Treasury pares borrowing amount to $1.438 trillion
The Treasury Department has further trimmed its estimates of the amount of borrowing it will need to do this year as an improving economy has boosted tax revenues and cut spending needs more than previously expected. The Treasury says that it now expects to borrow $1.438 trillion this year, still the second-highest amount in history but down by 19.5 percent from last year's all-time record of $1.786 trillion.
Feds probe profiteering in wake of BP disaster in Gulf
U.S. securities regulators are investigating whether people may have illegally profited from trading on nonpublic information at BP Plc in the weeks and months following the disastrous Gulf of Mexico oil spill, two sources familiar with the investigation said MondayMonday. The Securities and Exchange Commission is also investigating whether BP properly disclosed information on risks related to its deepwater oil operations in the Gulf of Mexico, one of the sources said. They cautioned that the investigation is preliminary.
UAE's BlackBerry ban will expand to foreign visitors
The United Arab Emirates' looming crackdown on BlackBerry services will extend to foreign visitors using roaming. The Emirates' telecoms regulator said MondayMonday that travelers to the city-state of Dubai and the important oil industry center of Abu Dhabi will - like the 500,000 local subscribers - have to do without BlackBerry e-mail, messaging and Web services starting in October. Emirati authorities say the move is based on security concerns because BlackBerry data is automatically shipped to company computers abroad, where it is stored and difficult for local authorities to monitor for illegal activity or abuse.
Tax breaks help businesses hire
Businesses have hired 5.6 million workers under a new program that provides tax breaks for hiring unemployed workers, the Treasury Department said MondayMonday. Those businesses are projected to save $10.4 billion in taxes, if they keep three-fourths of the new workers for at least a year, the Treasury report said.
Washington Post Co. to sell Newsweek to Harman
Sidney Harman, the 91-year-old founder of audio equipment maker Harman International Industries, has agreed to buy Newsweek from The Washington Post Co. In a statement yesterdayMonday, Post Co. chief executive Donald Graham said Harman has pledged to keep most of the magazine's staff. Financial terms were not disclosed.
- From wire reports