Consumer sentiment lowest since March
U.S. consumer confidence fell unexpectedly in early August to 63.2 from 66.0 according to media reports on Friday of the Reuters/University of Michigan index. The reading is markedly lower than the 69.0 economists were expecting. Consumers are still burdened with increasing job losses and rising debts.
Flaws halt work on Boeing 787 sections
Boeing Co said on Friday an Italian supplier stopped production in June on two sections of its long-delayed 787 Dreamliner after structural flaws were found on fuselages. Read Full Article here.
Q+A: China backs down from Internet filter plans
China has confirmed its back down from a plan to preinstall controversial Green Dam filtering software on all personal computers sold in the country, though it will still be rolled out in schools and Internet bars. Read Full Article here.
Bessant appointed as BofA corporate banking chief
Bank of America Corp has named Cathy Bessant president of global corporate banking, as the largest U.S. bank by assets and deposits shuffles management. Bessant's new job is part of the bank's New York-based corporate and investment banking business, but she will remain in Charlotte. Read Full Article here.
$1 billion of Colonial Bank's assets frozen
A federal court on Thursday froze $1 billion of Colonial Bank's assets after a judge ruled in favor of Bank of America which had requested a temporary restraining order to keep Colonial from liquidating or transferring assets. According the federal judge the bank is on the verge of failure. Individual depositors are protected through the Federal Deposit Insurance Corp.
U.S. tests technology to break foreign Web censorship
The U.S. government is covertly testing technology in China and Iran that lets residents break through screens set up by their governments to limit access to news on the Internet. Read Full Article here.
U.S. video game sales down 29 percent in July: report
U.S. video game equipment and software sales fell 29 percent in July to $848.9 million, research group NPD said on Thursday, as the gaming industry limps through the economic downturn. Read Full Article here.
J.C. Penney full-year profit may be light; shares fall
J.C. Penney Co Inc posted a smaller-than-expected net loss on Friday as it reined in costs, but the retailer indicated full-year profit might miss expectations, sending its shares down nearly 5 percent. Read Full Article here.
Deadline for U.S. broadband grants, loans extended
The deadline for online applications for the first round of the U.S. government's $7.2 billion program to provide broadband access to all Americans was extended to August 20 from August 14 because of technical problems caused by the high number of applicants. Read Full Article here.