Fed Needs Clear Low-Rate Pledge or

Federal Reserve Bank of Chicago President Charles Evans said the central bank needs a clear low- rate commitment or a third round of purchases of Treasuries and mortgage bonds to further stimulate a still struggling economy.
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Bernanke Moves Fed Toward More Openness - Bloomberg

Ben S. Bernanke achieved one of his primary goals as Federal Reserve chairman yesterday by setting a numeric goal for inflation, advancing his legacy of greater transparency at the world

Analysts: New software won’t save Blackberry maker

In the trend-setting North American market, BlackBerry phones have gone from must-have messaging toys to outdated clunkers _all in the space of a few years. The new CEO of Research In Motion Ltd., the company behind the phones, says it can claw its way back to the top with new software, but analysts are deeply […]

9 eurozone nations downgraded by S&P

Standard & Poor’s said Friday that it has downgraded the credit ratings of nine euro area governments, including AAA-rated France and Austria.
S&P lowered its rating for Italy, Spain, Portugal and Cyprus by two notches. The move means Italian bonds are now rated BBB+, dangerously close to the junk bond level that could make […]

Holland Construction Services starts renovations

Holland Construction Services Inc. started extensive renovations at Memorial Care Center at 4315 Memorial Drive in Belleville.
The $6 million project includes an upgrade to the center’s exterior façade and indoor renovations of 34,000 square feet.
The renovations will involve 56 patient rooms, administrative offices, dining, living and reception rooms and a therapy area. Shower rooms, utility […]

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Sarkozy scrambles to salvage Cannes summit

French President Nicolas Sarkozy will hold emergency talks Wednesday with European leaders in a last-ditch bid to salvage his Group of 20 meeting of world leaders this week after the shock decision by Greece’s prime minister to put his country’s financial rescue to a popular vote.
Sarkozy’s summit in the sun on the Cote d’Azur now […]

BSkyB profit up despite TV subscriptions slowdown

British Sky Broadcasting PLC, in which Rupert Murdoch’s News Corp. has a large minority stake, saw its first quarter profits rise further as increasing sales of telephone and broadband packages offset a slowdown in new television subscriptions
The company said Wednesday that profit on continuing operations in the three months to end-September rose by 24 percent […]

Eurozone set to struggle over Greek bailout

Finance ministers from the 17 euro countries will grapple over Greece’s ever-worsening debt crisis, a day after Athens revealed its deficit will be higher than previously promised.
Meeting the budget targets is a precondition for getting the next euro8 billion ($10.8 billion) installment of the country’s first, euro110 billion bailout.
Although the ministers have already said they […]

Canadian economy shrinks as exports stall

The Canadian economy stalled in the second quarter, contracting slightly as exports dropped amid the global economic slowdown.
Statistics Canada said Wednesday that Canadian gross domestic product shrank 0.1 per cent in the three months ended June 30, or at an annualized pace