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NEWS ABOUT: Department of Commerce

GOP Desperate to Keep Gregg in Senate

If he takes Commerce, they want NH governor to pick a Republican

(Newser) - Republicans are stepping up efforts to keep Judd Gregg from jumping to Barack Obama’s Cabinet, or, failing that, to convince New Hampshire’s Democratic governor to pick a Republican to replace him. Otherwise, Democrats would gain a filibuster-proof 60-seat majority. “It would be a loss to the Senate... More »

Caucus Pushes for Black Commerce Secretary

Obama considering Symantec CEO—and a GOP senator

(Newser) - The Congressional Black Caucus is lobbying President Obama to name a black commerce secretary. The caucus is pushing for technology executive John Thompson, CEO of software security company Symantec and an Obama contributor, to fill the post, reports the Hill. Obama has so far appointed only four African Americans to... More »

Mumbai Gets Back on Its Feet

The city returns to business as usual after terrorist attacks

(Newser) - For those who need proof of Mumbai's resilient spirit, look no further than Cafe Leopold, writes Saritha Rai of GlobalPost. It still bears bullet and grenade scars, but it is nevertheless jammed every day with tourists and local residents. "Leopold, the site of the first terrorist attack on the... More »

What Embargo? HP Printers Find Their Way to Iran

Company skirts US law with help from overseas distributor

(Newser) - HP printers have become top-sellers in Tehran, despite a 13-year embargo against US companies doing business with Iran, the Boston Globe reports. An Indian-owned distributor sells HP products in Iran, enabling it to skirt American law. But questions remain: If HP execs cut the deal with Redington Gulf knowing their... More »

Richardson-to-Commerce Pick to be Official Tomorrow

Richardson would lead economic revival policy

(Newser) - President-elect Obama is expected to announce Bill Richardson's appointment as secretary of commerce tomorrow, Reuters reports, the latest in a string of cabinet announcements. In his new role, the New Mexico governor will lead the charge to revive the nation's economy. Richardson will be the first Latino in Obama’s... More »

NY Fed Prez Lands Top Job at Treasury

Speculation about Commerce gig surrounds Richardson

(Newser) - The Obama transition team has settled on a treasury secretary nominee, NBC reports: Timothy Geithner, the president of the New York Fed. The announcement is expected to come Monday, when the president-elect will announce his entire economic team in an attempt to quell the unrest surrounding the financial markets.... More »

Recession in China Could Sink Regime

Regime worries as angry workers take to the streets

(Newser) - Beijing's grip on power in recent years has relied on a simple agreement with its citizens: "Tolerate our authoritarian rule and we'll make you rich,” writes Joshua Kurlantzick in the New Republic. But with the nation's economy on the rocks, that agreement is now breaking down. If Beijing's... More »

Green Energy Jobs: Will They Save the Economy?

Obama's plans for investment in renewable energy turn cost into benefit

(Newser) - Barack Obama's ambitious plans to use green energy investment to rev up the economy are igniting fierce debate over the math behind them, the Wall Street Journal writes. The president-elect says $150 billion in investment will create five million jobs over the next decade, in construction and installation. Critics charge... More »

Gas Prices Lowest in Year

Lower gas worth $1000 a year for families

(Newser) - The price of gasoline has dropped to its lowest level in a year, Reuters reports. The national average price for a gallon of regular unleaded is $2.91, a drop of 57 cents per gallon in just the last two weeks. Gas is most expensive in San Francisco, at... More »

Palin Billed State to Live at Home

Gov. charged per diem home fee, and family got $43K in travel expenses

(Newser) - Sarah Palin charged the state of Alaska nearly $17,000 in per diem fees for 312 nights she spent at her Wasilla home, even though she had moved with her family to the state capitol of Juneau before the legislative session last year, reports the Washington Post. The state has... More »

Stocks Send Mixed Messages

Falling oil prices have lost their ability to spur gains in equities

(Newser) - The markets saw mixed gains today as investors weighed falling oil, mildly positive manufacturing news and another big drop in domestic auto sales, the Wall Street Journal reports. The Dow closed up 15.96 at 11,532.88. The Nasdaq added 15.51 to close at 2,333.73, and... More »

Stocks Rally on GDP Revision

MBIA's jump leads insurers higher, and lower energy prices power big gains

(Newser) - Stocks rallied today as MBIA led gains for bond insurers and the news of an upward revision to the second-quarter US gross domestic product brightened investor sentiment, MarketWatch reports. The Dow rose 212.67 to close at 11,715.18. The Nasdaq gained 29.18, closing at 2,411.64,... More »

GDP Grew More in Q2 Than First Reported

Commerce Department revision shows healthier growth

(Newser) - GDP growth was higher than initially reported in the second quarter, the Wall Street Journal reports. Commerce Department revisions put the increase at a seasonally adjusted 3.3% annual rate—the original estimate was 1.9%. Businesses decreased their inventories less than previously thought. At the same time, exports rose... More »

Street Rallies on Retail, Jobs

Wal-Mart among big winners as indices rebound from 3 days of losses

(Newser) - The markets rebounded from a 3-day losing streak today as retailers posted strong sales and weekly claims for jobless benefits fell, the Wall Street Journal reports. The Dow climbed 213.97, closing at 12,604.45, and the Nasdaq gained 46.80 to settle at 2,549.94. The S&... More »

Markets Up in Rollercoaster Day

Dow posts modest gain on mixed news

(Newser) - Stocks rose, fell, and rose again as mixed economic news pulled the market in opposite directions today, the Wall Street Journal reports. The Dow ended up 45.68, at 12,594.03. The Nasdaq climbed 5.46 to 2,486.70, and the S&P 500 rose 5.49 to... More »

Housing Starts Hit 17-Year Low

March starts plummet 11.9% as foreclosures create glut on market

(Newser) - Foreclosures and a glut of unsold homes flooding the market were blamed for an 11.9% drop in new housing starts last month, more than twice the slide economists had predicted, reports Bloomberg. Starts are at the lowest level since March 1991, according to the Commerce Department, casting a pall... More »

Stocks Fall on Consumer Data

Weekly losses for Dow and S&P

(Newser) - Stocks erased morning gains on poor consumer spending news to wrap up today's session in negative territory. The Dow and the S&P 500 racked up weekly losses of 1.2% and 1.1%, Bloomberg reports. The Dow fell 86.38 today to close at 12,216.08. The Nasdaq... More »

Personal Spending Slows to a Crawl in February

Inflation cooling, but consumer confidence is down

(Newser) - Personal spending—a major force in the health of the economy— rose just 0.1% in February, its smallest increase in 16 months, the Wall Street Journal reports. The increase, which actually beat analysts' estimate of a 0.1% decrease, came despite a bump in personal income and signs that... More »

GDP Growth Weakest Since '02

0.6% increase matches estimates; markets still focused on credit issues

(Newser) - The US economy sputtered—as expected—in the fourth quarter of 2007, growing at the slowest rate since 2002, MarketWatch reports. Estimated growth of the US gross domestic product was 0.6% for the last three months of 2007, matching economists' forecasts. Consumer spending grew 2.3%, and exports increased... More »

Tourism Busts Pre-9/11 Record

57 million foreign visitors traveled to US

(Newser) - Nearly 57 million foreign tourists visited the US last year, pumping more than $123 billion into the economy, Reuters reports. It's the first time a tourism record has been broken since the 9/11 attacks staggered the industry. Some 17.7 million visitors traveled from Canada and 15 million from Mexico.... More »

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