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Saturday, 19 May 2012 16:01
Is GOP trying to sabotage economy to hurt Obama?
Written by MyFxCentral Team
WASHINGTON (AP) — Are Republican lawmakers deliberately stalling the economic recovery to hurt President Barack Obama's re-election chances? Some top Democrats say yes, pointing to GOP stances on the debt limit and other issues that they claim are causing unnecessary economic anxiety and retarding growth.The latest Democratic complaint came after House Speaker John Boehner said Tuesday that when Congress raises the nation's borrowing cap in early 2013, he will again insist on big spending cuts to offset the increase. Boehner, R-Ohio, continues to reject higher tax rates, which Democrats demand from the wealthy.That led Sen. Chuck Schumer, D-N.Y., to say
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Saturday, 19 May 2012 16:01
Fire risk brings recall of nearly 87,000 Jeeps
Written by MyFxCentral Team
DETROIT (AP) — Chrysler is recalling nearly 87,000 Jeep Wranglers in the U.S., Canada and elsewhere due to a risk of fires.U.S. safety regulators say the recall affects only Wranglers from the 2010 model year with automatic transmissions.Debris can get caught between a transmission plate and the catalytic converter, causing a fire.Chrysler will fix the problem free of charge by replacing the plate with a bar so debris doesn't get trapped.The company knows of at least 14 complaints of fires caused by the problem. Chrysler says it doesn't know of any injuries.The 2010 Wranglers affected by the recall were built…
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Saturday, 19 May 2012 16:01
Obama to Congress: Put in place banking rules now
Written by MyFxCentral Team
WASHINGTON (AP) — President Barack Obama says the big trading loss at JPMorgan Chase shows the need to finally put in place banking rules he signed into law two years ago. He also is calling on Congress to stop trying to weaken the regulations.The $2 billion loss has renewed calls by Democratic lawmakers for tougher rules on major financial institutions."Without Wall Street reform, we could have found ourselves with the taxpayers once again on the hook for Wall Street's mistakes," Obama said in his weekly media address Saturday. He added: "We've got to finish the job of implementing this reform
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Saturday, 19 May 2012 16:01
20,000 march at Frankfurt Occupy protest rally
Written by MyFxCentral Team
BERLIN (AP) — At least 20,000 people held a major rally of the local Occupy movement in Frankfurt on Saturday to decry austerity measures affecting much of Europe, the dominance of banks, and what they call untamed capitalism.The protesters peacefully filled the city center of continental Europe's biggest financial hub on a warm and pleasant afternoon, said Frankfurt police spokesman Ruediger Regis. He said 20,000 people were there, while organizers put the number at 25,000.The protest group, named Blockupy, has called for blocking access to the European Central Bank, which is located in Frankfurt's business district.Organizer spokesman Roland
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Saturday, 19 May 2012 16:01
Obama: G-8 leaders put focus on eurozone crisis
Written by MyFxCentral Team
CAMP DAVID, Md. (AP) — The United States and other members of the Group of Eight industrial nations agree that Europe's financial crisis must be addressed with a mix of growth and austerity measures, President Barack Obama said Saturday as leaders gathered for a shirt-sleeve discussion that also will cover world concerns about ups and downs in oil prices."All of us are absolutely committed to making sure that growth and stability and fiscal consolidation are part of an overall package," Obama said as he and other leaders gathered in a rustic cabin at this wooded presidential retreat.Obama was referring to
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Saturday, 19 May 2012 16:01
Fire risk prompts recall of nearly 87,000 Jeeps
Written by MyFxCentral Team
DETROIT (AP) — Chrysler is recalling nearly 87,000 Jeep Wranglers in the U.S., Canada and elsewhere due to a risk of fires.The recall affects only Wranglers from the 2010 model year that have automatic transmissions and were built before July 14, 2010, the National Highway Traffic Safety Administration said in documents posted Saturday on its website.Debris can get caught between a plate that protects the transmission and the catalytic converter, causing a fire. A catalytic converter is part of the exhaust system and uses heat and precious metals to control pollution.Chrysler knows of at least 14 complaints of fires caused
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Saturday, 19 May 2012 16:01
Obama wants new banking rules put in place soon
Written by MyFxCentral Team
WASHINGTON (AP) — President Barack Obama says the big trading loss at JPMorgan Chase shows the need to finally put in place banking rules he signed into law two years ago. He also is calling on Congress to stop trying to weaken the regulations.The $2 billion loss has renewed calls by Democratic lawmakers for tougher rules on major financial institutions."Without Wall Street reform, we could have found ourselves with the taxpayers once again on the hook for Wall Street's mistakes," Obama said in his weekly media address Saturday. He added: "We've got to finish the job of implementing this reform
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NEW YORK (AP) — Authorities in China have approved Google Inc.'s bid to buy phone maker Motorola Mobility, clearing the way for the $12.5 billion deal to close early next week.But Chinese regulators attached a big condition: That Google's Android operating system for mobile devices remain available to all at no cost for the next five years.The approval brings the Internet search giant closer to sealing its biggest acquisition ever. Buying Motorola allows Google to expand into manufacturing phones, tablet computers and other consumer devices for the first time. The deal also gives Google access to more than 17,000 Motorola
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Saturday, 19 May 2012 09:57
Obama: More teeth needed for Wall Street reforms
Written by MyFxCentral Team
WASHINGTON (AP) — President Barack Obama says the big trading loss at JPMorgan Chase shows the need for Congress to put more teeth into Wall Street reforms intended to prevent the practices that led to the 2008 financial meltdown.The $2 billion loss has renewed calls by Democratic lawmakers for tougher rules on major financial institutions."Without Wall Street reform, we could have found ourselves with the taxpayers once again on the hook for Wall Street's mistakes," Obama said in his weekly media address Saturday. He added: "We've got to finish the job of implementing this reform and putting these rules in
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Saturday, 19 May 2012 09:57
G-8 leaders put focus on European financial crisis
Written by MyFxCentral Team
CAMP DAVID, Md. (AP) — Leaders of the world's economic powers say Germany should balance its push for European fiscal austerity with doses of stimulus spending to avoid a financial calamity with global repercussions.The Group of Eight leaders, meeting over the weekend at the Camp David presidential retreat, are trying to figure out how to tame Europe's debt crisis while also increasing the demand for goods and spurring job growth.In talks Saturday, President Barack Obama and leaders of Germany, France, Canada, Italy, Britain, Russia, and Japan were looking to build consensus even though a decisive plan of action seemed out
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