Consumer confidence rises, but it's still low

September 1, 2010 at 12:18AM

Consumer confidence rises, but it's still low Americans' confidence in the economy improved slightly in August from July, but they're still about as gloomy as a year ago. The Conference Board, a private research group, said that its consumer confidence index rose to 53.5 from a revised 51.0 in July. Economists surveyed by Thomson Reuters had expected 50.5. The increase comes after two straight months of declines. An index of 90 or more indicates a healthy economy. The index -- which measures how Americans feel about business conditions, the job market and the next six months -- had been recovering fitfully since hitting an all-time low of 25.3 in February 2009.

Fed minutes reveal willingness to do more Federal Reserve officials signaled at their August meeting that they would consider going beyond a modest program to purchase government debt if necessary to boost the economy. Minutes of the Fed's discussions from the Aug. 10 meeting show the central bank recognized that the economy could need further stimulus beyond the debt purchases. Those are intended to lower interest rates on a range of consumer and business loans. The minutes, released Tuesday, did not spell out what new steps might be taken.

U.S.: Chinese aluminum unfairly subsidized The Obama administration, under congressional pressure to take a tough stance on Chinese trade policies, determined that Beijing unfairly subsidized $514 million in aluminum products last year. The Commerce Department stopped short of making a stronger ruling on claims by U.S. leaders and manufacturers that an undervalued Chinese currency gives Beijing's exporters a lopsided price advantage. The preliminary finding means that some Chinese aluminum importers must post cash deposits or bonds at a rate set by U.S. officials.

SEC says it lacks authority to charge Moody's The Securities and Exchange Commission has declined to seek fraud charges against Moody's Investors Service over its ratings of risky investments that led to the financial crisis. But the SEC said it decided against seeking civil charges only because it determined it lacked authority to charge a foreign affiliate of Moody's. Instead, in a report on its investigation, the SEC warned all credit rating agencies that they could face charges if they mislead investors with deceptive ratings.

Exelon to buy Deere wind energy assets Energy company Exelon Corp. said it will pay $900 million for the wind energy assets of manufacturer Deere & Co., potentially signaling an active merger and acquisition period ahead for the power industry. With energy prices persistently low due to a grinding economic recovery, stakes in the power industry have begun to shift. Power generation facilities like Deere's massive wind farms are a bargain for big firms like Exelon who have cash on hand. Deere said the sale will let it focus on what it does best: building farm equipment.

Japan Airlines planning cuts in jobs, routes Japan Airlines outlined restructuring plans that include cutting 30 percent of its global workforce and additional financing to keep flying after filing for bankruptcy protection in January. The plans, in the works for several months, also include selling off subsidiaries and dropping unprofitable domestic and international routes. The announcement culminates years of difficulty for Japan's flagship carrier, battered by safety lapses, ballooning pension payments and the need to streamline its flight routes amid intensifying global competition.

Pace of economic growth quickens in India India's economy grew at an annual rate of 8.8 percent in the second quarter, its fastest pace in over two years, as good farm and manufacturing output lifted growth back to its pre-crisis trajectory. The quarter's growth rate was bolstered by a comparison with the economic doldrums in the year-earlier period. Economists say the pace will begin to ease as that effect wears off and central bank rate increases begin to be felt in Asia's third-largest economy.

Icahn raises his bid for film studio Lions Gate Activist investor Carl Icahn raised his bid for the boutique film studio Lions Gate Entertainment Corp., driving up shares to a new high. Icahn, who has been tussling with the studio's management for more than a year, said he is now offering $7.50 per share, up from $6.50. The move comes after he lowered his bid by 50 cents to $6.50 in July but failed to win over more Lions Gate investors. Lions Gate shares jumped 65 cents, or 10 percent, to close at $7.14 after setting a new 52-week high of $7.40.

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Edwin Schall got a dollar from a passerby as he held out a pan t get money for food along Nicollet Ave. ] (KYNDELL HARKNESS/STAR TRIBUNE) kyndell.harkness@startribune.com In downtown Minneapolis, Min. Tuesday, June 3, 2014. A new campaign in Minneapolis wants to end panhandling. The "Give Real Change Campaign" which has billboards in Downtown Minneapolis, is telling residents to end panhandling and give to a charitable organization instead. ORG XMIT: MIN1406031618130714
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