Consumer borrowing falls $11.5 billion
in February WASHINGTON (AP) -- Consumer borrowing
fell again in February, reflecting weakness in credit cards and auto loans. Analysts
said the sharp reduction showed that the weak economy is still making consumers
hesitant to take on more debt. The Stock slide punctures 2-month streak of
gains NEW YORK (AP) -- A late-day slide broke
the stock market's recent calm Wednesday after concerns grew that shares are
overheated. A mix of concerns including a drop in
consumer borrowing and a slide in oil prices hit a market that analysts said
has been looking tired. The Dow Jones industrial average fell 72 points to
10,897.52 after repeated attempts this week to cross the psychological
threshold of 11,000, a level it hasn't seen in 18 months. The Dow fell by more than 100 points
during trading for the first time since Feb. 25. Bernanke: Housing, jobs biggest
economic hurdles WASHINGTON (AP) -- Problems in the
housing market and high unemployment are the biggest economic challenges the
nation faces, After suffering through the worst
recession since the 1930s, the economy seems to have stabilized and is growing
again, Bernanke said. But he warned of rising foreclosures and problems with
the job market. Record-low interest rates should help
foster the recovery, the Fed chief said in remarks to business people in
Dallas. But economic growth won't be robust enough to quickly drive down the
jobless rate, he indicated. GM ready to repay govt loan, sees
chance of profit DETROIT (AP) -- GM said it lost $3.4 billion in the
fourth quarter of 2009 on revenues of $32.3 billion. But things are on the
upswing. Sales and production have increased and GM has gained U.S. market
share since the start of the year. The automaker will try to maintain that
momentum while facing a stiff challenge from a revitalized For the period from July 10, when GM
emerged from bankruptcy protection after shedding billions in debt, through
Dec. 31, GM lost $4.3 billion on revenues of $57.5 billion. But much of that
loss was for one-time items, including a $2.6 billion payment to the Monsanto sees 2nd-qtr profit fall 19
percent KANSAS CITY, Mo. (AP) -- When Monsanto
said three years ago it would double its annual profit by 2012, the company was
making a bold bet on its future -- selling biotech seeds rather than old-line
chemicals. Now, the company's past is catching up
with it. And the future of biotech seed is looking tougher than imagined. On Wednesday, Chief Executive Hugh
Grant said for the first time Wednesday that Monsanto won't likely hit its 2012
goal. The reason is twofold. Unexpected losses in the herbicide division are
dragging down the rest of the company, and farmers don't seem willing to pay a
premium price for next-generation biotech seeds. More CEOs see job increases than losses NEW YORK (AP) -- For the first time in
two years, more CEOs expect to be adding jobs than cutting jobs. A survey released Wednesday by the
Business Roundtable, an association of CEOs of big U.S. companies, says 29
percent of chief executives expect to increase corporate payrolls over the next
six months, while 21 percent predict that their work forces will shrink. Half
see no change in jobs. That's the first time since the first
quarter of 2008 that more CEOs have expected to increase jobs rather than
shrink them. In the fourth quarter of 2009, only 19 percent expected their
payrolls would grow, while 31 percent predicted a declining work force and half
expected jobs to hold steady. Jobless rates drop or hold steady in
most areas WASHINGTON (AP) -- Unemployment rates
fell or remained unchanged in two-thirds of the 372 largest U.S. metro areas in
February. The news adds to evidence that the job market is improving. The Labor Department's report offers a
brighter picture compared with the previous two months, when the jobless rate
rose in most areas. Unemployment fell in 189 metro areas in
February. That compares with only three in January, though the report that
month was distorted by an annual data revision. The rate fell in only 41 metro
areas in December. SEC seeks tighter rules on asset-backed
securities WASHINGTON (AP) -- Federal regulators
proposed new, stricter rules Wednesday for asset-backed securities, the bundles
of loans that helped spark the market's collapse in 2008 and nearly brought
down the financial system. The Securities and Exchange Commission
voted 5-0 to propose that Wall Street firms that package and sell asset-backed
securities be required in most cases to hold at least 5 percent of the packaged
loans -- mortgages, credit cards, auto loans -- on their own books. With some "skin in the game"
in the form of exposure to risk, the thinking goes, the firms would be more
careful to ensure that borrowers are properly screened. Oil settles lower as report shows ample
supplies Oil prices eased back Wednesday on a
report showing crude inventories grew more than expected last week and that
supplies of gasoline were still well above average. Benchmark crude for May delivery fell
96 cents to settle at $85.88 a barrel on the New York Mercantile Exchange. The
contract rose 22 cents to settle at $86.84 on Tuesday after hitting an 18-month
high of $87.09 a barrel. Oil might be due for a break. Crude
prices have jumped from $69 in early February on signs that the global economy
is gaining strength and demand for gasoline and diesel fuel will rise. Denali projects Alaska gas pipeline
cost at $35B JUNEAU, Alaska (AP) -- A massive
endeavor to move natural gas from Alaska's North Slope to North American
markets will cost an estimated $35 billion, according to a plan unveiled
Wednesday, potentially setting the stage for a high-stakes showdown with a
competing pipeline project and the state. Details of the Denali project, a joint
effort of Denali proposes a pipeline of more than
1,700 miles, with delivery points along the way to help meet gas needs in
Alaska and Canada. It bills the project, which includes a gas treatment plant
on the harsh North Slope, as "one of the largest private investments in
the history of North America." By The Associated Press The Dow fell 72.47, or 0.7 percent, to
10,897.52. The Standard & Poor's 500 index
fell 6.99, or 0.6 percent, to 1,182.45, while the Benchmark crude for May delivery fell
96 cents to settle at $85.88 a barrel on the New York Mercantile Exchange. The
contract rose 22 cents to settle at $86.84 on Tuesday after hitting an 18-month
high of $87.09 a barrel. In other Nymex trading in May
contracts, heating oil lost 2.44 cents to settle at $2.2439 a gallon, and
gasoline gave up 3.36 cents to settle at $2.3147 a gallon. Natural gas fell 7.7
cents to settle at $4.019 per 1,000 cubic feet. In London, Brent crude dropped 56 cents
to settle at $85.59 on the ICE futures exchange.