Economy News

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  • Oil drops to near $73 amid jump in US supplies

    AP – 2 hrs 1 min ago  
    Kuwait City's banking complex is decorated with lights and... AFP/File

    SINGAPORE - Oil prices dropped to near $73 a barrel Wednesday in Asia after a report showing unexpected growth in U.S. crude inventories cast more doubt on the recovery in the world's biggest economy. Full Story »

  • BHP Billiton cautious despite profits doubling

    AFP – Wed Feb 10, 2:06 am ET  
    BHP Billiton-issued photo shows the mining giant's Illawarra... AFP/HO/BHP BILLITON/File

    SYDNEY (AFP) - The world's biggest miner BHP Billiton fired a warning over the economic recovery on Wednesday despite smashing forecasts with half-year profits of 6.14 billion US dollars. Full Story »

  • Obama, Republicans find common ground on jobs

    Reuters – Tue Feb 9, 7:01 pm ET  
    President Barack Obama meets with bipartisan House and Senate... AP

    WASHINGTON (Reuters) - President Barack Obama found common ground with Republicans on Tuesday over his top priorities of job creation and deficit reduction but drew a rebuke on healthcare reform. Full Story »

  • Molson Coors' 4Q profit rises on tax benefits

    AP – Tue Feb 9, 6:03 pm ET  
    In this photo made Dec. 8, 2009, Coors Light is seen on display... AP

    NEW YORK - Molson Coors Brewing Co. sold fewer beers around the world in the fourth quarter, but its profit more than doubled as the company held onto price hikes it made during the recession and benefited from a one-time drop in its tax rate. Full Story »

  • Paulson, Buffett say U.S. needed tough medicine

    Reuters – Tue Feb 9, 6:00 pm ET  
    Billionaire financier and Berkshire Hathaway Chief Executive... Reuters

    NEW YORK (Reuters) - Former Treasury Secretary Henry Paulson and billionaire investor Warren Buffett, from different sides of the political spectrum, expressed support on Tuesday for the U.S. government's aggressive steps in 2008 to keep the nation's banks and economy from a complete meltdown. Full Story »

  • Senator from NJ urged Fed to aid home state bank

    AP – Tue Feb 9, 5:55 pm ET  
    FILE - In this June 17, 2009, file photo Senate Energy and Natural... AP

    WASHINGTON - Sen. Robert Menendez wrote to Federal Reserve Chairman Ben Bernanke last summer seeking help for a home state bank operated by campaign contributors, specifically asking for approval of an acquisition that would have rescued the institution. Full Story »

  • Mexico-US will solve truck dispute this year: minister

    AFP – Tue Feb 9, 4:35 pm ET  
    US Trade Representative Ron Kirk and Mexico's Secretary of... AFP

    MEXICO CITY (AFP) - Mexico's economy minister said a trade spat with the United States would be resolved this year, as top US trade envoy Ron Kirk visited the Mexican capital on Tuesday. Full Story »

  • Paulson says nation may profit from bank bailout

    AP – Tue Feb 9, 4:22 pm ET  
    Billionaire Warren Buffett, left, and former U.S. Treasury Secretary... AP

    OMAHA, Neb. - Henry Paulson, the former Treasury chief, and billionaire Warren Buffett said taxpayers will recover every cent paid out to banks during the economic meltdown and may even turn a profit. Full Story »

  • Stimulus transportation under scrutiny

    Reuters – Tue Feb 9, 4:11 pm ET  
    A sign announces a section of road work funded by the American... Reuters

    WASHINGTON (Reuters) - As the anniversary of the passage of the U.S. economic stimulus plan looms and President Barack Obama presses for new jobs legislation, states and the government are assessing the impact the program has had on transportation. Full Story »

  • A look at global economic developments

    AP – Tue Feb 9, 2:21 pm ET  

    A look at economic developments and activity in major stock markets around the world Tuesday: Full Story »

  • U.S. job openings rise, hirings steady in December

    Reuters – Tue Feb 9, 1:15 pm ET  

    WASHINGTON (Reuters) - U.S. job openings rose in December and the number of unemployed workers fell, according to a government report on Tuesday that supported views the labor market was on the brink of recovery. Full Story »

  • Germany loses top exporter crown to China

    AP – Tue Feb 9, 12:16 pm ET  
    FILE - In this June 3, 2009 file photo containers are loaded... AP

    BERLIN - Germany's multi-year reign as the world's No. 1 exporter is officially over, with the crown formally passing to rising Asian power China after new figures showed that German exports slid by nearly a fifth in 2009, the biggest decline in 60 years. Full Story »

  • Bernanke's Congress hearing put off due to weather

    Reuters – Tue Feb 9, 11:15 am ET  
    G7 finance ministers and central bank governors pose for the... Reuters

    WASHINGTON (Reuters) - U.S. Federal Reserve Chairman Ben Bernanke's scheduled testimony before Congress on Wednesday has been postponed due to inclement weather, the House of Representatives Financial Services Committee said on Tuesday. Full Story »

  • Summers: U.S. economy on mend but has ways to go

    Reuters – Tue Feb 9, 10:51 am ET  

    WASHINGTON (Reuters) - Top White House economic adviser Lawrence Summers said on Tuesday that the job market was stabilizing but the economy still had a long way to go to return to health. Full Story »

  • Wholesale inventories cut 0.8 percent in December

    AP – Tue Feb 9, 10:38 am ET  

    WASHINGTON - Businesses slashed wholesale inventories sharply in December, a much weaker showing than expected and a troubling sign that companies are still too pessimistic about the economy to begin restocking shelves on a sustained basis. Full Story »

  • U.S. consumer confidence falls in February

    Reuters – Tue Feb 9, 10:28 am ET  

    NEW YORK (Reuters) - U.S. consumer confidence fell in February to near a level seen at the beginning of the recession, as high unemployment and some stock market weakness sapped January's optimism, a research group said on Tuesday. Full Story »

  • U.S. wholesale inventories unexpectedly fall in December

    Reuters – Tue Feb 9, 10:25 am ET  

    WASHINGTON (Reuters) - U.S. wholesale inventories unexpectedly fell 0.8 percent in December, while sales rose 0.8 percent, a government report showed on Tuesday. Full Story »

  • MillerCoors 4Q profit rises on savings

    AP – Tue Feb 9, 8:20 am ET  
    FILE - In this Jan. 20, 2010 file photo, Cans of Miller Lite... AP

    CHICAGO - The joint venture of SABMiller and Molson Coors Brewing turned a fourth-quarter profit through cost savings, though the shaky economy cut into revenue from beer. Full Story »

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