Bernanke makes case for strong Fed role on banks
NEW YORK (AP) — The chairman of the Federal Reserve is concerned that congressional efforts at financial reform could weaken the central bank's ability to handle future crises and may politicize monetary policy. Fed Chairman Ben S. Bernanke made the comments in an Op-Ed piece to appear in Sunday's Washington Post, five days before the Senate Banking committee holds a hearing on his nomination for a second term. His current four-year term expires Jan. 31.
Administration plans new efforts on foreclosures
WASHINGTON (AP) — The Obama administration, battling a foreclosure crisis that shows no signs of relenting, will step up pressure on mortgage companies to do more to help people remain in their homes, officials said Saturday. The administration will announce its expanded program on Monday, Treasury spokeswoman Meg Reilly said.
GPS cell phone apps challenge standalone devices
KANSAS CITY, Mo. (AP) — The growth of cell phones with global-positioning technology is making life uncertain for the makers of personal navigational devices that help drivers figure out where they are and where to go. Manufacturers of standalone GPS products will have to move quickly and smartly to transform their dumb map readers into intelligent devices that can provide a host of services such as traffic avoidance.
Dubai looks to oil-rich neighbor for possible aid
DUBAI, United Arab Emirates (AP) — As world markets absorbed the shock of Dubai's debt crisis, the ruler of the once-booming city-state left town for an important meeting in a desert palace. His hosts: the leaders of neighboring Abu Dhabi whose balance sheets are flush with oil revenue. It's not known what promises were made inside the halls in Al Ain during the parade of visitors for an important Islamic feast day on Friday. But their new relationship is clear. Abu Dhabi has the cash and cache to be Dubai's white knight — in a Gulf version of a too-big-to-fail bailout or to help calm markets with promises to intervene if Dubai's fiscal mess deepens.
Geneva: Police use tear gas on WTO protest
GENEVA (AP) — Police fired tear gas and rubber bullets Saturday to separate violent demonstrators from a protest of a meeting of top world trade officials, but the hooded "black bloc" activists were able to cause damage before 14 were arrested, spokesmen said. The protesters set fire to at least four cars, broke shop windows and committed other acts of violence Saturday, police spokesman Patrick Puhl said.
Whitman tries courting women in Calif. gov race
SACRAMENTO, Calif. (AP) — As Meg Whitman has been introducing herself to California voters, she retells a line that usually generates a chuckle: "The next governor of California needs to know exactly what SHE believes." The statement conveys the kind of confidence the former eBay executive displayed in her trailblazing role as the female head of a Fortune 500 company. It also is a reminder of the pioneering role she would play if she is elected as the first woman to California's highest office.
Apple's iPhone arrives in tech-savvy South Korea
SEOUL, South Korea (AP) — Tech-savvy South Koreans began getting their coveted iPhones on Saturday amid fanfare and expectations the communication and entertainment device will shake up a local mobile market dominated by domestic giants Samsung and LG. Hundreds of customers lined up to get their pre-ordered iPhones at an official launch event in Seoul, some waiting overnight. A 25-year-old university student was the first to get one, as music blared and strobe lights flashed.
Black Friday store spending edges up; online soars
CHICAGO (AP) — Shoppers who endured long lines and sometimes-frigid temperatures spent only slightly more during their Black Friday shopping sprees than they did last year, according to data released Saturday by a research firm. At the same time, their pajama-clad counterparts, a much smaller group that accounted for only a fraction of overall sales, shopped online from the warmth of their homes and dramatically boosted their spending.
Text-a-Tip programs allow tipsters to help police
BOSTON (AP) — A mother in Boston tells police her 8-year-old boy was shot to death in their apartment by gunmen in hooded sweat shirts during a home invasion. Officers later receive a text message from an anonymous tipster that leads them to a much different conclusion: the boy's 7-year-old cousin accidentally shot him while the two boys were playing with a loaded 9 mm handgun.
US pay czar OKs changes for 2 top BofA executives
NEW YORK (AP) — Bailed-out Bank of America amended the salaries of two senior executives after a review by the White House pay czar, according to a regulatory filing. Chief Financial Officer Joe. L. Price and mortgage unit President Barbara J. Desoer will earn less salary in 2009 than they did last year following approval by the officer of the special master for TARP Executive Compensation, Bank of America said in papers filing with the Securities and Exchange Commission.
