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Daily Wrap Up - August 11

Soros Calls Bottom; Madoff Partner Charged, Cost of Using GM's Volt?

Eunice Kennedy Shriver dies at age 88

Eunice Kennedy Shriver, who emerged from a powerful male-dominated political family to found the Special Olympics and become a leading advocate of the mentally disabled, died on Tuesday at the age of 88.

Daily Wrap Up for August 11 - Energy

General Motors announced today that the Chevrolet Volt extended range electric car due out late 2010, would get an official EPA rating of more than 230 Miles Per Gallon in city driving. Duke Energy Corp, signed a memorandum of understanding with Chinese Huaneng Group to develop carbon capture and sequestration technologies.

Bad assets may need more support

The U.S. Treasury Department should consider expanding programs to cleanse troubled assets from bank balance sheets if current efforts fail to restart markets or if economic conditions worsen, a U.S. bailout watchdog panel said on Tuesday.

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Solar cell production seen growing 56 percent in 2009

Solar cell manufacturing capacity will grow 56 percent in 2009 despite weakened demand for renewable energy projects in the face of tight credit markets and a global economic recession, a report issued on Monday by research group DisplaySearch said.

Climate change fight seen costing $300 billion a year

Cutting greenhouse gas emissions to slow global warming and adapting to impacts such as droughts and rising sea levels are likely to cost about $300 billion a year, the top U.N. climate change official said.

How much it will cost to power the GM Chevy Volt?

After General Motors said today its plug in electric car, the Chevy Volt, would have a range of 230 miles per gallon in city driving, interest grew about whether its price tag of around $40,000 will truly bring savings to consumers savings on a daily basis.

Oil falls as U.S. data damps recovery hopes

Oil prices fell on Tuesday as doubts resurfaced over the pace of economic recovery after data showed another drop in U.S. wholesale business inventories and the U.S. government revised lower its forecast for global oil demand.

Summers says U.S. economy getting back to normal

White House economic adviser Larry Summers said on Tuesday the foundations for a return to growth had been laid and there were many signs economic life was getting back to normal.

Wall Street weighed down by financial stocks

Stocks fell on Tuesday after a prominent banking analyst warned the sector's fundamentals have yet to improve, and an unexpectedly large drop in wholesale inventories raised worries about an economic recovery.

Mid-Day Minute - August 11

Obama Attacks Health Firms; Madoff's Accomplice?; VMware's Big Grab

White House adviser Summers predicts slow recovery

White House advisers said on Tuesday that a foundation for U.S. economic recovery was being laid, but it will be a slow process.

U.S. economy has bottomed: George Soros

The U.S. economy has hit bottom and the current quarter will see positive growth due to the government's stimulus spending, billionaire financier George Soros said on Tuesday.

Visa and MasterCard look abroad for growth

Visa Inc and MasterCard Inc, the world's largest credit card networks, are counting on foreign markets for the growth that recession-bound U.S. consumers have been unable to provide.

U.S. productivity surges, inventories are lean

U.S. output per worker rose at its fastest pace in six years during the second quarter as businesses wrung more from shrinking staff in a sign that recovery from recession will be slow and unlikely to create a surge in hiring.

Financial stocks drag Wall Street down

Stocks slid on Tuesday after a prominent banking analyst warned that the sector's fundamentals have not yet improved, sparking a sell-off in bank shares.

Ashley Greene scandal pictures

Twilight actress Ashley Greene's scandal pictures and photos are said to have been spreading all over the internet like wildfire.

Lawyers propose $2.5 million bail for Madoff deputy

Bernard Madoff's long-time right-hand man, Frank DiPascali, should be released on $2.5 million bond and his travel restricted following an expected guilty plea to criminal charges later on Tuesday, according to a proposal by U.S. prosecutors and his lawyer.

Obama woos public on healthcare as debate heats up

President Barack Obama will seek to counter an onslaught of conservative opposition to his efforts to overhaul the U.S. healthcare system by taking his message to a town hall meeting with the public on Tuesday at a New Hampshire high school.

Oil falls 2 percent as U.S. data damps recovery hopes

Oil prices fell 2 percent on Tuesday as doubts resurfaced over the pace of economic recovery after U.S. data showed another drop in wholesale business inventories.

Wall Street falls as financials, data spark jitters

U.S. stocks slid more than 1 percent on Tuesday after an unexpectedly large drop in inventories at wholesalers raised doubts about an economic recovery and bank shares skidded after a prominent analyst warned that fundamentals for the industry have not improved.

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