China Ramps Up Oil Refining; Lowe’s Tops Forecasts; Toshiba Raising $3 Billion in Stock Sale; AIG Fast-Tracking Asian Subsidiary IPO; Obama Sets First Pollution Limits on Cars; Homebuilder Confidence Highest in 8 Months; State Street Sells $1.5 Billion in Stock to Repay TARP Funds; Oil Spikes on Africa Violence, U.S. Refinery Fire

Railroad companies have been some the best performers in the recent rally of U.S. equities. Canadian National Railway (NYSE: CNI) CSX Corp. (NYSE: CSX), and Burlington Northern Santa Fe Corp. (NYSE: BNI) – a favorite of Warren Buffett – are all up a about 30% since early March.

President Barack Obama sent lawmakers a budget package today (Thursday) that proposes to shrink or eliminate 121 federal programs and save almost $17 billion in the fiscal year that begins Oct. 1. But the budget plan contains cuts that will face vigorous opposition in Congress and fierce resistance from special interest groups.

U.S. President Barack Obama today (Monday) announced a proposal for new legislation to pursue American tax evaders by closing loopholes and clamping down on overseas tax breaks for American businesses and individuals.

Vice President Joe Biden may also have some difficult questions to answer, according to John Hempton who blogs at Bronte Capital.

We recall a meeting, back in the ’90s, with Mr. Carlos Menem. “Can investors rely on Argentina’s commitment to keep the dollar and the peso linked together?” we asked.

U.S. President Barack Obama has opened the door to a broader relationship with Cuba by loosening travel and communication restrictions.  But will pressure from numerous Latin American states and a promise to usher in a new era of cooperation and dialogue in the Western Hemisphere ultimately result in the revocation of the 47 year-old trade embargo? 

While many analysts expect U.S. corporate earnings and overall economic data to remain weak by historical standards, there may well be enough of an improvement over the prior months and quarters to spark some optimism that there are better times ahead.

President Barack Obama convened a “who’s who” of executives from the nation’s largest banks Friday to mend fences with Wall Street and drum up support for his plans to stabilize the financial system.

Volcker Appointed to Overhaul Tax Code; Ken Lewis Sees Recession Bottoming; Ford’s Volvo Sales Moving Along; Romania Receives $27 Billion IMF Loan; IBM Transfers Jobs to India; Durable Goods Orders Rise; Brazil’s Stock Market Surges to Six Week High; Bank of America to Repay TARP Funds