Commodities retreat as dollar gains ground against other currencies; gold stays above $1,000NEW YORK — Gold and silver prices fell for a third straight trading day Monday as the dollar gained ground against other major currencies. SKorea president proposes ‘grand bargain’ to end NKorea’s nukesNEW YORK — South Korean President Lee Myung-bak proposed a “grand bargain” Monday to restart disarmament negotiations and end North Korea’s nuclear arms program. Congressman latest to ask Bank of America for more details about its purchase of Merrill LynchNEW YORK — Bank of America Corp. was facing a deadline Monday to turn over additional information about its acquisition of Merrill Lynch, this time to a Congressional committee. Senate Republicans, 1 Democrat want Treasury to end bailout plan by Dec. 31WASHINGTON — Forty senators — all but one of them Republican — want the Obama administration to let the $700 billion financial rescue program expire by year’s end, saying the money has been used in ways not contemplated by Congress. Consensus in Senate builds to weaken Federal Reserve by stripping it of bank oversightWASHINGTON — Consensus is building in the Senate for legislation that would significantly weaken the Federal Reserve by stripping its power to oversee banks and hand that job to a single federal bank regulator. Congressional investigators find AIG improving, but may never fully repay bailout fundsWASHINGTON — Despite some progress, congressional investigators on Monday cast doubt on whether efforts by American International Group Inc. to restructure its operations and pay back the government will ever prove successful. Shares of URS fall as analyst downgrades on delay in stimulus spendingHARTFORD, Conn. — Shares of URS Corp. fell Monday as an analyst downgraded shares of the engineering and construction company on delays in federal stimulus spending, though money from Washington for other projects could still be a boon. Asian stocks mostly lower as investors look ahead to Fed meeting; Shanghai off 1.5 pctHONG KONG — Asian stocks were modestly lower Monday as investors look to this week’s Federal Reserve meeting for more clues about the strength of the U.S. recovery. Investors turn attention to Fed meeting for guidance on the economyNEW YORK — If the stock market’s seemingly unstoppable march higher is to be believed, the economy is firmly on the road to recovery. Several key events on the economic calendar this week may help determine whether that conviction holds up. At meeting this week, Fed policymakers likely to maintain aid programs to boost economyWASHINGTON — With the economy starting to rebound but still fragile, Federal Reserve policymakers this week are expected to keep emergency programs to encourage spending and borrowing intact. But to avoid unleashing inflation later on, they are likely to consider ways to rein in programs designed to keep mortgage rates down and get banks to lend more freely. Asian leaders aim to press greater voice on global financial decisions, will face demands tooWASHINGTON — Asian leaders at this week’s economic summit will demand a greater voice in the way global financial institutions make crucial decisions. Likewise, the world’s established powers will have some demands of their own. Rep. Boehner says tea party protests stem from a ‘political rebellion’ happening in AmericaWASHINGTON — House Republican leader John Boehner says nationwide protests known as “tea parties” are the result of pushback against Democrats’ spending. Obama: G-20 summit good time to assess economic progress of countries at meetingWASHINGTON — President Barack Obama says the world’s leading economic powers have made progress in stabilizing the global financial system but much work remains to produce needed jobs and growth. Asian countries at G-20 push for greater decision-making role, face demands on climate, tradeWASHINGTON — Asian leaders gathering at next week’s economic summit in Pittsburgh will be demanding a greater voice in the way global financial institutions make crucial decisions. Likewise, the world’s established powers will have some demands of their own for the rising Asian nations. Federal Housing Administration imposes new rules for lenders, insist no bailout neededWASHINGTON — The Federal Housing Administration is tightening rules for lenders after reporting that its financial cushion will sink below mandatory levels for the first time in its 75-year history. Political writer Irving Kristol dead at 89WASHINGTON — Irving Kristol, the writer, editor and publisher known as the godfather of neoconservatism whose youthful radicalism evolved into a historic rejection of communism, liberalism and the counterculture, died Friday. He was 89. Meltdown 101: Is American consumer spending really the economic engine we think it is?There’s power in our pocketbooks. But how much? On eve of G-20, report says protectionism rampant and could increase even as economies recoverWASHINGTON — The world’s major powers are repeatedly breaking their pledges not to erect trade barriers, and there’s no sign the “protectionist juggernaut” will ease as countries recover from the global downturn, an influential monitoring organization said Friday. Fed plan would review banks’ pay policies to ensure they don’t lead to too much risk-takingWASHINGTON — The Federal Reserve for the first time would police banks’ pay policies to make sure they don’t encourage excessive risk taking under a plan the Fed is drafting. Federal Housing Administration faces cash squeeze, insists no taxpayer bailout neededWASHINGTON — The Federal Housing Administration said Friday that its financial cushion will sink below mandatory levels for the first time in its 75-year history, but officials insisted the agency won’t need to be rescued. Report: Federal Reserve may soon play role in compensation policies of US banking workersNEW YORK — The Federal Reserve may soon be playing a role in compensation policies governing U.S. banking employees, according to a published report Friday. Spending cuts, political fallout loom in Britain as government borrowing hits record in AugustLONDON — The recession’s toll on British government finances was highlighted Friday by official figures showing the government borrowed a record 16.1 billion pounds ($26.3 billion) in August, just days after Prime Minister Gordon Brown conceded that whoever wins the next election will have to take an axe to spending. Riding high polls, Japan’s new government freezes parts of stimulus package believed wastefulTOKYO — Japan’s new prime minister ordered his Cabinet on Friday to freeze parts of a $154 billion stimulus package that his government believes are wasteful. Improving economies may ease pressure on world leaders to work together, fight protectionismWASHINGTON — Leaders of the world’s 20 top economies vowed to resist protectionism last November and again in April as they charted a joint strategy for confronting the worst global downturn in generations. As they meet again, they’ll get this progress report: Most of their economies are on the mend — and trade tensions and protectionism are on the rise. Banks reduce emergency borrowing from Federal Reserve as credit stresses easeWASHINGTON — Banks reduced their borrowing from the Federal Reserve’s emergency lending facility over the past week, and cut back their use of other programs designed to ease the financial crisis. As new budget year looms, Senate approves $122 billion for transportation, housingWASHINGTON — The Senate on Thursday approved generous increases for transportation and housing programs as it passed the fifth of 12 appropriations bills funding the government for the budget year that begins in just two weeks. US households see wealth grow for first time in nearly 2 years as stocks, homes gain groundWASHINGTON — For the first time in two years, Americans actually got a little wealthier. Japan taps veteran for finance head in hopes that experience can deliver changeTOKYO — Faced with the daunting task of reinvigorating the world’s second-biggest economy, Japan’s freshly installed prime minister turned to one of his party’s most experienced hands as finance chief. White House: Obama to urge nations to stay vigilant on stimulus as global economy reboundsWASHINGTON — Wary of complacency, President Barack Obama will urge a summit of world financial powers to stick with efforts to boost the global economy rather than abandon coordinated economic stimulus work, a top White House adviser said Wednesday. Napolitano halts stimulus projects amid Democratic criticism of ‘terrible waste’ of moneyWASHINGTON — Facing criticism for her handling of federal stimulus money, Homeland Security Secretary Janet Napolitano said Wednesday that she would not start any new border construction projects while the department reviewed how projects were selected. |
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