Saturday, September 25, 2010

9/25 Yahoo! News: Economy News

     
    Yahoo! News: Economy News    
   
Ga. pastor's academy had 'sex self-check card' (AP)
September 25, 2010 at 3:19 PM
 

FILE -In this Monday, Aug. 3, 2009 file photo, Bishop Eddie Long speaks during a funeral service at New Birth Missionary Baptist Church in Lithonia, Ga. Long, the pastor of a nationally known Atlanta-area megachurch will wait until Sunday services to speak publicly about claims he has already denied that he coerced young men into sex.  (AP Photo/John Bazemore, File)AP - The pastor accused of using a program to groom young men for sexual relationships billed the boys academy as a "rite of passage," teaching students about interest rates, Social Security and sexual control, even making them carry a card that listed three things they could be doing rather than having sex.


   
   
Regulators shut banks in Florida, Washington state (AP)
September 25, 2010 at 10:59 AM
 
AP - Regulators on Friday shut down small banks in Florida and Washington state, bringing to 127 the number of U.S. bank failures this year on a wave of loan defaults and economic distress.
   
   
China hits back at Japan after boat captain freed (Reuters)
September 25, 2010 at 10:45 AM
 

A Chinese fishing boat is inspected by Japan Coast Guard crew members after it collided with two Japanese coast guard vessels near the disputed islands in the East China Sea, known as the Senkaku isles in Japan and Diaoyu in China, September 7, 2010. REUTERS/Japan Coast Guard/HandoutReuters - China on Saturday demanded Japan apologize for holding a Chinese boat captain, showing few outward signs of softening in a dispute between the two Asian economic powers after Japan gave ground and released him.


   
   
Summary Box: China targeted in currency bill (AP)
September 25, 2010 at 6:40 AM
 
AP - CHINA CURRENCY: The House Ways and Means Committee approves a bill that would give the government the power to impose economic sanctions on China and other countries found to be manipulating their currencies to gain trade advantages.
   
   
Summary Box: New home sales at second slowest pace (AP)
September 25, 2010 at 6:29 AM
 
AP - NEW HOME SALES WEAK: New homes sold at the second-slowest pace on record in August, signaling that the housing market will remain a drag on the economy.
   
   
Summary Box: Capital goods orders post August gain (AP)
September 25, 2010 at 6:27 AM
 
AP - DURABLE GOODS: Orders to U.S. factories for durable goods fell 1.3 percent in August, the worst performance in a year, but outside of big declines in orders for airplanes and autos, durable goods rose a better-than-expected 2 percent.
   
   
Obama puts Asia on his agenda. Will it make a difference? (The Christian Science Monitor)
September 25, 2010 at 6:12 AM
 
The Christian Science Monitor - President Obama, in a series of meetings at the United Nations, has sought this week to underscore his administration’s view of Asia as increasingly important to the US economy and national security.
   
   
Business Highlights (AP)
September 25, 2010 at 5:50 AM
 
AP - Stocks reignite a rally as economic woes fade
   
   
Regulators close small Florida bank (AP)
September 25, 2010 at 5:48 AM
 
AP - Regulators have shut down a small bank in Florida, lifting to 126 the number of U.S. bank failures this year on a wave of loan defaults and economic distress.
   
   
Fed boss wants closer look at speculative buying (AP)
September 25, 2010 at 5:06 AM
 

Fed chief Ben Bernanke, pictured here on July 2010, made a spirited apology for economics Friday, defending a discipline derided for failing to predict the financial crisis and accused of being numb to Americans' plight.(AFP/Getty Images/File/Alex Wong)AP - Fed policymakers must better understand speculative buying in financial markets to help prevent another financial crisis, Federal Reserve Chairman Ben Bernanke said Friday.


   
   
Wall Street hits four month high (AFP)
September 25, 2010 at 4:56 AM
 

A trader works on the floor of the New York Stock Exchange on September 21 in New York City. Wall Street stock markets reached their highest level in four months on Friday, with the Dow soaring more than 1.8 percent.(AFP/Getty Images/Spencer Platt)AFP - US stock markets reached their highest level in four months on Friday as mixed economic data offered traders a glimmer of hope that the US economy was strengthening.


   
   
Fed's Lacker doesn't see high risk of deflation (Reuters)
September 25, 2010 at 4:49 AM
 
Reuters - The low U.S. inflation rate does not necessarily mean the economy is at high risk of a troubling downward price spiral, Richmond Federal Reserve Bank President Jeffrey Lacker said on Friday.
   
   
Policy has not delivered robust recovery: Bernanke (Reuters)
September 25, 2010 at 4:37 AM
 

Fed chief Ben Bernanke, pictured here on July 2010, made a spirited apology for economics Friday, defending a discipline derided for failing to predict the financial crisis and accused of being numb to Americans' plight.(AFP/Getty Images/File/Alex Wong)Reuters - Federal Reserve Chairman Ben Bernanke acknowledged the economics profession has a lot to answer for after the financial crisis of 2007-2009, including why economists have been unable so far to engineer a healthy recovery.


   
   
China targeted in bill on currency manipulation (AP)
September 25, 2010 at 4:34 AM
 
AP - A bill that would give the U.S. government the power to impose economic sanctions on China and other countries found to be manipulating their currencies to gain trade advantages has won approval from a key House committee.
   
   
CORRECTED: Deflation not a big concern, Fed's Lacker says (Reuters)
September 25, 2010 at 3:13 AM
 
Reuters - Just because prices are not rising very rapidly does not mean the U.S. economy will veer into deflation, Richmond Federal Reserve Bank President Jeffrey Lacker said on Friday.
   
   
Obama lauds Southeast Asia's emergence as world leader (AFP)
September 25, 2010 at 2:36 AM
 

US President Barack Obama (R) and Chinese Premier Wen Jiabao hold a bilateral meeting on September 23 at United Nations in New York City, New York. Obama declared Friday that Southeast Asia was becoming a positive leader on the world stage, as he convened the second US-ASEAN summit, focusing on security and economics.(AFP/File/Tim Sloan)AFP - US President Barack Obama declared Friday that Southeast Asia was becoming a positive leader on the world stage, as he convened the second US-ASEAN summit, focusing on security and economics.


   
   
A look at economic developments around the globe (AP)
September 25, 2010 at 1:37 AM
 
AP - A look at economic developments and activity in major stock markets around the world Friday:
   
   
Pump prices likely to remain steady this fall (AP)
September 25, 2010 at 12:49 AM
 

A crane crushes a destroyed vehicle in San Bruno, Calif., Friday, Sept. 24, 2010 after a gas pipeline explosion two weeks ago. (AP Photo/Paul Sakuma)AP - Fall likely will hold few surprises for drivers when they fill the tanks of their mini-vans, sedans and trucks. Retail gasoline prices have fallen steadily this week and are expected to continue down, barring a hurricane that disrupts Gulf of Mexico production or a significant shift in the economy.


   
   
Rep. Barney Frank sees economy taking off, but not before midterms (The Christian Science Monitor)
September 25, 2010 at 12:16 AM
 
The Christian Science Monitor - The US economy is about to take off, but not in time for House Democrats, according to Barney Frank (D) of Massachusetts, chairman of the House Financial Services Committee. That committee oversees key economic players, including the Federal Reserve and the Federal Deposit Insurance Corp.
   
   
Pace of new home sales second slowest on record (AP)
September 24, 2010 at 11:10 PM
 

A home for sale in Illinois in August 2010. New home sales in the Untied States were largely unchanged in August versus the month before, the Census Bureau said Friday.(AFP/Getty Images/File/Scott Olson)AP - New homes sold at the second-slowest pace on record in August, signaling that the housing market will remain a drag on the economy.


   
   
Ireland to fight back against attack on euro zone (Reuters)
September 24, 2010 at 10:55 PM
 
Reuters - Ireland will counter a concerted attack that is threatening the euro zone by bringing its finances in order helped by a "remarkable turnaround" in the economy, the finance minister said on Friday.
   
   
New home sales unchanged in August, supply at 42-year low (Reuters)
September 24, 2010 at 10:46 PM
 

A home under construction is for sale in Great Falls, Virginia August 23, 2010. REUTERS/Kevin LamarqueReuters - New U.S. single-family home sales were flat in August, but the supply of houses on the market tumbled to the lowest level in 42 years, government data showed on Friday.


   
   
Cuba details brave new world of private enterprise (AP)
September 24, 2010 at 10:28 PM
 

People speak in front of a soft drinks stall on a street in Havana, Cuba, Wednesday, Sept. 22, 2010. (AP Photo/Franklin Reyes)AP - Cuba's communist leaders began laying out the details of their drive to create more free enterprise on the island on Friday, mapping out a brave new world of bosses and employees, personal accountants and a dizzying number of small-time businesses.


   
   
Instant View: New home supply at 42-year low; sales flat (Reuters)
September 24, 2010 at 10:20 PM
 
Reuters - New U.S. single-family home sales were flat in August, but the supply of houses on the market tumbled to the lowest level in 42 years, government data showed on Friday.
   
   
U.S. economy still "very tough": Geithner (Reuters)
September 24, 2010 at 9:30 PM
 
Reuters - Treasury Secretary Timothy Geithner said on Friday that America's economy remained "very tough" and that key sectors such as construction were still struggling.
   
   
Durable goods rise outside volatile transportation (AP)
September 24, 2010 at 9:10 PM
 
AP - U.S. companies invested last month in computers, communications equipment and machinery, boosting capital goods orders for the third time in four months.
   
   
Durable orders rise in August (Reuters)
September 24, 2010 at 9:09 PM
 
Reuters - New orders for long-lasting U.S. manufactured goods excluding transportation rose in August and business spending rebounded strongly, pointing to an improvement in the economy after a recent soft patch.
   
   
Durable orders rise in August (Reuters)
September 24, 2010 at 9:06 PM
 

Chevrolet cars are seen at a GM dealership in Miami, Florida August 12, 2010. REUTERS/Carlos BarriaReuters - New orders for long-lasting U.S. manufactured goods excluding transportation rose in August and business spending rebounded strongly, pointing to an improvement in the economy after a recent soft patch.


   
   
SAfrica to research mine nationalization proposal (AP)
September 24, 2010 at 9:03 PM
 
AP - South Africa's president says his ruling party will research a proposal from its youth league to nationalize the country's lucrative mining sector.
   
   
Instant View: Durable goods orders fall 1.3 percent in August (Reuters)
September 24, 2010 at 8:57 PM
 
Reuters - New orders for long-lasting U.S. manufactured goods fell more than expected in August to post their largest decline in a year as bookings for aircraft and motor vehicles tumbled, but business spending rebounded strongly, a government report showed on Friday.
   
   
Special report: BRIC breaking: Brazil's China syndrome (Reuters)
September 24, 2010 at 8:08 PM
 
Reuters - Even among emerging market powerhouses, Brazil and China stand out.
   
   
German business climate improves in September (AP)
September 24, 2010 at 5:56 PM
 
AP - German business confidence unexpectedly rose to its highest level in over three years in September as a stronger economy supported business, but the coming months are likely to be more difficult, a closely watched survey showed Friday.
   
   
Obama asks Wen for more action on yuan (Reuters)
September 24, 2010 at 4:15 PM
 

U.S. President Barack Obama gestures alongside China's Premier Wen Jiabao before their bilateral meeting at the United Nations in New York, September 23, 2010.    REUTERS/Jason Reed  (UNITED STATES - Tags: POLITICS)Reuters - President Barack Obama urged Chinese Premier Wen Jiabao on Thursday to take rapid steps to address a dispute over the value of China's currency and made clear the United States would protect its economic interests.


   
   
Dollar jumps on talk Japan resumes intervention (Reuters)
September 24, 2010 at 2:02 PM
 
Reuters - The dollar jumped against the yen on Friday on talk Japanese authorities intervened in markets for the second time in just over a week to weaken a currency they fear is undermining the economic recovery.
   
   
Oil drops slightly to below $75 amid mixed US data (AP)
September 24, 2010 at 12:38 PM
 

A crew cleans up the remains of homes in San Bruno, Calif., Thursday, Sept. 23, 2010. Cleanup crews are starting to remove the remains of 37 homes destroyed in a fatal gas pipeline explosion in a San Francisco suburb. (AP Photo/Jeff Chiu)AP - Oil prices dropped slightly to below $75 a barrel Friday in Asia amid mixed U.S. economic indicators suggesting the world's largest crude consumer remains mired in an uneven recovery.


   
   
Japan frets about economic fallout from China row (Reuters)
September 24, 2010 at 11:16 AM
 

A Chinese fishing boat is inspected by Japan Coast Guard crew members after it collided with two Japanese coast guard vessels near the disputed islands in the East China Sea, known as the Senkaku isles in Japan and Diaoyu in China, September 7, 2010. REUTERS/Japan Coast Guard/HandoutReuters - Japan warned on Friday that a deepening row with China could hurt both of Asia's two biggest economies and sought to draw a line between a feud over disputed islets in the East China Sea and the detainment of four of its nationals on suspicion of entering a Chinese military zone.


   
   
California budget deal near: gov't spokesman (Reuters)
September 24, 2010 at 8:52 AM
 
Reuters - California Governor Arnold Schwarzenegger and top lawmakers have a framework for an agreement on a state budget to close a $19.1 billion shortfall and they hope to reach a final deal on Monday, a spokesman for the governor said on Thursday.
   
   
Border mayors gather, draw scant interest in US (AP)
September 24, 2010 at 8:03 AM
 
AP - Mexican mayors from cities on the U.S. border held their biannual meeting in the United States for the first time Thursday but failed to draw interest from their U.S. counterparts as they exchanged thoughts on topics ranging from illegal immigration and the environment to economic growth.
   
   
California leaders near budget deal: spokesman (Reuters)
September 24, 2010 at 7:44 AM
 
Reuters - California Governor Arnold Schwarzenegger and top lawmakers have a framework for an agreement on a state budget and hope to reach a final deal on Monday, a spokesman for the governor said on Thursday.
   
   
Congress approves 30-billion-dollar small business fund (AFP)
September 24, 2010 at 5:04 AM
 

US lawmakers on Thursday approved a 30-billion-dollar fund intended to help small businesses get access to loans and boost job creation amid persistent high unemployment levels. The measure was the subject of long and contentious debate and passed the Senate only after two Republicans, George Voinovich, pictured in January 2010, of Ohio and George LeMieux of Florida, agreed to break ranks.(AFP/File/Jim Watson)AFP - US lawmakers on Thursday approved a 30-billion-dollar fund intended to help small businesses get access to loans and boost job creation amid persistent high unemployment levels.


   
   
Louisiana senator holds up nominee over moratorium (AP)
September 24, 2010 at 4:51 AM
 
AP - Louisiana Sen. Mary Landrieu said Thursday she will block a Senate vote to confirm the nominee to a key White House economic office to protest the six-month moratorium on deepwater oil and gas drilling in the Gulf.
   
   
Summary Box: Unemployment claims rise to 465K (AP)
September 24, 2010 at 3:30 AM
 
AP - CLAIMS RISE: Applications for unemployment benefits rose for the first time in five weeks, suggesting hiring is weak amid sluggish economic growth. First-time claims increased by 12,000 to 465,000, the government said Thursday.
   
   
Luminaries say recession not over (Reuters)
September 24, 2010 at 3:22 AM
 
Reuters - Who says the U.S. recession is over? Not Treasury Secretary Timothy Geithner. And not legendary investor Warren Buffett.
   
   
House passes small business bill (Reuters)
September 24, 2010 at 3:13 AM
 
Reuters - The House of Representatives approved a $30 billion small business lending measure on Thursday, handing President Barack Obama and congressional Democrats a boost weeks before the November elections.
   
   
Buffett: Recession continues, by his definition (AP)
September 24, 2010 at 3:04 AM
 
AP - Billionaire Warren Buffett says the economy remains in a recession, by his definition, because most people and businesses still aren't doing as well as they were before the financial crisis.
   
   
Obama prods China's Wen on currency: official (Reuters)
September 24, 2010 at 2:48 AM
 
Reuters - President Barack Obama said in a meeting on Thursday with Chinese Premier Wen Jiabao that China needed to do more to resolve a dispute over the value of the Chinese currency, a senior U.S. official said.
   
   
Summary Box: Aug. leading indicators rise 0.3 pct (AP)
September 24, 2010 at 2:45 AM
 
AP - WEAK FORECAST: A gauge of future economic activity rose a modest 0.3 percent in August, which predicts that slow economic growth will continue this winter.
   
   
A look at economic developments around the globe (AP)
September 24, 2010 at 1:43 AM
 
AP - A look at economic developments and activity in major stock markets around the world Thursday:
   
   
Obama praises US-China cooperation on economy (AP)
September 23, 2010 at 11:57 PM
 
AP - President Barack Obama says U.S.-China cooperation has helped to ease global financial problems, but that the two countries have more work to do on the economy.
   
   
China says four Japanese suspected of illegal filming (Reuters)
September 23, 2010 at 11:25 PM
 
Reuters - China is investigating four Japanese suspected of entering a military zone and illegally videotaping military targets, Xinhua news agency said, in the latest dispute to threaten ties between Asia's biggest economies.
   
   
Obama pushes Israel on settlements (Reuters)
September 23, 2010 at 11:22 PM
 

President Barack Obama addresses the United Nations General Assembly at United Nations headquarters on  Thursday, Sept. 23, 2010. (AP Photo/Henny Ray Abrams)Reuters - Israel should extend its settlement building moratorium and Arab states should move toward normal ties with the Jewish state to promote fledgling peace talks, President Barack Obama said on Thursday.


   
   
Mercedes sedan ups fuel mileage (AP)
September 23, 2010 at 11:14 PM
 

This May 2009 picture provided by Daimler shows the 2010 Mercedes-Benz S-Class, S 400 hybrid car. (AP Photo/Daimler)AP - Most people don't buy big, heavy, luxury sedans for their gasoline mileage. There are many other vehicles - lower-priced, too - that excel at fuel economy.


   
   
U.S. relatives could spur new Cuba businesses (Reuters)
September 23, 2010 at 10:53 PM
 
Reuters - Rolando has very big plans for the little gym he runs informally out of a garage in Havana. First he wants to legalize it, then buy new equipment and - why not? - even build a sauna.
   
   
Warren Buffett: "We're still in a recession" (Reuters)
September 23, 2010 at 10:50 PM
 

Warren E. Buffett ,Chairman and Chief Executive Officer of Berkshire Hathaway, testifies before the Financial Crisis Inquiry Commission during a public hearing in New York, June 2, 2010. REUTERS/Shannon StapletonReuters - Billionaire investor Warren Buffett said the U.S. economy remains in recession, disputing this week's assessment by a leading arbiter of economic activity that the downturn ended more than a year ago.


   
   
Irish economy shrinks 1.2 pct, recession grinds on (AP)
September 23, 2010 at 10:45 PM
 

FILE - In this Tuesday, April, 7, 2009 file photo a man walks past graffiti in the Mountjoy Square area of Dublin, Ireland as the Irish Finance Minister unveiled hefty hikes in income tax and spending cuts in an emergency budget designed to restore international confidence in the shaky finances of debt-struck Ireland. Ireland sold €1.5 billion ($2 billion) in government bonds Tuesday Sept. 21, 2010 in a closely watched test of whether international investors would keep buying Irish treasuries despite the country's runaway deficit.  (AP Photo/Peter Morrison, File)AP - Ireland, struggling with a government debt crisis, looks likely to be mired in recession for a third straight year after its second-quarter gross domestic product slid against analysts' expectations.


   
   
Leading indicators rise 0.3 percent in August (AP)
September 23, 2010 at 10:29 PM
 
AP - A gauge of future economic activity rose modestly in August, suggesting that slow economic growth will continue this winter.
   
   
Existing home sales rose in August (Reuters)
September 23, 2010 at 10:04 PM
 

A home is shown for sale in the Haight Ashbury neighborhood in San Francisco, California, August 24, 2010. REUTERS/Robert GalbraithReuters - Existing home sales rose in August as housing markets struggled to stand unaided after the expiration of a popular tax credit for home buyers, but activity remained severely depressed from levels preceding the country's most severe downturn in modern history.


   
   
US jobless claims rise unexpectedly (AFP)
September 23, 2010 at 9:31 PM
 

A job seeker searches for employment opportunities at an Illinois Employment and Training Center in Arlington Heights, Illinois, 2004. The number of Americans asking for unemployment benefits rose more than expected last week, ending a four-week decline(AFP/Getty Images/File/File/Tim Boyle)AFP - The number of Americans asking for unemployment payments rose more than expected last week the government said, ending a four-week decline and cementing doubts about the health of the job market.


   
   
How states fared on jobless claims, at a glance (AP)
September 23, 2010 at 9:23 PM
 
AP - The number of laid-off workers claiming jobless benefits rose last week, a sign that hiring is weak and some employers are reducing their work forces amid weak economic growth.
   
   
Initial claims for unemployment aid rise to 465K (AP)
September 23, 2010 at 9:20 PM
 

In this Sept. 16, 2010 photo, Cotonnon offers jobs at their store in the downtown shopping district of Santa Monica, Calif. New requests for jobless benefits rise to 465,000, first increase in five weeks. (AP Photo/Reed Saxon)AP - The tally of newly laid-off workers requesting unemployment benefits rose last week for the first time in five weeks as the job market remains sluggish.


   
     
 
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