Obama pushes for agreement on balanced growth to set stage for sustained economic recoveryWASHINGTON — President Barack Obama says he is determined to go after the “reckless risk-taking” that pushed the global economy into the worst financial crisis since the 1930s, and he is also pushing for countries to promote more balanced growth going forward. New ways to think about post-meltdown investing: Diversify more broadly, raise skepticismBOSTON — Stocks always rise over the long haul. Bonds are for retirees and investors with little taste for risk. Companies rarely cut their dividends. Meltdown 101: What are leading economic indicators, and what do they say about the economy?The Conference Board’s leading economic indicators are offering positive signs about the economy’s future. They’ve risen for five months straight — a sign not only that the recession has likely ended, but also that we’ll probably see growth continue into next year. 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. 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. Lincoln, Grant, others have slept in Pittsburgh _ but not at once; G-20 poses a new challengePITTSBURGH — The Prince of Wales slept here. So did Abe Lincoln. And Teddy Roosevelt and Ulysses S. Grant. Soviet leader Nikita Khrushchev during the Cold War. More recently: Bill Clinton and John McCain. Damaged by deficits, US seeks G-20 commitment to combat global imbalances at Pittsburgh summitWASHINGTON — With trillion-dollar deficits and a weakening dollar, the United States doesn’t have the clout it once had at economic summits. Now Germany, France and all the new kids at the table — countries like China and Brazil — are pushing their own issues. Germany’s pro-business Free Democrats aim to get back into government amid economic crisisBERLIN — The traditional kingmaker of German politics — the Free Democrats — hope to return to government this weekend after 11 years in opposition, thanks to their popular pro-business line in a time of economic crisis. A return from ‘fairyland’: Meltdown shakes up consumers’ money views, investing habitsCHICAGO — The stock market bounced back, just as it has for nearly three decades. It just doesn’t feel that way. Young foreigners travel to China to hunt for jobs as home markets battered by crisisBEIJING — When the best job Mikala Reasbeck could find after college in Boston was counting pills part-time in a drugstore for $7 an hour, she took the drastic step of jumping on a plane to Beijing in February to look for work. China’s Hu warns of challenges in maintaining stable economic growth, social stabilityBEIJING — China’s President Hu Jintao said Sunday the country faces difficult challenges in maintaining stable economic growth and social stability, and called for efforts to strengthen unity among the people. 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. 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. IMF approves sale of its gold to be used in to spur lending and to shore up its financesWASHINGTON — The International Monetary Fund approved on Friday the sale of a limited amount of its gold to help provide loans to poor countries and shore up its finances. IMF discussing sale of some of its gold to provide loans and shore up its own financesWASHINGTON — The International Monetary Fund’s executive board on Friday was discussing selling some of the fund’s gold to provide low-interest loans to poor countries and shore up its internal finances. 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. Seizure of top Zimbabwe firm’s assets casts shadow over government’s bid to attract investorsHARARE, Zimbabwe — The government has frozen the assets of one of Zimbabwe’s oldest and largest companies, and the family behind the conglomerate suspects the action was taken to preserve the job of its CEO, who is close to President Robert Mugabe’s party. Spanish PM to meet Obama at White House as they improve relationsMADRID — Spain’s prime minister will meet with President Barack Obama next month at the White House, officials said Friday, the culmination of a Spanish drive to repair ties that were frayed over the Iraq war when George W. Bush was in power. China’s Communists vow to crack down on ethnic separatism, strengthen democracy in the partyBEIJING — China’s Communist elite wrapped up their annual conclave Friday without a widely anticipated announcement to promote the country’s vice president and presumed future leader to a powerful military commission. SEC proposes new rules for credit rating industry, considers ban on ‘flash orders’WASHINGTON — Regulators have proposed rules to stem conflicts of interest and provide more transparency for credit rating companies. They also proposed banning “flash orders,” which give some traders a split-second edge in buying or selling stocks. 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. Calif. attorney general investigating credit rating agencies’ connection to financial meltdownSAN FRANCISCO — California’s attorney general said Thursday his office is investigating Wall Street’s big credit rating agencies to determine what role they may have played in the collapse of the financial markets. Survey: professors, researchers sought out investment advice in market downturnDES MOINES, Iowa — A recent survey of retirement account investors at colleges and universities shows even professors and researchers sought out investment advice as the stock market downturn began draining retirement accounts. Gov’t aid makes loans for homes and cars cheap. Just 1 problem: banks not so eager to lendNEW YORK — It’s a good time to borrow money for a home, car or small business. Moody’s stock slides as government probes begin into credit rating agenciesDES MOINES, Iowa — Shares of rating agency Moody’s Corp. fell Thursday as government agencies began looking into credit rating companies’ actions during the financial crisis. Commission opens $5 million investigation into causes of financial meltdownWASHINGTON — The chairman of a new congressionally appointed panel on Thursday pledged to deliver a no-holds barred investigation into last year’s devastating economic collapse, including whether big financial firms and their government regulators were guilty of criminal misconduct. US steps to rescue firms ‘too big to fail’ may have worked, but at big cost and controversyWASHINGTON — After a year of costly government bailouts and public distaste for more, the government’s response to the next company deemed “too big to fail” could be — another bailout. AP Source: Cuomo subpoenas 5 Bank of America board members over Merrill Lynch dealNEW YORK — The New York Attorney General’s office subpoenaed five members of Bank of America Corp.’s board Wednesday as part of an investigation into its acquisition of troubled investment bank Merrill Lynch & Co., according to a person familiar with the investigation. Russia is emerging from recession, but govt says recovery may take until 2012MOSCOW — Russia is emerging from recession but its economy is unlikely to fully recover before 2012, a top minister told parliament on Wednesday. Japan’s new prime minister names Cabinet and promises sweeping changesTOKYO — Longtime opposition leader Yukio Hatoyama took office as prime minister on Wednesday, naming a new Cabinet and vowing to rebuild the economy and refocus Japan’s place on the world stage with his largely untested party. |
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