Business News

House OKs rescue for homeowners, Freddie, Fannie

Senate Banking Committee Chairman Sen. Christopher Dodd, D-Conn., left, and the committee's ranking Republican, Sen. Richard Shelby, R-Ala., right, take part in a news conference on Capitol Hill in Washington, Wednesday, July 23,2008, to discuss President Bush's decision to support the housing bill. (AP Photo/Lauren Victoria Burke)
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AP
AP - 4 minutes ago

WASHINGTON - Rescue legislation sailed through the House Wednesday aimed at helping 400,000 strapped homeowners avoid foreclosure and to prevent troubled mortgage giants Fannie Mae and Freddie Mac from collapsing.

Economy News

  • Title insurer Fidelity National's net sinks 92 percent Reuters - 27 minutes ago

    NEW YORK (Reuters) - Fidelity National Financial Inc , which controls one of the largest U.S. title insurers, said on Wednesday second-quarter profit tumbled 92 percent as the housing slump cut into home sales and refinancings.

  • A Longhorn Steakhouse restaurant is seen Monday, July 21, 2008, in Hamilton, N.J. After Darden Restaurants Inc. bought LongHorn for $1.19 billion in October, it instituted what it calls 'a more disciplined' tip-sharing plan — a policy servers say is cutting their earnings. (AP Photo/Mel Evans)
    Waiters pick up part of LongHorn's labor costs AP - 49 minutes ago

    NEW YORK - With the cost of everything from air conditioning to whipped cream rising, many restaurants have been raising prices. LongHorn Steakhouse is passing on part of the tab to its servers.

  • A combination image showing (clockwise from top L) Treasury Secretary Henry Paulson, Senator Harry Reid, Senator Christopher Dodd and Representative Barney Frank. REUTERS/Shannon Stapleton (Top L)/Joshua Roberts (Top R)/Carlos Barria (bottom R)/Jonathan Ernst (bottom L)
    Paulson: Rescue bill key to solving housing crisis AP - 2 hours, 18 minutes ago

    WASHINGTON - Treasury Secretary Henry Paulson said Wednesday that agreement on a sweeping housing rescue bill will send a strong message to investors around the world and will be key to helping the nation turn the corner on the housing crisis.

Stock Markets News

  • People pass a Wachovia branch office on Tuesday, July 22, 2008 in New York. Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The nation's fourth-largest bank by assets said it lost $8.86 billion. (AP Photo/Mark Lennihan)
    Stocks advance following sharp drop in oil prices AP - 17 minutes ago

    NEW YORK - Stocks advanced for the second straight session Wednesday as another decline in oil prices and several upbeat profit reports eased some of Wall Street's concerns about the economy.

  • A man uses a Wachovia ATM in New York's Penn Station on Tuesday, July 22, 2008 in New York. Wachovia Corp. reported a surprisingly large second-quarter loss Tuesday, deflating Wall Street's hopes that the nation's big banks are weathering the credit crisis well. The nation's fourth-largest bank by assets said it lost $8.86 billion. (AP Photo/Mark Lennihan)
    Wall Street rises on oil drop, housing plan optimism Reuters - 23 minutes ago

    NEW YORK (Reuters) - Stocks rose on Wednesday as financial shares climbed on optimism about a rescue plan for mortgage finance companies Fannie Mae and Freddie Mac and as the price of oil fell.

  • TSX battered by falling commodities Reuters - 35 minutes ago

    TORONTO (Reuters) - The Toronto Stock Exchange's main index tumbled for a second session in a row on Wednesday, knocked 130 points lower as resource issues fell along with commodity prices.

Earnings News

  • In this April 19, 2007 file photo, a bite is taken out of one of Hershey's extra dark assortment of chocolates in North Andover, Mass. Hershey, the nation's largest candy maker, is reporting higher second-quarter sales and profit Wednesday, July 23, 2008, as it benefits from a price increase and streamlined production. (AP Photo/Elise Amendola, file)
    Hershey 2Q profit, sales up after price increase AP - 38 minutes ago

    HARRISBURG, Pa. - Raising prices and streamlining its production lines helped Hershey to dramatically higher second-quarter sales and profit, the nation's largest candy maker said Wednesday, even as it absorbs spiraling commodity costs and puts new emphasis on marketing muscle.

  • A box from Amazon.com is pictured on the porch of a house in Golden, Colorado July 23, 2008. Amazon.com will report second-quarter results later Wednesday. REUTERS/Rick Wilking (UNITED STATES)
    Amazon profit doubles, beats estimates AP - 49 minutes ago

    NEW YORK - Amazon.com Inc. showed that it wasn't being hurt by economic weakness and high fuel prices, reporting Wednesday that its second-quarter profits more than doubled and surpassed analyst expectations. The Internet retailer also raised full-year revenue projections.

  • Sallie Mae quarterly earnings fall 72 percent Reuters - 50 minutes ago

    NEW YORK (Reuters) - Sallie Mae , the largest U.S. student loan company, said on Wednesday second-quarter net income fell 72 percent, hurt by restructuring expenses, but results were better than analysts had expected.

Industries

  • Chrysler plans to cut 1,000 salaried jobs AP - 2 hours, 44 minutes ago

    DETROIT - Chrysler LLC said Wednesday it will cut 1,000 salaried jobs worldwide by Sept. 30 as it tries to return to profitability amid a severe downturn in U.S. sales.

  • Visitors look at Toyota 'Lexus' displayed at the Toyota Motor Corp.'s showroom Toyota Mega Web in Tokyo Wednesday, July 23, 2008. Toyota sold more than 4.8 million vehicles worldwide in the first half, up 2 percent from the same period a year earlier, the Japanese automaker said. (AP Photo/Itsuo Inouye)
    Toyota outsells GM worldwide in first half AP - Wed Jul 23, 3:18 PM ET

    DETROIT - General Motors Corp., pummeled by falling U.S. sales and high gas prices, lost the global sales lead to Toyota Motor Corp. in the first half of this year, but the churning market makes it difficult to predict which automaker will end the year on top.

  • The American flag is seen reflected in the Pfizer world headquarters building, Tuesday, July 22, 2008 in New York. Drug maker Pfizer says its second-quarter profit more than doubled as restructuring charges declined and the weak dollar helped lift overseas revenue. (AP Photo/Mary Altaffer)
    Weak dollar, foreign sales boost drugmakers AP - 1 hour, 57 minutes ago

    TRENTON, N.J. - Profits posted Wednesday by Pfizer Inc. and Wyeth show a common theme among pharmaceutical companies — nearly all the growth they're seeing these days is overseas, driven by emerging markets and the weak dollar.

Opinion

  • Banks Stick with Stadium Sponsorships BusinessWeek Online - Wed Jul 23, 8:08 AM ET

    Over the last several years, many banks galvanized by the housing boom affixed their names to sports stadiums and arenas across the country, hoping to drive brand awareness at the ballpark. Now, as the subprime and credit crisis continues to strike many financial institutions, one expert criticizes certain money-losing companies for buying naming rights.

  • Self Assessment: Tell It Like It Is BusinessWeek Online - Wed Jul 23, 8:08 AM ET

    Last winter, when I filled out the self-assessment portion of my annual performance review, I decided to try something radically different: honesty.

  • How to Boost Your Energy on the Job BusinessWeek Online - Mon Jul 21, 10:24 AM ET

    The leaders featured in this weekly column are typically those who have the ability to energize their employees, customers, and colleagues by the way they communicate. But in addition to the specific language they use, the most inspiring leaders have an unusually high level of energy. Where do they find the energy to work 12 hours a day, travel around the globe, and still knock a one-hour presentation out of the park? Here are the three common factors that they share.

Most Popular Business News

  • In this July 16, 2008 file photo, Federal Reserve Chairman Ben Bernanke testifies before the House Financial Services Committee hearing on Capitol Hill in Washington. The chairman's financial disclosure form, released Monday, July 18, 2008, showed his holdings last year were in no-fills investments, including U.S. Treasury securities, Canadian Treasury bonds, mutual funds and annuities. (AP Photo/Susan Walsh, file)
    Fed: Slower growth, rising prices slam economy AP - Wed Jul 23, 2:06 PM ET

    WASHINGTON - The country slogged through slower economic growth and rising prices during the summer, packing a double whammy to people and businesses alike.

  • Norwegian Per-Arne Skjerpingstad, a 38-year-old hospital porter, refuels his car at an Oslo petrol station on July 17. In the Scandanavian country, many motorists are up in arms over the cost of petrol (gasoline) which are the costliest in Europe despite the fact that the country is the world's fifth-largest oil exporter(AFP/File/Truls Brekke)
    In oil-rich Norway, petrol prices most expensive in Europe AFP - Mon Jul 21, 11:50 PM ET

    OSLO (AFP) - In Norway, many motorists are up in arms over why they have to pay the highest petrol (gasoline) prices in Europe when the country is the world's fifth-largest oil exporter and a recent tax hike has done little to cool tempers.

  • Visitors look at hybrid car 'Prius' displayed at the Toyota Motor Corp.'s showroom Toyota Mega Web in Tokyo Wednesday, July 23, 2008. Toyota sold more than 4.8 million vehicles worldwide in the first half, up 2 percent from the same period a year earlier, the Japanese automaker said. (AP Photo/Itsuo Inouye)
    Toyota outsells GM worldwide in first half AP - Wed Jul 23, 3:18 PM ET

    DETROIT - General Motors Corp., pummeled by falling U.S. sales and high gas prices, lost the global sales lead to Toyota Motor Corp. in the first half of this year, but the churning market makes it difficult to predict which automaker will end the year on top.