Financial News Updates

MOUNTAIN OF DEBT: Rising debt may be next crisis (AP)
The Founding Fathers left one legacy not celebrated on Independence Day but which affects us all. It's the national debt.

Job seekers seek solace with fellow faithful (AP)
Her fellow job seekers offer knowing groans as Diane Castro recalls the day she was laid off: The fear of being summoned to the front office. The phones in nearby cubicles going off like grenades.

Airline BA to cut capacity, delay new planes (AP)
British Airways PLC announced Friday it will ground aircraft, slash seat numbers and postpone taking delivery of a dozen new Airbus A380 superjumbos as it faces a recession-driven decline in passengers.

Texas brewer, once near defeat, shines again (AP)
By all accounts, Shiner beer shouldn't have made it this long. The Spoetzl Brewery ferments its brew in a one-stoplight town that's not on the way to anywhere, and much larger regional brewers long ago succumbed to consolidation and the muscle of national brewers.

HealthSouth accuses Scrushy of hiding assets (AP)
HealthSouth Corp. is accusing fired chief executive Richard Scrushy of hiding money in offshore bank accounts and transferring assets out of his name to avoid paying court judgments.

China Investment buying stake in Teck Resources (AP)
Mining company Teck Resources Ltd. said Friday it is selling a 17 percent stake to China Investment Corp. for 1.74 billion Canadian dollars in a bid to reduce its debt.

Much-needed tax refunds delayed from Ga. to Calif. (AP)
Colin Daymude was out of work last year after his business failed and eagerly filed his taxes in mid-January, figuring he'd get his refund sooner. He was wrong.

The old is new again at Saturday Evening Post (AP)
The Saturday Evening Post, a centuries-old publication that helped make illustrator Norman Rockwell a household name and showcased some of America's greatest writers, is returning to its roots to show readers the value of a quiet read in an increasingly frenetic digital age.

European stocks calm as US readies for 4th of July (AP)
European stock markets traded in a narrow range Friday as investors caught their breath after big losses the day before on U.S. jobs data. Wall Street's closure for the Independence Day holiday kept trading volumes exceptionally light.

GM awaits judge's ruling on sale plan (AP)
General Motors Corp. may have to wait out the long holiday weekend to learn if its bankruptcy plan is moving forward, after U.S. Judge Robert Gerber adjourned a three-day hearing without indicating when he will rule on GM's plan to sell its good assets to a new company.