World News Center
The Treasury's New Research Office (BusinessWeek)
September 9, 2010BusinessWeek - Don't expect an Elizabeth Warren-style campaign for the first director of the Office of Financial Research, yet another agency set up under the financial system overhaul. Unlike the pending decision over who will lead the Consumer Financial Protection Bureau, which has prompted online petitions and a viral rap video in support of the Harvard law professor, the competition over who will be the head of the research office is a wonks-only affair. ...
India car sales hit all-time high in August (AP)
September 9, 2010AP - Car sales in India surged to a record for a second straight month in August on strong demand before the holiday season, despite rising prices and supply constraints.
Obama firm, won't yield on tax hike for wealthiest (AP)
September 9, 2010
AP - Politically weakened but refusing to bend, President Barack Obama insisted Wednesday that Bush-era tax cuts be cut off for the wealthiest Americans, joining battle with Republicans — and some fellow Democrats — just two months before bruising midterm elections.
Regret, apology not part of BP's oil spill report (AP)
September 9, 2010
AP - BP's long-awaited internal report on what it believes went wrong when a rig exploded and started the massive Gulf oil spill never mentions the words blame, regret, apology, mistake or pollution. The word fault shows up 20 times, but only once in the same sentence as the company's name.
Bankers urge government to pull plug on Fannie, Freddie (Reuters)
September 9, 2010Reuters - The federal government should take mortgage finance giants Fannie Mae and Freddie Mac off life support sooner rather than later, the Mortgage Bankers Association urged on Wednesday.
Coffee hits 13-year high; retail prices also up (AP)
September 9, 2010AP - Coffee prices hit a 13-year high Wednesday, extending a rally that has sent prices up about 43 percent in the past three months.
Bank of Korea keeps interest rate near record low (AP)
September 9, 2010
AP - South Korea's central bank left its key interest rate near a record low Thursday for a second straight month as the risk of slowing global growth outweighed a buoyant outlook for the local economy.
FDIC's Bair warns of government "exposure" in mortgages (Reuters)
September 9, 2010Reuters - A key U.S. banking regulator raised concern on Wednesday about the risk of "exposure" the government is taking on in the mortgage market and urged more stringent standards for underwriting mortgages.
Summary Box: Ireland to split Anglo Irish Bank (AP)
September 9, 2010AP - SPLIT: Ireland plans to split its most troubled financial institution, Anglo Irish Bank, into a "good" deposit bank and a "bad" toxic-debt bank. The move comes as the nation seeks to reassure international lenders that it is dealing with the Irish debt crisis.
Spartech posts fiscal 3Q loss, misses expectations (AP)
September 9, 2010AP - Plastic sheet and packaging maker Spartech Corp. reported a net loss for its fiscal third quarter on Wednesday and said that despite higher revenue, the overall market recover is slower than expected.
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