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Tuesday, July 20, 2010

Jobless benefits extension passes Senate test

More than 2.5 million unemployed Americans are one step closer to having their unemployment benefits restored.
A bill that would push back the deadline to file for extended unemployment benefits until the end of November passed a key procedural hurdle in the Senate Tuesday. The vote was 60-40, the minimum margin needed to end debate on the measure.
The Senate could put its final stamp of approval on the bill as early as Tuesday afternoon, after which it would go back to the House. It is expected to pass both chambers and be sent to President Obama for his signature. Final passage in the Senate requires just 51 votes.
On Monday, Obama called on the Senate to pass the extension, saying the unemployed should not be held hostage to politics.
The jobless stopped getting their checks in early June, after Congress failed to extend the deadline to apply for benefits. Senate Republicans, as well as Nebraska Democrat Ben Nelson, prevented the legislation's passage, saying it should be paid for first. They suggested covering the $34 billion tab with unused stimulus money, a step the Senate Democratic leadership rejected.
Federal unemployment payments, which last up to 73 weeks, kick in after the state-funded 26 weeks of coverage expire. These federal benefits are divided into tiers, and the jobless must apply each time they move into a new tier.
The payments will be retroactive to the previous deadline of June 2. But it could take up to a month for states to start sending the checks again, experts said.

Tuesday, July 13, 2010

BMW lifts forecast on strong China growth

BMW lifts forecast on strong China growth
German carmaker increases its profit and sales forecast for 2010, highlighting how German luxury carmakers are quickly returning to pre-crisis levels amid a sharp rebound in car demand in China and other areas outside their home market