BusinessWeek’s Business Outlook columnist Jim Cooper assesses second-quarter gross domestic product and discusses the possibility that an economic recovery is under way

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Why it’s Looking Like a Recovery

Traders aren’t making big moves on the final day of a huge month for the stock market. Investors reacted coolly to a report that the nation’s economy shrank at a slower pace than expected in the April-June quarter. Stocks seesawed in a tight range. The nation’…

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Gross domestic product – Business – Economy – Investing – Stocks and Bonds

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Stocks zigzag after GDP shrinks at slower pace

Government subsidies for flights in and out of rural communities can reach up to thousands of dollars per passenger, and Congress is moving to increase the budget by almost 30 percent to keep those flights going next year. Some of the subsidies, to places…

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Subsidy – Congress – Budget – United States – Rural

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INSIDE WASHINGTON: Rural air subsidy costs spiral

Alpha Natural Resources completed the takeover of rival Foundation Coal Holdings on Friday, winning shareholder approval of a deal that creates a national power out of two regional players even as the recession hammers energy demand. Abingdon, Va.-based Alpha…

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Chief executive officer – Foundation Coal Holdings – Business – Shareholder – Energy

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Alpha completes takeover of rival Foundation Coal

The House moved toward passing legislation Friday reining in salaries and bonuses for high-paid executives, a day after the disclosure that nine banks that got billions of dollars in federal bailout money had awarded bonuses of more than $1 million each to…

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Wall Street – Bailout – Salary – House – United States

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Congress wants say on Wall Street pay

Chevron on Friday reported that second-quarter profits fell 71 percent as demand for crude oil and gasoline plunged. Chevron, the second-largest U.S. oil company, said its net income amounted to $1.75 billion, or 87 cents per share, for the three-month period…

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Business – Chevron Corporation – Petroleum – United States – Net income

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Chevron profits tumble 71 pct because of cheap oil

The economy sank at a pace of just 1 percent in the second quarter of the year, a new government report shows. It was a better-than-expected showing that provided the strongest signal yet that the longest recession since World War II is finally winding down….

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Gross domestic product – Recession – United States Department of Commerce – United States – Business

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Recession eases; GDP dip smaller than expected

HMS Holdings Corp., which provides cost-recovery services to government health care programs, on Friday raised its yearly guidance. The company now expects earnings of $1.05 per share on revenue of $222 million, up from $1 per share on $218 million in…

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Health care – Government – Health – United States – Health Policy

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HMS Holdings raises yearly outlook

Spc. Marco Reininger started the year on the dusty streets of Afghanistan. He’ll end it on the campus of Columbia University with the government picking up a large chunk of the $100,000 tab for tuition. The Post-9/11 GI Bill rolls out on Saturday, just in…

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Columbia University – Afghanistan – United States – G.I. Bill – Bill

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New GI Bill sending veterans to school this fall

Federal authorities are creating a mortgage fraud task force in Connecticut to investigate schemes that contributed to the economic crisis and emerging crime trends associated with the growing tide of foreclosures. Prosecutors in the past year have brought…

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Mortgage fraud – Foreclosure – Mortgage – Business – Connecticut

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Federal authorities create mortgage fraud team

NEW YORK (Reuters) – Warren Buffett’s Berkshire Hathaway Inc has realized a $1.02 billion paper profit on a 10-month-old investment in BYD Co after shares in the Chinese car and battery maker quintupled.

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Buffett reaps $1 billion profit on Chinese carmaker

The House raced Friday to pass legislation pouring an additional $2 billion into the popular _ but financially strapped _ “cash for clunkers” car purchase program. Reps. Sander Levin, D-Mich., and Betty Sutton, D-Ohio, said the House planned to consider the…

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United States Department of Transportation – United States – Government – Transportation Department – Business

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Congress trying to save ‘cash for clunkers’ sales

WASHINGTON (Reuters) – Legislation that would add $2 billion to a cash-for-clunkers program aimed at spurring U.S. automobile sales could move quickly through the U.S. Congress, Michigan Senator Debbie Stabenow said on Friday.

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Lawmakers eye clunkers program extension

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Congress Rushing to Fund Clunkers Program

The economy sank at a pace of just 1% in the second quarter of the year, a better than expected showing

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Recession Eases; GDP Dip Better Than Expected