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AP Business NewsBrief at 8:06 p.m. EDT
(AP Online Via Acquire Media NewsEdge) Candidates weigh in on stabilizing Fannie, FreddieWASHINGTON (AP) _ The historic takeover of Fannie Mae and Freddie Mac, which could come as soon as Sunday, moved to the forefront of the presidential campaign Saturday as candidates and congressional leaders seized on the enormous implications for taxpayers and the economy. Fannie Mae and Freddie Mac together hold or back half of the nation's mortgage debt, and have played an increasingly important role in the real estate market since the credit crisis started in August 2007. A government bailout could cost taxpayers around $25 billion, according to the Congressional Budget Office.
Fannie, Freddie blind to the bubbleWASHINGTON (AP) _ Mortgage giants Fannie Mae and Freddie Mac _ despite their robust cadre of economists and mortgage experts _ failed to heed warnings that the most dramatic housing bubble in U.S. history would burst. The companies _ particularly Freddie Mac _ didn't raise enough cash to reassure Wall Street that they would be able to withstand a severe downturn in U.S. home prices.
Contract talks fail; machinists strike Boeing Co.EVERETT, Wash. (AP) _ Boeing Co. machinists walked out on strike Saturday after contract talks arbitrated by a federal mediator failed to produce an agreement. About 100 union members hoisted their strike signs at 12:01 a.m. outside the Boeing plant in this city north of Seattle, cheering and blasting air horns at passing cars, many of which honked back.
Silver State Bank in Nevada is shutWASHINGTON (AP) _ Regulators on Friday shut down Silver State Bank, saying the Nevada bank failed because of losses on soured loans, mainly in commercial real estate and land development. It was the 11th failure this year of a federally insured bank.
Report: Nomura considering stake in LehmanTOKYO (AP) _ Nomura Holdings Inc., Japan's largest brokerage group, is considering buying a stake in U.S. investment bank Lehman Brothers, a Japanese newspaper reported Saturday. Nomura has funds exceeding more than $1.87 billion (200 billion yen) for investment or acquisition of U.S. and European financial institutions, and considering Lehman as "one of investment candidates," the Japanese newspaper Yomiuri said, quoting Nomura president Kenichi Watanabe as saying.
Unemployment climbs to 5-year high of 6.1 percentWASHINGTON (AP) _ The nation's unemployment rate bolted above the psychologically important 6 percent level last month for the first time in five years _ and it's likely to go even higher in the months ahead, possibly throwing the economy into a tailspin as Americans pick a new president. A blizzard of pink slips propelled the jobless rate from 5.7 percent in July to 6.1 percent in August, the Labor Department reported Friday. Such a sharp increase is usually a strong recession warning, and it dashed investors' hopes for a late-year recovery.
As unemployment spikes, companies weigh optionsNEW YORK (AP) _ U.S. companies have cut more than 550,000 jobs so far in 2008 as they try to preserve their profits in a slumping economy, but analysts say such downsizing must be done carefully for corporations to have any long-term benefits. A continuum of companies have announced plans to cut their payrolls since the economy began to weaken last year, and many chief executives are still taking a hard look at their overhead to determine who is expendable and who isn't. That means layoffs will remain a possibility across a number of sectors, from financial services to airlines and manufacturing, for quite some time.
Google reigns as world's most powerful 10-year-oldMOUNTAIN VIEW, Calif. (AP) _ When Larry Page and Sergey Brin founded Google Inc. on Sept. 7, 1998, they had little more than their ingenuity, four computers and an investor's $100,000 bet on their belief that an Internet search engine could change the world. It sounded preposterous 10 years ago, but look now: Google draws upon a gargantuan computer network, nearly 20,000 employees and a $150 billion market value to redefine media, marketing and technology.
Talk of financial crisis sparks unease in S. KoreaSEOUL, South Korea (AP) _ Headlines warn of a "September crisis." The currency falls to a four-year low and the stock market tumbles. Rumors swirl that foreign investors will pull out their money. A spasm of anxiety has gripped South Korea this week amid a blitz of alarming media reports and speculation that have triggered painful memories of the Asian financial crisis that devastated the country nearly 11 years ago.
Oil prices drop as jobs data add to demand worriesNEW YORK (AP) _ Oil prices sank to a five-month low Friday as a jump in the U.S. unemployment rate signaled to traders that Americans might keep paring back their energy use to save money. The Labor Department said the economy lost jobs in August for the eighth consecutive month _ and at a faster-than-expected pace. The unemployment rate spiked to 6.1 percent from 5.7 percent in July, above the 5.8 percent rate that analysts forecast.
Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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