Doha deal could boost world GDP $300-700 billion: study (Reuters)
Reuters - A successful Doha round trade deal could boost the global economy by $300-700 billion a year, a study by the Peterson Institute for International Economics said.
AP source: Wis. Gov. Doyle won't seek re-election (AP)
AP - Wisconsin Gov. Jim Doyle, whose approval ratings have plunged as he struggled with a weak economy and a multibillion-dollar budget deficit, will not seek a third term in 2010, a person informed of the decision told The Associated Press.
Good news could spell trouble for GOP (Politico)
Politico - Don’t expect Republicans to credit President Barack Obama for the recent signs of life in the long-ailing U.S. economy, but don’t expect them to applaud more bad news either — at least not publicly.
U.S. sees shift in Pakistan focus (Reuters)
Reuters - Pakistan has been shifting its forces by historic proportions from its Indian border to the Afghan frontier, gaining ground against militants and giving the United States room to focus more on economic problems threatening the nuclear-armed state, Washington's envoy said.
U.S. regulators close three banks (Reuters)
Reuters - Bank regulators closed three banks late on Friday -- Community Bank of Arizona, Community Bank of Nevada, and Union Bank, N.A. -- as the struggling economy and falling home prices continued to take their toll on financial institutions.
The Dow Jones industrials' moves since Lehman fall (AP)
AP - How far the Dow Jones industrial average has fallen or advanced each trading day since Lehman Brothers Holdings Inc. filed for Chapter 11 bankruptcy protection on Sept. 15. Since Lehman's fall, which touched off a paralysis of the credit markets and deepened the recession, the stock market has gone through an extended period of volatility before kicking into a big rally starting this spring. The numbers are the closing levels for the Dow:
Correction: Story on retail sales and economy (AP)
AP - In an Aug. 13 story about July retail sales, The Associated Press reported erroneously that Wal-Mart Corp.'s second-quarter earnings fell. The company's same-store sales fell in the second quarter, not earnings.
Commodities sell off, give back some recent gains (AP)
AP - Commodities sold off Friday, giving back some of their recent gains as new economic data downplayed the threat of inflation but also signaled that consumers are unlikely to increase their spending anytime soon.
Summary Box: Consumer inflation a no-show in July (AP)
AP - WHAT HAPPENED?: Consumer prices were unchanged in July, and over the past 12 months they have fallen 2.1 percent the sharpest annual decline since a similar drop in the period ending in January 1950.
Energy prices slump with consumers still nervous (AP)
AP - Energy prices finished the week sharply lower, giving up more than 4 percent Friday on evidence that consumers are unlikely to take the lead in an economic recovery.
Penney's 2Q results top Wall Street estimates (AP)
AP - The small loss J.C. Penney Co. reported for its second quarter beat Wall Street expectations, but the company foresees sluggish sales and predicts economic worries will keep shoppers' wallets shut.
Garage sales booming as recession grinds on (Reuters)
Reuters - Cathy and Malcolm Robbins have held garage sales before at their home in suburban Phoenix. But this time it is not about getting rid of clutter, it's about survival.
Legislature reviewing possible Pratt job cuts (AP)
AP - State lawmakers began looking at ways Friday to halt possible job cuts at Pratt & Whitney, but met resistance from the Connecticut-based jet engine maker, which said it prefers to work with economic development officials.