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Prospects dimming for extension of UI benefits

Updated: Thursday, December 12, 2013 |
Prospects dimming for extension of UI benefits story image
WASHINGTON (AP) - Prospects are dimming for a quick extension of soon-to-expire unemployment benefits as Republican officials say they will not agree to include a renewal in any year-end budget deal.

Some congressional Democrats insisted Monday they will continue to press to make additional benefits part of the measure, but it is unclear how strongly the White House will support them.

Without legislation, benefits for 1.3 million workers unemployed for longer than 26 weeks would expire on Dec. 28, and an additional 1.9 million would experience the same fate in the first half of 2014.

The cost of extending the program is about $25 billion for one year.

Republicans have balked at renewing the program, saying unemployment has fallen steadily. They argue that weekly unemployment checks are a poor economic stimulus.
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Last Update on March 30, 2015 07:27 GMT

ECONOMY-THE DAY AHEAD

WASHINGTON (AP) -- It's all about the consumer and housing early this week.

Today, the Commerce Department will release personal income and spending for February and the National Association of Realtors will report on pending home sales index for February.

On Tuesday, Standard & Poor's will issue the S&P/Case-Shiller index of home prices for January and the Conference Board will release the Consumer Confidence Index for March.

NABE ECONOMIC FORECAST

WASHINGTON (AP) -- A new survey finds economists are expecting much stronger growth this year and next.

The National Association for Business Economics survey finds' a median forecast of 3.1 percent growth in real gross domestic product in 2015, compared a 2.4 percent gain in real GDP last year.

NABE President John Silvia, who's also the chief economist of Wells Fargo, says there's promising news for jobs too. The panelists' median forecast is for net job creation to average approximately 250,000 per month in 2015 and 216,000 per month next year. NABE says the unemployment rate is expected to continue its downward trend over the next several quarters, reaching 5 percent by the second half of 2016.

As for what the Federal Reserve will do, Silva says 88 percent of the panelists believe the Fed will start tightening monetary policy in the second or third quarter of 2015.

AUTO SHOW-LINCOLN CONTINENTAL

DEARBORN, Mich. (AP) -- Elvis Presley had one. So did presidents from Kennedy to Reagan.

Now, the Lincoln Continental is back.

Ford Motor Co. is resurrecting the Continental with a concept car debuting at this week's New York Auto Show. The full-size sedan goes on sale next year.

The Continental dates to the late 1930s and was once the pinnacle of luxury. But Ford stopped producing it in 2002 when sales slowed.

Now, it's returning the Continental to the top of Lincoln's car lineup. The concept car has a new, smaller grille and a more elegant look. It also has new technology, including hidden door handles.

Ford hopes to take advantage of luxury sales growth in China, where customers appreciate Lincoln's history. It's opening more than 20 Lincoln dealerships in China this year.

AUSTRALIA-ASIAN BANK

CANBERRA, Australia (AP) -- Australia has announced that it will join negotiations to establish a new a Chinese-led Asian regional bank.

The U.S. has expressed concern the new Asian Infrastructure Investment Bank, or AIIB, will allow looser lending standards for the environment, labor rights and financial transparency. The U.S. also worries the new bank will undercut the World Bank, where the U.S. has the most clout, and the Asian Development Bank, where it is the second-largest shareholder after Japan.

Prime Minister Tony Abbott, Foreign Minister Julie Bishop and Treasurer Joe Hockey said in a joint statement on Sunday that the government will sign a memorandum of understanding that will allow Australia to participate as a prospective founding member in negotiations to set up the bank.

DUKE ENERGY-CEO

RALEIGH, N.C. (AP) -- Duke Energy's CEO is paying a price for a massive spill of collected coal ash that coated 70 miles of a North Carolina river in sludge containing toxic heavy metals.

An annual statement released ahead of the Charlotte-based company's May shareholder meeting says Chief Executive Officer Lynn Good's $8.3 million compensation in 2014 was cut by about $600,000. The top financial officer and three other executives saw similar 35 percent reductions in compensation tied to annual performance.

Directors of the country's largest electric company said in the company proxy statement released this week that the executives were docked because the spill will cost Duke Energy more than $190 million in cleanup, legal fees, and fines to settle a pending criminal case involving Clean Water Act violations.

BRITAIN-MENINGITIS VACCINE

LONDON (AP) -- Britain says it will become the first country to offer all babies a vaccine for potentially fatal meningitis B after it reached a price deal with GlaxoSmithKline PLC.

Government health advisers recommended use of the Bexsero vaccine last year, and the government has spent months negotiating over the cost.

The drug was owned by Novartis, which recently sold most of its vaccines business to GlaxoSmithKline.

Health Secretary Jeremy Hunt said Sunday he was "very proud that we will be the first country in the world to have a nationwide Men B vaccination program."

Babies will receive the vaccine at two months, followed by two further doses.

Meningitis is a bacterial infection of the lining surrounding the brain and spinal cord that most commonly affects children and teenagers.

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