Business News Headline - 14 August, 2008

Reuters - U.S. inflation hit a 17-year high last month, underscoring the pressure on Americans who face soaring gasoline and food costs while their job prospects dim and incomes shrink.

Reuters - Stocks rose in thin trade on Thursday as another decline in the price of oil buoyed hopes that consumer spending will recover and financial shares bounced back from a sharp two-day sell-off.

Reuters - Texas oil billionaire T. Boone Pickens said on Thursday crude prices may soon fall as low as $110 a barrel amid falling gasoline demand, but should not sink below $100 because the United States depends heavily on oil imports.

If you're among the people who make personal calls on a company mobile phone, the Internal Revenue Service may want to talk with you. The IRS considers such cell phone calls to be a taxable extension of your compensation package.

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Muslim charities are agreeing to be audited by the Better Business Bureau. The audit is designed to assure donors that the charities are not involved in terrorist activities. Madeleine Brand talks to Janet Babin about why the Better Business Bureau is doing the audit and not a law enforcement agency such as the FBI.

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