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  • University president tapped to head Philadelphia Fed Monday, 2 Mar 2015 | 11:12 AM ET

    WASHINGTON— The head of the University of Delaware has been selected to be the new president of the Federal Reserve Bank of Philadelphia. The bank's board of directors announced Monday that Patrick T. Harker, 56, will succeed Charles Plosser, who retired effective March 1. In addition to serving as president of the University of Delaware, Harker was a professor of...

  • High court to consider bias claim on loan guarantees Monday, 2 Mar 2015 | 10:29 AM ET

    WASHINGTON— The Supreme Court will decide whether a bank discriminated against the wives of two Missouri real estate developers by requiring them to guarantee their husbands' business loans. The justices said Monday they will hear an appeal of Valerie Hawkins and Janice Patterson, who claim the bank discriminated against them based on their marital status...

  • US construction spending down 1.1 percent in January Monday, 2 Mar 2015 | 10:25 AM ET

    WASHINGTON— U.S. construction spending fell in January, reflecting weakness in spending on office buildings and other nonresidential projects and in government activity. Construction spending fell 1.1 percent in January following a revised 0.8 percent increase in December, the Commerce Department reported Monday. Spending on home construction rose 0.6...

  • US manufacturing slows as output and hiring weaken Monday, 2 Mar 2015 | 10:18 AM ET

    WASHINGTON— U.S. factories expanded last month at their weakest pace in a year, with orders, hiring and production all growing more slowly. The Institute for Supply Management, a trade group of purchasing managers, said Monday that its manufacturing index slipped to 52.9 in February from 53.5 in January. U.S. manufacturers have been held back in recent months by...

  • CHARLEROI, Pa.— A regional southwestern Pennsylvania bank has changed its name from Charleroi Federal Savings Bank to cfsbank. President and Chief Executive Officer Neil Bassi says the name change better reflects the bank's growing regional presence. Founded 79 years ago in Charleroi, Washington County, the bank now has eight other branches, with others in...

  • WASHINGTON— The Supreme Court won't hear an appeal from a group of flexible foam manufacturers challenging one of the largest class action lawsuits ever certified. The justices on Monday let stand a lower court ruling that allowed a lawsuit to go forward that seeks more than $9 billion in damages against Carpenter Co., Woodbridge Foam Corp. and others.

  • HAVANA, March 2- The most important U.S. agricultural delegation to visit Cuba in more than a decade began three days of meetings on Monday, hoping to find potential business partners and urge the U.S. Congress to lift the trade embargo against the Caribbean nation. Two former agriculture secretaries, a number of state agriculture officials and representatives...

  • WASHINGTON— U.S. consumers spent less for a second consecutive month in January, but the weakness came from a big decline in gas prices. Consumer spending declined 0.2 percent in January following a 0.3 percent drop in December, the Commerce Department reported Monday. "Even though households didn't take full advantage of their savings on gasoline in January,...

  • WASHINGTON— Netanyahu: Iran nuclear deal could threaten Israel's survival, says Israel won't be passive.

  • Ahead of the Bell: US construction spending Monday, 2 Mar 2015 | 6:56 AM ET

    WASHINGTON— The Commerce Department reports on U.S. construction spending in January. The report will be issued Monday at 10 a.m. Eastern. For all of 2014, total construction spending increased 5.6 percent to $961 billion.

  • Ahead of the Bell: US consumer spending Monday, 2 Mar 2015 | 6:48 AM ET

    WASHINGTON— The Commerce Department releases its January report on consumer spending Monday at 8:30 a.m. Eastern. FURTHER SLIP: The expectation is that consumer spending, which accounts for 70 percent of U.S. economic activity, dipped a slight 0.1 percent in January, according to a survey of economists by data firm FactSet. REBOUND COMING: In December, U.S....

  • WASHINGTON— The Institute for Supply Management reports on a survey about U.S. manufacturing production, orders and other activity in February. The trade group of purchasing managers will release its manufacturing index at 10 a.m. Eastern Monday. SLOWER BUT STEADY: Manufacturers have been held back in recent months by weak growth in China, Europe and Japan.

  • WASHINGTON— Speaker John Boehner left open the possibility Monday that the House might pass long-term funding for the Homeland Security Department without immigration provisions attached, as Republican options dwindled for avoiding a capitulation to the White House and Democrats. Boehner declined to say over the weekend if he would permit a vote on the...

  • NEW YORK, March 2- The U.S. Securities and Exchange Commission may strip Vanguard Group, BlackRock Inc and State Street Corp, the oldest and biggest providers of exchange-traded funds, of an advantage they hold over newer rivals in how they assemble the shares of their funds, said sources familiar with the SEC. To do that, the SEC has said the securities used to create...

  • WASHINGTON, March 2- Janet Yellen's premium on consensus may lead to a Federal Reserve decision the chair hasn't yet endorsed, as a near majority aligns in favor of a possible June interest rate hike. The five members of the Fed's Washington- based board of governors, including Yellen, have spoken less definitively, though governors including Jerome Powell have...

  • JUPITER, Florida, March 2- In October 2003, Jeb Bush unveiled one of the largest economic projects in Florida history: a $500 million plan to bring Scripps Research Institute to the state and build a biomedical hub he said would generate nearly 50,000 jobs in 15 years. As governor, he described it as a "seminal moment," comparable to Walt Disney World's arrival in...

  • WASHINGTON— Congress' dysfunction isn't limited to the struggle to keep a Cabinet department running without interruption. The to-do list includes forestalling a 21 percent cut in Medicare payments to physicians, preventing a cutoff of highway and transit dollars in the middle of peak construction season this summer and renewing critical parts of the...

  • KIEV, Ukraine— War-torn Ukraine is a long way from Wood Dale, Illinois. "I don't see myself as a politician," she told The Associated Press at her office in the Ukrainian capital, Kiev. Corruption is endemic throughout Ukraine.

  • WASHINGTON, March 1- Congress narrowly averted a partial shutdown of the U.S. domestic security agency late on Friday night, but the forces behind the chaotic episode remain- fractious Republicans and House Speaker John Boehner's lack of control over them. In five to seven months, the federal debt ceiling will again be reached, and by October Congress must pass...

  • CARACAS, Feb 28- Venezuelan President Nicolas Maduro said on Saturday his government had captured American citizens involved in "espionage activities," and said U.S. citizens in the future will have to seek visas to come to the OPEC nation. Speaking during a rally, he said his government will prohibit some U.S. officials from entering Venezuela in retaliation for...