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Fed officials send conflicting signals on rates (Reuters) (Jun-8, 20:59 EDT )-- Reuters - Two top Federal Reserve officials on Tuesday offered opposing signals on the direction of interest rates, highlighting an increasingly salient split within the central bank.
Fed's Hoenig again calls for hike in interest rates (Reuters) (Jun-8, 20:30 EDT )-- Reuters - The U.S. economy is well on the path to recovery and the Federal Reserve needs to begin raising interest rates soon, Kansas City Fed President Thomas Hoenig said on Tuesday.
Venezuela inflation dips to 2.6 pct in May (AP) (Jun-8, 18:56 EDT )-- AP - Consumer prices in Venezuela rose 2.6 percent in May, a significant slowdown from the previous month, though annual inflation is still the highest in Latin America at 31.2 percent.
Senate jobs bill would hike fund manager tax (Reuters) (Jun-8, 17:06 EDT )-- Reuters - Senate Democrats on Tuesday proposed to raise taxes on profits made by investment fund managers as part of a larger bill aimed at boosting the sluggish economy.
Clinton urges rich Latin Americans to pay 'fair' tax share (AFP) (Jun-8, 17:00 EDT )-- AFP - US Secretary of State Hillary Clinton on Tuesday urged the wealthy across the Americas to pay their "fair share" of taxes in order to eliminate poverty and promote economic opportunity for all.
Democrats propose further tax hike on offshore oil (AP) (Jun-8, 16:18 EDT )-- AP - Senate Democrats brought up legislation Tuesday coupling a fivefold increase in the tax that oil companies pay into a spill liability fund with help for the jobless, doctors and cash-starved states.
Tax Breaks for Retirement Investors (U.S. News & World Report) (Jun-8, 15:47 EDT )-- U.S. News & World Report - It is up to you to plan for your retirement. Thankfully, the government has given us some nice tools to help plan our retirement and get some nice tax breaks in the process. These retirement accounts often work in conjunction...
How much will Europe debt crisis affect Americans? (AP) (Jun-8, 15:04 EDT )-- AP - Anxiety about Europe's debt crisis last month caused U.S. stocks to suffer their worst month in more than a year. Yet many experts say fears that Europe will deal a sharp setback to the U.S. economy are overblown.
Retail sales to show spending holding up (Reuters) (Jun-8, 14:57 EDT )-- Reuters - U.S. retail sales likely notched an eighth straight month of gains in May as consumers took comfort in a gradually improving job market.
Obama seeks 5 percent cuts in some programs (Reuters) (Jun-8, 14:53 EDT )-- Reuters - President Barack Obama is demanding 5 percent budget cuts across many government agencies, the White House said Tuesday, as he seeks to show fiscal discipline while keeping an economic recovery on track.
Crude settles higher as pump prices fall again (AP) (Jun-8, 14:19 EDT )-- AP - Oil prices moved higher Tuesday as traders tried to get a handle on whether weak, short-term demand for crude could eventually push prices down. Drivers found gasoline pump prices sliding still lower after a month of declines.
Medvedev to visit US, sign trade deals: Kremlin aide (AFP) (Jun-8, 13:20 EDT )-- AFP - President Dmitry Medvedev plans a visit to the United States to sign trade deals and possibly tour Silicon Valley in his drive to diversify Russia's hydrocarbon-dependent economy, a top aide said Tuesday.
Cornell U. gets $25M gift for economics school (AP) (Jun-8, 13:14 EDT )-- AP - The family of John Dyson, a former chairman of the New York Power Authority, is giving $25 million to Cornell University to establish a school of applied economics and management.
Senate jobless bill has trimmed fund tax (Reuters) (Jun-8, 13:13 EDT )-- Reuters - Senate Democratic leaders on Tuesday proposed an economic package that would extend benefits for the long-term unemployed, renew business tax breaks and soften a proposed tax on fund managers profits.
Brazil sees record 9 pct economic growth in 1Q (AP) (Jun-8, 12:54 EDT )-- AP - Brazil's economy grew by a record 9 percent in the first quarter on strong domestic demand, the government reported Tuesday, a surprisingly good result that prompted a revision of the 2010 growth forecast to 6.5 percent.
Sen. Lincoln's missteps put her at risk in today's Ark. runoff (Jun-8, 12:52 EDT )-- Blanche Lincoln's predicament in Arkansas can be attributed to any number of factors: an angry electorate determined to shake up the status quo; a sense that she has spent too much time in Washington and lost touch with her farming roots; the fact that...
Economy Watch: BP CEO Tony Hayward to testify on Capitol Hill next week (Jun-8, 12:46 EDT )-- Following the partial success of his oil spill cap, embattled BP chief executive Tony Hayward will testify before the House Energy and Commerce next Thursday at 10 a.m. Tony Hayward - United States - Capitol Hill - BP - Washington DC
Gulf Update: Where We Stand Now (The Motley Fool) (Jun-8, 12:28 EDT )-- The Motley Fool - It appears that BP's (NYSE: BP - News) most recent "cut-and-cap" technique for stanching the flow of oil from its massive Gulf of Mexico spill is working to some extent.
Emirates in record $11 billion order for A380s (Reuters) (Jun-8, 12:26 EDT )-- Reuters - Airbus landed a record $11 billion order for superjumbos from Dubai's Emirates, the Arab world's largest airline, as the carrier shook off the risk of another recession and struck a blow to its older European rivals.
A look at global economic developments (AP) (Jun-8, 12:18 EDT )-- AP - A look at economic developments and activity in major stock markets around the world Tuesday:
The New, and (Almost) Free, Way to Refinance (U.S. News & World Report) (Jun-8, 12:12 EDT )-- U.S. News & World Report - It sounds too good to be true: If you want to lower the interest rate on your mortgage, just call and ask your bank. They'll do it for you on the spot, without charging much in the way of fees, and within a month you'll be...
April job openings at highest since late 2008 (Reuters) (Jun-8, 12:10 EDT )-- Reuters - U.S. businesses may have started to begin significant hiring as the number of job openings at the end of April was the highest in more than a year, a government survey showed on Tuesday.
Orszag: Government can improve efficiency with technology upgrade (Jun-8, 11:57 EDT )-- Polls show that two-thirds of taxpayers are pretty sure the government is wasting their money. And White House budget director Peter Orszag thinks he knows why: decrepit systems and facilities compared with the private sector. United States -...
Rates to stay low for "some time": Fed's Evans (Reuters) (Jun-8, 11:41 EDT )-- Reuters - A top Federal Reserve official said on Tuesday high unemployment and low inflation justify holding benchmark interest rates ultra-low for "quite some time" but European debt woes are unlikely to derail the U.S. economic recovery.
Poll: On economy, more negatives (Jun-8, 10:36 EDT )-- For the first time since last fall, President Obama's handling of the economy merits a positive rating from half of adults, according to a new Washington Post-ABC News poll. Still, most measures of public perceptions about the economy have shown little...
9 Credit Score Myths, Debunked (U.S. News & World Report) (Jun-8, 10:23 EDT )-- U.S. News & World Report - Credit scores can affect your credit card interest rates, how much you pay on a car loan or mortgage, and even whether you get a job. But despite the importance, 4 in 10 Americans never bother to check their credit scores....
Europe to press ahead with tax on banks (Reuters) (Jun-8, 10:13 EDT )-- Reuters - The European Union said on Tuesday it would press ahead with its own banking levy after the world's top economies failed to agree on taxing an industry seen as a main culprit behind the global economic meltdown.
Summary Box: McDonald's May sales rise (AP) (Jun-8, 09:56 EDT )-- AP - ON A ROLL: McDonald's Corp. says sales in U.S. restaurants open at least a year rose for the fourth month in a row because of an improving economy and successful products such as iced coffee drinks.
Inquiry panel accuses Goldman Sachs of avoiding requests for information (Jun-8, 09:46 EDT )-- A panel studying the financial crisis has subpoenaed Goldman Sachs, accusing the bank of being uncooperative and dealing another blow to the firm's credibility in Washington. Goldman Sachs - Financial Crisis Inquiry Commission - U.S. Securities...
Key quotes from new Japan PM and his ministers (Reuters) (Jun-8, 09:38 EDT )-- Reuters - New Japanese leader Naoto Kan said on Tuesday that restoring tattered public finances was the biggest issue facing the government and that a weak yen was generally positive for the economy.
Interest rates to stay low for "some time": Fed's Evans (Reuters) (Jun-8, 09:09 EDT )-- Reuters - Low inflation and high unemployment in the United States justify the Federal Reserve keeping benchmark interest rates ultra-low for "quite some time", Chicago Fed President Charles Evans said on Tuesday.
Got Your Tax Refund? Now Analyze It. (U.S. News & World Report) (Jun-8, 08:31 EDT )-- U.S. News & World Report - It's June and by now, unless you've requested an extension, you've probably had enough time to recover from preparing your taxes in April. If you think tax planning won't become a factor until December or next April, think...
Bernanke says Europe committed to euro's survival (Reuters) (Jun-8, 07:41 EDT )-- Reuters - European leaders are committed to ensuring the survival of the euro and have enough money to meet obligations of heavily indebted member countries, Federal Reserve Chairman Ben Bernanke said on Monday.
Japan PM unveils new cabinet (AFP) (Jun-8, 06:45 EDT )-- AFP - Japan's new centre-left Prime Minister Naoto Kan unveiled his cabinet Tuesday and vowed to create a "vigorous country", restore its public finances and mend strained US relations.
Small businesses slowly becoming more optimistic (Reuters) (Jun-8, 06:43 EDT )-- Reuters - Small businesses are slightly more optimistic about their economic outlook than they have been in the last two years but are still not ready to expand staffs and boost capital spending, according to a survey released on Tuesday.
20 most stressed, 20 least stressed counties (AP) (Jun-8, 05:24 EDT )-- AP - Here are the 20 most economically stressed counties with populations of at least 25,000 and their April 2010 Stress scores, according to The Associated Press Economic Stress Index:
AP analysis: More factory jobs ease economic pain (AP) (Jun-8, 05:24 EDT )-- AP - Manufacturing job gains in the Midwest helped lower the nation's economic stress in April to its lowest point in five months, according to The Associated Press' monthly analysis of conditions around the country.
Iceland recovery creeps forward in first quarter (Reuters) (Jun-8, 04:50 EDT )-- Reuters - Iceland's economy continued to inch out of recession in the first quarter, but conditions remain tough as the country recovers from its worst ever downturn, data from the statistics office showed on Tuesday.
Oil rises above $72 after Bernanke comments (AP) (Jun-8, 03:01 EDT )-- AP - Oil prices rose above $72 a barrel Tuesday in Asia after Federal Reserve Chairman Ben Bernanke said he's hopeful the world's No. 1 economy won't fall back into a "double dip" recession.
Obama wants to know 'whose ass to kick' over oil spill (AFP) (Jun-8, 02:45 EDT )-- AFP - President Barack Obama rounded on his critics Tuesday as US officials warned the Gulf Coast's fragile economy and environment would take years to recover from the worst oil spill in US history.
Japan bank lending in biggest annual fall in 5 years (Reuters) (Jun-8, 02:07 EDT )-- Reuters - Japanese bank lending marked its biggest annual fall in nearly five years in May, falling 2 percent as companies remained wary of boosting capital spending even as the economy recovers and the central bank keeps monetary policy loose.
Manpower says global hiring prospects improve (Reuters) (Jun-7, 23:06 EDT )-- Reuters - Employers in most economies are more likely to add workers than three months ago, including those in the United States, but big gains are limited to booming emerging economies like Brazil, India and China, according to a quarterly survey by...
Countrywide customers to be repaid $108 million for overcharges (Jun-7, 23:00 EDT )-- Bank of America, owner of former mortgage giant Countrywide Financial, will pay $108 million in refunds to hundreds of thousands of homeowners under one of the largest judgments imposed by the Federal Trade Commission. Business - Bank of America ...
More electric cars means finding new standards to measure fuel efficiency (Jun-7, 23:00 EDT )-- It used to be easy to know whether a car was a glutton for fuel. Federal standards defined miles per gallon and laid out precisely how the statistic should be measured. Fuel efficiency - Technology - Energy - Transportation - Electric Vehicles
Britain, Germany pledge cuts in spending (Jun-7, 23:00 EDT )-- Two of Europe's largest countries on Monday pledged an assault on government spending as the euro remained weak and the International Monetary Fund issued a fresh call to restructure ailing European economies. European Union - Germany - Angela...
One worker killed when a natural-gas line erupts in Texas (Jun-7, 23:00 EDT )-- CLEBURNE, TEX. -- A large natural-gas line erupted Monday after utility workers accidentally hit the line, sending a massive fireball into the air and killing one worker, officials said. Texas - Energy - Oil and Gas - Business - Operating Companies
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Consumer borrowing up slightly in April (Jun-7, 23:00 EDT )-- Consumer borrowing increased slightly in April, a sign that Americans may have more faith in the economic recovery. United States - Home - Consumer Information - Advocacy and Protection - Governmental Help
Tax break for money managers hangs on amid financial debate (Jun-7, 23:00 EDT )-- For three years in a row, many of the country's wealthiest financiers have held on to what critics call an enormous tax break for Wall Street. The story is the same every time: A measure that would change the tax treatment of "carried interest" passes...
Altegrity plans to buy Kroll, a corporate security and investigations firm (Jun-7, 23:00 EDT )-- Altegrity, a privately held Falls Church company that provides security and screening services, said Monday that it will buy Kroll, a corporate intelligence unit of Marsh & McLennan Cos., for $1.13 billion in cash. Kroll - Business - Private...
Corrections (Jun-7, 23:00 EDT )-- -- A photo caption with a Reliable Source item in the May 28 Style section about White House aide Reggie Love, who played basketball for Duke University, incorrectly said that the photo showed Love dunking on Virginia's Adam Hall. The photo, from a...
7 former Union Carbide officials sentenced to 2 years for Bhopal gas tragedy (Jun-7, 23:00 EDT )-- NEW DELHI -- Seven former employees of Union Carbide were found guilty Monday of "death by negligence" and "culpable homicide not amounting to murder" for their role in the Bhopal gas tragedy, which claimed more than 15,000 lives a quarter-century ago....
BP cap trapping substantial amounts of oil, gas (Jun-7, 23:00 EDT )-- Forty-nine days later, the Gulf of Mexico got a bit of good news. Coast guard - United States - Oil - Government - Military
BWI switching to whole-body imaging for security (Jun-7, 23:00 EDT )-- Passengers at Baltimore-Washington International Marshall Airport will face a new security measure beginning Tuesday, as a controversial security technology becomes the primary tool for screening air travelers. Security - Business - Consultants...
Online contact says he turned in analyst who wanted to leak information (Jun-7, 23:00 EDT )-- When Army Spec. Bradley Manning reached out to a stranger online -- to tell him about the reams of classified documents he had obtained -- he was looking for an ally. United States - Government - Intelligence - Military - Wikileaks
Bernanke sees no double-dip US recession (AFP) (Jun-7, 21:27 EDT )-- AFP - The US economic recovery remains on track and the country should avoid falling back into the depths of recession, Federal Reserve chairman Ben Bernanke said.
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