Business News - USA
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Foreclosure rates up by smallest amount in 4 years
(AP)
AP - The foreclosure crisis isn't over, but the pace of growth may finally be slowing down.
Spike in Prius complaints may not be all it seems
(AP)
AP - Reports of sudden acceleration in the Toyota Prius have spiked across the country. But that doesn't mean there's an epidemic of bad gas pedals in the popular hybrid.
China inflation accelerates in February
(AP)
AP - China's inflation spiked higher in February, adding to pressure on Beijing to prevent overheating and keep the recovery in the world's third-largest economy on track.
2-second video causes headache for ABC News
(AP)
AP - For the want of a better two-second picture of a tachometer, ABC News has called into question its reporting on acceleration problems with Toyota vehicles.
Senate passes $149 billion for jobless aid
(Reuters)
Reuters - The Senate on Wednesday passed a $149 billion package of jobless aid and tax breaks, as Democrats continued efforts to lower the 9.7 percent unemployment rate before congressional elections in November.
Watchdog: GMAC bailout could cost taxpayers $6.3B
(AP)
AP - The Treasury Department sank billions into auto finance giant GMAC Inc. without an exit strategy or proof the company was viable — a decision that could cost taxpayers $6.3 billion, a new watchdog report says.
SEC chief economist leaving
(AP)
AP - The chief economist of the Securities and Exchange Commission, who is an expert on the financial instruments that figured largely in the 2008 crisis, is leaving his position for the private sector.
Summary Box: Wholesale inventories trimmed
(AP)
AP - INVENTORIES: Inventories held at the wholesale level fell 0.2 percent in January, highlighting that businesses remain cautious about adding to their stockpiles.
Hill International 4th-quarter profit rises
(AP)
AP - Construction consultant Hill International Inc. said Wednesday that its fourth-quarter profit more than doubled as revenue from its project management and construction claims units rose and selling, general and administrative expenses fell.
Britain confronts debt of Greek proportions
(AP)
AP - Government debt is growing, as is the deficit. The economy is struggling to get out of recession and there is talk of spending cuts or higher taxes. The unions are on edge. And the currency is plummeting.
Quinn seeks income tax hike for schools
(AP)
AP - Calling himself a realist, Gov. Pat Quinn on Wednesday scaled back his proposal to raise income taxes, shifting to a call for an increase of just one percentage point to be used solely for preventing deep cuts to education.
US views Doha framework as 'not satisfactory': lawmaker
(AFP)
AFP - The United States is unhappy with the current framework of the Doha Round of negotiations to forge a global trade accord, a key lawmaker said Wednesday after talks with WTO chief Pascal Lamy.
Wal-Mart spent $1.78 million lobbying in 4Q
(AP)
AP - Wal-Mart Stores Inc., the world's largest retailer, spent nearly $1.78 million lobbying in the fourth quarter on a wide range of issues from health care reform to organized crime and food safety issues, according to a recent disclosure report.
Home loan demand nudges higher in latest week
(Reuters)
Reuters - U.S. mortgage applications nudged higher last week, reflecting increased demand for home purchase loans even as interest rates trekked higher, data from an industry group showed on Wednesday.
ND oil rig count tops 100
(AP)
AP - The number of rigs piercing North Dakota's oil patch has topped 100 for the first time in nearly three decades, the state Department of Mineral Resources said Wednesday.
GM CEO says U.S. will make money on bailout
(Reuters)
Reuters - General Motors Co will pay back roughly $8 billion in debt to the United States and Canada before June and could go public in a way that would allow taxpayers to make a profit on the bailout, Chief Executive Ed Whitacre said on Wednesday.
Real Estate's Link to the Small Business Credit Crunch
(BusinessWeek)
BusinessWeek - It's no secret that small businesses in the U.S. face difficulties accessing credit. According to a survey of a random sample of 751 small businesses conducted by Gallup at the end of 2009 for the National Federation of Independent Business Research Foundation, 44% of small businesses seeking credit in 2009 received only some or none of the money they sought. This level of credit access compares poorly with mid-2000, when nine of every 10 companies seeking credit received it. While there is broad agreement that a small business credit problem exists, there is less consensus about its causes. ...