Most Emailed Business News

WASHINGTON - Home sales surged for the second month in a row in October, climbing to the highest level in 2 1/2 years as first-time buyers rushed to take advantage of an expiring tax credit.

WASHINGTON (Reuters) - Sales of previously owned U.S. homes rose in October at a faster-than-expected pace to the highest in more than 2-1/2 years as buyers rushed to take advantage of a popular tax credit, a survey showed on Monday.

ST. PETERSBURG, Russia - A cutting-edge French warship sailed into St. Petersburg Monday to show off its capabilities to potential buyers in the Russian navy, whose pursuit of an amphibious assault capacity is frightening some neighboring countries.

MUMBAI (Reuters) - Leading Indian outsourcers such as Tata Consultancy , Infosys and Wipro stand to gain contracts worth about $1 billion in the next one or two years as U.S. banks emerge from the troubled asset relief program, the Economic Times reported on Monday.

WASHINGTON - Failure is not an option on health care, a leading Democratic senator said Monday, even as Republicans turned up the heat on moderates who hold the fate of the legislation in their hands.

WEST PALM BEACH, Fla. - The federal government said Monday that it has found a "strong association" between problematic imported Chinese drywall and corrosion of pipes and wires, a conclusion that supports complaints by thousands of homeowners over the last year.

WASHINGTON - As if small businesses needed another reason not to hire, consider their latest financial burden: The cost of rising unemployment itself.

Economists expect the joblessness that has weighed down the nation's economic recovery will start to slowly abate in 2010, but they predict consumers will continue to keep a tight rein on spending, according to a new survey.

WASHINGTON - First-time buyers taking advantage of a special tax credit gave sales of existing homes in October their biggest surge in a decade, raising hopes for a turnaround in the housing market and pleasing Wall Street.

WASHINGTON - A lot more Americans are feeling stressed out by debt this holiday season, raising the glum likelihood they'll behave like Scrooge rather than Santa.

HARRISBURG, Pa. - Radioactive dust unexpectedly blew out of a pipe being cut by workers during weekend maintenance at the Three Mile Island nuclear power plant, and officials on Monday were trying to determine exactly how and why it happened.

WASHINGTON - More than 2.1 million drop-side cribs by Stork Craft Manufacturing are being recalled, the biggest crib recall in U.S history, following reports of four infant suffocations.

LAREDO, Texas - A U.S. program that offers trusted trucking companies speedy passage across American borders has begun attracting just the sort of customers who place a premium on avoiding inspections: Mexican drug smugglers.

HEGANG, China - The coal mine that exploded in northern China, killing 104, had too many workers underground in an effort to increase output, a government official said Monday, exposing the risks often taken to meet the country's insatiable energy demands.

ARTOIS, Calif. - An oil boom is under way in California's agricultural heartland, as evolving tastes and a trend toward healthy fare have transformed a profession as old as civilization: olive production for the extra virgin market.

NEW YORK - Fewer people are expected to fly this holiday season, but travelers shouldn't expect a full reprieve from the horrid flight delays of Thanksgivings past, especially if they need to land anywhere near New York City.

BERLIN - McDonald's is going green — swapping its traditional red backdrop for a deep hunter green — to promote a more eco-friendly image in Europe.

WASHINGTON - The United States, under pressure from other nations as one of the world's largest greenhouse-gas polluters, will present a target for reducing carbon dioxide emissions at next month's climate conference in Copenhagen, Obama administration officials said Monday.

NEW YORK - Television retailer QVC has made aggressive plans to keep shoppers watching — instead of mall-hopping — on Black Friday, an event it has traditionally ignored.

It's been a hard year to work at General Electric . Salary freezes have hit its famously performance-driven employees, with some managers taking pay cuts. The price of GE stock, which once made millionaires out of even hourly workers, has gone nowhere as the rest of the market has risen. A 68% dividend cut -- the first in 71 years -- has stung execs who rely on a heavy dose of restricted shares.

WASHINGTON (Reuters) - Sales of previously owned U.S. homes jumped last month to their highest level in more than 2-1/2 years, but a fall in an economic gauge was a reminder that recovery from recession would be patchy.

NEW YORK (Reuters) - U.S. stocks snapped a three-day losing streak on Monday as stronger-than-expected home sales data fueled optimism while a weaker dollar boosted commodity-linked stocks.

LONDON - World markets rose sharply Monday amid further hopeful signs about the global economic recovery. Commodity stocks led the charge, particularly in London, after gold hit another record high.

PARK FALLS, Wis. - Forests are a treasure trove of limbs and bark that can be made into alternative fuels and some worry the increasing trend of using that logging debris will make those materials too scarce, harming the woodlands.

Although home sales surged last month, many housing experts--and even real estate agents' own trade group--are expecting the market to retrench in the coming months as the jolt from a tax incentive's previously impending deadline subsides. On a seasonal basis, existing home sales jumped 10 percent last month from September and nearly 24 percent from October 2008, the National Association of Realtors reported Monday. ...

NEW YORK (Reuters) - A New York Times editorial slammed Goldman Sachs for its role in the financial crisis and said that instead of paying big bonuses to its employees it should make a multibillion-dollar gift to help reduce the U.S. national debt.

LOS ANGELES - The vampire romance "The Twilight Saga: New Moon" put the box office into orbit with a $142.8 million opening weekend. The sequel took in twice as much as "Twilight" in its first three days a year ago.

DOHA, Qatar - An investment company owned by Qatar's sovereign wealth fund has signed a $26 billion (euro17 billion) joint venture with Germany's national railway operator to build a railroad network in the natural gas-rich Gulf sheikdom.

NEW YORK - Artist Nate Giorgio recalls the last time he saw Michael Jackson, just days before the singer's death.

WASHINGTON - The number of Americans traveling away from home for Thanksgiving will be up only slightly this year from 2008, according to a report from the AAA auto club.