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July 11, 2007 · Some communities around the U.S. are busy creating their own currencies, hoping to give local businesses a chance to compete against big box retailers. The local currency in Ithaca, N.Y. is called "Ithaca Hours." They are bought with U.S. dollars and can be traded with local shops for products or services.
The budget deficit will drop to $205 billion in the fiscal year ending in September.
S&P; expects more delinquent and defaulted home loans. Moody's cut ratings on subprime-related debt.
July 11, 2007 · Since Big Macs are sold in about 120 countries, they can be used as a yardstick to compare currency values. The undervalued yuan in China means buying a Big Mac there only runs the equivalent of a $1.45. On the other hand, Norwegians shell out the equivalent of almost $7.
July 11, 2007 · In a recent article in Foreign Affairs magazine, economist Benn Steil says most national currencies should be eliminated because they end up being manipulated by politicians, and do more economic harm than good.
July 10, 2007 · The Chicago Board of Trade voted to join forces with the Chicago Mercantile Exchange, which pursued CBOT for months and shelled out nearly $12 billion. The merger creates the world's largest one-stop futures and options market for everything from interest rates to pork bellies.
July 9, 2007 · Some consumer advocates say oil companies are overcharging customers by $2 billion a year because they don't adjust their pumps when gasoline expands during the higher summer temperatures.
July 9, 2007 · According to some estimates, gasoline expands so much in the hot summer months that consumers pay as much as 10 cents more per gallon for "ghost gas" that they don't actually get. A group of Democratic House and Senate lawmakers have asked the National Conference on Weights to consider setting new standards for gas at their meeting Tuesday.
July 9, 2007 · Shareholders of the Chicago Board of Trade are due to vote on merging with the Chicago Mercantile Exchange. The deal faced an uncertain fate until the Mercantile Exchange increased its bid to more than $11 billion from the $8 billion initially put forth in October.
July 6, 2007 · Employers boosted payrolls by a better-than-expected 132,000 jobs in June, enough to keep the unemployment rate at a relatively low 4.5 percent. It was another sign that the economy is snapping out of a nearly yearlong sluggish spell. The latest picture of the nation's employment climate also showed that workers had solid gains in wages last month.
July 6, 2007 · Fuel costs are rising, while general population growth and the use of crops such as corn for biofuels is pushing up food prices. Some estimates predict the price increases are long-lasting and could stoke broader inflationary pressures.
July 6, 2007 · The parent of the Chicago Mercantile Exchange raised its offer to $11.3 billion to buy the cross-town Board of Trade for the third time Friday, just three days ahead of the shareholder vote that will determine the fate of the long-planned acquisition. The sweetened bid is aimed at fending off for good a challenge by IntercontinentalExchange.
July 5, 2007 · Visits to the United States from countries outside of Canada and Mexico totaled 21.7 million in 2006 — that is down 17 percent from a peak of 26 million in 2000, according to Commerce Department figures. The decline comes at a time when cross-border travel around the world is up 20 percent.
July 5, 2007 · Europe is the world's largest producer, consumer, importer and exporter of wine. But competition from new world producers and complex regulations has created a surplus that has led to quality problems. The European Union's top farm chief unveiled a plan to save the troubled industry.
July 4, 2007 · An Arizona company has overcome significant hurdles toward building the first new U.S. oil refinery in three decades. But it still can't get financing or an assured supply of oil. With a push for bio-fuels and ethanol, big oil seems reluctant to spend billions for conventional refining — which could keep supplies tight and prices high.
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Productivity is expected to be low as workers call in sick so they can celebrate Independence Day.
An advocacy group is taking issue with the marketing of toys related to the Transformers.
Universal Music Group has declined to sign a long-term deal with Apple's iTunes.
The Vice Fund is an investment vehicle that puts money into tobacco, alcohol, gambling stocks.
Should the recent dive in the Dow Jones index act as a wakeup call for those who play the market?
Buffett, 76, says he's won't quit anytime soon, but is looking for someone to take on his portfolio.
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