Business News

Dream of gas tax holiday faltered over job losses

A gas price sign is shown in McKinney, Texas, Friday, July 18, 2008. Prices at the pump backed away from record highs as oil futures edged up Friday, but crude's gains were modest in comparison to the spectacular three-day drop earlier in the week. The political vision of a summer gas tax holiday died a quick death in Congress, losing to a view that federal excise taxes on gasoline and diesel fuel will have to go up if they go anywhere. (AP Photo/Donna McWilliam)
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AP
AP - 19 minutes ago

WASHINGTON - The political vision of a summer gas tax holiday died a quick death in Congress, losing to a view that federal excise taxes on gasoline and diesel fuel will have to go up if they go anywhere.

Economy News

  • In this Dec. 4, 2007 file photo, Daimler AG's Smart fortwo micro car is driven on a street in Washington. (AP Photo/Lawrence Jackson, file)
    Going small: A Smart driving experience AP - Sat Jul 19, 4:47 AM ET

    WASHINGTON - Sometimes, I guess, timing is everything. When DaimlerChrysler AG announced in 2006 that it planned to bring the Smart fortwo micro car to the United States after nearly a decade in Europe, gas prices had reached about $2.80 a gallon. Now, Americans are paying more than $4 a gallon at the pump, SUV sales are plummeting and consumers are hungry for smaller, more fuel-efficient vehicles.

  • Oil traders react during trading activity on the floor of the New York Mercantile Exchange, Friday July 18, 2008. Oil prices rose above $131 a barrel Friday as news of an output cut in Nigeria helped to halt the sharp decline in prices that began three days ago. (AP Photos/Bebeto Matthews)
    Oil prices tumble in biggest weekly drop ever AP - Fri Jul 18, 7:03 PM ET

    NEW YORK - The price of oil recorded its biggest weekly drop ever, and a gallon of gas finally pulled back from its record high. So is it time to declare the energy bubble popped?

  • This 1960's photo provided by the presidential campaign of Sen. Barack Obama, D-Ill., shows Obama with his mother Ann Dunham. A reader-submitted question about Obama's citizenship being answered as part of an Associated Press Q&A column called 'Ask AP.' (AP Photo/Obama Presidential Campaign)
    Ask AP: Oil and gas prices, Obama's citizenship AP - Fri Jul 18, 3:27 PM ET

    For weeks — months — the price of a barrel of oil marches skyward, and gas prices at the pump soar to frustrating heights.

Stock Markets News

  • Traders work on the floor of the New York Stock Exchange July 11, 2008 in New York City. A newly revived Wall Street faces a fresh test of momentum in the coming week with a wave of corporate results that may indicate whether the latest rebound is for real.(AFP/Getty Images/File/Mario Tama)
    Earnings deluge poses test for fragile Wall Street AFP - 35 minutes ago

    NEW YORK (AFP) - A newly revived Wall Street faces a fresh test of momentum in the coming week with a wave of corporate results that may indicate whether the latest rebound is for real.

  • Chinese broker tried in insider trading AP - Sat Jul 19, 6:24 AM ET

    BEIJING - The former president of a major Chinese stock brokerage has gone on trial on insider-trading charges in connection with the company's 2006 stock market debut, a state news agency reported Saturday.

  • EU wants co-operation with SEC on rating agencies: report Reuters - Sat Jul 19, 6:00 AM ET

    FRANKFURT (Reuters) - The European Commission wants to cooperate closely with the U.S. Securities and Exchange Commission (SEC) on the planned regulation of credit rating agencies, the German financial weekly Euro am Sonntag reported.

Earnings News

  • Earnings deluge poses test for fragile Wall Street AFP - 35 minutes ago

    NEW YORK (AFP) - A newly revived Wall Street faces a fresh test of momentum in the coming week with a wave of corporate results that may indicate whether the latest rebound is for real.

  • In this April 8, 2008 file photo, the Google booth is shown at the RSA conference in San Francisco. Google Inc. shares tumbled more than 9 percent in early trading Friday, July 18, 2008, after the Internet search leader's second-quarter earnings missed analysts' expectations. (AP Photo/Paul Sakuma, file)
    Google shares plummet after disappointing earnings AP - Fri Jul 18, 8:02 PM ET

    SAN FRANCISCO - Google Inc. shares plunged nearly 10 percent Friday after the Internet search leader's second-quarter earnings missed analysts' expectations.

  • In this May 9, 2008 file photo, a pedestrian walks past the Citigroup Center building in New York. Citigroup says it posted a $2.5 billion loss Friday, July 18, 2008, and laid off more employees in the second quarter as it struggled with surging loan defaults. (AP Photo/Mary Altaffer, file)
    Citigroup posts $2.5B loss, but beats expectations AP - Fri Jul 18, 6:56 PM ET

    NEW YORK - Citigroup has become the latest big bank to quell Wall Street's worries about a financial sector implosion, posting a $2.5 billion second-quarter loss that was smaller than expected.

Industries

  • Going small: A Smart driving experience AP - Sat Jul 19, 4:47 AM ET

    WASHINGTON - Sometimes, I guess, timing is everything. When DaimlerChrysler AG announced in 2006 that it planned to bring the Smart fortwo micro car to the United States after nearly a decade in Europe, gas prices had reached about $2.80 a gallon. Now, Americans are paying more than $4 a gallon at the pump, SUV sales are plummeting and consumers are hungry for smaller, more fuel-efficient vehicles.

  • Japan firms to work out next-gen car battery norms Reuters - Sat Jul 19, 2:09 AM ET

    TOKYO (Reuters) - Toyota Motor Corp (7203.T), Nissan Motor Co (7201.T), Matsushita Electric Industrial Co (6752.T) and other Japanese companies will work together to set up common standards for lithium-ion batteries being developed to power next-generation cars, the Nikkei business daily said on Saturday.

  • Missing man's widow says he mixed booze with pills AP - Fri Jul 18, 11:41 PM ET

    NEW HAVEN, Conn. - The widow of a man who disappeared during their honeymoon cruise said Friday in court that he mixed prescription drugs with alcohol the night he vanished three years ago on the Mediterranean Sea.

Opinion

  • The College Credit-Card Hustle BusinessWeek Online - Fri Jul 18, 10:07 AM ET

    Universities and their alumni associations have discovered an unlikely and disturbing source of revenue: Increasingly, they are selling students' personal information to big credit-card companies eager for young customers.

  • Recession-Proof Jobs BusinessWeek Online - Thu Jul 17, 8:08 AM ET

    These are tough times for job seekers. The U.S. unemployment rate held steady in June at 5.5%, the highest rate since October 2004. The outlook is especially bleak in residential construction and automobiles, and for workers without a college degree.

  • Volkswagen Waltzes Into Tennessee BusinessWeek Online - Wed Jul 16, 8:08 AM ET

    Volkswagen has selected Chattanooga as the site for a new U.S. assembly plant. Tennessee, the home of Jack Daniel's, beat out Alabama and Michigan for the investment and jobs that go along with it.

Most Popular Business News

  • House prices could fall for two years: Citigroup Reuters - Sat Jul 19, 4:11 AM ET

    LONDON (Reuters) - Citigroup chairman Win Bischoff has warned that house prices in Britain and the United States are likely to keep falling for another two years.

  • Business is brisk where self-serve gasoline is advertised at $4.299 for regular to $4.499 for premium at a United Oil station in Los Angeles Friday, July 18, 2008. Prices at the pump pulled back from record highs Friday as another slide in oil capped crude's biggest one-week drop in more than three years. (AP Photo/Reed Saxon)
    Oil prices tumble in biggest weekly drop ever AP - Sat Jul 19, 4:16 AM ET

    NEW YORK - The price of oil recorded its biggest weekly drop ever, and a gallon of gas finally pulled back from its record high. So is it time to declare the energy bubble popped?

  • Going small: A Smart driving experience AP - Sat Jul 19, 4:47 AM ET

    WASHINGTON - Sometimes, I guess, timing is everything. When DaimlerChrysler AG announced in 2006 that it planned to bring the Smart fortwo micro car to the United States after nearly a decade in Europe, gas prices had reached about $2.80 a gallon. Now, Americans are paying more than $4 a gallon at the pump, SUV sales are plummeting and consumers are hungry for smaller, more fuel-efficient vehicles.