Oil prices briefly surpassed $69 a barrel Tuesday, gaining strength from a rally in gasoline futures and declarations from Iran's president that the country had successfully enriched uranium for the first time.
Gasoline prices are surging again with summer on the horizon, pushing or even passing $3 a gallon in some places. Meanwhile, drivers aren't expected to ease off on their mileage, sending demand higher than last year — but they are grumbling.
Oil prices moved close to $68 a barrel and gasoline also moved upward after the US government released data showing a decline in domestic supplies of motor fuel. Although crude stocks increased, tension between the West and Iran, violence in Nigeria
China should gradually reduce its holdings of US debt and can stop buying dollar-denominated bonds, Cheng Siwei, a vice chief of China's parliament said. Hiss comments sent the dollar lower against the euro and yen and pushed down US bonds.
More than half of all workers say they've saved less than $25,000 toward retirement, according to the Washington, D.C., based research group. Even among workers 55 and older, more than four in 10 have retirement savings under $25,000.
A Senate panel is poised to approve President Bush's request for more money for military operations in Iraq and Afghanistan, but only after adding billions of dollars in additional hurricane aid and relief for drought-stricken farmers.
Consumer bankruptcy filings plunged in the first quarter to their lowest level in 20 years, as a tough new law enacted in October made it harder to erase debts, fresh data show. However, since shortly after the law went into effect, filing rates have
General Motors Corp. on Monday said it had agreed to sell a 51 percent stake in its financing arm, General Motors Acceptance Corp., to a consortium led by hedge fund Cerberus Capital Management LP for $14 billion, payable over three years.
Oil prices appear headed back toward $70 a barrel, a level not seen since Hurricane Katrina battered the Gulf Coast and sporadic shortages sent gasoline at the pump above $3 a gallon nationwide. [Elections around the corner.]
A pair of senators just back from a trip to China said they hoped to talk with Treasury Secretary Snow before deciding whether to go ahead with a Friday vote on their bill threatening to punish China with a 27.5% trade tariff if it does not revalue
So rapid is the rise of the US national debt, that the last four digits of a giant digital signboard counting the moving total near New York's Times Square move in seemingly random increments as they struggle to keep pace.
General Motors Corp. is expected to start cutting thousands of US salaried workers as part of a sweeping restructuring aimed at stemming losses and market share, a source close to the situation said. Cuts will be in the engineering division, the sour
A number of Middle Eastern central banks said they would seek to switch reserves from the US greenback to euros. The United Arab Emirates said it was considering moving one-tenth of its dollar reserves to the euro, while the governor of the Saudi Ara
[rotsa ruk!] 2 US lawmakers leading congressional efforts to pressure China into revaluing its currency have begun talks by warning they remain worried over the lack of progress on the yuan. Could impose a hefty tariff of 27.5% on its US-bound export
If the nation's real estate boom collapses, its first victims may well be low-income minorities and immigrants in a big US city like Boston. That is the picture emerging here as foreclosures rise and the housing prices falter. More than one-quart
Seeking to consolidate time as House Members slogged through dozens of proposed amendments to the $91.9 billion emergency spending bill, Republican leaders resurrected a tactic that hadn't been used in nearly 20 years: speed voting.
[The payback and interest rate's a bitch!] The US Senate approved a $781 billion increase in US borrowing authority aimed at averting a possible government default on debt this month. No Democrats voted for raising the debt limit, leaving Republi
A $2.8 trillion election-year budget blueprint that narrowly passed the Senate forsakes President Bush's tax cuts and Medicare curbs and smashes his cap on spending, disappointing GOP loyalists anxious to see their party stem the flow of federal
In the wake of the Dubai ports imbroglio, some lawmakers are saying the US needs to rethink its openness. Rep. Duncan Hunter is demanding that all "critical infrastructure" be owned and managed by American citizens.
The most complete scorecard of the US' international trade performance deteriorated to a record $804.9 billion deficit in 2005, the
Commerce Department said. The "current account" deficit, including trade in goods, services and investm
Between 1989 and 2000, the electronic display near Times Square tracked the rise of the nation's red ink until it reached $5.7 trillion. When it shut down, the federal budget was running a surplus. Today, the national debt totals $8.3 trillion, a
A sweeping expansion of social programs since 2000 has sparked a record increase in the number of Americans receiving federal government benefits such as college aid, food stamps and health care. Analysis of 25 major government programs found that en
The central bank governor of the United Arab Emirates suggested the country may switch up to 10% of its $22.5 billion in currency reserves into euros, in a sign of fallout from Congress' hostility to the acquisition of some U.S. ports by a Dubai-
South Korea's Kia Motors Corp says it will set up a 1.2-billion-dollar plant in Georgia, as its parent Hyundai Motor Group seeks to globalize its production base. Kia Motors, the second-largest automaker here next to its sister company Hyundai M
A landmark US deal extending nuclear technology to India could open up $100 billion in business for Americans in the Indian energy sector. India is currently barred under US and international law from acquiring foreign nuclear technology because it r
Gulf investors, feeling scorched by what they see as an anti-Arab backlash in the US Congress, will likely be wary of high-profile investments in the US after the ports controversy with a Dubai company. [Wait until they demand Euros for oil!]
The US, while eager to denounce trade protectionism in others, is no slouch at throwing up barriers to foreign companies when its national interest is at stake. Treasury Secretary John Snow said the controversy was an "isolated instance" th
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