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Reuters - President-elect Barack Obama has selected Timothy Geithner as Treasury secretary, charging the respected head of the New York Federal Reserve with pulling the United States out of an economic nosedive, NBC news reported on Friday.
Reuters - President-elect Barack Obama will name New York Federal Reserve president Timothy Geithner as his Treasury Secretary, major media reported on Friday, sparking a late-day stock market rally and helping assuage concerns about a power vacuum in Washington.
AP - President-elect Barack Obama is likely to name Timothy Geithner, president of the New York Federal Reserve, as Treasury Secretary in a time of intense economic turmoil as he rounds out the upper echelon of his Cabinet, a senior Democratic official familiar with the deliberations said Friday.
AP - Only four months after peaking at an unheard of $4.11 a gallon, the national average price for gasoline tumbled below $2 Friday, its lowest point in more than three years. Yet the global economic contrast between then and now could not be more stark.
AFP - President-elect Barack Obama is set to appoint New York Federal Reserve chief Timothy Geithner as his Treasury secretary to take charge of fixing the parlous economy, a report said Friday.
Reuters - Timothy Geithner, the president of the New York Federal Reserve Bank, is expected to be tapped by President-elect Barack Obama to be the next secretary of the U.S. Treasury, NBC News and the Wall Street Journal reported on Friday.
Politico - President-elect Barack Obama is expected to tap New York Federal Reserve President Timothy Geithner as Treasury secretary on Monday — or earlier, sources say.
Reuters - Wal-Mart Stores Inc , which is gaining market share amid a global economic downturn, said Lee Scott will retire as chief executive early next year and will be succeeded by Mike Duke, who heads its international operations.
AFP - Fears of more mass job cuts from the global economic crisis grew Friday as India warned half a million could be lost in its textile industry and concerns mounted of a possible collapse of US automakers.
Reuters - U.S. households could cut spending on Christmas gifts by about 11.3 percent this year, the Conference Board said on Friday, as the worst economic crisis since the Great Depression erodes consumer wealth.
AFP - US President George W. Bush began Friday his last scheduled foreign trip, meeting the leader of increasingly important China ahead of a summit aimed at containing a spiraling financial crisis.
Reuters - Passage of a broad economic stimulus bill, including tax cuts, will be a top priority of the next Congress when it convenes in January, House of Representatives Speaker Nancy Pelosi said on Friday.
AFP - US President George W. Bush signed into law a bill to extend unemployment benefits over the Christmas holiday period and major federal lenders will freeze home foreclosures until the New Year, officials said Friday.
Reuters - Research In Motion's high-end BlackBerry Bold smartphone is selling "really well," the company's co-CEO said on Thursday, even as an analyst warned RIM would not be immune from the slowing economy.
AP - Billionaire investor Warren Buffett says U.S. automakers need a new business model to better compete, whether it takes bankruptcy or a government bailout to achieve.
AP - The European Commission urged the 27 EU governments Friday to boost public spending and provide tax breaks to help industry overcome the accelerating economic slowdown that has already pushed several countries into a recession.
Reuters - U.S. consumers expect the unemployment rate to rise steeply in a prolonged recession, and as a result have slashed spending plans, according to a survey released on Friday.
Reuters - Rhode Island and Michigan had the highest unemployment rates of all U.S. states in October, at 9.3 percent, the Labor Department said on Friday in a report showing that jobless rates rose across the country.
Reuters - Goldman Sachs on Friday lowered its U.S. growth forecast citing a fiscal policy stagnation, record increase in unemployment and a sharp decline in profits, deepening and extending the expected recession.
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