11:09pm ET, Wed 27 Aug 200840

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DJIA: 11502.51 89.64  |  NASDAQ: 2382.46 20.49
 

Fannie Mae announces management shakeup 5:41pm ET

WASHINGTON (Reuters) - Mortgage-finance company Fannie Mae on Wednesday announced a management shake-up in an effort to come to grips with mounting credit losses and a shrinking capital base.  Full Article
 
New Orleans considers evacuation as Gustav looms 7:29pm ET

NEW ORLEANS (Reuters) - Three years after Hurricane Katrina slammed into the Louisiana coast, New Orleans residents on Wednesday again faced the prospect of an evacuation as Tropical Storm Gustav loomed.  Full Article | Video 

Investing

MARKETS:
Strong data, financials drive stocks higher 3:35pm ET

NEW YORK (Reuters) - Stocks rose on Wednesday as surprisingly strong data on durable goods orders soothed some concern about the sluggish economy while Fannie Mae and Freddie Mac led a rally in financial shares.  Full Article 

Travel Web sites to battle in Asia

U.S. Internet travel companies are preparing to slug it out for dominance in Asia, where economic growth and increasing Web usage make the region a tempting target.  Full Article 

New heights in market angst

It is something of a truism to say that investors are worried -- they nearly always are. But with the global asset rally close to its fifth year, a new level of angst is being reached in some quarters.  Full Article 

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Business

Three Fannie Mae execs out, shares rally earlier 5:32pm ET

NEW YORK (Reuters) - Fannie Mae , the biggest U.S. mortgage finance company, on Wednesday announced a shake-up of top executives, including the exit of its chief financial officer, in an effort to better implement a plan to preserve capital and cut losses.  Full Article 

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Water-cooler romance

If it seems like more people are flirting around the water cooler at your office these days, it may not be your imagination. Four out of 10 workers admit to being involved with another colleague at some point, a survey showed.  Full Article 

News

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New Year bittersweet for China's families

Millions of migrant workers will make the annual migration back home to rural villages for the Lunar New Year, queuing for hours and cramming into trains and buses for the chance to go home.  Full Article