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Morning Business Notebook
May 16, 2008
© MetroSource News

>>Oil Flat, Stocks Rise

(New York, NY) -- Stocks rose on Wall Street amid talks that members of the Senate have reached a deal to help ease the housing crisis. The Dow closed at 12-993 after gaining 94 points. The Nasdaq closed at 25-34 after a 37 point rise. The S&P 500 rose 15 points, closing at 14-24. Oil was flat for the day, trading at around 124-dollars a barrel.

>>Survey Finds Gas Prices A Big Concern

(Hartford, CT) -- While more than two-thirds of Americans say rising gas prices are a serious problem, only half of those responding to a Quinnipiac University poll think a summer gas tax holiday is a good idea. Polling Institute Director Maurice Carroll says Americans recognize the tax holiday idea as a political, short-term solution. The gas prices are taking a toll on behavior; Carroll says more than half of the people polled say they have cut back on household spending and almost two-thirds report they have cut back significantly on driving.

>>Americans Spend Over One Billion Dollars On Video Games

(San Francisco, CA) -- The videogame industry is booming. Research firm NPD says market sales reached one-point-23-billion-dollars in April, up 47-percent from a year ago. According to figures, "Grand Theft Auto 4'' and Nintendo's Wii [[ wee ]] console top the list of sales. "Grand Theft Auto 4'' was the best-selling game for a single console with nearly two million copies for the Xbox 360, while the Wii far outsold the 360 and Sony's PlayStation 3 combined.

>>Poll Gives Gas Tax Holiday Thumbs Down

(Pittsburgh, PA) -- A poll taken by Quinnipiac University indicates most Americans don't support a gas tax holiday being proposed by presidential candidates Hillary Clinton and John McCain. Quinnipiac pollster Miki [[ mickey ]] Carrol says Americans are speaking clearly on the matter, as the poll shows Republicans were narrowly against the idea while Democratic and Independent voters were much more opposed. Carrol said while most of the respondents couldn't pin down a good definition of an economic recession, 82-percent of them said the American economy is headed in the wrong direction.

>>War Funding Bill Rejected By House

(Washington, DC) -- A war funding bill has been rejected by the U.S. House. The latest emergency spending bill sought by the White House covered more than 162-billion-dollars for the ongoing wars in Iraq and Afghanistan. The measure went down to defeat 149-141. More than 130 Republicans held back and voted "present." Republicans protested Democratic leaders moved the funding bill directly to the House floor without it being hammered out in the normal committee process. Massachusetts Democrat Jim McGovern argued it's time to end the Iraq war.

>>About 23-Thousand Leaf Blowers Recalled

(Washington, DC) -- About 23-thousand Shindaiwa Backpack Blowers are being recalled because the fan may break apart, sending projectiles flying out of the machine. The Consumer Product Safety Commission says the Japanese-made leaf blowers had previously been recalled because of a fire hazard. The blowers were sold nationwide between September 2005 and January 2007. Consumers should contact Shindaiwa or the nearest dealer for an inspection and fan replacement.


>>Do You Know Where Your Stimulus Check Is?

(St. Paul, MN) -- If you're checking your bank account every 15 minutes looking for your economic stimulus payment, your wait may soon be over. Carrie Resch, with the IRS, says if you filed your taxes by the April 15th deadline and chose direct deposit, the money should be in the bank by today, but she says there may be other reasons why it's not there yet. Paper checks will continue to arrive in mailboxes through July 11th. Payments range from 300 to 12-hundred-dollars.

>>Electricity Overcharging Confirmed, But Federal Commisssion Fails To Order Refunds

(Annapolis, MD) -- The Federal Energy Regulatory Commission has ruled power companies in Maryland overcharged customers for their electricity by 87.5-million dollars two years ago. The "Washington Post" reports the ruling comes after a complaint filed by the Maryland Public Service Commission which claimed customers were forced to pay high prices during peak-demand periods in 2006. The decision concluded that a lack of competition in the wholesale electricity market drove prices up, but the Federal Energy Regulatory Commission decided against ordering refunds. Maryland PSC Chairman Steven Larsen called the ruling, "a significant victory for ratepayers." But, FERC spokeperson Mary O'Driscoll says the agency is not required to order power companies to provide refunds to customers.

Schedule of Farm Reports on Radio Macomb

WLMD
104.7 FM
WLRB
AM 1510
5:36am- RFD Illinois
6:40am- Il Ag News
7:40am- Successful Farming
9:25am- Commodities Update
10:25am- Commodity Update
10:40am- Market Update
11:25am- Commodity Update
11:40am- Commodity Update
12:10pm- RFD Ag Weather/Livestock Report
12:40pm- Managing for Profit
1:25pm- Commodity Update
2:25pm- Commodity Update
9:02am- RFD Inside Agriculture
9:30am- Brownfield Commodity Update
10:02am- RFD Agriculture Feature
11:00am- RFD Commodity Report
2:30pm- Managing for Profit