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President George W. Bush signed into law legislation that helps 400,000 homeowners facing foreclosure and extends a lifeline to Fannie Mae and Freddie Mac.
Bush signed the measure at the White House shortly after 7 a.m., spokesman Tony Fratto said. Treasury Secretary Henry Paulson, Housing and Urban Development Secretary Steve Preston and Federal Housing […]
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Backers of the housing rescue bill have been trying to reassure skeptics in Congress by pointing to the bill’s creation of a new world-class regulator for Fannie Mae and Freddie Mac. But opponents doubt any watchdog will have enough teeth to keep the well-connected mortgage guarantors in line.
Indeed, debate in the House ahead […]
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Amazon.com Inc. says its second-quarter profit more than doubled and surpassed Wall Street’s expectations. Sales were strong in several sections of Amazon’s massive marketplace.
The Seattle-based Web retailer earned $158 million, or 37 cents per share, for the quarter that ended June 30. Amazon (AMZN, Fortune 500) earned $78 million, or 19 cents per share, […]
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The Environmental Protection Agency on Tuesday put off a decision on Texas’ request to temporarily waive ethanol requirements for gasoline.
EPA Administrator Stephen Johnson said the agency needed more time to review more than 15,000 public comments and consult with other departments.
"I believe it is very important to take sufficient time to review and understand […]
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Australian inflation accelerated in the second quarter to the fastest pace in two years, adding to pressure on the central bank to leave borrowing costs at a 12- year high.
The consumer price index rose 1.5 percent from the first quarter, when it gained 1.3 percent, the Bureau of Statistics said in Sydney today. […]
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Demand for loans among Japanese companies fell to a four-year low as a slowing economy and costlier materials made businesses reluctant to borrow.
An index of corporate loan demand dropped to minus 14 this month from minus 2 in April, the lowest since July 2004, the Bank of Japan said in a quarterly survey […]
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Cypriots prayed for rain to end the worst drought in 50 years. They got tankers carrying enough water from Greece to fill 3,200 Olympic swimming pools.
A fleet of ships started offloading its cargo this week at the port of Limassol, on the Mediterranean island's south coast, after engineers fixed a pipeline carrying the […]
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Confidence in the global economy deteriorated this month from Asia to the U.S. as the oil price rose to a record and the financial crisis deepened, a survey of Bloomberg users on six continents showed.
The Bloomberg Professional Global Confidence Index fell to 10.3 from 21 in June as sentiment toward the U.S., German, […]
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Midwest Airlines says it will reduce its work force by 1,200 people as it removes its fleet of 12 MD-80 jets from service.
The cuts represent about 40% of current staffing at Midwest and its Skyway subsidiary, the company says.
"In order to successfully restructure, there is no way to avoid deep and painful reductions to […]
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France's tradedeficit widened in May to a record as the stronger euro and slowing economic growth led to a decline in exports.
The deficit rose to 4.74 billion euros ($7.45 billion) from a revised 3.74 billion euros in April, the Trade Ministry in Paris said today. Economists expected a shortfall of 4 billion euros, […]
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