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Business News Archive - July 13, 2008

By The Associated Press WASHINGTON (AP) - A mortgage rescue to help hundreds of thousands of struggling homeowners avoid foreclosure and get more affordable, safer loans passed the Senate overwhelmingly Friday, but it faces a bumpy road amid continuing turmoil in the housing market.The 63-5 vote reflected a keen interest by Democrats and Republicans to send election-year help to distressed homeowners with economic issues topping voters' concerns.The plan lets homeowners buckling under mortgage payments they can't afford keep their homes and get more affordable mortgages backed by the Federal Housing Administration.

By The Associated Press LOS ANGELES (AP) - IndyMac Bank's assets were seized by federal regulators on Friday after the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures.The bank is the largest regulated thrift to fail and the second largest financial institution to close in U.S.

By The Associated Press WASHINGTON (AP) - Wall Street and Washington wrestled Friday with how to shore up mortgage giants Fannie Mae and Freddie Mac, two troubled pillars of the economy whose failure would deal a devastating blow to the already crippled housing market.As investors grew more convinced that only some type of government bailout could rescue the firms, Treasury Secretary Henry Paulson said the focus was to support the pair "in their current form" without a takeover.The government was considering giving Fannie and Freddie access to the Fed's emergency lending program as one option to prop up the firms, said Sen.

BOSSES at Doncaster's Robin Hood Airport appealed for support from local politicians as they admitted the business is losing around Pounds 1m a month.

By The Associated Press WASHINGTON (AP) - Two airborne planes - one landing and the other taking off - came within a half-mile of colliding at John F.

THERE are no overhead lockers or mod cons and the air hostess had no snacks to serve but the customers were queueing up yesterday hoping to take a flight that would have seen them make a bit of history.

An airport advertised for an air traffic controller with good vision, but said applicants could use a Braille form to apply. The website for St Mary's Airport, on the Isles of Scilly, says controllers need to be able to observe changing weather.

By Saurabh Sinha NEW DELHI: Domestic fliers are now deserting planes and settling for other modes of transport.

NEW DELHI: Civil aviation pilots need to tighten their belts, for the Supreme Court on Thursday asked them to get back to the gruelling flying duty schedule framed in 1992 instead of the relaxed duty hours under the 2007 norms.

By Saurabh Sinha NEW DELHI: Studying science and maths till Class 12 level is going to remain a must for all those who dream of becoming a pilot, for now at least.

Word of the Day
tessitura
  • The prevailing range of a vocal or instrumental part, within which most of the tones lie.
This word is Italian in origin and comes from the Latin 'textura,' web, structure.