Geithner to stay on as Treasury chief


Geithner to stay on as Treasury chief

WASHINGTON

Timothy Geithner has told President Barack Obama that he will remain on the job as Treasury secretary.

The Treasury Department released a statement Sunday saying Geithner had informed the president of his decision to remain in the administration.

Geithner is the only remaining top official on Obama’s original economics team.

In late June, people close to Geithner said he was considering leaving after the debt limit was raised in August. They said he was tired of commuting to New York, where his son will be finishing up his last year in high school.

PUCO staff against AEP rate increases

COLUMBUS

Staff of the state Public Utilities Commission says rates sought by American Electric Power are too high and recommends that the commission’s board reduce or eliminate many of the company’s requested increases.

The Columbus Dispatch reported Saturday that Robert Fortney, a commission administrator, said the staff doesn’t believe that the “substantial” changes sought are necessary.

AEP Ohio spokeswoman Terri Flora told the newspaper the company is disappointed with the recommendation and said it shows the complexity of issues Ohio is facing.

The board is to vote on the plan later this year.

Talks fail; Verizon workers on strike

NEW YORK

Stalled contract negotiations led thousands of workers in Verizon Communication Inc.’s wireline division to go on strike Sunday, potentially affecting landline operations as well as installation of services such as FiOS, its fiber-optic television and Internet lines.

The contract for the 45,000 employees from Massachusetts to Washington, D.C., expired at midnight Saturday with the company and the workers unable to come to terms on issues including health-care costs and pensions.

The dispute does not affect the company’s wireless division. Verizon is the nation’s largest wireless carrier.

Europeans confer on Italian crisis

FRANKFURT, Germany

The European Central Bank conducted an emergency telephone conference Sunday on how to fend off financial collapse in Italy, while officials from rich and developing countries looked for ways to stabilize markets when they reopen after the U.S. credit-rating downgrade.

The intense activity on an August weekend underscored how heavy levels of government debt on both sides of the Atlantic have rattled financial markets — and sharpened fears that the global recovery from the 2007-09 financial crisis could be derailed.

A eurozone official told The Associated Press that central-bank officials were to discuss possible purchases of Italian government bonds — a risky move but one that could help drive down bond interest yields that are threatening the heavily indebted country’s finances.

Associated Press

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