Miami Business

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Feds seek compromise on Cook County immigration ordinance

Immigration and Customs Enforcement director offers to pay for detainer of suspected illegal immigrants who've posted bail

Working behind the scenes, the head of the country's immigration enforcement agency has offered to pay the costs of holding suspected illegal immigrants who are arrested for other crimes in Cook County, part of an effort to get county officials to reconsider their refusal to cooperate with federal detention requests.

Wells Fargo defends, then cancels Vegas junket

WASHINGTON -- Wells Fargo & Co. abruptly canceled Tuesday a pricey Las Vegas casino junket for employees after a torrent of criticism that it was misusing $25 billion in taxpayer bailout money.

Denny's gives away free Grand Slam breakfasts

NEW YORK -- Competition among casual restaurant operators heated up Tuesday, as Denny's Corp. launched free Grand Slam breakfasts in an effort to reacquaint customers with its brand and showcase its meals as value-friendly options for cash-conscious consumers.

Chrysler sales plunge 55 pct; GM, Toyota also down

DETROIT -- Chrysler's U.S. vehicle sales plunged 55 percent in January, while General Motors' tumbled 49 percent and Ford's dropped 40 percent, starting 2009 at an abysmal pace for the whole auto industry as lower sales to fleet buyers like rental car companies weighed down the results.

GM US sales fall 49 pct; Ford, Toyota, Honda down

DETROIT -- General Motors' U.S. vehicle sales plunged 49 percent in January while Ford's sales dropped 40 percent, starting 2009 at an abysmal pace for the auto whole industry as lower sales to fleet buyers like rental car companies weighed down the U.S. automakers' results.

Pending home sales post increase of 6.3 pct

WASHINGTON -- An index that tracks signed contracts to purchase existing homes rebounded in December, as buyers snapped up properties at deep discounts, especially in the South and Midwest.

MySpace: 90,000 sex offenders removed from site

RALEIGH, N.C. -- MySpace officials say about 90,000 sex offenders have been identified and removed from its huge online social networking Web site.

Australia plans $26 billion stimulus package

CANBERRA, Australia -- Australia's leader unveiled a new stimulus package Tuesday to try to shield the economy from the global downturn, promising 42 billion Australian dollars ($26 billion) in spending that will send the budget into the red for the first time in nearly a decade.

Archer Daniels Midland profit up 24 percent in 2Q

ST. LOUIS -- Archer Daniels Midland Co. said its second-quarter profit rose by 24 percent even as the price of crops and commodities plunged on global markets.

PNC Financial swings to 4Q loss, plans job cuts

CHARLOTTE, N.C. -- PNC Financial Services Group says it swung to a loss during the fourth quarter due to increased credit provisions and costs associated with its recent acquisition of National City.

Obama working out spending and limits for bailout

WASHINGTON -- The Obama administration is tackling the bailout of the battered financial sector on two tracks: overhauling how the government spends the money while devising new executive compensation restrictions for banks that get it.

Democrats promise boost for road building

WASHINGTON -- Top Democrats plan to add a big increase in highway and mass transit funding to President Barack Obama's economic recovery program Tuesday, even as others in the president's party hope to rein in the plan's almost $1 trillion cost to taxpayers.

Stocks rise following rebound in home sales

NEW YORK -- Stocks are rising as upbeat housing and earnings news helps investors set aside some of their worries about the economy.

Tech stocks rise but broader market declines

NEW YORK -- Investors worrying about a deepening recession have been cherry-picking stocks, sending tech shares higher and financials and blue chips lower.

Republicans want mortgage relief, larger tax cuts

WASHINGTON -- Senate Republicans pressed for mortgage relief as well as larger tax cuts Monday as debate opened on the emergency economic stimulus measure atop President Barack Obama's agenda. Democrats came under pressure to reduce spending in the bill.

Treasury needs to borrow $493B in current quarter

WASHINGTON -- The Treasury Department said Monday it will need to borrow $493 billion in the first three months of this year, a record amount for the January-March period.

Macy's to cut 7,000 jobs, slash dividend

NEW YORK -- Macy's Inc. announced Monday that it will cut 7,000 jobs, almost 4 percent of its work force, reduce its contributions to its employees' retirement funds and slash its dividend to preserve cash amid a severe pullback in consumer spending.

Oil falls below $40 a barrel with economy strained

SIOUX FALLS, S.D. -- Oil fell below $40 per barrel Monday on more bad economic news, including thousands of job cuts by Macy's department store.

Construction spending posts record drop in 2008

WASHINGTON -- Construction spending fell for a third straight month in December, closing out a year in which building activity dropped by a record amount as housing continued to plunge. And economists don't expect a quick turnaround amid a severe recession and the ongoing financial crisis.

Consumer spending and incomes fall; savings rise

WASHINGTON -- Consumer spending fell for a record sixth straight month in December as recession-battered households, worried about surging layoffs, boosted their savings rates to the highest level since May.