Police: Arrest in NJ Walmart racial comment case
WASHINGTON TOWNSHIP, N.J. (AP) — An arrest has been made in the case of a racial comment being made over the public-address system at a Walmart store in southern New Jersey, police said. The Washington Township Police Department said on its Web site early Saturday that an arrest has been made in a "bias incident" at the retail store. The posting said police and Gloucester County Prosecutor's Office will announce the arrest at a midday news conference.
Thousands of BA flights canceled as crew on strike
LONDON (AP) — British Airways canceled more than 1,000 flights after its cabin crew launched a three-day strike Saturday, wreaking havoc on the plans of tens of thousands of passengers just before the busy spring holiday season. Hoping to keep as many passengers happy as possible, BA scrambled to rebook some on other services, chartered planes from rival airlines and drafted in volunteer crew. But it still had to scrap more than half of its 1,950 scheduled flights over the period.
Bernanke: Keep Fed as watchdog of small US banks
WASHINGTON (AP) — Federal Reserve Chairman Ben Bernanke made a fresh pitch Saturday to retain oversight of small banks, contending that what the Fed learns from that role helps it assess the overall health of the entire U.S. financial system. Bernanke, in a speech to the Independent Community Bankers of America's meeting in Orlando, Fla., argued against a Senate proposal that would scale back the Fed's banking duties.
Obama tells Congress: Act soon on financial reform
WASHINGTON (AP) — The U.S. needs major changes to its financial system so consumers are better protected, banks fortified and the economy safeguarded from sliding into another Depression, President Barack Obama said Saturday. In his weekly radio and Internet address, Obama told Congress to act quickly and pass "commonsense rules that will our allow markets to function fairly and freely while reining in the worst practices of the financial industry."
Letter: Lehman accounting tricks possibly illegal
NEW YORK (AP) — A Lehman Brothers whistleblower warned his bosses that accounting gimmicks the bank used before its collapse may have been illegal, his lawyer said Friday. Matthew Lee, a former Lehman senior vice president, was fired days after questioning the accounting tricks in a letter to his superiors, attorney Erwin Shustak said. Shustak gave a copy of the letter to The Associated Press.
India unexpectedly hikes rates a quarter point
MUMBAI, India (AP) — India's central bank has unexpectedly hiked key interest rates a quarter of a percentage point, as the bank tries to cool high inflation amid a faster-than-expected economic rebound. The bank raised the benchmark repo rate — at which the central bank makes short-term loans to commercial banks — to 5 percent and raised the reverse repurchase rate — the rate at which it borrows from commercial banks — to 3.5 percent, with immediate effect.
Obama making final health care pitch to House Dems
WASHINGTON (AP) — President Barack Obama set his sights on Capitol Hill Saturday, ready to rally House Democrats for a final push on landmark health care legislation as he hunted for the precious few votes for victory. The battle tilted in Obama's direction Friday as more Democrats disclosed how they would vote. But with a hardly a single vote to spare, the divisive issue of how to keep federal funds from being used to pay for abortions re-emerged as a potential last-minute obstacle.
Regulators shut 7 banks in 5 states; 37 in 2010
WASHINGTON (AP) — Regulators on Friday shut down seven banks in five states, bringing to 37 the number of bank failures in the U.S. so far this year. The closings follow the 140 that succumbed in 2009 to mounting loan defaults and the recession.
Stocks fall as worries about Greek debt return
NEW YORK (AP) — Stocks halted their steady climb Friday after renewed concerns about Greece's ability to pay its debts left investors questioning a global economic recovery. The Dow Jones industrial average fell 37 points after advancing for eight straight days. Broader indexes also fell. Major indexes posted gains for the week.
The four cities that best weathered the recession
WASHINGTON (AP) — Call them the Final Four: The four large cities that have made it through the Great Recession with the smallest increases in unemployment. Minneapolis, Buffalo, Oklahoma City and Rochester, N.Y., don't have much else in common. But a government report shows they've had the smallest increases in joblessness over the past two years among cities with at least 1 million people.
