Possible extensions of jobless, health benefits eyed by administration for laid-off workersWASHINGTON — The Obama administration is considering steps to ease the burdens of laid-off workers, including possible extensions of unemployment and health benefits, officials said Saturday. Socialists favored to topple conservatives in Sunday election amid economic, security concernsATHENS, Greece — Greeks cast ballots Sunday in a snap general election likely to produce a change in government, as voters angered by scandals and a foundering economy were expected to reject the conservatives in favor of the opposition Socialists. Jobless rate heads for 10 percent; employers skeptical of recovery aren’t ready to hireWASHINGTON — Job hunters will face long odds well into next year. As the unemployment rate inches closer to 10 percent, most businesses are nowhere close to hiring again. ALL BUSINESS: Pay package for new Freddie Mac CFO is sending a disturbing messageNEW YORK — The pay package given to Freddie Mac’s new chief financial officer should have sent a message from Washington to corporate America about how executive compensation standards must change. Instead, it did just the opposite. Bank of America board authorizes $713 million dividend payment on government investmentCHARLOTTE, N.C. — Bank of America Corp. said Friday its board authorized a $713 million dividend payment on preferred stock issued to the Treasury Department as part of the government’s bank rescue program last year. Unemployment rate rises to 9.8 percent in September, as employers cut 263,000 jobsWASHINGTON — The unemployment rate rose to 9.8 percent in September, the highest since June 1983, as employers cut far more jobs than expected. Slow recovery means unemployment rate to keep rising, possibly to 10 percentWASHINGTON — The unemployment rate hasn’t topped 10 percent since June 1983, but it could return to that painful level soon — possibly as early as Friday, when the Labor Department issues its monthly jobs report. Banks reduce borrowing from Federal Reserve’s emergency lending programsWASHINGTON — Banks reduced their borrowing from the Federal Reserve’s emergency lending facility over the past week, and cut back on their use of other programs designed to ease the financial crisis. House approves $33.5 billion for 2010 spending on energy and water projectsWASHINGTON — The House agreed Thursday to essentially freeze spending on energy and water projects next year after pouring tens of billions of dollars into them as part of last winter’s economic stimulus plan. Obama tells Democratic governors that ‘America is stronger’ because of $787 billion stimulusWASHINGTON — President Barack Obama says “America is stronger” because of the stimulus bill. September US auto sales fall following Cash for Clunkers buying spree over the summerDETROIT — A Cash for Clunkers hangover hit every major automaker except Hyundai last month, pushing down sales and leaving the industry searching for signs of a recovery in October. Ford says US auto sales in Sept. fell 5.1 percent; clunker hangover hurts demandDETROIT — Chrysler Group LLC reported a 42 percent sales drop last month, while Ford Motor Co. says its September sales fell 5.1 percent, revealing a tough hangover from this summer’s Cash for Clunkers buying spree. European Central Bank says eurozone economy stimulus should end in 2011 at the latestGOTEBORG, Sweden — The head of the European Central Bank said Thursday that the 16 countries that use the euro should withdraw stimulus programs and start repaying mounting public debt by 2011 at the latest. Bernanke: Fed ‘well suited’ to oversee largest financial cos.; subdued on consumer protectionWASHINGTON — Federal Reserve Chairman Ben Bernanke told a skeptical Congress Thursday that the central bank is “well suited” to oversee colossal financial companies whose failure could endanger the entire economy. Consumer spending surges by largest amount in nearly 8 years in August but incomes lagWASHINGTON — Consumer spending, propelled by the wildly popular Cash for Clunkers auto sales program, shot up in August by the largest amount in nearly eight years even though personal incomes continued to lag. Socialist opposition seen likely to win Greek election as PM faces tough fight for 3rd mandateATHENS, Greece — Greece’s beleaguered prime minister faces a tough fight to win a third mandate in early elections Sunday, with voters widely expected to reject his conservative party in favor of the opposition socialists. IMF raises 2010 global growth forecast to 3.1 percent but warns that recovery will be slowISTANBUL — The International Monetary Fund said the global economy is recovering faster than expected — but that governments should not be hasty in withdrawing the added spending and low interest rates that have helped restore growth. Fed Reserve Chairman Bernanke says regulators should prevent the next ‘too big to fail’ firmWASHINGTON — Federal Reserve Chairman Ben Bernanke says federal regulators should be responsible for ensuring that the financial institutions they oversee don’t become so big and unwieldy that their failure could bring down the economy. Senate delivers stopgap spending bill to Obama, averts government shutdownWASHINGTON — The Senate has passed a spending bill to prevent keep the government running after a midnight deadline — and to raise Congress’ own budget by 6 percent. Treasury says 2 investment firms have raised minimum amounts needed for toxic asset programWASHINGTON — The Treasury Department said Wednesday that two large investment funds have raised the minimum amounts needed to begin purchasing toxic assets from banks, finally launching this part of the government’s financial rescue effort. Meltdown 101: Why do we have so many different bank regulators, and what do they do?WASHINGTON — The financial crisis has renewed the focus on bank regulation. Critics contend the patchwork system contributed to the crisis by allowing some banks to slip through the cracks and others to seek weaker oversight. As it rebuilds business, AIG to hold financial adviser conference in Calif.CHARLOTTE, N.C. — American International Group Inc. is again hosting some of the nation’s top financial advisers and says that this time, the gathering at a California resort will cost it just $30,000. Senate races to send stopgap spending bill to Obama, avert government shutdown deadlineWASHINGTON — Up against a midnight deadline to avoid a government shutdown, the Senate raced to pass legislation Wednesday that temporarily would extend spending on most federal programs at current levels while raising Congress’ budget by 6 percent. Survey of state governments highlights growing pressure on Medicaid programsMedicaid programs could face a revenue crunch that hurts programs and provider reimbursement in fiscal 2011 after federal stimulus money dries up, said a survey released Wednesday. Obama says $5B in stimulus grants from NIH will help research cures for cancer, diseasesBETHESDA, Md. — Calling scientific research a job-creating engine, President Barack Obama heralded $5 billion in new government grants Wednesday to fight cancer, autism and heart disease while boosting the economy. Obama on Wednesday to announce $5 billion in stimulus funds for National Institutes of HealthWASHINGTON — The National Institutes of Health is getting $5 billion in economic stimulus funds to support research into cures for cancer and other diseases, and to create jobs. Fisher: Fed will need to move quickly when time comes to boost rates, battle inflationWASHINGTON — To prevent inflation from taking off, the Federal Reserve will need to start boosting interest rates quickly and aggressively once the economy is back on firmer footing, a Fed official warned Tuesday. EU nations to hammer out financial oversight, exit strategies in wake of G-20 summitGOTEBORG, Sweden — European Central Bank president Jean-Claude Trichet warned EU governments Wednesday that the public will be unforgiving if authorities don’t provide a stronger financial system. Officials: Fed will need to move quickly when time comes to boost rates, battle inflationWASHINGTON — To prevent inflation from taking off, the Federal Reserve will need to start boosting interest rates quickly and aggressively once the economy is back on firmer footing, Fed officials warned Tuesday. China says profits at major industrial companies fell 10.6 percent in first 8 monthsBEIJING — Profits at China’s oil producers, steel makers and other major industrial companies fell 10.6 percent in the first eight months of 2009 from the same period a year earlier, the National Bureau of Statistics said Sunday. |
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