Nov. 8, 2010 at 3:31 p.m.
Filed under:
Policy,
Politics
By Associated Press
Fed governor Kevin Warsh, right, with Fed Chairman Ben Bernanke on Aug. 27, 2010. Warsh expressed doubts on Monday about the Fed's $600 billion bond-buying plan. (AP Photo/Reed Saxon)
A Federal Reserve official with a close working relationship with Chairman Ben Bernanke is expressing skepticism over the Fed’s new $600 billion program to bolster the economy.
Kevin Warsh, a Fed governor, warns that there are “significant risks” associated with the Fed’s bond-buying program, including the potential for triggering inflation.
The Fed’s program, announced last week, is aimed getting Americans to spend more and invigorate the economy by making loans cheaper. But Warsh doubts the program will have “significant” or “durable benefits” for the economy. Despite his reservations, Warsh voted for the program. Get the full story »
Nov. 8, 2010 at 3:05 p.m.
Filed under:
Advertising/Marketing,
Autos
From Automotive News | General Motors Co. is dropping the GM Goodwrench car mechanic brand in the United States as the company moves to redirect the marketing emphasis around its four core vehicle brands, sources say.
Nov. 8, 2010 at 2:55 p.m.
Filed under:
Retail
Shoppers at a Target in Tallahassee, Fla. (AP Photo/Phil Coale/File)
By Gregory Karp | Target in recent days has apparently issued a new store policy that requires cashiers to hand-process customer coupons, following media reports that the discounter was shortchanging its customers nationwide. It promised a permanent fix within 10 days.
The mass merchandiser, with about 1,750 stores in the United States, for months has been crediting customers for only a fraction of the face value of certain manufacturer coupons. One of the biggest problems involved coupons that required purchasing multiple items.
In a Tribune story published Oct. 28 that was reprinted nationwide, a Target spokeswoman faulted the stores’ scanning machines and said the company was working on a fix. Get the full story »
By Reuters
The American Medical Association unleashed its latest salvo Monday in its campaign against cuts in Medicare payments to doctors with a survey that finds overwhelming concern among Americans.
The physician’s group did an online survey of 1,000 Americans aged 18 and older and found 94 percent of them said they are concerned about the cuts to doctors who treat elderly patients.
The group released the findings at a meeting in San Diego to kick off a new advertising and lobbying push to convince lawmakers to block payment cuts — set to take effect Dec. 1 — before they recess for the Thanksgiving holiday later this month. Get the full story »
By Associated Press
Smartphones running Microsoft Corp.’s new software are now available for AT&T Inc. and T-Mobile USA customers. Get the full story »
Nov. 8, 2010 at 1:42 p.m.
Filed under:
Banking,
Economy,
Government,
Politics
By Dow Jones Newswires
Former Alaska Gov. Sarah Palin is deeply concerned about the Federal Reserve’s plan to buy $600 billion worth of U.S. bonds to boost the economy, placing the former vice presidential candidate in line with Germany in questioning U.S. monetary policy.
Palin is expected to demand that Federal Reserve Chairman Ben Bernanke “cease and desist” the stimulus injection, according to National Review Online, which said it obtained snippets of Palin’s prepared remarks scheduled for Monday before a trade association in Phoenix. Get the full story »
Nov. 8, 2010 at 1:19 p.m.
Filed under:
Airlines,
Airplanes,
Airports,
Policy,
Updated
By Reuters
The Obama administration on Monday banned all cargo shipments to the United States from Somalia, expanding a ban imposed initially on shipments from Yemen in the wake of a recent foiled bomb plot.
Two weeks ago, authorities in Dubai and the United Kingdom intercepted two bombs hidden in toner cartridges destined for the United States from Yemen via FedEx and United Parcel Service after a tip from Saudi Arabia.
In addition to the expanded cargo ban, the Department of Homeland Security also prohibited toner and ink cartridges over 16 ounces from any U.S. passenger flights, domestic or international, bound for the United States. Get the full story »
Nov. 8, 2010 at 1:13 p.m.
Filed under:
Banking,
Economy,
Small business
By Associated Press
The Federal Reserve says banks loosened lending standards for small businesses the last three months but demand for loans remains weak.
It marks the second time in nearly four years that banks have made loans easier for small businesses to obtain, according to the Fed’s new quarterly survey released Monday. Get the full story »
Nov. 8, 2010 at 12:57 p.m.
Filed under:
Associations/Clubs,
Government,
Health care
By Associated Press
The president of the nation’s largest doctors’ group says upcoming cuts in Medicare physician payments will be catastrophic for seniors. Dr. Cecil Wilson, president of the American Medical Association, says Medicare payments will drop by more than 20 percent by January unless Congress takes quick action. Get the full story »
Nov. 8, 2010 at 12:53 p.m.
Filed under:
Internet
By Associated Press
The U.S. still faces a significant gap in residential broadband use that breaks down along incomes, education levels and other socio-economic factors, even as subscriptions among American households overall grew sevenfold from 2001 to 2009. Get the full story »
Nov. 8, 2010 at 12:51 p.m.
Filed under:
Internet,
M&A
By Associated Press
AOL Inc. has hired financial advisers to look into strategic options that could include a combination with Yahoo Inc., according to a newspaper report.
The Wall Street Journal reported Monday that AOL’s advisers have been presenting various scenarios to the company about possible ways the two could combine operations. It cited unidentified people familiar with the matter. Get the full story »
Nov. 8, 2010 at 12:40 p.m.
Filed under:
Food,
Recalls
By Associated Press
Evidence of salmonella has been found at an Ohio egg farm that’s received financing from the owner of an Iowa egg farm that was behind a massive recall earlier this year. Cal-Maine Foods Inc., the nation’s biggest egg seller and distributor, said it is recalling 288,000 eggs the company had purchased from supplier Ohio Fresh Eggs after a test showed salmonella at the Ohio farm.
Nov. 8, 2010 at 12:11 p.m.
Filed under:
Exchanges,
International
By Dow Jones Newswires
CME Group Inc. has hired foreign exchange market veteran Roger Rutherford to head its global currency trading unit from London, according to a person familiar with the situation. Get the full story »
By Reuters
Larry Ellison, Oracle Corp’s outspoken chief, charged that German arch-rival SAP AG stole billions of dollars of his company’s copyrighted software.
Ellison made the allegation as the the star witness in the U.S. software maker’s software-theft lawsuit, which is captivating Silicon Valley. Get the full story »
Nov. 8, 2010 at 11:49 a.m.
Filed under:
Food,
M&A,
Packaged foods,
Updated
By Reuters
A deal whereby Sara Lee Corp sells its North American bakery business to Mexico’s Grupo Bimbofor $900 million to $1 billion could be announced this week, Bloomberg reported Monday, citing two people with knowledge of the matter. Get the full story »
