Economy News

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 »

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 »

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 »

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 »

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 »

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 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 »

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 »

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

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 »

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 »

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 »

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 »

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 »

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 »

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 »

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 »