Government may soon back troubled mortgage giants
Web-posted 9/06/2008
The government is expected to take over Fannie Mae and Freddie Mac as soon as this weekend in a monumental move designed to protect the mortgage market from the failure of the two companies, which together hold or guarantee half of the nation's mortgage debt, a person briefed on the matter said Friday night.
Silver State Bank in Nevada is shut
Web-posted 9/06/2008
Regulators on Friday shut down Silver State Bank, saying the Nevada bank failed because of losses on soured loans, mainly in commercial real estate and land development.
Boeing, machinists talks fail; Union to strike
Web-posted 9/06/2008
Despite a 48-hour contract extension, negotiations between Boeing Co. and Machinists union officials failed Friday and the union said a strike was set to begin at 12:01 a.m. PDT Saturday.
As unemployment spikes, companies weigh options
Web-posted 9/06/2008
U.S. companies have cut more than 550,000 jobs so far in 2008 as they try to preserve their profits in a slumping economy, but analysts say such downsizing must be done carefully for corporations to have any long-term benefits.
Stocks mostly rise as investors snap up financials
Web-posted 9/06/2008
Wall Street wrestled with intensifying economic worries Friday, extending sharp losses after a disheartening jobs report and then grudgingly engaging in some mild bargain hunting that gave the market some modest gains. The major indexes ended the week with big declines, a sign that investors, who not long ago expected the economy to improve, are now growing increasingly discouraged.
Unemployment climbs to 5-year high of 6.1 percent
Web-posted 9/06/2008
The nation's unemployment rate bolted above the psychologically important 6 percent level last month for the first time in five years — and it's likely to go even higher in the months ahead, possibly throwing the economy into a tailspin as Americans pick a new president.
Oil prices drop as jobs data add to demand worries
Web-posted 9/06/2008
Oil prices sank to a five-month low Friday as a jump in the U.S. unemployment rate signaled to traders that Americans might keep paring back their energy use to save money.
Home loan troubles break records again
Web-posted 9/06/2008
The source of trouble in the mortgage market has shifted from subprime loans made to borrowers with bad credit to homeowners who had solid credit but took out exotic loans with ballooning monthly payments.
Google reigns as world's most powerful 10-year-old
Web-posted 9/06/2008
When Larry Page and Sergey Brin founded Google Inc. on Sept. 7, 1998, they had little more than their ingenuity, four computers and an investor's $100,000 bet on their belief that an Internet search engine could change the world.
GE may face civil action on securities violations
Web-posted 9/06/2008
General Electric Co. said Friday it has been informed that the Securities and Exchange Commission may recommend fines and other action for possible violations of securities law related to accounting changes the company made.
