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Yahoo! News: Business News
Spike in Prius complaints may not be all it seems (AP)

A 2005 Toyota Prius, which was in an accident, is seen at a police station in Harrison, New York, Wednesday, March 10, 2010. The driver of the Toyota Prius told police that the car accelerated on its own, then lurched down a driveway, across a road and into a stone wall.  (AP Photo/Seth Wenig)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.


Wholesale inventories fall while sales increase (AP)

In this March 3, 2010 photo, a Costco worker changes the price sign at Costco in Mountain View, Calif. Businesses trimmed inventories at the wholesale level again in January even though sales rose for a 10th consecutive month. The dip in inventories underscored that businesses remain cautious about restocking their depleted shelves. (AP Photo/Paul Sakuma)AP - Businesses trimmed inventories at the wholesale level again in January even though sales rose for a 10th consecutive month. The dip in inventories underscored that businesses remain cautious about restocking their depleted shelves.


Budget deficit sets record in February (AP)

A view of the US Treasury Department. The US government registered a record budget deficit in February, the 17th consecutive month of running in the red, the Treasury said Wednesday.(AFP/File/Karen Bleier)AP - The government ran up the largest monthly deficit in history in February, keeping the flood of red ink on track to top last year's record for the full year.


Stocks rise after inventories fall and sales gain (AP)

People walk on Wall Street, Tuesday, March 9, 2010, in New York. Investors are continuing to search for direction Wednesday, March 10, after two days of relatively flat trading. Stock futures are narrowly mixed.(AP Photo/Mark Lennihan)AP - Scant buying lifted stocks for a second day Wednesday after the government reported a drop in companies' inventories.


Senate passes jobless aid, business tax breaks (AP)

Sen. Charles Schumer, D-N.Y., left, listens as Sen. Benjamin Cardin, D-Md.,  speaks during a news conference on Capitol Hill in Washington, Wednesday, March 10, 2010, to discuss the Democrats jobs agenda. (AP Photo/Harry Hamburg)AP - The Senate voted Wednesday to extend key pieces of last year's economic stimulus measure, including help for the jobless and money to help financially strapped states pay for health care for the poor.


Unemployment rate rises in 30 states (AP)

Jobseekers fill out applications at a job fair in Florida. The US Senate on Wednesday adopted a 140-billion-dollar raft of measures aimed at shoring up unemployment benefits and setting out tax breaks to spur job creation.(AFP/Getty Images/File/Joe Raedle)AP - Unemployment rose in 30 states in January, the Labor Department said Wednesday, evidence that jobs remain scarce in most regions of the country.


Kroger, Ruby Tuesday, UAL are big movers (AP)
AP - Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and Nasdaq Stock Market:
Alabama jobless rate rises to 11.1 percent in Jan. (AP)
AP - Alabama's unemployment rose to 11.1 percent in January, giving the state its highest mark in 26 years and tying Alabama for eighth among the states in joblessness.
Jo-Ann Stores posts 4Q profit surge as sales gain (AP)
AP - Craft and fabric retailer Jo-Ann Stores Inc. on Wednesday posted an 82 percent surge in fourth-quarter profit, buoyed by cost-cutting and higher sales across its product lines.
Britain confronts debt of Greek proportions (AP)

Britain's Prime Minister Gordon Brown  makes a  major economical speech in  London Wednesday March 10, 2010.  Britain's economic recovery remains fragile, Brown warned Wednesday, as he paved the way for a national election by announcing the government's budget would be published in two weeks. (AP Photo/ Charlie Bibby/Financial Times/Pool)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)

Illinois Gov. Pat Quinn delivers his State of the Budget address to a joint session of the Illinois General Assembly on the House floor at the Illinois State Capitol in Springfield, Ill., Wednesday, March 10, 2010. (AP Photo/Seth Perlman)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.


ECB to examine European IMF plan: Trichet (AFP)

European Central Bank (ECB) building and a euro sculpture are reflected in a puddle in Frankfurt/Main, Germany. The European Central Bank will consider a proposed emergency fund for eurozone economies in distress, ECB chief Jean-Claude Trichet said on Wednesday.(AFP/DDP/File/Thomas Lohnes)AFP - The European Central Bank will consider a proposed emergency fund for eurozone economies in distress, ECB chief Jean-Claude Trichet said on Wednesday.


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)

An arrow points down in the window of a branch of Northern Rock in London March 10, 2010.    Nationalised mortgage lender Northern Rock's headline losses shrank in 2009, helped by rising net interest income and lower loan losses in the second half, though it said loan writedowns would stay high in 2010.       REUTERS/Luke MacGregor   (BRITAIN - Tags: BUSINESS) POLITICS)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.


Report: BP is pursuing Devon Energy assets (AP)
AP - BP PLC, Europe's second-largest oil company, is the leading candidate to purchase assets worth more than $5 billion from independent oil and gas producer Devon Energy, the Wall Street Journal said Wednesday.
Chrysler names North American Fiat head (AP)
AP - Chrysler Group LLC said Wednesday that it has named a new executive to head the reintroduction of the Fiat brand to the North American market.
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. ...

Yahoo! News: Personal Finance News
Quinn seeks income tax hike for schools (AP)

Illinois Gov. Pat Quinn delivers his State of the Budget address to a joint session of the Illinois General Assembly on the House floor at the Illinois State Capitol in Springfield, Ill., Wednesday, March 10, 2010. (AP Photo/Seth Perlman)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.


Home loan demand nudges higher in latest week (Reuters)

An arrow points down in the window of a branch of Northern Rock in London March 10, 2010.    Nationalised mortgage lender Northern Rock's headline losses shrank in 2009, helped by rising net interest income and lower loan losses in the second half, though it said loan writedowns would stay high in 2010.       REUTERS/Luke MacGregor   (BRITAIN - Tags: BUSINESS) POLITICS)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.


Nationalized UK bank Northern Rock back in profit (AP)
AP - Nationalized mortgage lender Northern Rock said Wednesday that it returned to profit in the second half of 2009 as interest income rose and losses on loans fell.
One Congressman's Solution for Boosting Small Business Loans (The Motley Fool)
The Motley Fool - The first Friday of every month brings the all-important employment report. February's numbers were better than anticipated. The United States lost only 36,000 jobs, versus the 68,000 that experts expected. This compares with 651,000 jobs lost in February 2009. Still, the unemployment rate held steady at 9.7%, with the unofficial rate stuck around a whopping 16%.
Commercial delinquency lower than other mortgages (AP)
AP - Commercial mortgages were among the best-performing loans and leases held by banks and thrifts in the fourth quarter of last year, the Mortgage Bankers Association said Tuesday.
Management Education on the Fly (BusinessWeek)
BusinessWeek - Who got us into this mess? It's not just greedy mortgage lenders and irresponsible economists who are responsible for the current financial crisis. Leaders, so called, have played a role too, by not managing their companies and so being detached from what was going on in them. And behind much of this has been an educational process that encouraged such detachment. As I've argued at length in my book, Managers not MBAs, the MBA is fine education -- but in the functions of business, not the exercise of managing. ...
Summary Box: AIG's $15.5B Alico sale to MetLife (AP)
AP - THE SALE: American International Group Inc. sold its American Life Insurance Co. division, or Alico, to MetLife Inc. for $15.5 billion. The deal is AIG's second big asset sale in two weeks. On March 1, it said it would sell its AIA Group unit to Prudential PLC for $35.5 billion.
AIG sells Alico unit to MetLife for $15.5 billion (AP)

FILE - In this March 18, 2009 file photo, an AIG office building is shown in New York. American International Group will sell its overseas life and health insurance unit for $15.5 billion to MetLife Inc., the insurer said Monday, March 8, 2010, as it attempts to repay billions in government aid.(AP Photo/Mark Lennihan, file)AP - American International Group Inc. said Monday that it will sell its American Life Insurance Co. division for $15.5 billion to MetLife Inc. The government-approved deal, AIG's second big asset sale in two weeks, will give the insurer more cash to repay the billions of bailout dollars it still owes the government.


MetLife seals Alico deal after two-year quest (Reuters)

A statue stands atop Grand Central Station in front of the MetLife building in New York, October 8, 2008. REUTERS/Lucas JacksonReuters - MetLife Inc pursued AIG's foreign life insurance business for two years before finally clinching a $15.5 billion purchase that will give it beachheads in 47 nations from Peru to Bangladesh.


Is Bank of America a Buy? (The Motley Fool)
The Motley Fool - With the recent auction of Treasury's Bank of America (NYSE: BAC - News) warrants, the big bank joins Goldman Sachs (NYSE: GS - News), Morgan Stanley (NYSE: MS - News), and several other banks in completing its exit from TARP. But, is it a buy?
US insurer MetLife to buy AIG unit for $15.5 bln (AFP)

Spectators gather around the MetLife blimp at the United States Air Force Museum in Dayton, Ohio, in 2003. US life insurance giant MetLife will acquire a unit of American International Group in a 15.5-billion-dollar deal that will help AIG pay back part of its government bailout, the firms said Monday.(AFP/Getty Images/File/Mike Simons)AFP - US life insurance giant MetLife will acquire a unit of American International Group in a 15.5-billion-dollar deal that will help AIG pay back part of its government bailout, the firms said Monday.


AIG set for $15.5 bln deal with MetLife: report (AFP)

The MetLife blimp passes in front of the moon over the San Francisco Bay. US insurance giants American International Group and MetLife will announce a $15.5 billion deal for AIG's second-largest foreign life-insurance business, The Wall Street Journal has reported.(AFP/Getty Images/File/Justin Sullivan)AFP - US insurance giants American International Group and MetLife will on Monday announce a $15.5 billion deal for AIG's second-largest foreign life-insurance business, The Wall Street Journal reported.


AIG to get $231M if sale of Asian unit crumbles (AP)
AP - American International Group Inc. will receive a termination fee of $230.6 million if the sale of its Asian life insurance business to Britain's Prudential PLC falls through.
Consumer borrowing up in January after 11 declines (AP)
AP - Consumer borrowing broke a record stretch of declines with a small increase in January as a boost in auto loans offset continued weakness in credit card borrowing.
Consumer credit posts first rise in a year (Reuters)
Reuters - Total U.S. consumer credit rose $4.96 billion in January, its first rise in a year and the largest for any month since mid-2008, Federal Reserve data showed on Friday.
US consumer credit rises first time in a year (AFP)

US Federal Reserve in Washington, DC. Borrowings by Americans rose for the first time in a year in January, the Federal Reserve said Friday in a sign that the US economic recovery is on track.(AFP/File/Karen Bleier)AFP - Borrowings by Americans rose for the first time in a year in January, the Federal Reserve said Friday in a sign that the US economic recovery is on track.


Treasury restates support for Fannie, Freddie (AP)
AP - The Treasury Department was forced Friday to reiterate its financial support for Fannie Mae and Freddie Mac after a key lawmaker rattled investors by pointing out that their debt does not enjoy the explicit guarantee of the federal government.
Wall St rallies on jobs data, consumer credit (Reuters)

Traders work on the floor of the New York Stock Exchange, February 18, 2010. REUTERS/Brendan McDermidReuters - Stocks jumped and the Nasdaq hit an 18-month closing high on Friday as U.S. employers cut fewer jobs than expected last month and consumers showed signs of shedding their penny-pinching ways.


Summary Box: Consumer borrowing up in January (AP)
AP - BORROWING UP: Consumer credit rose by $4.96 billion in January, breaking a record string of 11 consecutive declines.
Lawmaker is working to improve loan modifications (AP)
AP - A key lawmaker is working with banks, regulators and the Obama administration on a new way to boost the government's struggling foreclosure prevention effort by encouraging banks to reduce the total amount borrowers owe.


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