Daily News Channel
The House Republican leadership upped the ante Thursday in the ongoing debate over the size and scope of the federal budget, unveiling a proposal to cut spending by $375 billion over the next five years. The bulk of the GOP’s proposed savings would come from capping nondefense discretionary spending at the level of inflation
Commercial real estate may soon bulldoze the green shoots. A coming wave of defaults on loans to developers of condominiums, office buildings and malls could do significant damage to the already deflating economy.
Rafael Nadal breezed into the last 32 of the French Open with a straight sets 6-1 6-4 6-2 win over Teimuraz Gabashvili of Russia on Wednesday. It was a routine victory for the top-seeded Spaniard who was securing his 30th straight win at Roland Garros and is bidding for a record fifth straight French Open crown.
Correction appended: July 15, 2008 What exactly is going awry in the brains of people who have autism The answer is very slowly coming into focus. A paper published in the current issue of Science by researchers at Children’s Hospital Boston and members of the Boston-based Autism Consortium identifies five new autism-related gene defects. Already, more than a dozen genetic defects have been found to be associated with autism spectrum disorders, which affect about 1 in 150 children, according to the Centers for Disease Control and Prevention.
Financial stocks — banks, brokers, asset managers — led the stock market down earlier this year, and almost left the stage as many shares sank into single digits. In recent weeks, however, the group has reversed course, rallying strongly, and even led the market to a robust gain on Monday, with the Dow rising 235 points.
Ten years ago, Facebook didn’t exist. Ten years before that, we didn’t have the Web. So who knows what jobs will be born a decade from now
Last week, while the financial world was obsessing over stress tests for fragile banks, the environmental and agricultural worlds were watching the results of the Obama Administration’s stress tests for renewable fuels.
India’s giant Tata conglomerate, whose subsidiary Tata Motors just successfully launched the $2,000 Nano, the world’s cheapest car, is ready for an encore: ultra-cheap homes. Tata Housing Development, the real estate arm of the giant Tata group, is poised to start building apartment-style homes priced from $7,800 to $13,400 in a township being planned at Bhoisar, an industrial suburb located 31 miles north of Mumbai. Like the Nano, which was designed to bring some middle-class comforts to the masses, the homes are geared for the hundreds of millions of Indians making less than $5,000 a year who are unable to afford decent dwellings
Toyota reported a first-ever annual net loss of $4.4 billion on Friday, the latest automobile maker to be battered by the credit crisis. Net revenue for the fiscal year ending March 31 was down nearly 22 percent, with total sales of 7.6 million vehicles — 1.3 million fewer than the previous year. The company dividend will be reduced to 100 yen per share, down from 140 yen per share last year The appreciation of the yen against major currencies, rise in raw material costs and the collapse of the auto market in Europe and North America led to the company’s annual loss, said Katsuaki Watanabe, Toyota president, at a press conference.
The White House will unveil reforms to the nation’s international tax code on Monday intended to close loopholes for overseas tax havens and end incentives for creating jobs overseas. Senior administration officials briefed reporters Sunday evening in a conference call ahead of the announcement that will be made by President Obama and Treasury Secretary Tim Geithner.