Manufacturing sinks as May output hits new lows
May industrial production fell 0.8 percent marking the eighth straight monthly decline and the lowest operating capacity since August 1983. Economists warn the slump risks dragging the wider economy into recession, while the Fed contemplates another rate cut later in June amid modest inflation.
MENTIONED IN THIS ARTICLE
Washington
Federal Reserve
Mark Zandi
Econ
Banc of America Capital Management
Fed
Alan Greenspan
U.S
Bush backs mining bonds extension on Clinton rule
The Interior Department extends deadlines on a Clinton era requirement for mining operators to post reclamation bonds. The program, now in place, aims to ensure cleanup costs are covered, with bonds equal to 100 percent of estimated cleanup costs. The administration may retain this portion while reviewing broader regulations for hard rock miners.
MENTIONED IN THIS ARTICLE
Bush
Washington
Bush Administration
Interior Department
Bureau of Land Management
Clinton
Oil documents raise questions on refinery output and profits
Washington sources reveal 1995 96 internal memos from Chevron Texaco and Mobil hinting at limiting refinery capacity to boost margins. The disclosures prompt lawmakers to plan hearings while officials cite aging capacity and stricter rules as factors behind high gas prices.
MENTIONED IN THIS ARTICLE
Washington
Senn
Ron Wyden
D-Ore
Red Cavaney
Wyden
Governmental Affairs Committee
Wight
White House
United States
U.S
Chevron
American Petroleum Institute
Texaco
America
Institute
Cavaney
Powerine
ExxonMobil
Bush
Dick Cheney
Energy Department
National Petroleum and Refiners Association
House votes to cut government fees in securities trade
The House approved a broad bill to cut SEC related fees by about 14 billion over 16 years, arguing the reform boosts investors and business profits. The measure, 404 to 22, may need Senate reconciliation and includes pay raises for SEC staff to curb talent loss.
MENTIONED IN THIS ARTICLE
Washington
House
Senate
Securities and Exchange Commission
Ment
SEC
Treasury
Michael Oxley
R-Chio
The
Financial Services Committee
OMB
Wall Street
New York Stock Exchange
Merrill Lynch & Co
Dollar Mixed as Swedish Bank Intervenes to Support Krona
The dollar stayed largely unchanged after mixed U.S. data while the Swedish central bank bought krona and sold dollars to curb krona weakness. Traders noted intervention using euros and a generally muted impact on major currencies as manufacturing slumped in May and inflation remained contained. The euro traded around 86.18 cents and the pound rose to 1.4058 dollars.
MENTIONED IN THIS ARTICLE
New York
U.S
Sveriges Riksbank
Andrew Delano
Ideaglobal
Federal Reserve
Dow Drops on Disappointing Data and Earnings Warnings
U S stock market fell as May manufacturing weakens and earnings warnings from Nortel Networks JDS Uniphase and McDonald's weighed on sentiment Triple witching added to the downturn Dow ends down 66.49 at 10623.64 Nasdaq -15.85 S&P -5.51 Procter & Gamble and McDonald’s faced downgrades amid weak consumer confidence and inflation signals.
MENTIONED IN THIS ARTICLE
Omy.com
Wall Street
Nortel Networks
JDS Uniphase
McDonald's
National Association of Manufacturers
Jerzy Jasinowski
Fed
Lynn Reaser
New York
Federal Reserve
U.S
Todd Clark
WR Hambrecht
Standard & Poor
Ana
Lysts
Nortel
PDS Uniphase
Cisco Systems
Dow
Procter & Gamble
P&g
Also Mentioned on This Page
Labor Department
Bill Cheney
John Hancock
Energy Information Administration
NAM
Jasinowski
Sué Kelly
R-N.y
John LaFalce
FBI
Justice Department
Maxine Waters
D-Calif
Commodities Commodities Research Bureau
Associated Press Commodities Index
Dow Jones Industrial
S&p
Wilshire
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