Latest headlines in Economy News
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U.S. "very close" to job growth: Summers(Reuters) (Yahoo U.S. Economy 2010-03-12 02:37:32)
Reuters - White House economic adviser Larry Summers said on Thursday that the United States is "very close" to the point where job growth can begin. (Reporting by Chris Baltimore; editing by Carol Bishopric)
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Obama to tap Yellen for Fed vice chair:source(Reuters) (Yahoo U.S. Economy 2010-03-12 02:27:55)
Reuters - President Barack Obama plans to nominate San Francisco Federal Reserve Bank President Janet Yellen to be vice chairman of the central bank, a source familiar with the process said on Thursday.
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Regulators shut LibertyPointe Bank in NYC(AP) (Yahoo U.S. Economy 2010-03-12 00:33:17)
AP - Regulators have shut down LibertyPointe Bank in New York City, boosting to 27 the number of bank failures in the U.S. so far this year following the 140 brought down in 2009 by mounting loan defaults and the recession.
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US criticizes China's domestic, economic policies(AP) (Yahoo U.S. Economy 2010-03-12 00:02:33)
AP - The Obama administration accused China on Thursday of abusing its citizens' rights and maintaining currency policies that cost millions of U.S. jobs, a double-barrel attack that comes amid a growing willingness to confront and even antagonize the Asian power.
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Export growth likely to remain bright spot for US(AP) (Yahoo U.S. Economy 2010-03-11 23:30:47)
AP - U.S. exports dipped in January, the government said Thursday, but economists weren't fazed. They predict export growth will be a bright spot for American manufacturers through the rest of 2010.
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Obama lobbied on black unemployment, immigration(Reuters) (Yahoo U.S. Economy 2010-03-11 23:29:21)
Reuters - President Barack Obama on Thursday faced pressure to help create jobs in African-American communities and deliver an immigration overhaul even as he tried to push healthcare reform across the finish line.
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US household wealth jumps for first time since recession(AFP) (Yahoo U.S. Economy 2010-03-11 23:24:03)
AFP - American household wealth jumped in 2009 for the first time since a brutal recession struck the country, underscoring the impact of an economic recovery, data from the central bank showed Thursday.
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States tap stimulus as more U.S. families seek aid(Reuters) (Yahoo U.S. Economy 2010-03-11 22:42:59)
Reuters - Many states have used funds from the $863 billion U.S. economic stimulus plan to help give a rising number of poor families emergency cash assistance, the Government Accountability Office said on Thursday.
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Fed emergency loans decline in past week(AP) (Yahoo U.S. Economy 2010-03-11 22:05:30)
AP - Banks borrowed less from the Federal Reserve's emergency lending program over the past week, providing further evidence that the strains caused by the financial crisis are easing.
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Senate plan on US finance reform to be unveiled(AFP) (Yahoo U.S. Economy 2010-03-11 22:03:14)
AFP - A key US senator said he would unveil new legislation on Monday aimed at giving American financial rules their biggest overhaul since the Great Depression in the wake of the 2008 meltdown.
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AT&T CEO accepts bonus; pay rises to $20.2M(AP) (Yahoo U.S. Economy 2010-03-11 21:56:45)
AP - The frugality of the recession eased in the 2009 pay package for AT&T Inc. CEO Randall Stephenson, who resumed taking a bonus and saw his compensation rise by one-third to $20.2 million, according to Associated Press calculations on a regulatory filing Thursday.
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Coca-Cola FEMSA bottler to change bylaws(AP) (Yahoo U.S. Economy 2010-03-11 21:04:10)
AP - Drinks company Fomento Economico Mexicano SAB said Wednesday its bottler, Coca-Cola FEMSA, plans to change its bylaws so a simple majority of its board can appoint and set compensation of the CEO and people who report directly to him or her.
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Slowly, Americans are regaining their lost wealth(AP) (Yahoo U.S. Economy 2010-03-11 21:01:23)
AP - Americans are recovering their shrunken wealth — gradually. Household net worth rose last quarter, mainly because the healing economy boosted stock portfolios. But the gain was slight. And it was less than in the previous two quarters.
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Obama details plans to boost exports, create jobs(AP) (Yahoo U.S. Economy 2010-03-11 20:47:43)
AP - President Barack Obama sought Thursday to put some detail behind his lofty drive to double U.S. exports over the next five years, calling the effort imperative to putting people back to work. But doubts remain about how many net jobs his trade agenda will create — and how he will get it done.
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Summary Box: Trade deficit unexpectedly narrows(AP) (Yahoo U.S. Economy 2010-03-11 20:41:05)
AP - TRADE GAP: The U.S. trade deficit narrowed to $37.3 billion in January, a decline of 6.6 percent from December, reflecting a big drop in imports as shipments of foreign oil and autos both declined.
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Exxon boosts 2010 capital spending to $28 billion(Reuters) (Yahoo U.S. Economy 2010-03-11 19:45:32)
Reuters - Exxon Mobil Corp will increase capital spending nearly 4 percent this year to $28 billion in part as the largest U.S. oil company seeks to increase its share of the global market for natural gas.
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Citigroup sees return to sustained profitability(Reuters) (Yahoo U.S. Economy 2010-03-11 19:38:35)
Reuters - Citigroup Inc Chief Executive Vikram Pandit told investors on Thursday that the bank is on track to return to sustained profitability, and that losses from some of its worst assets should be manageable if the economy does not deteriorate.
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Fed seen keeping "extended period" low rate vow(Reuters) (Yahoo U.S. Economy 2010-03-11 19:20:51)
Reuters - Lingering U.S. labor market weakness and nagging doubts about the solidity of the economic recovery are expected to keep the Federal Reserve committed to holding borrowing costs very low for a long time at a monetary policy meeting next week.
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Obama launches export-doubling strategy(AFP) (Yahoo U.S. Economy 2010-03-11 18:33:11)
AFP - President Barack Obama put into action Thursday an ambitious strategy to double US exports by prising open lucrative emerging markets in a bid to ease unemployment amid fragile economic recovery.
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Appetite for reform fading: NYSE Euronext CEO(Reuters) (Yahoo U.S. Economy 2010-03-11 18:27:10)
Reuters - The appetite and sense of urgency for world financial reform have waned as markets have rebounded and the world economy has shown signs of recovering, the head of exchange operator NYSE Euronext said on Thursday.