US Sells Bunker Busters to SKorea
The United States has agreed to equip South Korea with 'bunker buster' bombs capable of destroying underground facilities of North Korea.
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Still No Signals of Recession’s End
The U.S. economy isn’t convincingly pulling out of recession, according to the Dow Jones Economic Sentiment Indicator, which was published Monday.
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GM Bankruptcy Marathon Finally Begins
A GM affiliate in New York has submitted its bankruptcy request as the giant US automakers gears up to use the process to secure its reorganization.
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GM to File Chapter 11 Bankruptcy
General Motors Corp. president and Chief Executive Officer Fritz Henderson have scheduled a news conference in New York on Monday, when the Detroit automaker is expected to file Chapter 11 bankruptcy, according to media reports Sunday.
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California may Close 220 State Parks
A proposal by the California governor to cut budget would shut down 220 out of 279 California state parks to save about $143.4 million in the following fiscal year.
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GM Makes New Offer to Ease Bankruptcy
US auto giant General Motors says if its bondholders accept the company's bid to sell its assets under bankruptcy protection law, they will be offered 10 percent of GM's stocks.
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New Calif Budget Cuts Hit Poor Families
Gov. Arnold Schwarzenegger on Tuesday proposed eliminating welfare for 500,000 families and terminating health coverage for nearly 1 million children to help close the state's ballooning budget deficit.
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Budget Crises Swamp State after State
When the University of Southern California’s juggernaut football team opens its season in September, could the Trojans be playing at the Taco Bell Coliseum?
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Shell Accused of Complicity
Royal Dutch Shell will revisit one of the darkest periods of its history tomorrow as a potentially groundbreaking court case opens in New York.
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Mass Layoffs Hit US Cities
The slowing economy has made large-scale layoffs common. According to a new report from the U.S. Bureau of Labor Statistics, there were 3,489 mass layoffs in the first quarter of the year, eliminating 559,000 jobs. These big payroll cuts accounted for more than a fourth of the 2.1 million jobs lost during the period. Some areas of America are feeling the pain of mass firings more than others.
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US Bank Closures Hit 36 this Year
Two Illinois banks have been closed by regulators, bringing to 36 the total number of US bank failures so far this year.
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Fewer Americans Travel over Memorial Day Weekend
Millions of Americans are traveling over the Memorial Day despite the worst economic downturn in decades, but apparently not as many as in past years.
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US Unemployment Rate Overtakes EU's
Concern over job losses in the US mounts as latest figures project a sharper rise in America's unemployment rate than that of Europe.
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US Stocks Tumble on Credit Rating
Stocks fell in late trading on Wall Street for the fourth day on a weaker dollar with concerns that the US government's credit rating is in danger.
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On the Brink, California Eyes Public Service Cuts
California Governor Arnold Schwarzenegger has called for less public spending in a bid to prod the sinking economy after voters turned down his budget scheme.
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Small US Banks could Lose $100 bln
More than 900 small and midsized US banks could face losses of 100 billion dollars by the end of 2010 if the economy continues its course of fast freefall.
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US Housing Starts, Permits at Record Low
US housing starts and permits plunged to record lows in April, questioning expectations that the real-state sector was on the road to stabilization.
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Last Budget Push for Crisis-hit California
Embattled California Governor Arnold Schwarzenegger tries to keep his head above the water, pushing ahead with his six state budget propositions.
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Recession Causing High Anxiety for US Students
School's out, surf's up, summer beckons. Time for college students to see if they can stay afloat in the worst economy their generation has known.
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Budget Cuts Mean Locked Doors, Wasted Trips
Government furloughs idled New Jersey's motor vehicle offices Monday, leaving new drivers unable to pick up learner's permits, more than 2,400 employees with an unpaid day off and Tom McCabe resigned to making a second trip to get a title for his motorcycle.
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GM to Close Venezuelan Assembly Plant
As it edges closer to the precipice, the US auto giant General Motors (GM) is announces the 'temporary' closure of its Venezuelan plant, reports Bloomberg on Saturday.
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Calif to Sacrifice Education for Economy
California has proposed to cut school days from five to seven days early, as the golden state struggles to last the economic firestorm by introducing budget cuts.
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US April Foreclosures Rise 32 percent
The number of U.S. households faced with losing their homes to foreclosure jumped 32 percent in April compared with the same month last year, with Nevada, Florida and California showing the highest rates, according to data released Wednesday.
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Another Mega-thief Walks Free in US
While the US criminal justice system is notoriously punitive and heavy-handed when it comes to crimes of theft and trespass, its collective heart melts when it comes up against a mega-criminal.
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California Budget Deficit Doubled
The state budget deficit has nearly doubled in the past two months, climbing past $15 billion, Gov. Arnold Schwarzenegger disclosed Monday.
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US Budget Deficit Soars to $1.8tn
The US government has sharply revised its budget deficit for 2009 up by $89bn to $1.8tn - out of an overall budget of almost $4tn - reflecting the nation's ongoing recession.
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GM Bankruptcy Almost Inevitable
For General Motors Corp., the task at hand is so difficult that experts say a Chapter 11 bankruptcy filing is all but inevitable.
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White House: No Job Growth Until 2010
President Obama’s chief economics forecaster said on Sunday that the country was not likely to see positive employment growth until 2010, even if the economy began to grow later this year.
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Clinton Fundraiser Guilty of Fraud
A former fundraiser for the Democratic Party and Hillary Clinton's presidential campaign has pleaded guilty to running a fraudulent multimillion-dollar investment scheme.
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US Tests 'to Show Bank Deficits'
Financial regulators in the US are expected to tell some of the country's major banks to find additional capital in case of a greater financial downturn than initially expected.
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US Unemployment Hits 25-year High
A US government report says the US economy lost 539,000 jobs in April, catapulting the unemployment rate to 8.9 percent -- its highest point in a generation.
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Poll: Jews to Blame for US Recession
Results from a recent opinion poll show at least one third of Americans more or less blame the Jewish community for the current economic recession.
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US Private Sector Cuts 491,000 Jobs
The US private sector cut 491,000 jobs in April to reach the lowest level since November 2008, a report by ADP Employer Services has shown.
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White House: No Bailout for Newspapers
As US newspapers struggle with funding shortfalls, the White House says it is not going to ask Congress for bailout money for the ailing industry.
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Chrysler Bankruptcy has Dealers on Razor's Edge
Chrysler's car dealership network is on the verge of collapse, a U.S. bankruptcy court heard on Monday, as hundreds of dealerships have closed their doors this year and uncertainty about the company's future is driving consumers away.
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Lack of Housing, Funding, Dooms Many Mentally
The 47-year-old Richard Antwine ended up at a county jail, after another round of homeless shelters, boarding homes and psychiatric hospitals. This time, it was because he failed to report to his parole officer. He said he missed the appointment because he was hospitalized. He has severe depression and was hearing voices telling him to hurt himself. His court-appointed lawyer said he doesn't belong in jail. "Somebody dropped the ball somewhere," she said.
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'China Cancels America's Credit Card'
China, wary of the troubled US economy, has 'canceled America's credit card' by cutting down purchases of debt, a US congressman says.
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US Car Sales Take a Nosedive in April
US car sales declined further in April as shaky consumer confidence has weakened hopes of recovery for the beleaguered auto industry.
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Chrysler Could be Forced into Bankruptcy
A bankruptcy at Chrysler remained likely Wednesday as negotiators struggled against a Thursday deadline to restructure the ailing automaker, a source familiar with the talks told AFP.
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GM to Close more than 1,000 Dealers
General Motors Corp. told its dealers Tuesday that it will force 1,000 to 1,200 underperforming locations to close their doors as the automaker tries to thin dealer ranks to make the remaining outlets more profitable.
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Economy Hits Company Softball Teams
After the leadoff hitter flied out to left field, it was up to Kevin Stoyer to get the offense rolling.
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Angry Shareholders Seek Changes at Bank of America
Bank of America chief executive Ken Lewis and his board of directors face significant opposition heading into a shareholders' meeting on Wednesday, but experts and activists say the bank officials have one major advantage: The rules of the game are in their favor.
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Americans Accused of Fuel Theft in Iraq
A group of Americans have stolen $40 million worth of jet and diesel fuel from the United States military's most secure compound in Iraq.
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Protesters, Police Clash near IMF Meetings in DC
Seven people were arrested near the International Monetary Fund's Washington headquarters on Saturday as they tried to stop meetings taking place inside, police said.
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Geithner: US Responsible for Recession
The US Treasury Secretary Timothy Geithner admits that the US is accountable for the global economic crisis which has spread across the world.
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Arizona to Cut 5,500 School Jobs
In the US state of Arizona around 5,500 school employees, including 4,000 teachers at 120 schools, are on the verge of losing their jobs.
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US Jobless Claims Hit Record 640K
The number of Americans filing applications for jobless benefits has reached a record high of 640,000, the US Labor Department says.
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Stocks Face Stress Tests, Earnings, Fed
U.S. stocks may run into some turbulence next week as the impending release of bank "stress test" results, a Federal Reserve meeting and a flood of earnings will give investors some reasons for caution.
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Yahoo Announces New Job Cuts
Leading Internet search engine Yahoo has said it will cut 5 percent of its global workforce and plans a mandatory shutdown of operations.
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Fla County Declares Emergency over Economy
A South Florida county that rode high through the housing boom earlier this decade, and then crashed hard when the foreclosure crisis struck, declared a state of economic emergency on Tuesday.
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