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Senate approves jobless payments to millions (AP) (Jul-21, 21:56 EDT )-- AP - State unemployment agencies are gearing up to resume sending unemployment payments to millions of people as Congress moves to ship President Barack Obama a measure to restore lapsed benefits.
Senate ends standoff, votes to restore jobless aid (Reuters) (Jul-21, 21:31 EDT )-- Reuters - The Senate voted on Wednesday to reinstate unemployment benefits for about 2.5 million Americans whose checks were cut off in recent months due to a partisan standoff over deficit spending.
Regulators fine Deutsche Bank Securities $7.5M (AP) (Jul-21, 21:15 EDT )-- AP - Deutsche Bank Securities Inc. has been fined $7.5 million for allegedly misrepresenting delinquency data related to the issuance of certain risky mortgage-backed securities.
Bernanke warns of 'uncertain' economic outlook (AFP) (Jul-21, 21:07 EDT )-- AFP - Federal Reserve chairman Ben Bernanke warned the outlook for the US economy was "unusually uncertain", saying the central bank could step in if the recovery fails.
Historic financial overhaul signed to law by Obama (AP) (Jul-21, 20:24 EDT )-- AP - Reveling over a new milestone in his presidency, a triumphant Barack Obama on Wednesday signed into law the most sweeping overhaul of lending and high-finance rules since the Great Depression, adding safeguards for millions of consumers and aiming...
(AP) (Jul-21, 18:02 EDT )-- AP - Senate approves restoring jobless payments to millions of people whose benefits have lapsed.
Bernanke says Fed to act if U.S. recovery stalls (Reuters) (Jul-21, 16:43 EDT )-- Reuters - The Federal Reserve stands ready to ease monetary policy further if the budding U.S. economic recovery withers, Fed Chairman Ben Bernanke said on Wednesday, describing the outlook as "unusually uncertain."
California city manager's pension could top $30 million (Reuters) (Jul-21, 16:29 EDT )-- Reuters - A municipal manager in California who makes nearly $800,000 a year working for a small, poor city could draw pension payments exceeding $30 million in retirement, according to an activist who has been calling for an overhaul of the state's...
Summary Box: Fed chief not ready for new relief (AP) (Jul-21, 16:17 EDT )-- AP - KEEPING OPTIONS OPEN: Federal Reserve Chairman Ben Bernanke told Congress that the central bank is exploring options to bolster the recovery should it flash signs of fizzling out.
Historic financial overhaul signed to law by Obama (AP) (Jul-21, 15:54 EDT )-- AP - Reveling over a new milestone in his presidency, a triumphant Barack Obama on Wednesday signed into law the most sweeping overhaul of lending and high-finance rules since the Great Depression, adding safeguards for millions of consumers and aiming...
Highlights: Bernanke's Q&A session with Senate bank panel (Reuters) (Jul-21, 15:49 EDT )-- Reuters - The following are highlights from a Senate Banking Committee hearing on Wednesday with Federal Reserve Chairman Ben Bernanke testifying on the U.S. economy and Fed policy.
Copper, industrial metals hold gains; wheat jumps (AP) (Jul-21, 15:48 EDT )-- AP - Copper and other industrial metals rose Wednesday on signs of strong demand and expectations for growth in China, sending copper to its highest level in three weeks.
Bailout watchdogs slam Obama housing programs (Reuters) (Jul-21, 15:47 EDT )-- Reuters - Obama administration housing rescue programs have been ineffective at preventing a rise in home foreclosures even as the government's support for the mortgage market grew by nearly $700 billion in the past year, U.S. bailout watchdogs said on...
Bernanke warns economic outlook 'uncertain' (AFP) (Jul-21, 15:38 EDT )-- AFP - Federal Reserve chairman Ben Bernanke warned the outlook for the US economy was "unusually uncertain" Wednesday but said the central bank could step in to bolster a faltering recovery.
Results mixed but U.S. airline recovery advances (Reuters) (Jul-21, 15:30 EDT )-- Reuters - U.S. airlines posted mixed results on Wednesday, with high fuel prices and the sputtering U.S. economy posing obstacles to a recovery boosted by rebounding demand and higher fares.
Bernanke says Fed to act if soft recovery falters (Reuters) (Jul-21, 15:26 EDT )-- Reuters - The Federal Reserve stands ready to ease monetary policy further if the budding U.S. economic recovery stumbles, Fed Chairman Ben Bernanke said on Wednesday, as he called the outlook "unusually uncertain."
Bernanke: Fed to hold off on steps to aid recovery (AP) (Jul-21, 15:21 EDT )-- AP - Federal Reserve Chairman Ben Bernanke told Congress on Wednesday that the outlook for the economy remains "unusually uncertain" but that the Fed plans no specific steps "in the near term" to try to fuel the struggling recovery.
Dollar gains as Bernanke wary on economic recovery (AP) (Jul-21, 15:04 EDT )-- AP - A drive for safe assets drove the dollar and yen higher Wednesday as Federal Reserve Chairman Ben Bernanke said the economic outlook in the U.S. was "unusually uncertain."
Obama signs sweeping Wall Street overhaul into law (Reuters) (Jul-21, 14:43 EDT )-- Reuters - President Barack Obama signed into law on Wednesday the most comprehensive financial regulatory overhaul since the Great Depression, vowing to stop risky behavior on Wall Street that imperiled the U.S. economy.
U.S. luxury spending grows, wealthy are happy-survey (Reuters) (Jul-21, 14:38 EDT )-- Reuters - Spending on luxury goods by affluent Americans is forecast to grow by $28 billion in 2010, experts said on Wednesday, and the wealthy are happy despite most believing the United States is still in recession.
Regulators fine Deutsche Bank Securities $7.5M (AP) (Jul-21, 14:28 EDT )-- AP - Deutsche Bank Securities Inc. has been fined $7.5 million for allegedly misrepresenting delinquency data related to the issuance of certain risky mortgage-backed securities.
Senate poised to OK jobless benefits for millions (AP) (Jul-21, 14:26 EDT )-- AP - Senate Democrats broke a GOP filibuster and set the stage for a vote Wednesday on legislation that would restore jobless benefits for millions of people unable to find work.
Instant View: Bernanke expresses concern about economy (Reuters) (Jul-21, 13:27 EDT )-- Reuters - Federal Reserve Chairman Ben Bernanke said on Wednesday the U.S. economy faces "unusually uncertain" prospects, and that the central bank was ready to take further steps to bolster growth if needed.
RNC's finances a source of debate as fundraising lags (Jul-21, 13:20 EDT )-- The Republican National Committee filed amended financial reports Tuesday showing about $3 million in debt for April and May that was previously unreported. Republican National Committee - Michael Steele - Federal Election Commission -...
Obama signs sweeping financial overhaul into law (Jul-21, 13:19 EDT )-- President Obama on Wednesday signed into law the most ambitious overhaul of financial regulation in generations, saying he was acting to protect consumers and "rein in the abuse and excess" by Wall Street that pushed the U.S. economy to the brink of...
(AP) (Jul-21, 13:00 EDT )-- AP - Bernanke: Fed stands ready to take new steps to bolster recovery if economy worsens.
Freeport-McMoRan 2Q earnings rise 10 percent (AP) (Jul-21, 12:05 EDT )-- AP - Freeport-McMoRan Copper & Gold Inc. says global copper demand is robust despite the uneven economic recovery, prompting it to push ahead with plans to restart some operations curtailed during the recession.
Gov't watchdogs: mortgage program is not working (AP) (Jul-21, 10:27 EDT )-- AP - Government watchdogs told a Senate panel Wednesday that the Obama administration's effort to help homeowners avoid foreclosure isn't working and that the Treasury Department has failed to fix the program.
Eaton 2Q earnings surge on higher sales (AP) (Jul-21, 09:59 EDT )-- AP - Diversified manufacturer Eaton Corp. reported a surge in second-quarter profits Wednesday as global sales increased 16 percent over the same period last year when the entire industry was hammered by the recession.
Obama poised to sign sweeping financial overhaul (AP) (Jul-21, 09:54 EDT )-- AP - President Barack Obama aims to usher in a new era of consumer protections and banking restrictions Wednesday, checking off another legislative victory just before election-year politics overtake the rest of his major agenda.
Mortgage volume increases 7.6 percent last week (AP) (Jul-21, 09:43 EDT )-- AP - Applications for home loans rose last week as rates on 30-year and 15-year fixed-rate loans sank to the lowest levels on the survey's record.
Bailout watchdog calls mortgage programs a bust (AP) (Jul-21, 09:29 EDT )-- AP - A government watchdog says there has been little impact from the multibillion-dollar effort to help at-risk homeowners avoid foreclosure.
3 Top Funds You Can Still Jump Into (The Motley Fool) (Jul-21, 09:28 EDT )-- The Motley Fool - Amid the ultra-competitive world of Wall Street money managers, everyone jumps on whatever edge they can find. For top fund managers seeking to create the aura of exclusivity, closing a fund to new investors attracts attention and...
EMC's 2Q net more than doubles as firms stock up (AP) (Jul-21, 09:25 EDT )-- AP - EMC Corp.'s net income more than doubled in the second quarter as corporations opened the spigot on spending for more data storage.
Excluded from invitation list for Obama's signing of Wall Street reform: Wall Street titans (Jul-21, 08:24 EDT )-- When President Obama steps Wednesday onto the stage at the Ronald Reagan Building and International Trade Center to sign Wall Street reform into law, many of the titans of Wall Street will be absent. Barack Obama - Wall Street - President -...
Fed chief focused on keeping recovery alive (AP) (Jul-21, 07:59 EDT )-- AP - Federal Reserve Chairman Ben Bernanke heads to Congress Wednesday with a message of reassurance: The Fed stands ready to take new steps to bolster the recovery if the economy worsens.
Euro slips against dollar (AFP) (Jul-21, 06:40 EDT )-- AFP - The euro fell Wednesday as caution grew ahead of European banking sector "stress test" results and key testimony by the US Federal Reserve chairman, traders said.
AIA IPO adds Goldman to list of top handlers: sources (Reuters) (Jul-21, 05:58 EDT )-- Reuters - American International Group Inc is set to elevate Goldman Sachs Group Inc to the top role for handling the initial public offering of its Asian life insurance unit, sources said on Wednesday, a deal that could raise around $15 billion.
Ahead of the Bell: Brown-Forman (AP) (Jul-21, 05:35 EDT )-- AP - Liquor company Brown-Forman Corp., slugging through a weak economy that is dampening liquor sales, holds its annual shareholder meeting Thursday at its headquarters in Louisville, Ky.
Obama to tout financial overhaul as good for economy (Reuters) (Jul-21, 05:08 EDT )-- Reuters - President Barack Obama on Wednesday will tout the broader economic benefits of new consumer financial protections when he signs into law the most sweeping financial regulatory overhaul since the Great Depression.
Corrections (Jul-20, 23:00 EDT )-- -- The July 19 Style review of a Jack Johnson concert at Merriweather Post Pavilion misstated the title of a Steve Miller Band song that Johnson performed. The song is called "The Joker," not "Space Cowboy." Law - Corrections - Law Enforcement -...
Spain, Ireland and Greece find relief in bond market (Jul-20, 23:00 EDT )-- Spain, Ireland and Greece successfully tapped bond markets on Tuesday in a sign that European efforts to calm an immediate crisis over government debt have taken hold. Ireland - Greece - Bond - Spain - Moody
U.S. financial reform bill also targets 'conflict minerals' from Congo (Jul-20, 23:00 EDT )-- The financial regulation bill that President Obama will sign into law on Wednesday is supposed to clean up Wall Street. But an obscure passage buried deep in the 2,300-page legislation aims to transform a very different place -- eastern Congo, labeled...
Goldman earnings fall on trading slump, charges (Jul-20, 23:00 EDT )-- EARNINGS Goldman Sachs Group said quarterly earnings tumbled 82 percent, coming in well short of expectations, as trading and underwriting revenue slumped, raising questions about how well Wall Street's preeminent bank can navigate a shifting industry...
Job growth slows in Washington region (Jul-20, 23:00 EDT )-- Unemployment rates in the District, Maryland and Virginia had their third consecutive simultaneous declines in June, according to government data released Tuesday. But while the previous decreases illustrated rapid job gains, experts say, the June data...
BP sells $7 billion in oil and gas assets to Apache Corp. (Jul-20, 23:00 EDT )-- BP has sold oil and gas properties in the United States, Egypt and Canada to Houston-based Apache Corp. for $7 billion as part of the oil giant's effort to raise cash to cover oil spill expenses and bolster its financial position, the two companies...
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New sanctions crimp Iran's shipping business as insurers withhold coverage (Jul-20, 23:00 EDT )-- TEHRAN -- Just weeks after the United States and the United Nations imposed new rounds of sanctions on Iran, Tehran's ability to ship vital goods has been significantly curtailed as some of the world's most powerful Western insurance companies cut off...
For Obama's reform agenda, counterterrorism excess is a timely warning (Jul-20, 23:00 EDT )-- The Post's splendid and eye-opening series of articles on the government's counterterrorism empire ought to be required reading for those in charge of implementing the sweeping reforms of financial regulations and the health-care system, and for those...
Obama's next focus of reform: Housing finance (Jul-20, 23:00 EDT )-- After President Obama signs into law an overhaul of financial regulation at a ceremony set for Wednesday, his administration will turn to reforming an area at the root of the financial crisis: the U.S. housing market. Barack Obama - President -...
Obama's intelligence nominee says he won't be a 'hood ornament' (Jul-20, 23:00 EDT )-- President Obama's nominee to lead the nation's intelligence community vowed Tuesday to "push the envelope" in asserting his authority and pledged that he would not be a "hood ornament" for a system marked by the recent massive expansion of top-secret...
Sallie Mae swings to profit; ManTech shares fall (Jul-20, 23:00 EDT )-- SLM Corp., the largest U.S. student lender, reported a second-quarter profit of $337.8 million, citing gains from derivatives. The Reston company also known as Sallie Mae reversed a loss of $122.7 million a year earlier. Recreation - United...
Home construction sinks 5 percent in June (Jul-20, 23:00 EDT )-- Builders cut back on new-home construction in June even more than analysts had expected, dragging down housing starts to their lowest level since October as pessimism about the real estate market deepened. Business - Construction and Maintenance ...
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