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JPMorgan now cutting up to 14,000 jobs

JPMorgan Chase & Co said it is cutting up to 14,000 jobs, more than previously disclosed, as it tries to reduce costs in the face of a slumping economy and higher credit losses.

Obama budget eyes boost to cybersecurity funds

The budget proposed by President Barack Obama includes funding aimed at improving the security of U.S. private and public computer networks. The document called for $355 million in funding for the Department of Homeland Security to make private and public sector cyber infrastructure more resilient and secure. The money would help support the operations of the National Cyber Security Division, as...

Oil rises 5 percent on OPEC, U.S. demand

U.S. oil prices jumped more than 5 percent to over $44 a barrel on Thursday on expectations OPEC will cut output again and on signs of a rebound in gasoline demand in top consumer the United States. U.S. crude for April delivery gained $2.20 to trade at $44.70 a barrel by 1:45 p.m. EST. London Brent crude rose $1.60 to $45.89 a barrel. Support also came from U.S. government data released on Wedn...

Fayyad seeks $1.3 billion to rebuild Gaza after war

The Palestinian Authority is to ask foreign governments on Monday for $1.33 billion to repair and renew homes, industry and other facilities in the Gaza Strip after last month's Israeli offensive.

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Thousands protest in Pakistan over Sharif ruling

Thousands of supporters of former Pakistan premier Nawaz Sharif protested on Thursday, a day after a court ruling to exclude him and his brother from elected office raised fears of renewed political turmoil.

Taliban say want peace with Afghans, NATO troops out

The Taliban are willing to work with all Afghan groups to achieve peace, but the problems of Afghanistan can only be solved if foreign troops withdraw from the country, a senior insurgent leader said.

China decries U.S. criticism of its rights record

China denounced on Thursday U.S. criticism of its human rights record in an annual tit-for-tat exchange, saying the United States should put its own house in order first.

Obama budget plan forecasts $1.75 trillion deficit

the largest share since 1945 when the country ran a shortfall of 21.5 percent of GDP.The budget was scheduled to be released at 11 a.m. EST but the White House released it early after details began to leak out in the news media.In 2010, the deficit would dip to a still-huge $1.17 trillion, but Obama promised to get the red ink under control within a few years through a combination of tax incre...

A bruised Warren Buffett looks ahead

Warren Buffett has some explaining to do. Berkshire Hathaway Inc, his insurance and investment company, is in the midst of one of its worst stretches since Buffett took over the company in 1965.

Wall St. jumps on bank optimism and energy

Stocks rose on Thursday as news the Obama administration may request more money to shore up banks added to optimism that Washington would not nationalize major banks. Federal Reserve Chairman Ben Bernanke on Wednesday reinforced the Obama administration's pledge that a bank rescue would not involve seizure of major banks. Optimism about the banks overshadowed another dose of fresh data that sho...

Oil rises above $44 after UAE cuts Asia supply

Oil rose above $44 a barrel on Thursday after the United Arab Emirates announced deeper cuts in crude supply to Asia for April in a possible signal that OPEC will cut output further at its next meeting in March.

GM posts deep loss, auditors may question viability

General Motors Corp posted a loss of nearly $31 billion on Thursday for 2008 and said its auditors were likely to cast doubt on its viability as it seeks an expanded federal bailout to stay afloat. Revenue plunged by more than a third to $30.8 billion. GM burned through more than $5 billion in the fourth quarter and ended the year with $14 billion in cash, including the first $4 billion in loans ...

A bruised Warren Buffett to look ahead in letter

and companies including Harley-Davidson Inc . Berkshire teamed up on at least two of the investments with Chris Davis's money management firm Davis Selected Advisers LP. Buffett looks like he was, at best, early when he announced in October that he was plowing all his personal investments other than Berkshire shares into U.S. stocks. He has admitted error before. After 1999, a bad...

U.S. January new home sales slump to record low

Sales of newly built U.S. single-family homes slumped to a record low in January, while prices fell to their weakest level in five years, according to a government report on Thursday that highlighted the continued distress in the housing market. Economists polled by Reuters had forecast sales at a 330,000 rate in January. The median sales price in January tumbled 13.5 percent to $201,100 from a ...

Ford says liquidity adequate amid downturn

Ford Motor Co, which has not sought U.S. government emergency aid, said on Thursday it has adequate liquidity amid worsening industry conditions and has no doubt about its ability to continue as a going concern.

UK rules out charges against Pentagon hacker

but the target and the damage were transatlantic. MILITARY NETWORKS McKinnon is accused of causing the entire U.S. Army's Military District of Washington network of more than 2,000 computers to be shut down for 24 hours. He has told Reuters he was just a computer nerd who wanted to find out whether aliens really existed and became obsessed with trawling large military networks for proof. At the...

Key senator says 'agnostic' on expanding Fed power

U.S. Senator Christopher Dodd, chairman of the Senate Banking Committee, said on Wednesday he was agnostic about expanding the Federal Reserve's supervisory powers but has concerns about the central bank's ability to adequately protect consumers.

Uncle Sam Bank not open for bank business, yet

Just as Wall Street was coming to grips with the notion that bank nationalization might be inevitable, U.S. officials have come out strongly against an idea that strikes at the heart of America's capitalist model.

Wall St. rises at open as banks offset data

Stocks rose at the open on Thursday as investors snapped up financial shares following news the Obama administration may request more money to shore up banks. Reassuring news on the banking sector from Europe also buoyed sentiment, offsetting grim U.S. government data that showed the labor market worsening and a slide in durable goods orders. Citigroup rose 11.5 percent to $2.81 while ...

Top solar companies offer dour view of 2009

Three of the world's top solar power companies on Tuesday offered a dour view of the industry as it struggles with a dearth of funding options for new projects that has driven up supplies and sent prices on solar panels falling.

U.S. workers on jobless benefits at record high

The number of U.S. workers continuing to receive state jobless aid jumped to record high in mid-February, data showed on Thursday, as the 14-month recession ravaged the economy and squeezed companies. The worsening domestic and global economic slump also pushed new orders for long-lasting manufactured goods to a six-year low in January. Companies are trying to costs amid slumping demand and tight ...

Banks to lift Wall St. at open but data bleak

Stocks headed for a higher open on Thursday as investors searched for beaten-down shares, with financial shares set to rebound following reassuring news from Europe on bolstering the banking sector. The government released more bleak news on the economy, however, as one report showed the number of U.S. workers continuing to claim jobless benefits notched a fresh record in the second week of Februa...

JPMorgan sees home equity losses and 12,000 WaMu cuts

JPMorgan Chase & Co said it expects losses of $1 billion to $1.4 billion in each quarter of 2009 tied to its non-credit-impaired home equity loan portfolio. The second-largest U.S. bank also said on Thursday that falling home prices may result in more borrowers with home equity loans owing more than their residences are worth. It said this could affect 35 percent to 39 percen...

GM posts massive loss, auditor may question viability

General Motors Corp posted a nearly $31 billion loss on Thursday for 2008 and said its auditors were likely to cast doubt on its ability its viability as it seeks an expanded federal bailout to stay afloat. GM, which asked for up to $30 billion of U.S. government aid, posted losses in all of its major units during the fourth quarter and it burned through $6.2 billion of cash. Revenue plunged by mo...

U.S. jobless claims up and continued claims at record

The number of U.S. workers continuing to claim jobless benefits notched a fresh record in the second week of February, Labor Department data showed on Thursday, while new claims for aid were the highest since 1982. The number of people remaining on the benefits roll after drawing an initial week of assistance increased by 114,000 to a 5.112 million in the week ended February 14, the most recent we...

RBS posts record loss as UK insures toxic assets

Royal Bank of Scotland reported the biggest loss in British history on Thursday and said the government's stake could rise as high as 95 percent after it stumped up billions to insure risky bank assets.

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