UNITED STATES

Treasury tallies $10 billion for mortgage mods

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Six large U.S. banks could pocket nearly $10 billion in federal subsidies if they modify troubled home loans and are able to save homeowners from foreclosure, the Treasury Department said on Wednesday.

U.S. to release bank stress data in May

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The U.S. government will release some results of its bank stress tests in May with the goal to stabilize the ailing banking sector, the White House said on Wednesday.
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U.S. again declines to brand China currency manipulator

The Treasury Department on Wednesday declined to label China a currency manipulator, retreating from tough talk last year when a campaigning Barack Obama said Beijing had kept its currency's exchange rate unfairly low.
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Latin America urged against protectionism

Latin American leaders and executives urged governments in the region on Wednesday to stop erecting trade barriers, saying the financial crisis was a chance to tackle problems that have long hindered the region's competitiveness.
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Weak data offers some glimmers of hope

U.S. consumer prices fell in March, posting their first 12-month drop in nearly 54 years, and industrial production slipped further, according to data on Wednesday that underscored the severity of the recession.
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U.S. declines, again, to brand China manipulator

The Treasury Department on Wednesday declined to name China a currency manipulator, backing down from tough talk last year when Barack Obama, then campaigning for president, said Beijing was keeping its currency unfairly low.
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Microsoft says EU antitrust deadline extended

Microsoft Corp confirmed on Wednesday a report that it had received a one-week extension from EU antitrust regulators to respond to charges that it had sought to thwart rivals by bundling its web browser with Windows systems.
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Obama wants climate bill mindful of WTO rules: Kirk

The Obama administration wants to ensure that legislation being crafted by Congress to fight global climate change does not violate international trade rules and backfire on U.S. exports, the top U.S. trade official said in a letter to a Republican lawmaker.
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Fed may need to be more open to appease Congress

The U.S. Federal Reserve may face uncomfortably close congressional scrutiny unless it can convince lawmakers that its job in the midst of a crisis is much bigger than merely raising and lowering interest rates.
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U.S. consumer pullback continuing

Many economists expect the U.S. recession to end in the second half of this year, but companies catering to consumers showed on Wednesday that the prolonged downturn and rising unemployment are taking a toll on business in the near term.
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Fiat CEO says other options to Chrysler deal

Fiat SpA's chief executive said there were other options to a partnership with troubled U.S. car maker Chrysler LLC although he still wanted seal the deal by the April 30 deadline set by Washington.
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Hyundai Motor sees no recovery sign yet

The global car industry is showing no convincing signs of recovery yet as sluggishness in developed economies has deeply dented demand, a Hyundai Motor Group vice chairman said on Wednesday.
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GM creditor cracks show as bankruptcy looms

The risk of a General Motors Corp bankruptcy is rising, causing bondholders to pursue independent strategies to protect their interests if GM's survival battle moves to bankruptcy court, two sources close to the government talks with GM said on Tuesday.
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Consumer prices fall as energy demand slumps

U.S. consumer prices fell in March, posting their first 12-month drop in nearly 54 years, and industrial production slipped further, according to data on Wednesday that underscored the severity of the recession.
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Consumer pullback seen continuing

Many economists expect the U.S. recession to end in the second half of this year, but companies catering to consumers showed on Wednesday that the prolonged downturn and rising unemployment are taking a toll on business in the near term.
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Roche reins new Management

Roche Holding AG said Tuesday it has completed its Genentech acquisition, setting up Genentech CEO Arthur Levinson as the chair Genentech’s new board.
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Abbott loses sales momentum

Abbott Laboratories Inc on Wednesday reported lower-than-expected quarterly sales, hurt by generic competition for its Depakote anti-seizure drug, but one-time gains and demand for stents drove profit higher.

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