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Checks are coming: Obama signs unemployment bill (AP) (Jul-22, 20:19 EDT )-- AP - Federal checks could begin flowing again as early as next week to millions of jobless people who lost up to seven weeks of unemployment benefits in a congressional standoff.
U.S. eateries serve mixed results in tough economy (Reuters) (Jul-22, 18:14 EDT )-- Reuters - U.S. restaurants reported mixed results on Thursday, when Chipotle Mexican Grill Inc crushed Wall Street's quarterly profit view and the Cheesecake Factory Inc missed analysts' revenue target.
Job Woes May Spur Fresh Fed Easing, Bernanke Suggests (Investor's Business Daily) (Jul-22, 18:10 EDT )-- Investor's Business Daily - With significant new spending apparently off the table in Congress and fiscal policy starting to act as a drag on the economy, the Federal Reserve is now in the hot seat.
(AP) (Jul-22, 18:06 EDT )-- AP - Obama: Ag secretary 'jumped the gun' in dismissing Shirley Sherrod amid charges of racism.
AmEx profit triples as spending rises (AP) (Jul-22, 17:52 EDT )-- AP - American Express Co. tripled its second-quarter profit as more spending by its card members helped vault its business back to pre-recession levels.
Obama signs unemployment benefit extension bill (AFP) (Jul-22, 17:29 EDT )-- AFP - US President Barack Obama on Thursday signed into law a bill restoring unemployment benefits to more than two million Americans, following a bitter standoff with Republicans.
Hope for economy in strong manufacturing reports (AP) (Jul-22, 16:58 EDT )-- AP - People aren't spending money like they used to. Unemployment is still flirting with double digits. And the housing market is still shaky. So the future looks bleak for the economy, right?
US Fed vows to act if jobs market flounders (AFP) (Jul-22, 16:36 EDT )-- AFP - Federal Reserve chairman Ben Bernanke on Thursday vowed he would intervene if US unemployment worsens, amid evidence of a jobless and tepid recovery.
Copper continues to rally on manufacturer optimism (AP) (Jul-22, 16:10 EDT )-- AP - Copper prices continued to rally Thursday, hitting a two-month high as big U.S. manufacturers say they're optimistic about the economy.
Summary Box: Mixed readings on economic recovery (AP) (Jul-22, 15:56 EDT )-- AP - GOOD NEWS, BAD NEWS: Home sales sank and jobless claims rose, the latest signs of a faltering economic recovery. But a string of strong corporate earnings reports renewed Wall Street's optimism.
Checks will be coming: Jobless benefits renewed (AP) (Jul-22, 15:55 EDT )-- AP - Federal checks could begin flowing again as early as next week to millions of jobless people who lost up to seven weeks of unemployment benefits in a congressional standoff.
U.S. industrial earnings boost recovery hopes (Reuters) (Jul-22, 15:55 EDT )-- Reuters - Caterpillar Inc , UPS and other U.S. multinationals reported strong quarterly results on Thursday, suggesting the global economy may be on a stronger footing than previously thought.
Summary Box: Mortgage rates hit low at 4.56 pct. (AP) (Jul-22, 15:54 EDT )-- AP - RATES FALL AGAIN: Mortgage company Freddie Mac said the average rate for 30-year fixed loans this week was 4.56 percent, down from 4.57 last week.
House roll call on additional jobless benefits (AP) (Jul-22, 15:54 EDT )-- AP - The 272-152 roll call Thursday by which the House passed legislation to restore extended unemployment benefits to the long-term jobless.
Divisions among Dems over tax cuts for affluent (Reuters) (Jul-22, 15:53 EDT )-- Reuters - U.S. House of Representatives Speaker Nancy Pelosi on Thursday affirmed her support for letting lower tax rates for wealthier Americans
Refinancings rise as mortgage rates hit 4.56 pct. (AP) (Jul-22, 15:50 EDT )-- AP - The lowest mortgage rates in decades are just too good for some people to pass up.
Copper continues rally as manufacturers optimistic (AP) (Jul-22, 15:46 EDT )-- AP - Copper prices are continuing to rally, hitting a two-month high as big U.S. manufacturers say they're optimistic about the economy.
Financial overhaul had key lieutenants behind the scenes to ensure its passage (Jul-22, 15:38 EDT )-- When Neal Wolin walked into the House speaker's office in December, landmark legislation to reshape the nation's financial regulations had been working its way through the House for more than six months. Top Obama administration officials had been...
On The Call: New York Times vs. the Journal (AP) (Jul-22, 15:37 EDT )-- AP - The New York Times Co. has a lot of challenges: An uncertain economy, the migration of readers and advertisers to the Web — and Rupert Murdoch.
Senate Democrats abandon comprehensive climate bill (Jul-22, 15:22 EDT )-- Conceding they can't find enough votes for the measure, Senate Democrats on Thursday abandoned efforts to put together a comprehensive energy bill that would seek to limit greenhouse gas emissions, delivering a potentially fatal blow to a proposal...
US Congress approves new benefits for unemployed (AFP) (Jul-22, 14:35 EDT )-- AFP - The US House of Representatives on Thursday approved an extension of unemployment benefits for some 2.5 million out-of-work Americans, ending a deadlock over renewing the assistance.
Obamas to vacation on Florida's Gulf Coast in Aug. (AP) (Jul-22, 14:34 EDT )-- AP - President Barack Obama and his family are vacationing next month on the Gulf Coast, as they've urged other Americans to do to help the area's battered economy.
Union Pacific says 2Q profit up 53 percent (AP) (Jul-22, 14:06 EDT )-- AP - Union Pacific Corp. says its recovery from recession is on track, and the company's shares rose on the news.
U.S. House votes to restore jobless aid for millions (Jul-22, 13:40 EDT )-- Congress has approved a six-month extension of emergency jobless benefits for the long-term unemployed. On a vote of 272 to 152, the House gave the measure final approval and sent it on to the White House, where aides said President Obama plans to sign...
Jobless aid bill clears Congress (Reuters) (Jul-22, 13:31 EDT )-- Reuters - The Congress voted on Thursday to restore aid for about 2.5 million jobless Americans while President Barack Obama had a setback in his fight against unemployment when initial claims for benefits surged.
Summary Box: Fed chief: gov't aid still needed (AP) (Jul-22, 13:31 EDT )-- AP - GOVERNMENT AID STILL NEEDED: Federal Reserve Chairman Ben Bernanke said the fragile economy still needs government stimulus spending to strengthen the recovery and help reduce unemployment.
Air show orders fuel economy hopes (Reuters) (Jul-22, 13:30 EDT )-- Reuters - Europe's Airbus pronounced the recession over on Thursday after wrapping up a busier-than-expected Farnborough Airshow with a $3 billion-plus order for dozens of jets from Virgin boss Richard Branson.
Hospitality workers union targets major Obama backer in protests against Hyatt (Jul-22, 12:53 EDT )-- In a further sign of friction between organized labor and the White House, the nation's hotel and restaurant workers union is targeting one of President Obama's biggest financial backers in a nationwide day of rallies Thursday against the Hyatt hotel...
NY sues BofA, Merrill to pursue higher award (Reuters) (Jul-22, 11:26 EDT )-- Reuters - New York has sued Bank of America Corp and its Merrill Lynch & Co unit over the companies' merger and Merrill's subprime mortgage exposure, hoping to recover more by suing on its own than by joining existing class-action litigation.
Health plans may be raising premiums despite outsize surpluses, watchdog finds (Jul-22, 11:22 EDT )-- Nonprofit health insurers may be setting aside unnecessarily large surpluses even as some of them continue to raise premiums, according to an analysis by a consumer rights group. Insurance - Health insurance - Business - Financial Services -...
Dirt-Cheap Mortgage Rates: Here for How Long? (U.S. News & World Report) (Jul-22, 11:01 EDT )-- U.S. News & World Report - Although economists have grown increasingly concerned that the real estate market may slip into a "double-dip" recession, today's consumers are being handed a tempting incentive to buy property or refinance their home loans:...
How to Prepare for Deflation (U.S. News & World Report) (Jul-22, 09:53 EDT )-- U.S. News & World Report - In the breathless days of the recession, doomsayers warned of runaway inflation thanks to more than $1 trillion worth of new money that the Federal Reserve pumped into the economy. That money is still there, but instead of...
Fed chief to Congress: Don't end stimulus spending (AP) (Jul-22, 09:35 EDT )-- AP - Federal Reserve Chairman Ben Bernanke says the fragile economy still needs government stimulus spending to strengthen the recovery and help reduce unemployment.
Mortgage rates hit 4.56 pct., new record low (AP) (Jul-22, 09:30 EDT )-- AP - Mortgage rates fell to a new record low for the fourth time in five weeks. But low rates haven't been enough to lift a struggling housing market.
Sales of previously occupied homes fall 5.1 pct. (AP) (Jul-22, 09:29 EDT )-- AP - Sales of previously occupied homes fell in June and are expected to keep sinking, indicating that the housing market's troubles are likely to drag on the economic recovery.
Leading indicators drop in June as recovery slows (AP) (Jul-22, 09:28 EDT )-- AP - A gauge of future economic activity dropped in June, the second decline in past 3 months, suggesting the economic recovery will weaken.
Additional jobless benefits hinge on House vote (AP) (Jul-22, 09:19 EDT )-- AP - A House vote Thursday is expected to send President Barack Obama a long-sought measure to resume unemployment payments to millions of people whose benefits have lapsed.
Midterm politicking hovers over economic decisions (AP) (Jul-22, 09:11 EDT )-- AP - Midterm politics are distorting economic decision-making as leaders of both parties spin rival views of the road ahead, offering visions based on questionable economics.
US initial jobless claims rise more than expected (AFP) (Jul-22, 09:04 EDT )-- AFP - New claims for US unemployment benefits rose more than expected last week, after two weeks of sharp declines linked largely to seasonal layoffs, government data showed Thursday.
(AP) (Jul-22, 09:01 EDT )-- AP - Home sales sink 5.1 percent in June, indicate housing remains threat to economy.
(AP) (Jul-22, 09:01 EDT )-- AP - Home sales sink 5.1 percent in June, indicate housing remains threat to economy.
AP-Univision poll: Hispanic financial worries deep (AP) (Jul-22, 08:54 EDT )-- AP - For Hispanics in America, the ravaged economy has been a personal nightmare.
Elevated jobless claims point to weak labor market (AP) (Jul-22, 08:42 EDT )-- AP - Seasonal factors boosted new requests for unemployment benefits last week as the job market remains weak amid a slow economic recovery.
Jobless claims rise more than expected last week (Reuters) (Jul-22, 08:31 EDT )-- Reuters - New claims for jobless benefits climbed more steeply than anticipated last week, the latest sign that the moribund labor market is struggling to recover.
Oil spill workers prepare to evacuate as storm approaches Gulf of Mexico (Jul-22, 07:56 EDT )-- With weather conditions deteriorating in the eastern Caribbean, crews on dozens of ships around the blown-out oil well in the Gulf of Mexico were preparing to evacuate Thursday, having stopped work on efforts to finally kill the well and installed a...
Oil price rebound from sharp falls (AFP) (Jul-22, 07:51 EDT )-- AFP - World oil prices firmed on Thursday, after recent sharp falls, as traders absorbed positive economic data and the weak dollar, and shrugged off Federal Reserve chief Ben Bernanke's gloomy outlook.
Continental posts 2Q profit on big jump in revenue (AP) (Jul-22, 07:48 EDT )-- AP - Continental Airlines Inc. is adding to the evidence that U.S. airlines are making a strong recovery from the recession.
Union Pacific 2Q profit up 53 percent (AP) (Jul-22, 07:45 EDT )-- AP - Union Pacific Corp. says its recovery from recession is on track.
3M raises full-year forecast after 2Q profit jumps (AP) (Jul-22, 07:35 EDT )-- AP - 3M Co., which makes everything from Post-its to films for flat-screen TVs, said it's optimistic about the pace of the global economic recovery and raised its full-year outlook on Thursday, while reporting stronger second-quarter profit.
New rules make it easier for public to appeal denials of health insurance claims (Jul-21, 23:00 EDT )-- Patients will find it easier to appeal the denials of health insurance claims under rules being issued Thursday by the Obama administration, which is trying to boost political support for the new health-care law by highlighting advantages for consumers...
Chamber of Commerce losing battles against Obama (Jul-21, 23:00 EDT )-- Over the past year, the U.S. Chamber of Commerce has spent nearly $3 million a week in opposition to President Obama's major agenda items, breaking all previous lobbying records and placing a political bet on the Republican Party. United States...
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Obama signs financial overhaul into law (Jul-21, 23:00 EDT )-- As much as it felt like an ending, President Obama launched a new era in the relationship between Washington and the financial world when he placed his signature Wednesday on a massive bill to rewrite the nation's financial rules. Barack Obama ...
Trustee seeks $3.6 billion from Madoff's 'enablers' (Jul-21, 23:00 EDT )-- Irving Picard, the court-appointed trustee gathering money to pay the victims of Bernard Madoff's Ponzi scheme, is demanding $3.6 billion from entities tied to Fairfield Greenwich Group, which he says enabled Madoff to run the fraud for at least two...
As U.S. suspends deep-water oil drilling, other nations move ahead (Jul-21, 23:00 EDT )-- NY-ALESUND, NORWAY -- Few, if any, nations have paid as much attention to the safety of offshore drilling as Norway, which is surrounded by oil-rich seas. Oil well - Business - Gulf of Mexico - Energy - Mining and Drilling
Three of every four oil and gas lobbyists worked for federal government (Jul-21, 23:00 EDT )-- Three out of every four lobbyists who represent oil and gas companies previously worked in the federal government, a proportion that far exceeds the usual revolving-door standards on Capitol Hill, a Washington Post analysis shows. Federal...
As financial reform becomes law, SEC emerges with new powers and duties (Jul-21, 23:00 EDT )-- The financial regulation law signed by President Obama on Wednesday will arguably affect no federal agency more than it does the Securities and Exchange Commission. United States - Law - Politics - Barack Obama - Health care
Agencies don't want ratings on bond prospectuses (Jul-21, 23:00 EDT )-- In one of the first ripple effects of the financial overhaul, ratings agencies are telling bond issuers to not use their ratings in documents given to potential customers, for fear of added liability. bond - Business - Investing - Stocks and...
As credit card holders play it safe, issuers increase non-penalty service fees (Jul-21, 23:00 EDT )-- After the recession forced credit card companies to purge their rosters of the riskiest loans, the industry is facing a new problem: customers who are too good. Credit card - Business - Financial services - Merchant Services - Business and Economy
SEC proposes to tighten rules on 12b-1 mutual fund fees (Jul-21, 23:00 EDT )-- Are mutual funds overcharging investors? Securities and Exchange Commission Chairman Mary Schapiro, in gentler terms, asked as much Wednesday as the agency proposed new rules to govern mutual fund fees. The mutual fund fees at issue, known as 12b-1...
Obama should nominate Elizabeth Warren to lead new consumer protection bureau (Jul-21, 23:00 EDT )-- Barack Obama promised enormous change in how our government was run when he was elected president. Elizabeth Warren - United States - BarackObama - President - Home
Foreign companies in China sound off on business policies (Jul-21, 23:00 EDT )-- BEIJING -- The heads of some leading U.S. and European multinationals have publicly questioned recently whether new Chinese policies and regulations are making China a more difficult place for foreign firms to do business. China - Asia - Business...
Federal Reserve ready to step in if economy falters again, Bernanke says (Jul-21, 23:00 EDT )-- The Federal Reserve would take action if necessary to keep the economic recovery on track, Chairman Ben S. Bernanke said Wednesday, even as he asserted that he expects the expansion to continue. Federal Reserve System - Central bank - Ben...
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