Microsoft exec who led Yahoo buyout team to leave
SEATTLE (AP) -- Microsoft Corp. on Wednesday said Kevin Johnson, the executive in charge of its Windows and Web operations and an instrumental player in the company's failed $47.5 billion bid to buy Yahoo Inc., is leaving the company....
House OKs rescue for homeowners, Freddie, Fannie
WASHINGTON (AP) -- Rescue legislation sailed through the House on Wednesday aimed at helping 400,000 strapped homeowners avoid foreclosure and preventing the collapse of troubled mortgage companies Fannie Mae and Freddie Mac....
Sallie Mae's 2Q profit falls 72 percent
NEW YORK (AP) -- Student lender SLM Corp., more commonly known as Sallie Mae, said Wednesday its second-quarter profit plunged 72 percent as funding costs remained high amid further weakening in the credit markets and the company took charges related to its restructuring....
Stocks advance following sharp drop in oil prices
NEW YORK (AP) -- Stocks advanced for the second straight session Wednesday as another decline in oil prices and several upbeat profit reports eased some of Wall Street's concerns about the economy....
Minimum wage going up, little help as costs soar
WASHINGTON (AP) -- About 2 million Americans get a raise Thursday as the federal minimum wage rises 70 cents. The bad news: Higher gas and food prices are swallowing it up, and some small businesses will pass the cost of the wage hike to consumers....
Oil drops below $125 for 1st time in over 6 weeks
NEW YORK (AP) -- Oil prices shed nearly $4 Wednesday, tumbling below $125 a barrel for the first time since early June on growing fears that high prices and the weak economy are destroying demand....
Amazon profit doubles, beats estimates
NEW YORK (AP) -- Amazon.com Inc. showed Wednesday that it wasn't being hurt by economic weakness and high fuel prices, reporting second-quarter earnings that more than doubled and surpassed analysts' expectations. The Internet retailer also raised its full-year revenue projections....
Chrysler plans to cut 1,000 salaried jobs
DETROIT (AP) -- Chrysler LLC said Wednesday it will cut 1,000 salaried jobs worldwide by Sept. 30 as it tries to return to profitability amid a severe downturn in U.S. sales....
Toyota outsells GM worldwide in first half
DETROIT (AP) -- General Motors Corp., pummeled by falling U.S. sales and high gas prices, lost the global sales lead to Toyota Motor Corp. in the first half of this year, but the churning market makes it difficult to predict which automaker will end the year on top....
Fed: Slower growth, rising prices slam economy
WASHINGTON (AP) -- The country slogged through slower economic growth and rising prices during the summer, packing a double whammy to people and businesses alike....
