CityTools general business

CityTools general business http://www.citytools.net Your news, your way. Stories on CityTools where either written by members or are existing stories shared by members. In the case of shared stories, all rights reside with the original creator. en 2008-09-08T17:21:29 2008-09-08T17:21:29 httpd:/www.citytools.net/essentials/rss_docs.html CityTools http://www.citytools.net/images/rss_logo.jpg http://www.citytools.net 182 35 citytools image In Crisis, Paulson's Stunning Use of Federal Power http://www.citytools.net/showstory/E3C53656-7D68-11DD-8240-F3337A10A9B7/ Hurricane Hank swept through nation's capital yesterday with gale force regulatory winds and a tidal surge of federal cash, upending two of Washington's biggest enterprises and permanently changing the landscape of housing finance in America. In wresting control of Fannie Mae and Freddie Mac, and in authorizing the Treasury to begin purchases of mortgage-backed securities, Secretary Henry M. Paulson Jr. has taken responsibility for assuring that low-interest loans will continue to flow into the country's hard-hit housing markets. Not since the early days of ...<a href="http://www.washingtonpost.com/wp-dyn/content/article/2008/09/07/AR2008090702486.html"> (more) </a><a href="http://www.washingtonpost.com/wp-dyn/content/article/2008/09/07/AR2008090702486.html">[original story]</a> OPEC considers cutting oil production http://www.citytools.net/showstory/AC944750-7D0C-11DD-8240-F3337A10A9B7/ VIENNA, Austria (AP) -- With oil prices off nearly 30 percent from their highs of almost $150 a barrel, OPEC oil ministers are considering what was unthinkable just a few weeks ago - cutting back output to prop up the price of crude....<a href="http://hosted.ap.org/dynamic/stories/O/OPEC_MEETING?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT">[original story]</a> A Sigh of Relief, but Hard Questions Remain on U.S. Economy http://www.citytools.net/showstory/F709BBEE-7D3E-11DD-8240-F3337A10A9B7/ The takeover of Fannie Mae and Freddie Mac reinforced concerns about troubles of the American economy and highlighted its significant reliance on foreign investors, particularly in Asia. <a href="http://www.nytimes.com/2008/09/08/business/08markets.html?partner=rssnyt&emc=rss">[original story]</a> Wall Street may cheer Fannie, Freddie bailout http://www.citytools.net/showstory/96D20A72-7D36-11DD-8240-F3337A10A9B7/ NEW YORK (AP) -- Wall Street finally got what it's been angling for: a bailout of Fannie Mae and Freddie Mac that could aid a recovery of the broken U.S. housing market and arrest a slide in stock and credit markets worldwide....<a href="http://hosted.ap.org/dynamic/stories/M/MORTGAGE_GIANTS_WALL_STREET?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT">[original story]</a> Taiwan leaders seek to ease economic concerns http://www.citytools.net/showstory/D45CE2CE-7D25-11DD-8240-F3337A10A9B7/ TAIPEI, Taiwan (AP) -- Taiwanese leaders sought to ease mounting complaints about the island's slowing economy on Sunday, the latest in a string of public apologies and promises to prop up consumer demand and investment....<a href="http://hosted.ap.org/dynamic/stories/T/TAIWAN_SLOWING_ECONOMY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT">[original story]</a> What the takeover means for your mortgage http://www.citytools.net/showstory/7F01572A-7D60-11DD-8240-F3337A10A9B7/ Fannie Mae and Freddie Mac are the largest buyers of U.S. mortgages. Their takeover is expected to ripple through the economy, affecting U.S. home buyers directly and indirectly. Here are answers to common questions about the mortgage finance giants and explanations on how you might be affected by yesterday's news. Q What does the takeover of Fannie Mae and Freddie Mac mean for mortgages rates? A The government takeover is expected to push mortgages rates down. District-based Fannie Mae and Freddie Mac of McLean do not set mortgage interest rates, but they hold ...<a href="http://www.washingtonpost.com/wp-dyn/content/article/2008/09/07/AR2008090701905.html"> (more) </a><a href="http://www.washingtonpost.com/wp-dyn/content/article/2008/09/07/AR2008090701905.html">[original story]</a> Gulf oil and gas producers give Ike a serious look http://www.citytools.net/showstory/D3307B40-7D25-11DD-8240-F3337A10A9B7/ NEW YORK (AP) -- Efforts to bring oil and gas production back online in the Gulf of Mexico slowed Sunday as Hurricane Ike barreled toward the nation's energy complex, likely to be the second hurricane to slam into the Gulf in as many weeks....<a href="http://hosted.ap.org/dynamic/stories/I/IKE_ENERGY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT">[original story]</a> Operator says Dubai oil rig remains shuttered http://www.citytools.net/showstory/0F439D8A-7D15-11DD-8240-F3337A10A9B7/ DUBAI, United Arab Emirates (AP) -- The operator of the oil rig involved in last week's deadly helicopter accident off the Dubai coast said production remained halted on the platform Sunday....<a href="http://hosted.ap.org/dynamic/stories/D/DUBAI_OIL_RIG?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT">[original story]</a> A Financial Veteran Brings Wall Street and Washington to Job at Fannie Mae http://www.citytools.net/showstory/1F2C768E-7D58-11DD-8240-F3337A10A9B7/ Herbert M. Allison Jr., who was named chief executive of Fannie Mae on Sunday, brings to the job nearly three decades of experience on Wall Street, as well as deep ties to Washington. <a href="http://www.nytimes.com/2008/09/08/us/08allison.html?partner=rssnyt&emc=rss">[original story]</a> Foodmakers plan big ad campaigns in down economy http://www.citytools.net/showstory/3455D660-7D2E-11DD-8240-F3337A10A9B7/ MILWAUKEE (AP) -- Foodmakers may be worried about higher costs for key ingredients, pushing through price increases and still maintaining their profits. But for big names like Sara Lee, Kraft and others, these slim times don't mean doing away with their advertising budgets....<a href="http://hosted.ap.org/dynamic/stories/F/FOOD_ADVERTISING?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT">[original story]</a> A Former Finance Chief Takes the Reins at Freddie Mac http://www.citytools.net/showstory/BB14BD8A-7D4F-11DD-8240-F3337A10A9B7/ David M. Moffett, who was appointed chief executive of Freddie Mac on Sunday, helped transform U.S. Bancorp from a small Ohio bank into the nation’s sixth biggest lender. <a href="http://www.nytimes.com/2008/09/08/us/08moffett.html?partner=rssnyt&emc=rss">[original story]</a> Your Money: The Bailout’s Effect on Consumers http://www.citytools.net/showstory/71B46BD6-7D1D-11DD-8240-F3337A10A9B7/ Mortgage rates may fall a bit initially but probably not enough to quickly halt the decline in home prices. <a href="http://www.nytimes.com/2008/09/08/business/08consumer.html?partner=rssnyt&emc=rss">[original story]</a> Cruise lines change course to cut fuel http://www.citytools.net/showstory/1085725E-7D15-11DD-8240-F3337A10A9B7/ PORTLAND, Maine (AP) -- When the 1,020-foot Explorer of the Seas cruises through North Atlantic waters next year, it'll spend more time off the coast of New England and less time near Canadian shores, and it's not because of better vistas....<a href="http://hosted.ap.org/dynamic/stories/C/CRUISE_SHIPS_FUEL?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT">[original story]</a> Police probe cell phones to thwart criminals http://www.citytools.net/showstory/1DE233C2-7D58-11DD-8240-F3337A10A9B7/ Deep in the bowels of San Francisco's Hall of Justice, Sgt. Wayne Hom plugs in a USB key to activate a new high-tech tool that has become the delight of cops, the bane of bad guys and a cloud over civil liberties - a device to extract contacts, text messages,... <a href="http://feeds.sfgate.com/~r/sfgate/rss/feeds/business/~3/386175652/article.cgi">[original story]</a> Wondering What's Next For Fannie And Freddie http://www.citytools.net/showstory/808B59F6-7D60-11DD-8240-F3337A10A9B7/ The government's takeover of District-based Fannie Mae and Freddie Mac of McLean was for some employees the painful conclusion of several difficult years that seemed to reduce the status of two firms that once dominated the local business and philanthropic scene. The mortgage finance goliaths were not only Washington's largest public companies, but they were central figures in the region's once-promising financial sector. Together with private-equity giant Carlyle Group, credit card issuer Capital One, student loan company Sallie Mae, the investment house ...<a href="http://www.washingtonpost.com/wp-dyn/content/article/2008/09/07/AR2008090701827.html"> (more) </a><a href="http://www.washingtonpost.com/wp-dyn/content/article/2008/09/07/AR2008090701827.html">[original story]</a> Iraqi Cabinet approves initial gas deal with Shell http://www.citytools.net/showstory/356E3704-7D2E-11DD-8240-F3337A10A9B7/ BAGHDAD (AP) -- Iraq's Cabinet approved an initial gas agreement Sunday between the Oil Ministry and Royal Dutch Shell PLC to invest in a joint venture to tap natural gas in southern Iraq, a government statement said....<a href="http://hosted.ap.org/dynamic/stories/I/IRAQ_GAS_DEAL?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT">[original story]</a> Advertisers Stand Together Against Google/Yahoo Partnership http://www.citytools.net/showstory/158E5B2A-7DC5-11DD-8240-F3337A10A9B7/ Advertisers seem to be finding strength in numbers when it comes to Google. Individual companies have been hesitant to criticize the search giant’s partnership with Yahoo the Association of National Advertisers has come out against it, saying it "will likely diminish competition, increase concentration of market power, limit choices currently available and potentially raise prices to advertisers for high quality, affordable search advertising." <a href="http://feeds.wired.com/~r/wired/techbiz/~3/386787634/advertisers-sta.html">[original story]</a> UK house prices to fall 25% http://www.citytools.net/showstory/145A0A10-7DC5-11DD-8240-F3337A10A9B7/ In an exclusive BBC News interview, the chief executive of the Nationwide Building Society predicts house prices could fall by up to 25% from their peak.<a href="http://news.bbc.co.uk/go/rss/-/2/hi/business/7604894.stm">[original story]</a> Altria Group buys UST for about $10B http://www.citytools.net/showstory/B474E76C-7DBC-11DD-8240-F3337A10A9B7/ RICHMOND, Va. (AP) -- Altria Group says it will buy UST for nearly $10 billion in a deal that will give the maker of Marlboro cigarettes access to the smokeless tobacco market....<a href="http://hosted.ap.org/dynamic/stories/A/ALTRIA_UST?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT">[original story]</a> Washington Mutual ousts CEO Kerry Killinger http://www.citytools.net/showstory/B30DFC06-7DBC-11DD-8240-F3337A10A9B7/ NEW YORK (AP) -- Washington Mutual is ousting Chief Executive Kerry Killinger as the beleaguered savings and loan moves to overhaul its business, which has been ravaged by sour mortgage loans....<a href="http://hosted.ap.org/dynamic/stories/W/WASHINGTON_MUTUAL_CEO?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT">[original story]</a>