May, but a moderation of growth in factory output and capital spending eased worries for some analysts that the world's third-largest economy could boil over.
Instant View: Retail sales unexpectedly fall in May (Reuters) (Jun-11, 07:55 EDT )-- Reuters - Sales at retailers unexpectedly fell in May for the first time since September, pulled down by a record slump in purchases of building materials, according to a government report on Friday that added to fears the economic recovery was losing...
In China, unrest spreads as more workers rally (Jun-11, 07:54 EDT )-- BEIJING -- A series of labor strikes continued to spread Friday across parts of China, as newly emboldened workers pressed for higher wages and better conditions, posing a fresh challenge to the government and the country's only officially sanctioned...
Spain says has not, will not make EU aid request (Reuters) (Jun-11, 05:57 EDT )-- Reuters - Spain's economy ministry said on Friday it had not made a request for economic aid from the European Union, after a newspaper report that the EU was preparing to activate a package in case Madrid asked for it.
Ahead of the Bell: Business Inventories (AP) (Jun-11, 05:15 EDT )-- AP - Inventories held by businesses likely showed a fourth-consecutive monthly gain in April, which would be an encouraging sign for future economic growth.
China May inflation rises, industrial growth slows (AP) (Jun-11, 02:20 EDT )-- AP - China's inflation rose in May amid signs its rebound from the global slump is slowing, adding to pressure on Beijing to keep growth on track and control politically sensitive prices.
Japan to include debt issuance cap in fiscal plan (Reuters) (Jun-10, 23:09 EDT )-- Reuters - Japan will pledge to cap new bond issuance next fiscal year at the record sum earmarked for this year, National Strategy Minister Satoshi Arai said, as the new government struggles to convince markets of its resolve to fix the country's...
Sen. Harkin to hold hearings on federal funds to for-profit colleges (Jun-10, 23:00 EDT )-- Sen. Tom Harkin, chairman of the Health, Education, Labor and Pensions Committee, said he plans to hold a series of hearings to examine the surge in federally funded grants and loans flowing to for-profit colleges in the United States. United...
SEC approves curbs to avoid repeat of 'flash crash' (Jun-10, 23:00 EDT )-- The nation's financial markets on Friday will start pausing trading in any stock in the Standard and Poor's 500-stock index if it declines more than 10 percent in any five-minute period. The measure is the first significant regulatory response designed...
European Central Bank will extend its offerings of unlimited cash (Jun-10, 23:00 EDT )-- The European Central Bank will extend its offerings of unlimited cash and keep buying government bonds as it tries to ease tensions in money markets and fight the European debt crisis, the head of the bank said Thursday. Central Bank - Government...
Post Tech Cecilia Kang (Jun-10, 23:00 EDT )-- The FBI said on Thursday that it is investigating a security breach of AT&T's wireless network that exposed the e-mail addresses and network identification numbers of thousands of iPad users. United States - Government - Washington Post - Cecilia...
Markets rise on global economic news (Jun-10, 23:00 EDT )-- U.S. stock markets surged nearly 3 percent on Thursday with new economic data pointing to a smoother ride for the downtrodden global economy. Economic - Current Events - Social Sciences - Recession - Business and Economy
Tishman Speyer averts foreclosure on group of D.C. properties (Jun-10, 23:00 EDT )-- Tishman Speyer Properties arranged to pay off $600 million in debt on a group of Washington area office buildings that had been set for sale in a foreclosure auction next week, the company said Thursday. Real estate - Business - Investing -...
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