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Jobless claims increase as consumer prices fall (Jun-17, 23:00 EDT )-- New claims for jobless aid rose last week and consumer prices notched their largest decline in nearly 1 1/2 years in May, suggesting that interest rates will remain ultra low to nurse the fragile economic recovery. United States - Unemployment -...
China's stimulus spending created infrastructure projects that may not be needed (Jun-17, 23:00 EDT )-- BEIJING -- In late 2008, with the financial crisis rippling through the global economy, China's leaders embarked on a two-year, $586 billion spending program to try to stave off a recession and keep the Chinese economy growing. China - Asia -...
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Downtown D.C. development holdout saw a likely fortune vanish (Jun-17, 23:00 EDT )-- At the dizzying height of the real estate boom, Austin Spriggs had the equivalent of a golden lottery ticket: a downtown Washington townhouse on precisely the red-hot block where developers hoped to build hundreds of swanky condominiums and offices. ...
Israel eases restrictions on goods bound for Gaza Strip (Jun-17, 23:00 EDT )-- JERUSALEM -- Israel eased restrictions on goods entering the Gaza Strip on Thursday but left in place a sea blockade of the Palestinian enclave, raising the prospect of further clashes with aid flotillas following last month's deadly confrontation with...
Gulf oil spill puts industry-friendly Republicans in tight spot (Jun-17, 23:00 EDT )-- Who says there's no such thing as loyalty in politics? Oil spill - Environment - Energy - Petroleum in the Environment - Spill Containment and Remediation
Supreme Court rules on employer monitoring of cellphone, computer conversations (Jun-17, 23:00 EDT )-- A hesitant Supreme Court waded cautiously into a question that arises daily in workplaces and offices across the country: whether employers have the right to look over the shoulders of workers who use company computers and cellphones for personal...
Supreme Court rules Fla. beach work doesn't affect property owners' rights (Jun-17, 23:00 EDT )-- Florida's beach restoration program does not violate the rights of waterfront property owners, the Supreme Court decided unanimously Thursday, even though the new strip of sand created by the state belongs to the public, not the private landowners. ...
Even after BP oil spill, fundraising events were hopping (Jun-17, 23:00 EDT )-- Lobbyists for BP hosted at least 53 fundraising parties for lawmakers and candidates in recent years -- four of them since the explosion and oil spill at a BP-run oil drilling rig in the Gulf of Mexico, according to a watchdog group's analysis. ...
Tax, jobs bill blocked in Senate (Reuters) (Jun-17, 20:54 EDT )-- Reuters - A Democratic bill to extend jobless benefits and raise taxes on investment fund managers failed a key vote in the Senate on Thursday, dealing a blow to President Barack Obama's push to boost the economy.
Fed's Kohn sees Europe risk, but to pull through: report (Reuters) (Jun-17, 20:51 EDT )-- Reuters - Europe's fiscal problems are a risk that will have some effect on U.S. growth during the rest of this year and 2011, U.S. Federal Reserve vice chairman Donald Kohn said in an interview with the Wall Street Journal.
Jobless aid, tax bill hits Senate roadblock again (AP) (Jun-17, 20:40 EDT )-- AP - In another stinging setback for President Barack Obama and Democrats controlling Congress, the Senate on Thursday rejected long-sought legislation to provide stimulus spending and a reprieve for doctors about to get hit with a big cut in their...
Bank bill would trim bankers' say at Fed banks (AP) (Jun-17, 19:00 EDT )-- AP - Bankers would retain some say over the operations of the 12 regional Federal Reserve Banks but would lose their ability to vote for regional bank presidents under a House-Senate deal Thursday on a broad financial regulation bill.
Swaps plan seen staying in Wall Street reform bill (Reuters) (Jun-17, 18:51 EDT )-- Reuters - A sweeping overhaul of financial regulations will include a controversial plan to insulate banks from risky swap dealing, aides said on Thursday as lawmakers hammered out a final bill.
Feds announce arrests in mortgage fraud crackdown (AP) (Jun-17, 18:23 EDT )-- AP - Some 500 people have been arrested in a nationwide crackdown on mortgage fraud, and federal officials pointed to Las Vegas as one of the centers of the scams that pumped up home prices until the housing market bubble finally burst.
As US and EU slap on more Iran sanctions, Russia is miffed (The Christian Science Monitor) (Jun-17, 17:27 EDT )-- The Christian Science Monitor - The European Union followed the United States in approving its own tougher sanctions on Iran Thursday, targeting Iran’s oil and gas industry a day after the US Treasury slapped new restrictions on a number of...
39 Oregon defendants in US mortgage fraud probe (AP) (Jun-17, 17:24 EDT )-- AP - A nationwide crackdown on mortgage fraud — dubbed "Operation Stolen Dreams" — includes 39 defendants and 140 properties in Oregon.
Business Highlights (AP) (Jun-17, 17:14 EDT )-- AP - New jobless claims up sharply as layoffs persist
Jobless claims and price data back low rates policy (Reuters) (Jun-17, 16:03 EDT )-- Reuters - New claims for jobless aid rose last week while consumer prices notched their largest decline in nearly 1-1/2 years in May, suggesting interest rates will remain ultra low to nurse the fragile economic recovery.
Biden says stimulus working, US economy on track (AFP) (Jun-17, 16:01 EDT )-- AFP - Vice President Joe Biden said Thursday that the US economic recovery is on track and that the huge stimulus measure enacted last year "is working" despite criticism of the plan.
Summary Box: Gold prices rise on economic worries (AP) (Jun-17, 15:47 EDT )-- AP - RECORD GOLD: Gold settled at a record high Thursday following disappointing economic news. Gold settled up $18.20 to $1,248.70 an ounce.
DA: Mass. man left notes saying he killed family (AP) (Jun-17, 15:46 EDT )-- AP - Authorities say a Massachusetts man charged with killing his wife, two young children and mother-in-law left behind notes in their home in which he admitted to the slayings.
Gold prices rise on fresh economic worries (AP) (Jun-17, 15:46 EDT )-- AP - Gold prices settled at a record high Thursday after disappointing economic news stirred up fresh concerns about the pace of the recovery.
In spill's wake, lobbyists who work for BP still court members of Congress (Jun-17, 15:43 EDT )-- BP Chairman Carl-Henric Svanberg said Wednesday that he was worried about the "small people" hurt by the oil spill in the Gulf of Mexico. In Washington, it may come as little surprise that lobbyists who represent the firm appear to have been concerned...
New jobless claims up sharply as layoffs persist (AP) (Jun-17, 15:38 EDT )-- AP - The number of people filing new claims for jobless benefits jumped last week after three straight declines, another sign that the pace of layoffs has not slowed.
BP boss in hot seat as lawmakers demand oil spill answers (AFP) (Jun-17, 15:34 EDT )-- AFP - Angry US lawmakers skewered BP boss Tony Hayward Thursday, accusing him of stonewalling as he dodged a barrage of hostile questions seeking to lay bare the causes of the Gulf of Mexico oil spill.
Banks further reduce emergency borrowing from Fed (AP) (Jun-17, 15:33 EDT )-- AP - Bank borrowing over the past week from the Federal Reserve's emergency lending program fell to the lowest point since before the credit crisis struck with force in the fall of 2008. The decline provided further evidence that credit markets are...
UAW chief: organizing nonunion workers a priority (AP) (Jun-17, 15:07 EDT )-- AP - The top priority for the United Auto Workers union is now to organize nonunion workers at U.S. Toyota factories and those of other foreign automakers, the union's new president said Thursday.
Cases against Wall Street lag despite Holder's vows to target financial fraud (Jun-17, 14:51 EDT )-- Since taking office at the height of the financial crisis, President Obama has promised to hold Wall Street accountable for the meltdown. Attorney General Eric H. Holder Jr. reinforced that message in November when he vowed to prosecute Wall Street...
Toyota to make Corollas in Mississippi in 2011 (Reuters) (Jun-17, 14:39 EDT )-- Reuters - Toyota Motor Corp is resuming construction of a plant in Mississippi that was put on hold during the economic downturn, and plans to make its top-selling Corolla sedan there starting in autumn 2011.
A look at global economic developments (AP) (Jun-17, 14:28 EDT )-- AP - A look at economic developments and activity in major stock markets around the world Thursday:
More than 1,200 charged in mortgage fraud crackdown, Justice says (Jun-17, 14:12 EDT )-- More than 1,200 people have been charged in recent months in the largest-ever crackdown against mortgage fraud, the Justice Department announced Thursday. Fraud - Mortgage - Business - Financial services - United States
BP Atlantis rig plans never received proper approvals, former contractor says (Jun-17, 14:05 EDT )-- Sensitive plans for the BP Atlantis rig in the Gulf of Mexico never received proper BP engineering approvals, leaving the deepwater oil and gas operation at risk of disaster, a former contractor for the facility says. BP - Social Sciences -...
Biden: Stimulus is working, road work ahead (AP) (Jun-17, 13:40 EDT )-- AP - Vice President Joe Biden says the economic recovery act deserves credit for creating or saving upward of 2.8 million jobs so far, with thousands more projects coming soon in a busy summer of construction.
House votes for $30B small business lending fund (AP) (Jun-17, 13:29 EDT )-- AP - A $30 billion government fund would be available to community banks to increase lending to small businesses under a bill passed by the House Thursday as congressional Democrats tried to revive their election-year jobs agenda.
Lawmakers hand Fed another victory in Wall St bill (Reuters) (Jun-17, 13:20 EDT )-- Reuters - The Federal Reserve on Thursday won another battle to maintain its independence as lawmakers crafting a final Wall Street reform bill dropped a plan to make one of its top officials a political appointee.
Summary Box: Leading indicators up 0.4 pct in May (AP) (Jun-17, 13:19 EDT )-- AP - GROWTH SIGNAL: The Conference Board's leading economic index, a gauge designed to project economic activity for the next three to six months, rose 0.4 percent in May.
Demand for imports helps widen trade deficit (AP) (Jun-17, 13:17 EDT )-- AP - Higher oil prices and stronger demand for imported goods have widened the broadest measure of the U.S trade deficit in the first three months of the year. The result is viewed as a positive step for the recovery.
Swiss to help IRS identify secret UBS accounts in tax probe (Jun-17, 13:14 EDT )-- The Swiss parliament on Thursday approved a deal to help the Internal Revenue Service obtain the names of Americans with secret accounts at Switzerland's largest bank. UBS AG - United States - Switzerland - Tax - Tax avoidance and tax evasion
Supreme Court court rules in text-messaging, property rights cases (Jun-17, 13:13 EDT )-- The Supreme Court ruled Thursday that a police department's search of an officer's sexually explicit text messages did not violate his constitutional rights. But the court steered clear of making a broad pronouncement on workers' expectations of...
DOJ: Nearly 500 arrests in mortgage fraud probe (AP) (Jun-17, 11:54 EDT )-- AP - The Justice Department announced Thursday that investigators have made nearly 500 arrests since March in a major crackdown on mortgage fraud.
Jobless claims, price data back low rates policy (Reuters) (Jun-17, 09:56 EDT )-- Reuters - New claims for jobless aid rose last week while consumer prices notched their largest decline in nearly 1-1/2 years in May, suggesting interest rates will remain ultra low to nurse the fragile economic recovery.
Lending by small banks focus of bill in House (AP) (Jun-17, 09:49 EDT )-- AP - Democrats on Thursday looked to increase lending by small banks as a way to resuscitate their election-year jobs agenda.
New claims for jobless benefits rise sharply (AP) (Jun-17, 09:46 EDT )-- AP - The number of people filing new claims for jobless benefits jumped last week after three straight declines, another sign that the pace of layoffs has not slowed.
Leading indicators rise 0.4 percent in May (AP) (Jun-17, 09:38 EDT )-- AP - A gauge of future economic activity rose 0.4 percent in May, signaling slow growth in the U.S. economy lies ahead in the summer and fall.
Freddie Mac: Mortgage rates up from yearly low (AP) (Jun-17, 09:37 EDT )-- AP - Rates on 30-year fixed mortgages backed off from yearly lows this week, but still remain historically cheap.
Philly Fed factory activity index plummets in June (Reuters) (Jun-17, 09:33 EDT )-- Reuters - Factory activity growth plummeted in the Mid-Atlantic region in June, a survey showed on Thursday, adding to worries that the short and tepid U.S. economic recovery is now fizzling.
Israel announces easing of Gaza Strip blockade (Jun-17, 09:18 EDT )-- JERUSALEM -- Israel announced Thursday that it will loosen its blockade of the Gaza Strip and allow more goods to enter the territory. The decision came in response to international pressure on Israel to end its siege of the strip following an Israeli...
(AP) (Jun-17, 09:01 EDT )-- AP - Leading indicators rise 0.4 percent in May, signaling slow growth in second half of year.
Consumer prices dip again — break for shoppers (AP) (Jun-17, 08:50 EDT )-- AP - Consumer prices fell for the second straight month, extending a break for Americans' pocketbooks. Less expensive energy bills were the main factor pulling down prices.
China warns finger-pointing could derail G20 (Reuters) (Jun-17, 08:47 EDT )-- Reuters - Finger-pointing at the G20 will be self-defeating for an international forum that should be focused on coordination, not criticism, of economic policies, a senior Chinese government official said.
Number of homeless down, but homeless families up (AP) (Jun-17, 08:33 EDT )-- AP - Families crowding together into single homes because of the bad economy helped increase the number of homeless families last year, even as the total number of homeless individuals dropped, federal housing officials reported Wednesday.
Current account deficit rises to $109 billion (AP) (Jun-17, 08:12 EDT )-- AP - The deficit in the broadest measure of U.S. trade rose in the first quarter to the highest point in more than a year as rising global oil prices and a rebounding economy pushed up imports sharply.
US jobless claims in surprise rise (AFP) (Jun-17, 07:56 EDT )-- AFP - New claims for jobless insurance benefits in the United States rose unexpectedly for the second straight week, the government said Thursday on concerns unemployment may derail the economic recovery.
Jobless claims unexpectedly higher last week (Reuters) (Jun-17, 07:43 EDT )-- Reuters - The number of workers filing new applications for unemployment insurance unexpectedly rose last week as the manufacturing, construction and education sectors shed employees, adding to worries that the economic recovery is slowing.
May consumer prices post biggest drop in 1-1/2 years (Reuters) (Jun-17, 07:37 EDT )-- Reuters - Consumer prices recorded their biggest decline in nearly 1-1/2 years in May as energy costs dropped, according to a government report on Thursday that pointed to tame inflation pressures and low interest rates.
EU works on economic policy coordination in crisis (Reuters) (Jun-17, 07:26 EDT )-- Reuters - European Union leaders moved toward agreement on Thursday on ways to strengthen budget discipline and economic policy coordination among the 27 member states to contain a euro zone debt crisis.
Spain may use 30 billion euros for bank restructuring (Reuters) (Jun-17, 06:37 EDT )-- Reuters - Spain may use as much as 30 billion euros of its Fund for Orderly Bank Restructuring (FROB) to cover the financing needs of its banks, the Economy Minister Elena Salgado said on Thursday. The FROB, created to help the banking sector, can...
Washington Post Co. stock first to trigger SEC's new circuit breakers (Jun-16, 23:03 EDT )-- NEW YORK -- Erroneous trades briefly prompted shares of The Washington Post Co. to more than double in value Wednesday afternoon, triggering for the first time new circuit breakers put in place by the Securities and Exchange Commission after the "flash...
Congress members overseeing firms involved in gulf spill held oil, gas stock (Jun-16, 23:00 EDT )-- Nearly 30 members of the congressional committees overseeing oil and gas companies held personal assets in the industry totaling $9 million to $14.5 million late last year. That included at least $400,000 in the three companies at the heart of the Gulf...
BP details plan for $20 billion claim fund for oil spill in the Gulf of Mexico (Jun-16, 23:00 EDT )-- How many companies could take a $20 billion body blow and still be left standing? Gulf of Mexico - Business - Oil spill - Environment - Spill Containment and Remediation
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FDA should use its power to lower nicotine in cigarettes, former chief says (Jun-16, 23:00 EDT )-- A year after Congress gave the federal government the authority to regulate tobacco, anti-smoking activists are applauding the initial steps taken by the Food and Drug Administration to control cigarette marketing and advertising. But a prominent...
Britain's FSA scrapped in major regulatory overhaul (Jun-16, 23:00 EDT )-- British finance minister George Osborne announced a sweeping overhaul of the country's regulatory system, saying he will abolish the Financial Services Authority and place most of its regulatory power in the central bank. Financial services -...
Md.'s BroadSoft raises $67.5 million with IPO; second this week to hit forecast (Jun-16, 23:00 EDT )-- BroadSoft raised $67.5 million in an initial public offering, becoming the second U.S. company this week to price an IPO within its forecast range. Shares fell 7.8 percent in the first trading day. BroadSoft - Initial public offering - United...
Federal regulator orders Fannie Mae, Freddie Mac to delist shares from NYSE (Jun-16, 23:00 EDT )-- The federal regulator overseeing Fannie Mae and Freddie Mac ordered the mortgage finance giants on Wednesday to delist their shares from the New York Stock Exchange, dealing another blow to the battered companies. Freddie Mac - Fannie Mae -...
Israel considers loosening its blockade of Gaza Strip (Jun-16, 23:00 EDT )-- JERUSALEM -- Israel on Wednesday weighed a possible loosening of its blockade of the Gaza Strip, with top security officials debating plans intended to answer international criticism without easing the pressure on the Palestinian Islamist group Hamas. ...
Interior inspector general expected to fault oil spill probe (Jun-16, 23:00 EDT )-- Elected officials should consider imposing ethics rules on oil and gas companies that do business with the federal government, the Interior Department's acting inspector general plans to tell the House Natural Resources Committee on Thursday. Oil...
Featured Advertiser (Jun-16, 23:00 EDT )
Final curtain might be falling on Bethesda Theatre (Jun-16, 23:00 EDT )-- The long-running Bethesda Theatre could soon be going dark for good. Theatre - Arts - Performing Arts - Venues - Troupes and Companies
Pollster Scott Rasmussen's numbers are firing up Republicans and Democrats (Jun-16, 23:00 EDT )-- ASBURY PARK, N.J. -- Here is a fun fact for those in the political polling orthodoxy who liken Scott Rasmussen to a conjurer of Republican-friendly numbers: He works above a paranormal bookstore crowded with Ouija boards and psychics on the Jersey...
Lawmakers agree to expand audit of Federal Reserve (Jun-16, 23:00 EDT )-- Lawmakers on Wednesday reached a compromise to allow expanded audits of the Federal Reserve, part of an effort to shine light on the central bank's emergency lending during the financial crisis while safeguarding its independence in setting monetary...
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