Back to: Other
August 25, 2010 02:13 PM

Afternoon Business Brief

  • Stocks have been little changed at midday, despite new reports pointing to a struggling economy. The key averages have been mixed at times.
  • Signs of a stalling recovery are seen in manufacturing and housing. Companies cut back last month on their investments in equipment and machines, and Americans bought new homes at the weakest pace in decades.
  • The Securities and Exchange Commission has approved changes intended to make it easier for shareholders to nominate directors of public companies. The vote allows groups that own at least 3 percent of a company's stock to put their nominees for board seats on the annual proxy ballot sent to all shareholders. The financial overhaul law enacted last month formally gave the SEC the authority to make the change.
  • A BP vice president says critical time was wasted in the hours after the Gulf of Mexico well explosion trying to learn what changes had been made to a device meant to prevent oil from leaking from the blown-out well. The official told a panel of federal investigators that he was intimately involved in trying to shut down the well after the explosion April 20.
  • Oil prices have edged higher after six days of declines. Crude came back from earlier lows following today's economic reports.

Click here for full weather details!