News money 2008-06-28 Andanh.com

Dow falls more than 100 to close week with loss Sat, 28 Jun 2008 00:00:00 -0400
Wall Street ended a depressing week with another big loss yesterday, with the Dow Jones industrials falling more than 100 points amid ever-escalating worries about high oil prices and fallout from the credit crisis.

Elizabeth Duke confirmed at Fed Sat, 28 Jun 2008 00:00:00 -0400
Elizabeth Duke, a Virginia community banker nominated for the Federal Reserve Board of Governors, was confirmed by the Senate for a vacancy at the central bank. The Senate confirmed Duke yesterday for a term ending in 2012 as the chamber adjourned for its July 4 recess.

After-tax incomes, spending show gains Sat, 28 Jun 2008 00:00:00 -0400
Millions of economic stimulus payments sent after-tax incomes surging in May by the largest amount since a similar recession-fighting effort by President Gerald R. Ford 33 years ago. All the extra money helped to push consumer spending up by the largest amount in six months, but economists warned the boost would likely prove short-lived given all the other problems facing consumers at present. The Commerce Department reported yesterday that after-tax disposable incomes jumped by 5.7 percent in May, the biggest one-month gain since a 6.3 percent increase in May 1975 when Ford was president.

KB Home loss widens to $255.9 million Sat, 28 Jun 2008 00:00:00 -0400
KB Home, one of the nation's largest homebuilders, reported a larger second-quarter loss yesterday, as weak sales and falling home prices led to a 55 percent drop in revenue. The company reported a loss of $255.9 million, or $3.30 per share, for the three months that ended May 31. A year ago, it lost $148.7 million, or $1.93 per share. Revenue plunged to $639.1 million from $1.41 billion in the year-ago period.

Prominent lawyer gets 5 years Sat, 28 Jun 2008 00:00:00 -0400
Richard "Dickie" Scruggs, who became one of the wealthiest civil lawsuit attorneys in the country by taking on tobacco, asbestos and insurance companies, was sentenced yesterday to five years in prison for conspiring to bribe a judge. U.S. District Judge Neal Biggers Jr. called Scruggs' conduct "reprehensible" and fined him $250,000, plus the cost of his incarceration. The judge handed down the full sentence requested by prosecutors despite arguments from the defense for half that time in prison.

Delta adds frequent-flier fee Sat, 28 Jun 2008 00:00:00 -0400
Delta Air Lines Inc. will add fuel surcharges of as much as $50 for frequent-flier tickets. Delta will charge $25 to redeem award tickets for U.S. and Canada travel, and $50 for international flights.

Winners focused on raw goods Sat, 28 Jun 2008 00:00:00 -0400
2Q fund gains in commodities

The rising commodities prices that have created so many headaches for consumers and businesses in recent months managed to reward some mutual fund investors in the second quarter, giving them the only healthy gains in a generally dismal market.

FCC cable rules change upheld Sat, 28 Jun 2008 00:00:00 -0400
U.S. appeals court backs bid to ease local franchise competition

A federal appeals court upheld yesterday the Federal Communications Commission's authority to set rules meant to make it easier for new cable TV competitors to gain local franchises.

Merchants to expand on former GM site Sat, 28 Jun 2008 00:00:00 -0400
The 80-year-old Merchants Terminal Corp. is expanding with a $25 million development of a new perishable foods distribution warehouse in Chesapeake Commerce Center, the former site of the General Motors van assembly plant on Broening Highway in Southeast Baltimore.

Business Calendar Sat, 28 Jun 2008 00:00:00 -0400
Tuesday May construction spending

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