Reuters – Bank regulators closed two small banks on Friday, the first U.S. banks to fail this year but the latest in an upsurge that began last year as the struggling economy and falling home prices took their toll on financial institutions.  Read More →

AP – President-elect Barack Obama made a pitch for his massive economic stimulus plan at a Midwestern factory that manufactures wind turbine parts, saying Friday his proposal would make smart investments in the country’s future and create solid jobs in up-and-coming industries.  Read More →

Reuters – Bank regulators closed Illinois-based National Bank of Commerce on Friday, the first U.S. bank to fail this year but the latest in an upsurge that began last year as the struggling economy and falling home prices take their toll on financial institutions.  Read More →

Reuters – Just days before his inauguration, President-elect Barack Obama on Friday warned Americans to expect even rougher economic times and said his plan to revive the struggling economy would take time to work.  Read More →

AP – President George W. Bush signed off Friday on a free trade pact with Peru that U.S. officials say will foster economic growth, but which lawmakers in both countries complain does not meet environmental and labor protection requirements.  Read More →

Reuters – Restaurant owners are wringing every last bit of fat from their operations as recession-weary diners pinch pennies — and no extra phone line, idle manager or expensive lease is safe.  Read More →

Reuters – The New York Federal Reserve on Friday named three trustees to oversee the U.S. government’s nearly 80 percent equity stake in insurer American International Group.  Read More →

AP – Stocks closed moderately higher Friday after an erratic session that had investors tussling with concerns about the ongoing problems in the banking industry in response to more billion-dollar losses at Citigroup Inc. and Bank of America Corp. Yet investors were also heartened by plans for both banks to restore themselves to profitability, and they were also willing to place bets on a range of consumer and industrial... 

Reuters – Rio Tinto Ltd/Plc said Friday it cut 241 jobs at its Utah operations as part of a global plan to reduce costs as it struggles with the global economic downturn.  Read More →

AP – Wall Street has managed its second straight comeback, but the rebound was more a sign of the market’s turmoil than strength.  Read More →