An appeals court has ordered a new, shorter sentence for ex-Qwest CEO Joe Nacchio, saying his 6-year term for insider trading was too long. The 10th U.S. Circuit Court of Appeals ruled Friday that the trial judge overstated the amount of Nacchio’s alleged…

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United States – United States court of appeals – Joseph Nacchio – Qwest – Appellate court

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Court orders shorter sentence for ex-Qwest CEO

WASHINGTON (Reuters) – Members of the U.S. House of Representatives on Friday assailed federal agencies for delays in starting capital works projects under the economic stimulus plan, saying they were lessening the impact of the $875 billion program intended to revive the economy.

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Congress slams agencies for slow stimulus spending

Treasury prices bounced higher Friday, capping a tumultuous week that saw a record amount of debt issuance, as a government report pointed to slow growth ahead for the economy. Long-term Treasurys saw the biggest gains, extending an advance that began…

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Treasury – Debt – Business – Finance – Financial Services

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Signs of weakness in economy boost Treasurys

No need to worry about a Michael Phelps boycott. Swimming’s governing body will ban record-breaking bodysuits beginning Jan. 1, a move that comes partly in response to a threat from Phelps’ coach to pull his swimmer from competition until the suits are…

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International Swimming Federation – sport – FINA – Swimming – High tech

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FINA to ban record-breaking bodysuits Jan. 1

NEW YORK (Reuters) – New criminal charges have been filed against two former WexTrust Capital LLC executives accused of running a $255 million Ponzi scheme that targeted Orthodox Jews.

New charges in Ponzi fraud targeting Orthodox Jews

Getting a text message is akin to someone sliding a piece of mail under your door: You may not have asked for it, you can’t stop its delivery and you have to deal with it whether you want to or not. The fact that text messages appear on mobile phones without…

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Text messaging – Mobile phone – Business – technology – SMS

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U r pwned: text messaging paves way for hacking

WASHINGTON (Reuters) – The U.S. Federal Deposit Insurance Corp launched the first test of its Legacy Loans Program that could eventually help banks rid their balance sheets of toxic assets so they can raise new capital and increase lending, the agency said on Friday.

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FDIC tests toxic assets sale program

WASHINGTON (Reuters) – Government regulators could prohibit incentive-based pay packages at large U.S. financial institutions that encourage “inappropriate risks” under a bill approved on Friday by the U.S. House of Representatives.

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House approves placing curbs on executive pay

NEW YORK (Reuters) – Stocks rose on Friday after government data showed the economy contracted less than expected in the second quarter, indicating the recession may be moderating.

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Wall St gains on cautious optimism over GDP

NEW YORK/SAN FRANCISCO (Reuters) – Chevron Corp posted on Friday a 71 percent drop in profit on weaker energy prices and fuel demand due to the economic slump, but it raised estimated 2009 output and said cost cuts were on track.

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Chevron profit falls, 2009 production outlook up

WASHINGTON (Reuters) – The U.S. House of Representatives approved on Friday a $2 billion extension of the “Cash-for-Clunkers” automobile sales incentive program.

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House approves $2 billion “clunker” extension

Former vice presidential nominee Sarah Palin won’t be visiting the Ronald Reagan Presidential Library in Southern California next week. Palin had been invited to an Aug. 8 gala at the Simi Valley library honoring the 50th anniversary of a local Republican…

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Sarah Palin – Republican – Alaska – Simi Valley – United States

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Palin won’t visit SoCal’s Reagan Library

A lawyer for a Boston University student who admitted illegally downloading and sharing music urged a federal jury Friday to “send a message” to the music industry by awarding only minimal damages. After Joel Tenenbaum admitted he is liable for damages for 30…

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Boston University – Massachusetts – Providence Rhode Island – Copyright – United States

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Minimal damages sought in Mass. song-download case

Coming up with a simple, fair tax system that can help California prevent more multibillion-dollar budget deficits is no easy feat, yet that’s the task of a commission attempting to lead the state out of its boom-and-bust cycles. The state is searching for an…

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California – Deficit – Tax – Boom and bust – United States

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Calif. tax commission faces tricky balancing act

Tarvaris Jackson took the field for Minnesota’s first training camp practice, forgetting as much as he could about Brett Favre. Jackson was the quarterback with the first team while the Vikings worked out in helmets, shoulder pads and shorts Friday morning at…

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Minnesota Vikings – Tarvaris Jackson – Brett Favre – Sport – NFL

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Without Favre, Jackson-Rosenfels audition resumes