Bernanke argues for continued record low rates
Fed Chair Ben Bernanke told Congress that rates must stay exceptionally low to sustain the recovery and ease unemployment. He signaled a gradual path to tighter credit later, as the Dow rose on upbeat sentiment despite weak January new home sales. The plan includes raising the interest banks earn on reserves, signaling a shift from the funds rate as the main tool.
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FBI raides Denso in antitrust probe at North American HQ
The FBI and Justice Department raided Denso Corp in Southfield Michigan as part of an antitrust inquiry into automotive electronics suppliers. Officials said the investigation may involve cartel-like conduct with other suppliers and is unrelated to Toyota recalls.
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GM to discontinue Hummer after failed sale to Chinese firm
GM said it will shut down the Hummer brand after Sichuan Tengzhong Heavy Industrial Machines Co pulled out. The company cited Chinese regulator clearance delays, and GM will honor existing warranties while winding down the business with employees, dealers, and suppliers.
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