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Sunday, May 24, 2009 12:00 AM PDT

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Today's Business News: Fashion heiress, economist push foreign aid plan US Energy Sec: World wants stable oil prices Obama hopes for `leaner, meaner' GM and Chrysler Start with Jay Leno in evaluating new TV season With ex-Google exec, AOL seeks another fresh start IBD's Top 10 - Thursday Limited Brands 1Q profit is better than expected California faces its day of fiscal reckoning UK expenses scandal widens; more lawmakers named U.S. could take 17 years to exit GMAC after an IPO Fed mulled increasing debt purchases in April Sears shares rise after report of 1st-qtr profit Political Economy: Ending the Free Lunch GOP: Alternative energy alone won't meet US needs Law protects renters from foreclosure evictions Insurers: Pain from Commercial Real Estate? Housing: Recovering or Not? Fashion heiress, economist push foreign aid plan Sat, 23 May 2009 07:14 pm PDT AP - An unlikely duo of a fashion heiress and a Nobel Prize-winning economist is pushing a controversial plan to boost aid to the developing world by giving wealthy donors a greater say in how the money is distributed. Full Story Top US Energy Sec: World wants stable oil prices Sat, 23 May 2009 12:43 pm PDT AP - U.S. Energy Secretary Steven Chu said Saturday that the world wants oil prices to remain stable, warning that a new spike could harm the economic recovery. Full Story Top Obama hopes for `leaner, meaner' GM and Chrysler Sat, 23 May 2009 08:09 am PDT AP - President Barack Obama says General Motors Corp. and Chrysler LLC must emerge from their restructuring as "leaner, meaner" companies and that a substantial market awaits them if they make the right decisions. Full Story Top Start with Jay Leno in evaluating new TV season Sat, 23 May 2009 11:13 am PDT AP - For a fourth-place network that hasn't been a threat to anyone but itself the past few years, NBC sure drew a lot of negative attention from its rivals when new fall prime-time schedules were revealed. Full Story Top With ex-Google exec, AOL seeks another fresh start Sat, 23 May 2009 08:32 am PDT AP - Shortly before taking over as head of AOL in April, Tim Armstrong ripped out some office doors. Full Story Top IBD's Top 10 - Thursday Thu, 21 May 2009 04:15 pm PDT Investor's Business Daily - 1 News that the U.K. may lose its top credit rating spread to U.S. markets. The Nasdaq slid 1.9%, the S&P 500 1.7%, the Dow and NYSE composite 1.5%. Volume fell. Despite a broad decline, relatively few leading stocks fell in strong volume. Steel, machinery, transportation and other industrial stocks fared worst. Full Story Top Limited Brands 1Q profit is better than expected Wed, 20 May 2009 05:22 pm PDT AP - Clothing and personal care products retailer Limited Brands Inc. posted a surprise first-quarter profit on Wednesday, as its cost-cutting efforts offset lower sales. Full Story Top California faces its day of fiscal reckoning Fri, 22 May 2009 11:20 pm PDT AP - The day of reckoning that California has been warned about for years has arrived. The longest recession in generations and the defeat this week of a package of budget-balancing ballot measures are expected to lead to state spending cuts so deep and so painful that they could rewrite the social contract between California and its citizens. They could also force a fundamental rethinking of the proper role of government in the Golden State. Full Story Top UK expenses scandal widens; more lawmakers named Sat, 23 May 2009 06:59 am PDT AP - One of the British lawmakers at the center of the growing expense account scandal said Saturday he has been humiliated by public revelations about his financial transactions. Full Story Top U.S. could take 17 years to exit GMAC after an IPO Fri, 22 May 2009 07:00 am PDT Reuters - GMAC LLC, which is giving the U.S. Treasury Department a 35.4 percent equity stake, said on Friday it might take 17 years for the government to shed its investment if the auto and mortgage lender were to go public. Full Story Top Fed mulled increasing debt purchases in April Wed, 20 May 2009 03:17 pm PDT Reuters - The Federal Reserve said on Wednesday it saw modest improvements in the U.S. economy last month, but it still saw big risks and left open the possibility of increasing its purchases of mortgage-related and government debt to keep credit flowing and spur recovery. Full Story Top Sears shares rise after report of 1st-qtr profit Fri, 22 May 2009 01:29 pm PDT AP - Shares of Sears Holdings Corp. soared Friday, a day after the retailer surprised investors by posting a first-quarter profit. Full Story Top Political Economy: Ending the Free Lunch Sat, 23 May 2009 10:49 am PDT CQPolitics.com - There should be no doubt that the American people -- and their elected representatives -- see credit card companies as the prime villains of the moment. They may have even been elevated to villains of the year, now that the subprime mortgage industry has mostly gone belly up. Full Story Top GOP: Alternative energy alone won't meet US needs Sat, 23 May 2009 01:04 pm PDT AP - A GOP senator from the nation's leading coal-producing state contends Democrats will increase energy costs and make the U.S. more dependent on foreign oil if they focus solely on alternative energy. Full Story Top Law protects renters from foreclosure evictions Fri, 22 May 2009 12:33 pm PDT AP - Buried in a housing law signed this week by President Barack Obama are protections that will help thousands of renters stay in their homes — at least for awhile — after their landlord has been foreclosed on. Full Story Top Insurers: Pain from Commercial Real Estate? Thu, 21 May 2009 05:08 am PDT BusinessWeek Online - America's deteriorating commercial real estate picture has a special resonance for U.S. life insurers because of the approximately $310 billion, industrywide, that they've invested in commercial and multifamily mortgages. Full Story Top Housing: Recovering or Not? Wed, 20 May 2009 05:08 am PDT BusinessWeek Online - Hopes are high that the deeply troubled U.S. housing sector has finally seen the worst of the recession and financial crisis. Full Story Top

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