The sense of freefall for the U.S. economy is likely to end in the middle of the year, though the road to recovery could take some time, Lawrence Summers, U.S. President Barack Obama's top White House economic policy aide, said on Thursday.
President Barack Obama, saying he was committed to a strong U.S. auto industry, announced on Thursday the government would buy 17,600 new fuel-efficient vehicles from ailing American automakers by June 1.
Somali pirates defied international naval powers on Thursday to keep an American ship captain hostage on a lifeboat in the Indian Ocean after their first seizure of U.S. citizens.
President Barack Obama plans to meet on Friday with top financial regulators to sketch out the next steps to take with the stress tests being conducted at the 19 biggest U.S. banks, a source familiar with the meeting said on Thursday.
U.S. President Barack Obama encouraged Americans on Thursday to take advantage of historically low mortgage rates and said his administration was rolling out further phases of its plan to address the housing crisis.
President Barack Obama set up an executive office for healthcare reform at the White House on Wednesday, saying the overhaul was one of the biggest priorities for the first year of his presidency.
President Barack Obama's eight-day overseas trip yielded success on a top goal: signaling to the world a new U.S. approach that breaks with the go it alone style of President George W. Bush.
The downturn in the civil aerospace sector is expected to be more severe than previously estimated mainly due to a decline in world air traffic and global gross domestic product, said Goldman Sachs, which downgraded Rolls Royce Group by a notch to sell.
President Barack Obama will be flexible about climate change legislation moving through Congress, the White House said on Wednesday, indicating some wiggle room on his demand for full auctioning of carbon emissions permits to industry.
General Motors Corp and Chrysler launched government-backed assistance programs for parts suppliers on Wednesday, and the task force overseeing the carmakers' restructuring was expected to meet with GM this week to speed up the process.
British Foreign Secretary David Miliband called Wednesday for a united front between Gulf Arab countries and global powers to deal with Iran.
A portion of the revenue from any U.S. system capping carbon emissions must go toward softening the impact of higher energy prices on consumers, a White House official said on Wednesday.
General Motors Corp and Chrysler launched government-backed assistance programs for parts suppliers on Wednesday, and the task force overseeing the carmakers' restructuring was expected to meet with GM this week to speed up the process.
U.S. Energy Secretary Steven Chu said yesterday that he supports investments to develop technology that captures and stores carbon emissions originated from burning coal, but added that it would take a minimum of eight years to develop a cost-effective technology.
Ford Motor Co has no interest in acquiring any Chrysler assets or brands if the automaker is forced into bankruptcy, the president of Ford's Americas unit said on Wednesday.
When it comes to paying back the financial bailout loans issued by the government in the last half year, the interests of taxpayers and banks come into play.
U.S. concerns about the potential for cyber-attacks on critical infrastructure extended to the American electrical power grid on Wednesday and experts pointed the finger anew at Chinese hackers, among others.
Defying congressional opposition, the U.S. government on Tuesday said it would buy expensive new spy satellites and order more imagery from two commercial providers to plug gaps in satellite coverage.
General Motors Corp is working hard to meet a June 1 deadline to present an accelerated restructuring plan that is vital for the company whether it goes bankrupt or not, a senior executive said on Wednesday.
Leaders of California's scenic Santa Barbara County, site of a 1969 oil spill that galvanized the modern environmental movement, voted on Tuesday to reverse a decision backing new offshore energy development.
Cyberspies have penetrated the U.S. electrical grid and left behind software programs that could be used to disrupt the system, the Wall Street Journal reported on Wednesday.
Cyberspies have penetrated the U.S. electrical grid and left behind software programs that could be used to disrupt the system, the Wall Street Journal reported on Wednesday.
