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Yahoo! News: Business News

Safety agency under spotlight in House hearing (AP)
Thu, 11 Mar 2010 09:06:22 GMT

A panel of experts answer questions during a live webcast  Monday, March 8, 2010, at Toyota Headquarters in Torrance, Calif. Toyota, dogged by millions of recalls and claims that it still has not fixed its safety problems, assembled a group of experts who said studies by an Illinois professor who revved Toyota engines simply by short-circuiting the wiring were flawed because they created conditions that would never happen on the road. (AP Photo/Bret Hartman)AP - Toyota's massive recalls are bringing new scrutiny to the government's auto safety agency, prompting Congress to look at how federal safety officials have lived up to their mission of protecting motorists.


Foreclosure rates up by smallest amount in 4 years (AP)
Thu, 11 Mar 2010 06:17:29 GMT

A pre-foreclosure sign is displayed outside a home in Miami, Florida in 2009. The US home mortage sector remains under siege -- as recent huge losses reported by government-run Fannie Mae and Freddie Mac show -- from high unemployment and troubled loans.(AFP/Getty Images/File/Joe Raedle)AP - The foreclosure crisis isn't over, but the pace of growth may finally be slowing down.


Asian stocks post tepid gains; Europe lower (AP)
Thu, 11 Mar 2010 08:57:10 GMT

Investors look at  a stock price monitor at a private securities company Wednesday, March 10, 2010 in Shanghai, China. Chinese shares have ended a three-day rally and fell amid uncertainty about the direction of government policy as investors awaited February data.  The benchmark Shanghai Composite Index shed 20.21 points, or 0.7 percent, to close at 3,048.93.  (AP Photo/Eugene Hoshiko)AP - Asian stock markets posted tepid gains Thursday as China's burst of inflation tempered confidence in the regional economic rebound. European shares opened lower.


Greece paralyzed by strike over austerity plan (AP)
Thu, 11 Mar 2010 09:10:01 GMT

Members of Greece's main GSEE trade union hold a mock funeral with a coffin standing for the Greek economy surrounded by wreaths from Greece's international partners in central Athens on Wednesday, March 10, 2010. GSEE unionists joined with protesting workers laid off from former state carrier Olympic Airlines and have occupied the government's General Accounting Office for the past week. Greek unions are holding a nationwide general strike Thursday to protest public spending cuts aimed to help the country out of a crippling debt crisis. (AP Photo/Marita Pappa)AP - Greek public transport was halted, flights grounded and state hospitals left with emergency staff only on Thursday as workers held yet another general strike to protest painful spending cuts.


Senate passes $149 billion for jobless aid (Reuters)
Thu, 11 Mar 2010 04:45:06 GMT
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.
BP to pay $7 billion for exploration rights (AP)
Thu, 11 Mar 2010 09:11:14 GMT
AP - Oil company BP PLC said Thursday it will pay $7 billion to acquire exploration rights in Brazil, Azerbaijan and the Gulf of Mexico from Devon Energy Corp.
SEC chief economist leaving (AP)
Wed, 10 Mar 2010 00:25:02 GMT
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.
Senate passes jobless aid, business tax breaks (AP)
Thu, 11 Mar 2010 00:03:39 GMT

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.


Kali+Salz' Q4 net income falls 93 pct to $22M (AP)
Thu, 11 Mar 2010 07:44:15 GMT
AP - German salt and fertilizer company Kali+Salz AG said Thursday that its fourth-quarter net income plunged 93 percent to euro16 million ($22 million) as the downturn significantly affected demand in global agricultural markets.
U.S. warns EU of rift over fund regulation: report (Reuters)
Thu, 11 Mar 2010 09:00:03 GMT
Reuters - U.S. Treasury Secretary Tim Geithner has written to the European Commission warning that plans to regulate hedge funds and private equity firms could cause tensions with Washington, the Financial Times reported.
Quinn seeks income tax hike for schools (AP)
Wed, 10 Mar 2010 19:47:33 GMT

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.


Japan to fight global trade ban on Atlantic bluefin tuna (AFP)
Thu, 11 Mar 2010 08:48:56 GMT

Fishermen are seen hauling out tuna after a catch in southern Spain. Japan will oppose a proposed global trade ban on Atlantic bluefin tuna, which has won EU and US backing ahead of an international conference, according to the top government spokesman.(AFP/File/Jose Luis Roca)AFP - Japan vowed Thursday to fight a global trade ban on Atlantic bluefin tuna, the pricey mainstay of sushi and sashimi, as Europe and the United States step up moves to protect the species.


Wal-Mart spent $1.78 million lobbying in 4Q (AP)
Wed, 10 Mar 2010 23:00:52 GMT
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)
Wed, 10 Mar 2010 15:00:52 GMT

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.


ND oil rig count tops 100 (AP)
Wed, 10 Mar 2010 23:50:17 GMT
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.
Toyota subsidiary Daihatsu recalls 275,000 vehicles (AFP)
Thu, 11 Mar 2010 07:23:57 GMT

A model is seen in a Daihatsu HSC during an international motor show. Daihatsu Motor Co., a subsidiary of embattled Toyota, said on Thursday it was recalling almost 275,000 vehicles due to possible defects, the latest in a raft of problems hitting Japanese carmakers.(AFP/DDP/File/Sascha Schuermann)AFP - Daihatsu Motor Co., a subsidiary of embattled Toyota, said Thursday it was recalling almost 275,000 vehicles due to possible defects, the latest in a raft of problems hitting Japanese carmakers.


Real Estate's Link to the Small Business Credit Crunch (BusinessWeek)
Wed, 10 Mar 2010 13:08:46 GMT
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. ...

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 Word of the day 

Merriam-Webster's Word of the Day for March 11, 2010 is:

will-o'-the-wisp • \will-uh-thuh-WISP\  • noun
1 : a light that appears at night over marshy ground *2 : a misleading or elusive goal or hope

Example sentence:
Though her friends think she's chasing a will-o'-the-wisp, Alexis is determined to quit her job and follow her dream of becoming a pop music star.

Did you know?
The will-o'-the-wisp is a flame-like phosphorescence caused by gases from decaying plants in marshy areas. In olden days, it was personified as "Will with the wisp," a sprite who carried a fleeting "wisp" of light. Foolish travelers were said to try to follow the light and were then led astray into the marsh. (An 18th-century fairy tale described Will as one "who bears the wispy fire to trail the swains among the mire.") The light was first known, and still also is, as "Ignis Fatuus," which in Latin means "foolish fire." Eventually, the name "will-o'-the-wisp" was extended to any impractical or unattainable goal.

*Indicates the sense illustrated in the example sentence.

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