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Obama Blasts Wall Street Bonuses

Commercial banks boosted their borrowing over the past week from the Federal Reserve’s emergency lending program, while investment firms drew less. The Fed on Thursday said commercial banks averaged nearly $65 billion in daily borrowing over the week ending…

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Banks borrow more from Fed, investment firms less

It’s the end of an era in Fernley where Mary and Moe’s Wigwam restaurant and casino will close Saturday night after more than 40 years in business. The Wigwam has been operating since the early 1960s on Fernley’s West Main Street, about 30 miles east of Reno….

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Fernley’s Wigwam restaurant-casino closing

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How Far Will Housing Prices Fall in 2009?

The cash-strapped AC Transit bus operation is contemplating a fare hike to balance the books. The proposal under consideration calls for a 25-cent increase to the basic adult fare, which would raise the cost to $2. In addition, the monthly youth pass would…

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Fare hike possible for AC Transit users

President Barack Obama issued a withering critique Thursday of Wall Street corporate behavior, calling it “the height of irresponsibility” for employees to be paid more than $18 billion in bonuses last year while their crumbling financial sector received a…

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Obama calls $18B in Wall St. bonuses ‘shameful’

American Electric Power said Thursday that its fourth quarter earnings fell 34 percent because of a federal ruling and warned that the economic picture for industrial clients is worsening. AEP, one of the nation’s largest power generators, maintained its…

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AEP 4Q earnings fall 34 percent on charge

The U. S. Department of Commerce will contribute $1.7 million toward St. Louis’ efforts to land a Chinese air cargo hub, Sens. Christopher “Kit” Bond and Claire McCaskill announced Thursday afternoon.

The grant will go to the St. Louis County Economic Council, which is part of the newly formed Midwest China Hub Commission, to help with technical planning and infrastructure assistance on the project, according to a news release from Bond and McCaskill.

On Monday, Chinese ambassador Zhou Wenzhong visited St. Louis to help celebrate the creation of the commission and said the Chinese are very enthusiastic about the deal, which would use Lambert-St. Louis International Airport as a hub for air cargo going between China and a swath of the Midwest.

“This is about jobs for the St. Louis region, and right now, that’s more important than ever,” McCaskill said. “It’s an investment in the economic future of our state.”

“The Midwest cannot afford to sit on the sidelines and miss the economic opportunities available to businesses and workers on the East and West Coasts,” Bond said. “I am confident that this hub will fuel jobs of the future for Missouri workers.”

On Monday, civic leaders said they will soon complete a report on the demand for two-way cargo trade and are planning a second delegation to China to move the project forward.

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St. Louis-China hub effort to get $1.7 million in federal funds

The massive layoffs piling up in corporate America paint a harrowing picture of a maimed economy, but the job-cut numbers reported by struggling companies are really just a snapshot of the recession’s carnage. As they hand out pink slips to thousands of full-…

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Meltdown 101: Temp workers lost in layoff shuffle

CHICAGO (Reuters) – No. 1 U.S. trucking company YRC Worldwide Inc on Thursday reported a fourth quarter net loss, citing the impact of the slowing U.S. economy and impairment charges.

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YRC reports loss cites economy and charges

NEW YORK (Reuters) – Stocks tumbled on Thursday, derailing a four-day surge in the S&P and Nasdaq as poor earnings coupled with a fresh wave of bleak labor market and housing data heightened fears of a deep recession.

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Wall Street sinks as economic woes mount

SAN FRANCISCO (Reuters) – Amazon.com Inc on Thursday posted a higher-than-expected quarterly profit and an 18 percent revenue rise, helped by market share gains during the holiday season, and shares of the online retailer rose 8 percent.

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Amazon.com profit beats Wall St. view; shares rise

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How Google Could Help Detroit

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How the Google Model Could Help Detroit

NEW YORK (Reuters) – All over North and South America, miners are losing their jobs as the recession hits demand for metals that enjoyed a boom in recent years.

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Mine jobs lost worldwide as recession hits metals