Archive for August 7th, 2008

Stocks slumped Thursday as investors eyed reports showing higher consumer borrowing costs, weaker spending and more financial sector woes and opted to step back.

Read full story for latest details.

Citigroup's decision to buy back more than $7 billion in auction-rate securities as part of a settlement with state and federal regulators may not be another huge problem for the beleaguered bank.

The U.S. Environmental Protection Agency announced Thursday it will not curtail a rule requiring that ethanol be added to gasoline, turning back criticism that the additive was artificially raising food prices.

Read full story for latest details.

Retailers faced tight-fisted consumers in July as $92 billion worth of stimulus checks from the government ran dry, signaling more trouble ahead if the economy doesn't pull out of its morass.

Oil bounced off a three-month low Thursday to settle higher for the first time this week amid renewed concerns about supply from the Middle East.

Two months into his new job, American International Group chief Robert Willumstad is struggling to undo the mistakes of his predecessors, the hard-charging Hank Greenberg and the hapless Martin Sullivan.

City officials and community activists can't wait to get their hands on nearly $4 billion the federal government is about to inject into blighted neighborhoods suffering from record foreclosures.

Read full story for latest details.