Bernanke says US economy on cusp of recovery
JACKSON, Wyo. (AP) - Federal Reserve Chairman Ben Bernanke declared Friday that the U.S. economy is on the verge of a long-awaited recovery after enduring a brutal recession and the worst financial crisis since the Great Depression. Economic activity in both the U.S. and around the world appears to be "leveling out," and "the prospects for a return to growth in the near term appear good," Bernanke said in a speech at an annual Fed conference in Jackson Hole, Wyo.
July home sales surge more than 7 percent
WASHINGTON (AP) - The U.S. housing market is rebounding faster than expected. The question is, can it last? Home resales in July posted the largest monthly increase in at least 10 years as first-time buyers rushed to take advantage of a tax credit that expires this fall. Sales jumped 7.2 percent and beat expectations, the National Association of Realtors said Friday. "The housing market is back up and running and that is great news," wrote Joel Naroff of Naroff Economic Advisors.
Karzai, Abdullah teams claim lead in Afghan vote
KABUL (AP) - President Hamid Karzai and top challenger Abdullah Abdullah positioned themselves Friday as the likely winner of Afghanistan's presidential election, one day after millions of Afghans braved Taliban threats and intimidation to cast ballots. Partial preliminary results won't be made public before Tuesday, as Afghanistan and the dozens of countries with troops and aid organizations in the country wait to see who will lead the troubled nation for the next five years. The next president faces an agenda filled with crises: rising insurgent violence, rampant corruption and a huge narcotics trade.
Poll: Americans losing confidence in Obama
WASHINGTON (AP) - A new poll says that Americans, concerned over the future of health care reform and anxious about the growing federal budget deficit, are losing faith in President Barack Obama. The Washington Post-ABC News survey found that less that half of Americans - 49 percent - say they believe the president will make the right decisions for the country. That's down from 60 percent at the 100-day mark of the Obama presidency.
Cash for Clunkers to end on Monday
WASHINGTON (AP) - Car shoppers have until Monday night to take advantage of lucrative Cash for Clunkers rebates from the government, and the Obama administration is hoping for a smooth ending to a program that has spurred auto sales but created headaches for many auto dealers. The popular program will end at 8 p.m. EDT Monday after burning through much of its $3 billion in funding in just a month. All new deals will have to be completed and dealers must file their paperwork by the deadline in order to get repaid for the big incentives.
Bermuda, US coast warned as Bill stays offshore
MIAMI (AP) - Rain ahead of Hurricane Bill pelted Bermuda on Friday as the storm roared over the open Atlantic, threatening to flood the island's coastline in passing and to spread dangerous waves and riptides along the eastern U.S. shore. The Category 3 storm's maximum sustained winds lost a little strength overnight to near 115 mph, from 125 mph late Thursday. Forecasters said the hurricane's intensity could fluctuate in the next two days. Its center is expected to pass between Bermuda and the U.S. shore Saturday
Pilot pleaded to evacuate stranded passengers
WASHINGTON (AP) - Federal officials said Friday that the airline whose passengers were stranded overnight on a Minnesota airport tarmac wasn't at fault, but they blamed another airline for refusing requests to allow the passengers to enter the airport's terminal. Transportation Secretary Ray LaHood said an investigation by his department found that the captain of Continental Express Flight 2816 and other officials for ExpressJet, the regional air carrier that operated the flight for Continental Airlines, repeatedly pleaded to allow the passengers to deplane and enter the Rochester terminal.
Randy Jackson, others to testify about deal
LOS ANGELES (AP) - Michael Jackson's brother Randy is expected on the witness stand to testify about why a proposed memorabilia tour may not be the best deal for the King of Pop's estate. Randy Jackson, an accountant and a lawyer are among those scheduled to testify Friday in Los Angeles. Another probable witness is concert promoter Leonard Rowe, who has been critical of the company that would oversee the exhibit, AEG Live.
Traffic noise could be ruining sex lives of frogs
CANBERRA, Australia (AP) - Traffic noise could be ruining the sex lives of urban frogs by drowning out the seductive croaks of amorous males, an Australian researcher said Friday. A well-projected and energetic croak is the male frog's most important asset in the quest to attract mates to his pond, Melbourne University ecologist Kirsten Parris said.
Memphis not giving up Final Four run without fight
MEMPHIS, Tenn. (AP) - No banners are coming down anytime soon. Not the 2008 Final Four banner nor the one honoring three seniors for an NCAA-record 137 wins. Memphis isn't giving up any of its 38 victories without a fight. The NCAA announced Thursday that Memphis must vacate the 38 wins and the national championship game appearance from the 2007-08 season as punishment for using an ineligible player believed to be NBA star Derrick Rose. Memphis didn't wait even an hour before declaring plans to appeal what school president Shirley Raines called unfair penalties. "If the appeal fails, the banners come down," Memphis athletic director R.C. Johnson said.
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