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Monday, June 30

Fred Business News - Burger King backs new kids' meal

by maba on Mon 30 Jun 2008 06:00 PM EDT

Fred Business News - The clown trying to win your mother's heart has a new rival and this guy's royalty.

After watching its bigger rival McDonald's Corp. try to woo mothers and grab a share of the family budget, Burger King Corp. -- known for its edgy ads featuring a man with an oversize plastic king mask -- is launching a new marketing and promotional campaign Monday targeted to moms.

"A large part of our customer base is parents with children," said Russ Klein, president of global strategy, ... more »

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Sunday, June 29

Fred Business News - Senate holiday on housing rescue

by maba on Sun 29 Jun 2008 09:01 AM EDT

Fred Business News -After failing to approve an omninbus housing rescue package this week, the Senate is scheduled take up the bipartisan-supported bill again the week of July 7.

What dragged the bill down this week had little to do with the substance of foreclosure relief. Instead it was stymied by a procedural maneuver on Wednesday by Sen. John Ensign, R-Nev., who is pushing a series of energy tax breaks, and a backlog of legislation that the Senate was scrambling to complete before its July 4 recess.

... more »

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Friday, June 27

Fred Business News $7.5 billion - weekly stimulus bounty

by maba on Fri 27 Jun 2008 06:00 PM EDT

Fred Business News - The Treasury Department said Friday that it sent out 9.7 million economic stimulus checks this week, totaling $7.5 billion. Only two weeks remain until the majority of the stimulus payments are distributed, according to the Treasury Department.

Since April 28, the Treasury has distributed 94.85 million stimulus payments, totaling $78.3 billion, in the government's effort to revitalize the nation's slackening economy.

The government's stimulus effort is providing some relief for consumers. The Commerce Department said Friday that individual income shot up 1.9% in ... more »

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Thursday, June 26

Fred Business News - Closing the book on Countrywide

by maba on Thu 26 Jun 2008 06:00 PM EDT

Fred Business News - Time will tell if Bank of America's purchase of Countrywide Financial Corp. winds up being a bargain or a boondoggle.

Shareholders of the troubled mortgage lender approved Bank of America's (BAC, Fortune 500) all-stock offer by a majority vote Wednesday, removing the final hurdle to the deal and ending Countrywide's days as an independent. Countrywide said it expected the deal to close on July 1.

But lately, some analysts have suggested that Bank of America may suffer a classic case of buyer's remorse once ...   more »

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Wednesday, June 25

Fred Business News- New home sales near historic lows

by maba on Wed 25 Jun 2008 06:00 PM EDT

Fred Business News - New home sales remained near historically low levels in May, as the housing market continues to struggle with a huge oversupply of housing inventory.

The Census Bureau reported Wednesday that May sales of new single-family homes came in at a seasonally adjusted annual rate of 512,000, down 2.5% from April's revised reading of 525,000.

"The market is still very much in distress," said Jared Bernstein of the Economic Policy Institute. "We are closer to the bottom than we were a year-and-half ago, but we're ...   more »

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Tuesday, June 24

Fred Business News -Toyota rethinks U.S. sales goals

by maba on Tue 24 Jun 2008 06:00 PM EDT

Fred Business News - Toyota may scale back its ambitious target of selling more vehicles in the United States this year than it did in 2007, as damage from an economic slowdown and soaring oil prices becomes more fully known.

Surpassing the 2.62 million vehicles the company sold last year in the U.S. - its biggest market - would be difficult, Executive Vice President Tokuichi Uranishi told a shareholders meeting Tuesday, according to Toyota spokesman Paul Nolasco.

The world's No. 2 automaker announced in December that it was ...   more »

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Monday, June 23

Fred Business News - America's untapped oil

by maba on Mon 23 Jun 2008 06:00 PM EDT

Fred Business News - Oil companies and many lawmakers are pressing to open up more U.S. land for drilling. But the industry is drilling on just a fraction of offshore areas it already has access to.

Of the 90 million offshore acres the industry has leases to, it is estimated that upwards of 70 million are not producing oil, according to both Democrats and oil-industry sources.

If all these areas were being drilled, U.S. oil production could be boosted by nearly 5 million barrels a day, up from ...   more »

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