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Obama pledges support for social innovators
WASHINGTON (AP) — President Barack Obama on Tuesday promised that the White House will do its part to support grassroots organizations that are successful in their efforts to improve communities.
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Consumer confidence falls in June
NEW YORK (AP) — Mounting job losses and other economic realities caught up with Americans this month, pushing down a key barometer of consumer sentiment after a streak of gains built on glimmers of hope.
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Oil prices fall in volatile trading
COLUMBUS, Ohio (AP) — Oil prices fell in volatile trading Tuesday not long after hitting an eight-month high.
Benchmark crude for August delivery dipped $1.60 to settle at $69.89 a barrel on the New York Mercantile Exchange after swinging between $68.90 and $73.38 in early trading.
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Analysis: Climate bill may spur energy revolution
WASHINGTON (AP) — Congress has taken its first step toward an energy revolution, with the prospect of profound change for every household, business, industry and farm in the decades ahead.
It was late Friday when the House passed legislation that would, for the first time, require limits on pollution blamed for global warming — mainly carbon dioxide from burning fossil fuels. Now the Senate has the chance to change the way Americans produce and use energy.
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Madoff ordered to forfeit $171 billion
NEW YORK (AP) — Bernard Madoff would be stripped of all his possessions under a $171 billion forfeiture order handed down only days before prosecutors seek to put the disgraced financier away in prison for the rest of his life.
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AIG moves to spin off 2 units, reduce gov't debt
NEW YORK (AP) — American International Group Inc. said Thursday it will reduce outstanding federal loans by $25 billion by giving the government a preferred stake in two units that will be spun off from the insurance giant.
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May incomes surge, but savings outpace spending
WASHINGTON (AP) — Households pushed their savings rate to the highest level in more than 15 years in May as a big boost in incomes from the government's stimulus program was devoted more to bolstering nest eggs than increased spending.
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Big Oil poised for return to Iraq
BAGHDAD (AP) — More than three decades after they were booted from the country by Saddam Hussein, international oil companies are poised for a return to Iraq where next week they will bid for a slice of the country's vast crude reserves.
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Fed scales back emergency lending programs
WASHINGTON (AP) — The Federal Reserve took the first step Thursday toward winding down the numerous emergency lending programs it launched last fall at the height of the financial crisis.
The Fed will allow one program intended to support money market mutual funds to lapse by Oct. 31, and is reducing the amount it will lend to banks under two others.
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Oil rises above $70 on Commerce Department report
NEW YORK (AP) — Oil prices jumped above $70 a barrel Thursday after the government said that the economy may be faring better than previously thought.
In a revised reading on gross domestic product in the first quarter, the Commerce Department reported a 5.5 percent annualized decline from January to March, rather than the 5.7 percent it reported a month ago.
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US trade chief vows action on aid for Airbus jet
PARIS (AP) — President Barack Obama's trade chief said Thursday that the U.S. will respond "quickly and swiftly" if European nations agree to subsidize the Airbus A350 jet program.
Ron Kirk said at a Paris news conference that the United States has made its "objections to launch aid for Airbus plain and unequivocal."
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Biden: $19B in highway stimulus already set aside
WASHINGTON (AP) — Vice President Joe Biden says more than half of the economic stimulus money set aside for highway projects has been allocated.
Biden plans to tell the Cabinet on Thursday that every state and territory should beat the June 29 deadline to identify half their spending for highway funds. He says that $19 billion has been set aside to pay for 5,300 transportation projects.
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Stock futures decline after rise in jobless claims
NEW YORK (AP) — An unexpected rise in jobless claims is causing investors to sell again.
A day after the Federal Reserve expressed confidence in the economy, the government said new jobless claims rose by 15,000 to 627,000 last week. The market expected a decline, and stock futures fell ahead of the market's open on Thursday. Unemployment affects many drivers of the economy — most importantly, consumer spending.
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Economy dips at slightly lower pace in 1Q
WASHINGTON (AP) — The economy tumbled at a 5.5 percent pace in the first quarter, but appears to be doing better now, even though heavy layoffs persist.
The revised reading on gross domestic product, released Thursday by the Commerce Department, showed the economy from January through March didn't fall as deeply as the 5.7 percent annualized decline reported a month ago. Economists expected the government would stick with its previous estimate.
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New jobless claims rise unexpectedly to 627K
WASHINGTON (AP) — The government says the number of people filing first-time claims for jobless benefits increased last week, partly due to layoffs related to the end of the school year.
The Labor Department says new jobless claims rose by 15,000 to a seasonally adjusted 627,000. Economists expected a drop to 600,000 claims, according to Thomson Reuters.
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Global recession nearing bottom, OECD says
PARIS (AP) — The deepest global recession in over 60 years is close to bottoming out, but recovery will be weak unless governments do more to remove uncertainty over banks' balance sheets, the Organization for Economic Cooperation and Development (OECD) said Wednesday.
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Durable goods orders rise unexpectedly in May
WASHINGTON (AP) — Orders to U.S. factories for big-ticket manufactured goods rose sharply for a second straight month in May, and a key indicator of business investment surged by the largest amount in nearly five years.
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May new home sales dip 0.6 percent
WASHINGTON (AP) — The government says new U.S. home sales fell slightly last month, in another sign that the housing market's recovery is likely to be gradual and prolonged.
The Commerce Department said Wednesday that sales dropped 0.6 percent in May to a seasonally adjusted annual rate of 342,000, from a downwardly revised April rate of 344,000. Sales were down nearly 33 percent from May last year.
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Stocks close mixed as investors wait on the Fed
NEW YORK (AP) — Investors are holding off making big moves while they wait for the Federal Reserve.
Stocks ended mixed but little changed Tuesday, one day after a sell-off. Traders are looking for the central bank to outline its expectations for the economy and signal when it might raise interest rates. The Fed's two-day meeting ends Wednesday.
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Treasurys up after strong auction of 2-year notes
NEW YORK (AP) — A strong government auction of two-year notes is pushing up Treasury prices for the third straight trading day.
The Treasury Department sold $40 billion at a yield of 1.15 percent, the highest yield since November. But the auction got more than three times as many bids as notes sold. And indirect bidding, an indication of foreign buying, was high at 69 percent.
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Fed reviews effectiveness of revival programs
WASHINGTON (AP) — Federal Reserve policymakers are gathering to take fresh stock of the nation's fragile economic climate, and weighing whether existing programs to ease the recession should be tweaked.
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Insurance industry lays down marker on health care
WASHINGTON (AP) — The insurance industry Tuesday laid down a marker on health care, warning in stark terms that a proposed government insurance plan would dismantle the employer coverage Americans have relied on for a half century and overtake the system.
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CEO outlook index up from record low, still weak
NEW YORK (AP) — An index measuring the expectations of 95 CEOs from among the nation's largest companies showed an improved outlook from last quarter's record low, but many still expect declines in sales, jobs and capital spending.
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May existing home sales rose by 2.4 percent
WASHINGTON (AP) — Sales of previously occupied homes rose modestly from April to May, the third monthly increase this year, but signs of a housing recovery are fragile at best.
The National Association of Realtors said Tuesday that home sales rose 2.4 percent last month to a seasonally adjusted annual rate of 4.77 million, from a downwardly revised pace of 4.66 million in April.
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AP source: Ford to get $5.9B in govt loans
WASHINGTON (AP) — A congressional official says the Energy Department is lending $5.9 billion to Ford Motor Co. and providing about $2.1 billion in loans to Nissan Motor Co. and Tesla Motors Inc. from a $25 billion fund to develop fuel-efficient vehicles.
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Dollar gains after World Bank cuts growth forecast
NEW YORK (AP) — The dollar strengthened Monday ahead of the Federal Reserve's meeting later this week as the World Bank downgraded its assessment of the global economy, ramping up interest in the "safe" greenback.
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Delta: Swine flu will result in $250M revenue hit
NEW YORK (AP) — Delta Air Lines Inc. on Monday said the H1N1 virus has sapped travel demand, resulting in a $250 million hit on the carrier's second-quarter revenue.
CEO Richard Anderson told shareholders at the airline's annual meeting in New York that because of the virus originally known as the swine flu, Delta has significantly reduced capacity into Mexico and Latin America.
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Dunkin' Donuts debuts online ordering for groups
NEW YORK (AP) — Do you and your co-worker have a hankering for a doughnut hole?
Now you can place your order online, thanks to a new Dunkin' Donuts web site and iPhone application that allows customers to solicit and place group orders.
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Oil falls to near $68 as optimism on economy wanes
Oil prices fell to near $68 a barrel Monday on concerns over a weak U.S. economy and the dollar's rise, which tends to pull investors away from commodities.
Benchmark crude for July delivery fell $1.42 to $68.13 a barrel by mid-afternoon in Europe in electronic trading on the New York Mercantile Exchange. On Friday, it dropped $1.82 to settle at $69.55
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Apple: More than 1M new-model iPhones sold
NEW YORK (AP) — Apple Inc. sold more than a million units of its latest iPhone model in the first three days, making it the most successful model yet.
The iPhone 3G S went on sale Friday in the U.S. and seven other countries.
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8 states see record unemployment rates in May
WASHINGTON (AP) — The unemployment rates in eight states hit record-highs last month and only two — Nebraska and Vermont — did not report increases.
The Labor Department says 48 states and the District of Columbia saw employment conditions deteriorate last month. The fallout from the longest recession since World War II, was the worst in Michigan. Its unemployment rate rose to 14.1 percent.
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Nestle recalls Toll House cookie dough products
NEW YORK (AP) — Nestle USA on Friday voluntarily recalled its Toll House refrigerated cookie dough products after a number of illnesses were reported by those who ate the dough raw.
The company said the Food and Drug Administration and the Centers for Disease Control are investigating reported E. coli illnesses that might be related eating the dough.
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US, Switzerland complete tax negotiations
WASHINGTON (AP) — The United States and Switzerland have agreed to increase the amount of tax information they share to help crack down on tax evasion.
The Treasury Department said Friday that the two nations concluded negotiations on an amended tax treaty. The discussions took place as U.S. legal authorities are conducting investigations into allegations that giant Swiss bank UBS AG helped thousands of American customers evade taxes.
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Health care effort stumbles at starting line
WASHINGTON (AP) — President Barack Obama's ambitious effort to remake the nation's health care system was always going to be a marathon. Now the runners seem to have stumbled at the starting line.
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EU warns of new gas supply crisis
BRUSSELS (AP) — European Commission President Jose Manuel Barroso warned EU countries Friday to prepare for another natural gas supply crisis if Ukraine can't pay for gas imports from Russia.
Russia sends the gas it sells Europe through pipelines that cross Ukraine and has cut off all supplies — including gas intended to heat European homes and fuel power plants — in previous disputes with Kiev.
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EU: central banks to pick new watchdog head
BRUSSELS (AP) — The European Union's 27 central banks will choose the head of the region's new economy watchdog, member states said Friday — avoiding a row with Britain, which had opposed letting the European Central Bank chief take the key role in monitoring threats to EU economies.
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Leading economic indicators up more than expected
NEW YORK (AP) — A private research group says its forecast of economic activity rose in May, the second straight gain after seven months of declines.
The Conference Board says its index of leading economic indicators, designed to forecast activity in the next three to six months, rose 1.2 percent. Economists surveyed by Thomson Reuters expected a 0.9 percent increase in May.
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Jobless benefit rolls drop sharply to nearly 6.7M
WASHINGTON (AP) — The total number of people on the unemployment insurance rolls dropped for the first time since early January, the government said Thursday, while new claims for benefits rose slightly.
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US eases technology transfer for GE India
MUMBAI, India (AP) — General Electric's India unit will be the first Indian company to benefit from a U.S. government program to facilitate high-technology trade, GE said Thursday.
The program gives GE's India unit a standing license to import sensitive goods and technology, instead of having to apply for permission each time.
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Oil rises above $71 amid falling inventories
Oil prices rose above $71 a barrel Thursday, halting this week's decline as falling U.S. crude inventories suggested demand is improving in the world's largest economy.
Benchmark crude for July delivery was up 14 cents to $71.17 a barrel by mid-afternoon in Europe in electronic trading on the New York Mercantile Exchange. On Wednesday, it rose 56 cents to settle at $71.03.
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AP source: Benefits for govt workers' gay partners
WASHINGTON (AP) — President Barack Obama, whose gay and lesbian supporters have grown frustrated with his slow movement on their priorities, is extending benefits to same-sex partners of federal employees but stopping short of a guarantee of full health insurance, a White House official said.
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Startup car company locating in Louisianna
MONROE, La. (AP) — A startup automobile company plans to assemble a new fuel-efficient vehicle in Louisiana, creating an estimated 1,400 jobs.
State and company officials announced Wednesday that San Diego-based V-Vehicle Co. will take over the vacant Guide Corp. plant in Monroe.
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Obama spells out major financial rules overhaul
WASHINGTON — President Barack Obama proposed sweeping new "rules of the road" for the nation's financial system Wednesday, casting the changes as a critically important response to the economic crisis and the greatest regulatory transformation since the Great Depression.
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A look at Obama's plan for the financial industry
A look at President Barack Obama's plan to improve oversight of the financial industry:
Creates a council of regulators called the "Financial Services Oversight Council" to monitor risk across the financial system. The council will be chaired by the treasury secretary and include the heads of existing federal financial regulators, the Federal Reserve among them, and representatives of new regulators.
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Cost a major issue as Senate starts health care
WASHINGTON (AP) — The Senate on Wednesday made its first stab at overhauling the nation's health care system in the Obama era, with Republicans demanding specific cost totals amid eye-popping estimates of $1 trillion-plus and Democrats determined to press ahead.
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Consumer prices rise less than expected in May
WASHINGTON (AP) — Consumer prices rose less than expected in May and posted the steepest annual drop in 59 years, according to government data released Wednesday, fresh evidence that the recession is keeping inflation in check.
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Gas prices rise for 50th straight day
NEW YORK (AP) — Retail gas prices climbed for the 50th straight day Wednesday, the longest streak in records dating to 1996, even as benchmark crude fell for the fourth day in a row.
Historically, filling station prices tend to rise during the summer as millions of vacationing Americans pour onto the highways. A surge in crude prices during the past few months and less production from the refiners that make gasoline has added even more pressure on prices.
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Standard & Poor's cuts ratings on 18 banks
NEW YORK (AP) — Credit ratings agency Standard & Poor's on Wednesday cut ratings on 18 banks amid concern about further weakening in the financial sector.
S&P said the changes reflected its assessment that volatility will remain in the financial sector and the industry is expected to face tighter regulatory oversight. S&P also said loan losses, which have plagued the industry for more than a year, are likely to continue to increase and could grow beyond expectations.
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10 large US banks to repay $68B in TARP funds
WASHINGTON (AP) — Ten large U.S. banks are planning to repay the government about $68 billion in bailout money Wednesday, a pair of industry officials say.
The Treasury Department last week gave the 10 banks permission to repay the funds, which they received under the $700 billion bailout plan, known as the Troubled Asset Relief Program. That effort to unfreeze credit markets launched as global markets seized up last October.
