World News Center
Debris in relief well sets back work on gusher (AP)
July 31, 2010
AP - Tropical Storm Bonnie left crews working to plug the Gulf oil gusher a little memento that is expected to push their work back about a day.
Obama: Detroit auto bailout was unpopular, but it worked (The Christian Science Monitor)
July 31, 2010The Christian Science Monitor - President Obama used a visit to Michigan Friday to argue the case that despite its unpopularity, his 2009 bailout of the Detroit auto industry has worked.
Kerry says he mishandled furor over yacht taxes (AP)
July 31, 2010
AP - Sen. John Kerry said he always intended to pay taxes in Massachusetts on his $7 million yacht but conceded he mishandled the public furor over his decision to dock the vessel in tax-free Rhode Island.
Cleanup of Mich. river oil spill will take months (AP)
July 31, 2010
AP - Officials investigating the cause of a huge oil spill along a major river in southern Michigan say it will take months to clean up the mess, and damage to wetlands and wildlife may last considerably longer.
Glimcher offering raises $96M after costs (AP)
July 31, 2010AP - Real estate investment trust Glimcher Realty Trust said Friday a recently completed public offering of 16.1 million common shares generated about $96 million, after commissions, discounts and expenses.
Reverse Mortgages Aren't Catching On (U.S. News & World Report)
July 31, 2010U.S. News & World Report - The reverse mortgage industry, hammered for high fees and high pressure sales tactics, has steadily improved its procedures and its image. Loan fees and interest rates have been lowered, consumer disclosure has improved, and the federal government's insured reverse mortgage program has provided stability and credibility to the industry. A-list lenders have expanded their presence in the market; Wells Fargo and Bank America are the nation's top two reverse mortgage lenders.
IMF lowers Spain growth forecast, warns of 'fragile' rebound (AFP)
July 31, 2010
AFP - The IMF on Friday lowered its 2011 growth forecast for the Spanish economy to 0.6 percent from the 0.9 percent it foresaw in April and warned the recovery "is likely to be weak and fragile."
Citigroup paying $75M to settle civil charges (AP)
July 31, 2010
AP - Banking titan Citigroup Inc. is paying $75 million to settle civil charges that it misled investors about its potential losses from subprime mortgages as the housing bust hit in 2007.
Dollar sinks to 8-month low vs yen as growth slows (AP)
July 31, 2010AP - Weakening U.S. economic growth and worried comments from Federal Reserve officials drove the dollar to an 8-month low Friday against the Japanese yen.
Merck's 2Q net drops on higher costs, charges (AP)
July 31, 2010
AP - Drugmaker Merck & Co. on Friday reported a 52 percent drop in second-quarter net income, weighed down by big restructuring charges from buying Schering-Plough Corp., generic competition and other factors.
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