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The U.S. government temporarily banned oil giant BP from bidding on any new federal contracts as a result of its recent criminal pleas stemming from the Deepwater Horizon oil spill.

The move prevents ) from getting new federal government “contracts, grants or other covered transactions,” according to the Environmental Protection Agency, which was charged with issuing the ban.

Among BP’s government contracts are hundreds of leases it has signed to drill for oil or gas in the United States and agreements worth billions of dollars to supply the government with fuel. Wednesday’s move does not impact existing agreements.

“EPA is taking this action due to BP’s lack of business integrity as demonstrated by the company’s conduct with regard to the Deepwater Horizon blowout,” the EPA said in a statement. “Suspensions are a standard practice when a responsibility question is raised by action in a criminal case.”

The ban will remain in effect “until the company can provide sufficient evidence to EPA demonstrating that it meets federal business standards,” the agency said.

BP said it is already working with the EPA to prove it is meeting standards, and said that this temporary suspension should be lifted “soon no fax cash advance.”

Shares in BP fell earlier in the day, but recouped most of their losses by noon.

Earlier this month, BP pleaded guilty to 11 counts of misconduct or neglect of ship officers, a felony count for obstruction of Congress, a misdemeanor count under the Clean Water Act and a misdemeanor count under the Migratory Bird Treaty in relation to the 2010 explosion aboard the Deepwater Horizon drill rig that killed 11 people.

The explosion and subsequent oil spill poured millions of barrels of oil into the Gulf of Mexico, and led to what EPA called “the largest environmental disaster in U.S. history.”

BP also agreed to pay $4.5 billion in fines as part of the settlement earlier this month. The company said it has now spent over $40 billion on spill related costs.

In addition to charging BP as a company, the federal government also brought criminal charges against two high ranking BP employees involved with the drilling, who now face jail time if convicted.

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Sprint Nextel’s seven-year nightmare may soon be over. The nation’s third-largest wireless carrier confirmed Thursday that it is in talks with Japanese technology giant Softbank to sell at least part of the company.

, Fortune 500) has struggled to keep up with stronger competitors , Fortune 500) and , Fortune 500) ever since its disastrous 2005 merger with Nextel. The company is up to its eyeballs in debt, undergoing an expensive — and late — transition to 4G-LTE, and losing contracted customers in the wake of its decision to ditch the Nextel brand. With smaller rival T-Mobile entering into an agreement to buy , Fortune 500) earlier this month, Sprint is feeling the heat of stronger competition from all sides.

Forced to go it alone, the company has been working on a major upgrade intended to modernize its network. It’s also toying with backup plans: Sprint’s shares rose last week on a Bloomberg report that said the company was considering making a counter-offer to MetroPCS.

But then, seemingly out of the blue, Softbank arrived dangling a new rescue plan. It’s the kind of white knight with deep pockets that Sprint desperately needs. Softbank had roughly $13 billion in cash at the end of last year. Sprint, by comparison, has $21 billion in debt and just $7 billion in cash and short-term investments.

Shares of Sprint jumped by as much as 19% Thursday on the news.

Japan’s third-largest carrier, led by colorful and outspoken CEO Masayoshi Son (he devised a 300-year plan in 2010, which involved brain-computer symbiosis and machines that know how to love), isn’t shy about dealmaking. It owns a stake in ), had a chunk of ) until last year, and orchestrated a blockbuster deal to buy Vodafone’s Japan unit that gave the company a huge presence in the burgeoning wireless space no fax payday loan. Softbank was the first Japanese wireless company to carry the , Fortune 500) iPhone.

Softbank’s flair and assertiveness could give Sprint a needed jolt. The company lost its brief marketing edge — billing itself as the only nationwide network with unlimited data — when T-Mobile recently reverted to its unlimited data plans as well. Despite a network technology transition that appears to be on schedule and promises cost savings and improved coverage, Sprint’s management has been criticized for lacking the chutzpah to do something bolder. The company seems locked in a losing battle with its two much-larger competitors.

“If Softbank does acquire Sprint Nextel, it is not a forgone conclusion that the company will do well,” said Jeff Kagan, an independent telecommunications analyst. “However, the chances it can do well are there if the company can understand the U.S. marketplace.”

Terms of the deal that is being negotiated were not disclosed, and Softbank declined to comment. A Wall Street Journal report said the deal, worth roughly $13 billion, would give Softbank a controling stake in Sprint.

Regulators would likely cheer the deal, which would ensure that four strong, nationwide wireless competitors remain in the U.S. market. In AT&T’s scuttled $36 billion buyout offer for T-Mobile last year, regulators said they opposed the deal because it would bring the number of national wireless choices down from four to three.

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U.S. stock futures were higher Thursday following two reports on the U.S. labor market.

The Labor Department reported that the number of people filing for first-time unemployment claims rose by 4,000 to 367,000 for the week ended Sept. 29. That was slightly higher than expected.

Ahead of that report, outplacement firm Challenger, Gray & Christmas said U.S.-based employers announced plans to cut 33,816 jobs in September, down 71% from a year earlier.

These reports, along with Wednesday’s ADP report on private sector job growth, are all precursors to the government’s closely watched monthly jobs report due out Friday.

Investors will also be keeping a wary eye on Mario Draghi, the ECB president who recently said he’d do whatever it takes to preserve the euro.

ECB officials kept rates at 0.75% when they met in Slovenia Thursday. And while Draghi isn’t expected to announce any new initiatives when he speaks at 8:30 a.m. ET, he may give more details about where the ECB’s new bond buying program stands.

Meanwhile, the Bank of England left its key interest rate unchanged at 0.5%, where it’s been since early 2009.

At 2 p.m. ET, the Federal Reserve will release minutes for its most recent policy making meeting, in which it announced the latest round of quantitative easing, or QE3. The report could shed light on the Fed’s open-ended program of buying $40 billion in mortgage debt every month.

It’s that kind of monetary easing that explains why markets are higher, even though worries about the global slowdown remain severe, said Elisabeth Afseth, a fixed income analyst with Investec in London.

“Central banks providing large amounts of liquidity to the system — and the search for a pick up above government yields — is driving the risk markets higher, rather than strong confidence in the economy or the fundamentals,” she said.

European stocks were mixed in morning trading. Britain’s FTSE 100 rose 0.1%, while the DAX in Germany and France’s CAC 40 shed 0.1%.

Meanwhile, Asian markets ended higher, with markets in Shanghai closed this week for a holiday. The Hang Seng in Hong Kong ticked up 0.1% while Japan’s Nikkei added 0.9%.

U.S. stocks closed modestly higher Wednesday.

Companies: Shares of , Fortune 500) edged lower in premarket trading, after falling 13% Wednesday on a disappointing 2013 earnings outlook.

) shares rose more than 2% after CEO Mark Zuckerberg announced that as of Thursday morning, there are more than one billion people using Facebook actively each month.

Currencies and commodities: The dollar fell against the euro and British pound, but it gained against the Japanese yen.

Oil for November delivery added 61 cents to $88.75 a barrel.

Gold futures for December delivery rose $12.20 to $1,792.00 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury slipped, pushing the yield up slightly to 1.64% from 1.62% late Wednesday.

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Even as the economy has slowed, the nation’s visa system remains a high hurdle for foreigners who want to start businesses and create jobs in the United States.

Few viable options exist for entrepreneurs eager to come to America, and those that do offer little predictability.

For example, the investor visa carries a $1 million price tag — too high for most aspiring small business owners. And the so-called executive visa requires immigrants to start a firm abroad and create a U.S. subsidiary.

For those who want to launch in the United States, the principal route is through E-2 visas. But they’re available only to people in certain nations, prohibiting entry from the world’s most promising countries, such as Brazil, India and China. Also, they must be renewed every few years and offer no path to permanent residency.

Related: Immigrants file most patents at top schools

The U.S. policies are at odds with other countries that are opening doors for entrepreneurs. They have the ideas, build the companies, create the jobs. Why not invite them in?

Chile does it by offering $40,000 of equity-free capital and temporary visas. Singapore sets a low bar for "EntrePasses" and creates an avenue for residency.

Meanwhile, the U.S. immigration system can be openly hostile, say business owners, advocates and lawyers.

For a British couple who came in 1995 to manage a hotel and restaurant in Missouri, it might mean soon sending their eldest daughter back to a country she barely knows.

Ali and Ian Gray came on E-2 visas, and the program allowed them to bring Lauren, then four years old. She grew up on the flat plains, was a cheerleader in high school and studied dance at a nearby women’s college.

But she will no longer be able to stay on her parents’ visa as of Wednesday, when she turns 21. She can try and get her own visa but she’s been on that list since she was 12. The U.S. immigration system is so backlogged she’s still in line.

"It’s just not right and not fair. I am an American," Lauren said. "I had so many plans here, so many options, so many connections. I’m going to have to learn an entire new culture.

No consideration is given to her family’s economic contribution to the tiny Midwestern town of Trenton, where they’ve doubled the staff at the Lakeview Motor Lodge and Restaurant to 30.

In a last-ditch effort, Lauren and her mother traveled to Washington, D.C., last week to meet with congressional staffers to plead for a solution. They faced resistance.

"It’s so frustrating," Lauren Gray said. "They know the system is broken, but they still enforce it. No one seems to think anything can be changed, so they’ve given up."

The family is trying to get an exemption, but it’s still uncertain.

For entrepreneurs with an eye toward the United States, it’s an ominous warning: You can come here and hire Americans, but expect no gratitude.

Another problem with the E-2 visa is that renewals aren’t guaranteed.

A married couple from Ireland that owns a restaurant in New England experienced that first hand earlier this year.

In February, they returned to Ireland to renew their visas, as they had done every two years for almost a decade. While there, U.S. immigration officials denied the renewal and wouldn’t let them back in to shut their business. The restaurant, which had three employees, eventually closed.

It took six weeks and creative legal moves to get them in temporarily and reunite them with their children. They’ve asked to remain unnamed, fearing retribution in a system without recourse.

Related: Cinnabon is first U.S. franchise in Libya

Still, the E-2 visa program is popular. Since 2009, at least 33,000 applications have been filed every year; on average, 25,926 visas were issued annually. But its narrow options "discourage investment," said Brent Renison, a Portland, Ore., immigration attorney representing the Grays.

"People need to be assured that if they’re putting all this money into the United States, they can stay here," Renison said.

The U.S. State Department, which issues visas, told CNNMoney it can only follow orders from Congress.

A proposal that seeks to change that was introduced in a House bill in late July by Rep. John Conyers, a Democrat. It would offer green cards to business owners here on E-2 visas who hire at least five Americans.

The bill’s Republican co-sponsor, Rep. Jason Chaffetz, said it starts to chip away at a system that is broken "top to bottom."

"If we fix legal immigration, the country will be better off," Chaffetz said. "It’s good for our economy, and it’s good for our vitality."

However, it’s doubtful whether Congress can come together to address an issue as divisive and complex as immigration, especially during an election year. 

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Mitt Romney’s economic advisers issued a rosy set of projections Thursday that predict 12 million new jobs and a sharp economic expansion if the Republican candidate were to capture the White House.

The paper, authored by four conservative economists, projects that the Romney plan would add between 0.5% and 1% per year in gross domestic product growth over the next decade.

The estimates, the economists write, are "conservative." Growth could be even stronger if hard-to-model gains from more effective regulation and decreased policy uncertainty could be captured.

Yet 12 million new jobs over just four years would be one of the strongest periods of employment growth in recent history, and require the economy to consistently add 250,000 jobs every 30 days for 48 straight months.

According to the position paper, the quick turnaround would be spurred by the lower tax rates and drastic spending cuts that are the hallmark of Romney’s plan.

The implementation of Romney’s plan will of course require the cooperation of Congress, and it should be noted that presidential campaigns often make promises that fail to materialize.

The paper’s authors — Glenn Hubbard of Columbia, Greg Mankiw of Harvard, John Taylor of Stanford and Kevin Hassett of the American Enterprise Institute — also include a boilerplate critique of the Obama administration’s policies.

"America took a wrong turn in economic policy in the past three years," the authors write. "The United States underperformed the historical norm shown in the administration’s own forecasts, and its policies are to blame."

Much of the critique is focused on what the authors characterize as a pursuit of short-term patches — such as the stimulus — that failed to address deep-seated structural problems like an overly complicated tax code cheapest personal loan rates.

The paper criticizes Obama’s housing policies, for example, saying the administration "ignored" the weak market. But Romney has not offered a detailed alternative — and the paper does not shed any light on the candidate’s plan for the housing market.

And while the projections are spelled out in detail, the paper does not address any of the bubbling criticisms of Romney’s economic plan.

Related: Mitt Romney’s other tax secret

According to a study released Wednesday by the Urban-Brookings Tax Policy Center, Romney’s plan would provide large tax cuts to the very wealthy, while increasing the tax burden on the lower and middle classes.

Romney’s tax cuts would produce a $360 billion revenue loss in 2015, and offsetting that would require a reduction of 65% of all available tax expenditures, according to the study.

The end result is that individuals who make less than $200,000 would actually have to pay $500 more, on average, in taxes — a 1.2% decrease in after-tax income. Meanwhile, the after-tax income of individuals who make more than $1 million would increase by 4.1%.

The campaign disputed the Tax Policy Center’s conclusions, arguing that increased growth resulting from corporate tax reductions was not included.

The Tax Policy Center, meanwhile, said it could not score the plan directly, as "certain components of [Romney’s] plan are not specified in sufficient detail."

The notable lack of detail is a critique that has dogged the campaign for months.

On the spending side of the government ledger, for example, Romney has promised to reduce federal spending from 24% of gross domestic product to 20%. But has not offered a comprehensive list of programs he would cut. 

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Inventories in the U.S. rose more than forecast in May as sales declined for a second month, indicating companies may limit factory orders.

The 0.3 percent increase in stockpiles followed a revised 0.3 percent gain in April that was smaller than initially estimated, Commerce Department data showed today in Washington. The median forecast in a Bloomberg News survey projected a 0.2 percent gain. Sales fell 0.1 percent in May for a second month.

Companies may reduce orders placed with manufacturers as they attempt to keep stockpiles in line with sales and gauge whether spending and the economy will keep slowing. Another report today showed retail sales fell in June for a third month.

U.S. stocks closed sharply lower on Tuesday as worries about corporate earnings falling short of expectations unnerved investors.

Energy, utilities and tech stocks added pressure to already-down markets after Applied Materials (, Fortune 500) and Advanced Micro Devices (, Fortune 500) both warned their revenue would fall short of forecasts.

Disappointing expectations from Cummins (, Fortune 500) also dragged on markets, as the engine maker’s stock fell 9% after it slashed its sales forecast for the year.

Alcoa (, Fortune 500) was the first Dow component to report this week. The aluminum producer reported results after the close Monday that were roughly in line with analysts’ expectations, but the stock still slid as investors had hoped for more.

Results are due later in the week from JPMorgan Chase (, Fortune 500) and Wells Fargo (, Fortune 500).

Overall, analysts are expecting underwhelming corporate results, with earnings dropping off compared to the first quarter. But some analysts say that with the bar set so low, stocks may benefit from companies beating expectations.

"Even though the expectations for earnings are pretty dour, the next couple of weeks should be good for markets," said Jack Ablin, chief investment officer at Harris Private Bank. "In a market that really is a manifestation of reality beating anticipation, it’s great to have very low expectations."

The Dow Jones industrial average () slid 83 points, or 0.7%, the S&P 500 () fell 11 points, or 0.8%, and the Nasdaq () shed 29 points, or 1%.

Analysts say that trading volume is also light, which can add to market volatility.

"There’s not a lot of money moving in and out of the market," said Douglas Cote, chief market strategist at ING Investment Management. "There’s simply a lot of churning."

Stocks had opened with solid gains after eurozone finance ministers agreed late Monday to offer Spain an initial €30 billion by the end of the month to help bail out its troubled banks.

Europe’s stability mechanism remains elusive

"The agreement shows that the European leaders are committed to doing whatever is necessary to make sure there won’t be another euro crisis," said Cote. "The market just loves that kind of certainty."

But worries remain, said Bob Phillips, co-founder of investment advisory firm Spectrum Management Group in Indianapolis.

"The fundamental issue is that Spain’s spending more a year than they’re taking in," Phillips said. "They can print money and buy time, but they keep spending money that can’t be paid for."

Yields for the 10-year Spanish bond slid to 6.83% following the eurozone announcement. Yields have been bouncing above the 7% mark, which heightens bailout worries.

U.S. stocks ended lower Monday, as investors remained wary ahead of quarterly corporate results.

World markets: European stocks closed up for the day. Britain’s FTSE 100 () added 0.7%, the DAX () in Germany gained 0.8% and France’s CAC 40 () rose 0.6%.

Meanwhile, China reported worsening year-over-year import growth early Tuesday. June growth came in at 6.3%, half of May’s 12.7%, pointing to weak demand.

Asian markets closed lower. The Shanghai Composite () fell 0.3%, the Hang Seng () in Hong Kong shed 0.2% and Japan’s Nikkei () lost 0.4%.

N.Y. Fed asked Barclays about Libor in ‘08

Companies: Shares of Barclays () were higher Tuesday, after the British bank reached a deal with outgoing CEO Bob Diamond, who quit as the bank faces criticism for its role in the Libor scandal.

Although Diamond continues to receive salary and some benefits for a year or so, he declined his deferred bonus worth up to £20 million ($31 million).

Shares of Advanced Micro Devices plummeted after the company warned late Monday that it expects second-quarter revenue will drop 11% from the previous quarter because of weaker sales in China and Europe.

Applied Materials cut its outlook early Tuesday, revising third-quarter and full-year earnings and sales forecasts, citing a slowdown in demand for semiconductor manufacturing equipment.

Troubled BlackBerry-maker Research In Motion () held its annual shareholder meeting Tuesday. Late last month, the company announced 5,000 layoffs, a giant quarterly loss and another delay to its next BlackBerry operating system. Shares were down Tuesday.

Intel (, Fortune 500) has agreed to acquire a 15% stake in Dutch semiconductor equipment maker ASML Holdings () for up to $4.1 billion. Intel said the companies will work together to develop technologies that will cut costs and improve productivity.

Economy: Last year, 18.6% of youth across 34 countries were neither employed nor in school or training programs, according to the Organization for Economic Cooperation and Development’s Employment Outlook 2012 report released on Tuesday. In the United States, that percentage was 14.8%.

A lack of jobs for workers ages 15 to 24 could create a "scarring effect" on their long-term career paths and future earnings prospects, the OECD said.

The OECD also predicts the unemployment rate across the United States, Europe, Japan and Mexico will stay above 7.7% by the end of 2013 — barely better than its current 7.9%.

Goldman Sachs: Stock picking isn’t paying off

Currencies and commodities: The dollar rose against the euro and British pound but fell versus the Japanese yen.

Oil for August delivery settled down $2.08 to $83.91 a barrel.

Gold futures for August delivery lost $9.30 to $1,579.80 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.52% from 1.51% late Monday.  

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German factory orders unexpectedly rebounded in May, driven by demand from the euro region.

Orders, adjusted for seasonal swings and inflation, rose 0.6 percent from April, when they declined a revised 1.4 percent, the Economy Ministry in Berlin said today. Economists forecast orders would hold steady in May, according to the median of 36 estimates in a Bloomberg News survey. From a year earlier, orders fell 5.4 percent when adjusted for work days.

German exports and record-low unemployment have helped insulate Europe

Earnings are a predictor of wealth, so you’ll want to raise your ceiling.

This is part of a special report on 101+ ways to build wealth. In this story, readers and experts weigh in with strategies to bring home a bigger paycheck.

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Readers’ Choice:
Building Wealth

Investing

Get the basics right Give your portfolio a major overhaul 7 stocks to rev up your portfolio Avoid common investing mistakes Invest like the opposite sex

Saving & spending

Turn saving into a habit Make your career really pay Trick yourself into getting richer Plug the cash drains Make money like rich people do Trim your tax bill

Take work on the side. Moonlighting can really pay off. Seasoned business analysts commanded $50 to $90 an hour for temp work in the first quarter of 2012, depending on the region, according to IQNavigator.

Software developers got $78 to $107 an hour. Put in an extra 15 hours a month on freelance projects at even $55 an hour, and you’ll gross nearly $10,000 more a year.

Become a bonus baby. Two-thirds of managers and nearly half of exempt salaried employees got bonuses in 2010, with median targets of 20% and 10% of salary, respectively, reports WorldatWork.

Getting in on the plan may be a factor of title, so nose around to see if others at your level get the bonus and what they had to do to achieve it.

Related: Basic steps for building up your wealth

Once onboard, aim to save 70% of incentive pay, says New Jersey financial planner Saul Simon of Lincoln Financial Advisors. You’ll see nice gains in net worth in just a few years.

Throw out the first number. People who negotiate starting salaries end up with an average $5,000 more than those who don’t, according to a 2010 study.

By talking a salary up from $70,000 to $75,000, someone who got annual increases of 3% would earn $134,352 more over 20 years.

Your best move, according to separate research: Tell the hiring manager what you want, and aim high — before he says what he can pay. The "anchor" number sets the bar for the conversation.

Hang on a few more years. You wouldn’t be the only older guy still coming into the office: Last year workers said they expected to retire at 66 on average, vs. an average quitting age of 60 in 1995, according to a Gallup poll.

The benefits of postponing retirement?

You can nearly double your annual Social Security pay-outs if you retire at 70 instead of 62, and your extra years of income play double duty, since your nest egg can build through continued saving and delayed draw-down.

Put your name out there. Seven in 10 six-figure jobs are earned through networking, according to an ExecuNet.com poll. So, get to know people by joining a trade group and volunteering for a committee.

Get a real raise. Don’t feel you can stash any more on your current salary? Research from PayScale.com shows that many employers plan to increase workers’ pay this year. So if you’ve waited out the recession, now’s the time to ask for more money.

Three smart ways to do it:

Show you’re ahead of the class. Employers gave the top 8% of performers a 4.4% pay increase in 2011, vs 2.8% raises for middle-rated folks, HR consulting firm Mercer found. To get the top reward, document — and quantify — your major contributions.

Related: Make your career really pay

Prove you’re underpaid. Research the range for your title and experience on salary.com, PayScale.com, and glassdoor.com. Then show the info to your boss. "The best data are hyperlocal," says career coach Caroline Ceniza-Levine.

Find a rival suitor. Wharton management professor Matthew Bidwell found that external hires typically score up to 18% more pay than workers promoted from within. With employers still under major budget pressures, you may have to prove that the competition is willing to pay you more to persuade the boss to up the ante.

Money magazine readers weigh in

Always be in the job market. "Keep trying to advance your earning potential. When my daughter was in college, one prof told the class, "Look for your next job the day you start your first one." — Tom Hewell, Allentown, Pa.

More ways to build wealth

Do you know a Money Hero? MONEY magazine is celebrating people, both famous and unsung, who have done extraordinary work to improve others’ financial well-being. Nominate your Money Hero.  

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Euro-area leaders agreed to relax conditions on emergency loans for Spanish banks and possible help for Italy as an outflanked German Chancellor Angela Merkel gave in on expanded steps to stem the debt crisis.

After 13 1/2 hours of talks ending at 4:30 a.m. in Brussels today, chiefs of the 17 euro countries dropped the requirement that taxpayers get preferred creditor status on aid to Spain