AP Financial News Summary at 3:53 a.m. EST
Greenspan: Budget Deficits Pose Big Threat
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WASHINGTON (AP) _ Federal Reserve Chairman Alan Greenspan said Thursday that future budget deficits pose a bigger risk to the economy than record trade imbalances and the country’s extremely low savings rate.
Forbes’ List Has New Names; Gates No. 1
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NEW YORK (AP) _ Thanks to a surge in demand for steel, the Internet and Scandinavian sofas, there are some new names among the very richest of the world’s billionaires.
Senate Passes New Bankruptcy Legislation
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WASHINGTON (AP) _ The Senate passed legislation Thursday making it easier for banks, retailers, credit card companies and other creditors to recoup some money they’re owed by many of the 1.5 million people who file for bankruptcy every year.
Delta Warns on Bankruptcy Protection
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ATLANTA (AP) _ Delta Air Lines Inc. shares plunged Thursday after it warned it will post another substantial loss this year despite a recent round of pay cuts and other cost reductions. It also said a bankruptcy filing remains a possibility.
Cablevision Chairman to Fund Voom
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WASHINGTON (AP) _ Cablevision Systems Corp. Chairman Charles Dolan on Thursday said he plans to use his own cash and stock in the company to fund the operations of the Voom satellite-television service until March 31, according to an amended Schedule 13D filed with the Securities and Exchange Commission.