 NEW YORK (Reuters) - The debt negotiations are getting down to the wire. Republican and Democratic lawmakers are scrambling to broker a deal to raise the country's $14.3 trillion debt ceiling before Tuesday, when the Treasury will no longer be able to borrow funds to meet all of its obligations. It all means the United States could face the possibility of defaulting on its debt and losing its prized triple-A credit rating. | |
 NEW YORK (Reuters) - Stocks are likely to face more selling pressure next week as the Tuesday deadline draws near for raising the U.S. debt ceiling and Washington remains paralyzed by political brinkmanship. | |
| TSX dives on weak data, U.S. debt deadlock Fri,29 Jul 2011 03:06 PM PDT Reuters - TORONTO (Reuters) - Toronto's main stock index closed sharply lower on Friday, though off the one-month low it hit earlier in the day, as weak economic data and the U.S. debt crisis pushed investors to the safety of the sidelines. Full Story | |
| Debt crisis strains banks, threatens consumers Fri,29 Jul 2011 02:46 PM PDT Reuters - NEW YORK (Reuters) - The crisis over raising the debt ceiling may have been manufactured by politicians, as many on Wall Street charge, but its effect on consumers and the broader economy is likely to prove very real. Full Story | |
 WASHINGTON (Reuters) - The economy stumbled badly in the first half of 2011 and came dangerously close to contracting in the January-March period, raising the risk of a recession if a standoff over the nation's debt does not end quickly. | |
| Arctic Glacier says lenders grant waivers Fri,29 Jul 2011 02:30 PM PDT Reuters - (Reuters) - Packaged ice maker Arctic Glacier Income Fund said it reached an agreement with its lenders to waive some covenants in its credit facilities, taking some heat off the debt-ridden company. Full Story | |
 NEW YORK (Reuters) - Merck & Co Inc plans to cut another 12,000 to 13,000 jobs by late 2015 to wring out additional annual cost savings of up to $1.5 billion that can be plowed back into research and deal making. | |
| Ford hopes to avoid strike in labor talks Fri,29 Jul 2011 02:27 PM PDT Reuters - DEARBORN, Michigan (Reuters) - Ford Motor Co's labor chief said the U.S. automaker hopes to avoid a strike in its talks for a new labor deal with the United Auto Workers union, which officially began on Friday. Full Story | |
 NEW YORK (Reuters) - Stocks ended the worst week in a year as time runs out on Washington to reach agreement before the government loses its ability to borrow money. | |
| UBS hires BofA banker as global equities co-head Fri,29 Jul 2011 02:18 PM PDT Reuters - NEW YORK (Reuters) - UBS AG has hired former Bank of America Corp banker Mike Stewart as co-head of global equities, succeeding Yassine Bouhara, who will become CEO of emerging markets for the investment bank. Full Story | |
| Lehman to appeal order validating Barclays sale Fri,29 Jul 2011 02:16 PM PDT Reuters - NEW YORK (Reuters) - Lehman Brothers Holdings Inc will appeal a court order upholding the rushed sale of its North American business to Barclays PLC nearly three years ago, a deal Lehman said afforded Barclays an $11 billion (6.7 billion pounds) "windfall." Full Story | |
| Court upholds patenting of genes in Myriad case Fri,29 Jul 2011 01:56 PM PDT Reuters - CHICAGO (Reuters) - A federal appeals court affirmed the right of Myriad Genetics to patent two genes linked to breast cancer, overturning a lower court ruling that threatened a key element of the biotech business. Full Story | |
| Loonie skids on weak GDP data, U.S. default fears Fri,29 Jul 2011 01:51 PM PDT Reuters - TORONTO (Reuters) - The Canadian dollar tumbled against the greenback on Friday as the U.S. debt default crisis and disappointing North American GDP data raised the specter that the economy could fall into recession. Full Story | |
| Analysis: In fearful markets, some see golden opportunities Fri,29 Jul 2011 12:57 PM PDT Reuters - NEW YORK (Reuters) - Nerves are frayed on Wall Street as the threat of a U.S. debt default looms ever larger, and many investors are choosing to wait for calmer waters. But not all of them. Full Story | |
| Treasury may drop bonds sales with no debt deal Fri,29 Jul 2011 12:49 PM PDT Reuters - NEW YORK (Reuters) - The government prepared Wall Street firms on Friday for the possibility it may have to delay or cancel a major round of bond sales if Congress doesn't raise the nation's borrowing limit by August 2. Full Story |
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