Federal Reserve

Gasoline, oil futures jump on tight supply report - Gasoline and oil futures rose sharply today after the Energy Department reported an unexpected jump in gasoline demand and a big drop in supplies. Prices at the pump returned to record levels, and appeared poised to extend their march higher.

Bernanke Nods at Possibility of a Recession - In his bleakest economic assessment to date, the Federal Reserve chairman, Ben S. Bernanke, said Wednesday that the American economy could contract in the first half of 2008, meeting the technical definition of a recession, and he encouraged Congress to help homeowners caught up in the mortgage crisis.

U.S. and Britain at Odds Over Guantánamo Inmate - The Bush administration and the British government are at odds over how to treat one of the last two British residents held at Guantánamo Bay, Cuba, officials from the countries involved in the case and his lawyer say.

Mugabe's Zanu-PF loses majority - Robert Mugabe's party has lost its majority in parliament for the first time since Zimbabwean independence in 1980, official results show. President Mugabe's Zanu-PF party has taken 97 of the 210 seats, while opposition parties have won 109, the Zimbabwe Election Commission says.

Cubans on new freedoms: 'We'll see how far we go - In the past week, President Raúl Castro has legalized cell phone use for ordinary Cubans; granted Cubans access to previously off-limits tourist hotels; and legalized the sale within Cuba of microwaves, DVD players and personal computers. Cubans are welcoming the change, even if the costs are out of their reach.

Obama gains more ground in Texas conventions - As the smoke cleared from this weekend's regional Democratic conventions, Barack Obama emerged with a majority of the state's at-large presidential nominating delegates and possibly a majority of all Texas delegates.

Justices Let Stand Ruling on Illegal F.B.I. Search - The Supreme Court on Monday let stand a lower court ruling that the F.B.I. went too far in searching the office of Representative William J. Jefferson, a Louisiana Democrat accused of using his position to promote business deals in Africa.

Sources: Iran helped prod al-Sadr cease-fire - Iran was integral in persuading Shiite cleric Muqtada al-Sadr to halt attacks by his militia on Iraqi security forces, an Iraqi lawmaker said Monday. Haidar al-Abadi, who is with Prime Minister Nuri al-Maliki's Dawa Party, said Iraqi Shiite lawmakers traveled Friday to Iran to meet with al-Sadr. They returned Sunday, the day al-Sadr told his Mehdi Army fighters to stand down.

US plans finance system overhaul - The US Treasury has revealed its blueprint for the biggest overhaul of regulation of the financial sector since the 1930s. Critics have said that the credit crunch and resultant market turmoil made a strong case for change. But Treasury Secretary Henry Paulson rejected claims that existing regulations have led to the turmoil. And he said the plan should not be implemented until current difficulties roiling financial markets are resolved.

Cubans can now stay in hotels for foreigners - New President Raúl Castro's government has lifted a ban on Cubans staying at hotels previously reserved for foreigners, ending another restriction that had been especially irksome to ordinary citizens. Some hotels scheduled meetings with all staff members to discuss the changes, and officials said new rules also will allow Cubans to rent cars at state-run agencies for the first time.

Treasury Dept. Plan Would Give Fed Wide New Power - The Treasury Department will propose on Monday that Congress give the Federal Reserve broad new authority to oversee financial market stability, in effect allowing it to send SWAT teams into any corner of the industry or any institution that might pose a risk to the overall system.

Zimbabwean voters elect president - People in Zimbabwe are voting in an election that will decide whether President Robert Mugabe, in power since 1980, wins a sixth term in office. Queues formed early at many polling stations, with voters determined to cast their ballots. The MDC fears the poll will be rigged but Mr Mugabe said as he cast his vote in Harare: "We don't rig elections."

First cities go dark for Earth Hour - Sydney's iconic Opera House and Harbour Bridge went dark Saturday night as the world's first major city turned off its lights for this year's Earth Hour, a global campaign to raise awareness of climate change. This year, 26 major world cities and more than 300 other cities and towns have signed up for the event.

First, Self-Control. Then, Debt Control - If you have gotten in over your head in credit card debt, you are in good company. The Federal Reserve says Americans have accumulated nearly $1 trillion, a record amount, in what it calls “revolving credit.” But while the financial experts are urging people to pay down debt — particularly expensive credit card debt — that is easier said than done.

Bible course sparks wrangle - More disagreement surfaced Friday over the public school Bible course Texas lawmakers approved last year. The latest issue hinges on whether the state must adopt specific curriculum standards for the course, an elective that's supposed to start in the 2009-10 school year.