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LOS ANGELES (Reuters) - Thomas O'Brien, the U.S. Attorney for California's Central District, is emerging as a likely prosecutor in criminal cases expected from the U.S. mortgage meltdown.
In the past, he has faced gang members in court and since becomin..
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WASHINGTON (Reuters) - The U.S. government on Sunday seized control of mortgage finance companies Fannie Mae (NYSE:FNM - News) and Freddie Mac (NYSE:FRE - News), in what could be the biggest federal bailout in U.S. history in a bid to support the U.S. ho..
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NEW YORK (Reuters) - Bears have reigned supreme on Wall Street so far in September thanks to growing concern about economies worldwide, but their grip on stocks faces a big challenge after the U.S. government's weekend seizure of control of mortgage fina..
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NEW YORK (Reuters) - For weeks the U.S. economy appeared to be approaching the light at the end of a tunnel, but now it seems the light may be an oncoming train.
Falling oil prices and surprisingly robust second quarter economic growth had convinced som..
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WASHINGTON (Reuters) - An unexpectedly steep 84,000 U.S. jobs were lost in August and the national unemployment rate hit a five-year high of 6.1 percent, fanning worry ahead of November's presidential vote about rising recession risks.
The eighth straig..
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NEW YORK (Reuters) - U.S. stock futures sharply extended losses on Friday as a government report showed the U.S. economy shed 84,000 jobs in August, significantly more than economists had expected, and the unemployment rate climbed to a 4-1/2-year high...
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HELSINKI (Reuters) - The world's top mobile phone maker Nokia (Helsinki:NOK1V.HE - News) warned on Friday that the soft global economy, tough competition from rivals and a weak handset portfolio would hit its market share in the third quarter.
Nokia sha..
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HOUSTON (Reuters) - U.S. economic growth is softening amid still fragile financial markets, but it is not clear that this will curb inflation as hoped, a top Federal Reserve official said on Thursday.
"While it seems pretty clear that economic momentum..
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SALT LAKE CITY, Utah (Reuters) - U.S. economic growth will be "subpar" in the second half of the year and interest rates must be set at levels that reflect the "substantial headwinds" facing the economy, San Francisco Federal Reserve Bank President Janet..
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NEW YORK (Reuters) - The dominant U.S. service sector improved last month and businesses boosted productivity in the second quarter but the labor market continues to struggle, government reports on Thursday showed.
The Labor Department said business pro..
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NEW YORK (Reuters) - Stock index futures fell further on Thursday after a government report showing an unexpected jump in the number of people filing for jobless benefits added to concern about the U.S. labor market.
Even so, another report showing that..
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WASHINGTON (Reuters) - New orders at U.S. factories jumped more than expected in July, a government report showed on Wednesday, but U.S. automakers reported dismal sales in August, raising fears of renewed economic headwinds.
Factory orders rose 1.3 per..
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WASHINGTON (Reuters) - U.S. economic activity was slow in August amid slack consumer spending, the Federal Reserve said on Wednesday, while one official warned the credit crunch had offset low Fed interest rates.
"Many described business conditions as '..
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WASHINGTON (Reuters) - Economic activity has been slow across most of the United States in recent weeks, but there has been some relief from high commodity and energy prices, the Federal Reserve said on Wednesday.
"The pace of economic activity has been..
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NEW YORK (Reuters) - Stocks slipped in choppy trade on Wednesday as signs of increasingly sluggish growth in the world economy left investors worried about the outlook for consumer spending and corporate profits.
Tech bellwethers such as Intel Corp (Nas..
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NEW YORK/PARIS (Reuters) - Major economies on both sides of the Atlantic are increasingly vulnerable to each other's weakness, as the euro zone teeters on the brink of recession while the United States is barely muddling through, data showed on Wednesday..
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LONDON (Reuters) - Oil fell below $109 a barrel on Wednesday, weighed down by slowing demand in the United States and other consuming nations and signs the U.S. oil sector would recover quickly from Hurricane Gustav.
U.S. crude traded down $1.44 to $108..
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NEW YORK (Reuters) - Wall Street is set for another volatile week after the Labor Day holiday, as investors track Hurricane Gustav, the price of oil, key economic data and continued fallout from the credit crisis.
Gustav initially came roaring into the..
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WASHINGTON (Reuters) - In aggressively responding to the year-long credit crisis in the United States, the Federal Reserve has threatened its key responsibility of combating inflation, one of its leaders said on Monday.
"The current stance of policy, wh..
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HOUSTON (Reuters) - Energy companies waited anxiously on Monday as Hurricane Gustav lurched across the nation's largest concentration of oil platforms and refineries in the biggest threat to fuel supplies since 2005.
Nearly all of the oil and gas produc..
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