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WASHINGTON (AP) – The credit card companies seem to have few friends on Capitol Hill these days, with even the most business-minded lawmakers siding with consumers in speaking out against steep rate hikes and fees.The House was expected to pass, possibly as early as today, a bill that would enact sweeping new restrictions on the… Continue Reading Senate sides with consumers, supports credit card bill

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American Express to cut 4,000 jobs

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NEW YORK – American Express said Monday it is eliminating about 4,000 jobs as part of a plan to slash another $800 million in costs for the remainder of the year.The layoffs represent about 6 percent of the New York-based credit card issuer’s current global work force. Many of the affected workers were notified in… Continue Reading American Express to cut 4,000 jobs

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WASHINGTON (AP) – President Barack Obama’s new fuel and emission standards for cars and trucks will save billions of barrels of oil but are expected to cost consumers an extra $1,300 per vehicle by the time the plan is complete in 2016. Obama planned to announce today the first-ever national emissions limits for vehicles, as… Continue Reading Obama to announce auto mileage, emissions standards

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CHICAGO (AP) – Lowe’s Cos. Inc. said Monday that its fiscal first-quarter profit fell 22 percent but still managed to top Wall Street’s expectations as it cut prices on fewer items.The news, along with a better-than-expected second-quarter outlook and an increased full-year outlook, sent the company’s shares higher in morning trading. The nation’s second-biggest home-improvement… Continue Reading Lowe’s beats Wall Street prediction with 22% profit drop

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(A.P.) – The housing market may be sputtering, but Habitat for Humanity International is getting a $100 million gift from an Atlanta developer who said his work has offered him a look at the struggle of poor people to find decent housing.The nonprofit group announced today it received the largest individual contribution in its history,… Continue Reading Habitat for Humanity gets $100 million gift

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(A.P.) – New jobless claims rose more than expected last week due partly to an increase in layoffs by the automobile industry, while the number of people continuing to receive unemployment benefits set a record for the 15th straight week The Labor Department said Thursday the number of new claims rose to a seasonally adjusted… Continue Reading Jobless claims rise more than expected to 637,000

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Retail sales drop in April

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WASHINGTON (AP) – Retail sales fell for a second straight month in April, a disappointing performance that raised doubts about whether consumers were regaining their desire to shop. A rebound in consumer demand is a necessary ingredient for ending the recession. The Commerce Department said Wednesday that retail sales fell 0.4 percent last month. Many… Continue Reading Retail sales drop in April

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(A.P.) The U.S. trade deficit rose during March for the first time since last July as the global recession cut sharply into sales of American exports. The Commerce Department reported that the deficit widened to $27.6 billion during the month, slightly lower than the $29 billion gap that economists had forecast. The March deficit was… Continue Reading Trade deficit widens to $27.6 billion in March

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First-class postage climbs 2 cents

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WASHINGTON (AP) – The post office wants two more pennies for your thoughts. The price of a first-class stamp for mailing a letter – or paying a bill – climbed to 44 cents Monday, though folks who planned ahead and stocked up on Forever stamps will still be paying the lower rate. It’s the third… Continue Reading First-class postage climbs 2 cents

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USOC spokesman Seibel steps down

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(A.P.) Darryl Seibel announced his resignation as chief communications officer at the U.S. Olympic Committee today, the fourth executive to leave the federation since the end of the Beijing Games. Seibel, 41, said he would leave June 5 to pursue new professional opportunities but would offer consulting help on some projects, including the search for… Continue Reading USOC spokesman Seibel steps down

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