Archive for the ‘National/International News’ Category

Fed plan for short-term fix brings long-term risks

by Associated Press Published: October 15,2010

Tags: economy, Fed, Federal Reserve, Treasury

WASHINGTON – Federal Reserve Chairman Ben Bernanke is balancing a short-term fix for the economy with a long-term gamble: His plan to buy Treasury bonds to fight high unemployment and super-low inflation now could ignite inflation later. But Bernanke is signaling that doing nothing would pose the biggest risk of all. The Fed chief on […] [...]

Government to report on $1 trillion-plus deficit

by Associated Press Published: October 15,2010

Tags: deficit, economy

WASHINGTON – The Obama administration is set to report Friday that the federal budget deficit exceeded $1 trillion for the second straight year, providing critics of government spending with fresh ammunition ahead of the midterm congressional elections. The Congressional Budget Office is projecting that the deficit for the 2010 budget year that ended Sept. 30 […] [...]

Election unlikely to change US farm subsidies

by Associated Press Published: October 15,2010

Tags: agriculture, Farm Bill

MINNEAPOLIS — Republicans might take control of Congress as they ride a wave of voter anger over deficit spending and big government, but experts who follow agriculture say they don’t expect deep cuts in subsidies to farmers who grow crops such as corn and soybeans. Those payments are long-entrenched policy that have had the support […] [...]

Stocks slide after jobs, inflation reports

by Associated Press Published: October 14,2010

Tags: economy, Federal Reserve, finance, stock market

NEW YORK – Stocks dipped Thursday after concerns about another disappointing report on jobs. But losses were held in check by expectations the Federal Reserve will act soon to strengthen the economy. The Dow Jones industrial average fell 32 points in midday trading. In recent months, a disappointing jobs report would have likely led to […] [...]

Stock futures edge higher before jobs data

by Associated Press Published: October 14,2010

Tags: finance, stock market

NEW YORK – Stock futures edged higher as investors avoided big moves before key reports on unemployment and inflation. Currency and gold trading was again a dominant driver of global financial markets Thursday. Traders sent the dollar lower because of expectations the Federal Reserve will start buying government bonds to try to stimulate the sluggish […] [...]

BP stations consider other brands

by Associated Press Published: October 14,2010

Tags: BP, gulf, oil spill

NEW ORLEANS – Oil has stopped spewing into the Gulf of Mexico, but BP remains unusually vulnerable to the prospect of U.S. gas stations defecting to other brands. In interviews with The Associated Press, station owners from Wisconsin to Virginia say BP dealers are being courted by other brands or are approaching them on their […] [...]

Obama wants judge to drop moratorium suit

by Associated Press Published: October 14,2010

Tags: BP, gulf, oil spill

NEW ORLEANS – The Obama administration is asking a federal judge to throw out part of a lawsuit challenging its moratorium on deepwater oil drilling in the Gulf of Mexico now that the ban’s been lifted. A court filing Wednesday requesting the dismissal of claims filed by Ensco Offshore comes a day after the Interior […] [...]

EU struggles over ways to prevent new debt crisis

by Associated Press Published: October 13,2010

Tags: economy, European Union

BRUSSELS – After months of agonizing, leaders of the European Union are closing in on new oversight rules to ensure sound finances, prevent another government debt crisis and restore the credibility of the euro. But leaders remain divided on key issues. And some analysts argue that even the latest proposals can’t fix the bloc’s fundamental […] [...]

Pfizer offering $3.6B in cash for King Pharmaceuticals

by Associated Press Published: October 12,2010

Tags: drugs, manufacturing, mergers and acquisitions

NEW YORK — Pfizer Inc., the world’s largest pharmaceutical company by revenue, said today it will buy pain drug maker King Pharmaceuticals Inc. for $3.6 billion in cash. Pfizer is paying $14.25 per share for King. That’s a premium of 40 percent to the stock’s yesterday closing price of $10.15. In the deal Pfizer gains […] [...]

Striking French workers try to shut down country

by Associated Press Published: October 12,2010

Tags: labor unrest, strikes

PARIS — Workers tried to shut down France today with strikes affecting transportation, schools and the postal service in a showdown with President Nicolas Sarkozy over his government’s attempt to raise the retirement age by two years to save money. Hundreds of tourists visiting the Eiffel Tower were ushered away after workers there voted to […] [...]

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