Virginia governor meets with state revenue panel AP (November 23, 2009) RICHMOND, Va. (AP) - Virginia's fiscal picture remained dim, as a panel of state legislators and business leaders got another look at prospects for the state's upcoming budget.
World markets rally as gold hits new record high AP (November 23, 2009) LONDON (AP) - World markets rose sharply Monday amid further hopeful signs about the economic recovery. Commodity stocks led the charge, particularly in London, after gold hit another record high amid renewed dollar weakness.
Industry group: Ohio home sales rise in October AP (November 23, 2009) COLUMBUS, Ohio (AP) - Home sales have risen in Ohio and across the country thanks to first-time buyers rushing to take advantage of an expiring tax credit.
Late payments on credit cards drop in 3rd quarter AP (November 23, 2009) NEW YORK (AP) - Consumers continue to take control of their debt as the delinquency rate on credit cards heads toward 1 percent.
Home sales likely rose again in October AP (November 23, 2009) WASHINGTON (AP) - Home resales for October are projected to rise to the highest level in more than two years as first-time buyers, anticipating that a tax credit would soon expire, rushed to beat the clock.
IMF chief: Global economy still fragile AP (November 23, 2009) LONDON (AP) - The international economy is still fragile and vulnerable to shocks despite recent improvements in financial markets, the managing director of the International Monetary Fund said Monday.
Google scoops up display ad specialist Teracent AP (November 23, 2009) MOUNTAIN VIEW, Calif. (AP) - Google Inc. has snapped up another startup in its quest to sell more visual advertising on the Web.
NJ man sentenced in $1.8 million investment scam AP (November 23, 2009) CAMDEN, N.J. (AP) - A Southern New Jersey securities broker who operated a $1.8 million investment fraud scheme has been sentenced to more than eight years in prison.
Afghan provinces get millions to reduce poppies AP (November 23, 2009) KABUL (AP) - The U.S. on Monday agreed to hand out millions of dollars in development aid to provinces in Afghanistan that have eliminated or reduced the production of opium poppies, the raw ingredient in making heroin.
Chase drops arbitration from card contracts AP (November 20, 2009) BOSTON (AP) - JPMorgan Chase & Co. said Friday it is dropping a clause from its credit card contracts that required disputes with customers to be handled through binding arbitration, a move that could lead to consumers filing class-action and other lawsuits.
US recovery seen outpacing Europe in 2010 AP (November 19, 2009) PARIS (AP) - The world's rich and developed economies will grow faster next year, but recovery will remain modest, with the U.S. and Japan outpacing Europe, a Paris-based watchdog said Thursday as it raised its forecasts.
Firm: Calif median home price rises in month AP (November 19, 2009) LOS ANGELES (AP) - A tracking firm says the median home price in California increased more than 2 percent last month from September to its highest level in nearly a year.
Recovery in developed economies gathering pace AP (November 19, 2009) PARIS (AP) - Recovery in developed economies will accelerate next year due to "substantial improvements" in financial markets and fast-growing Asian countries, but is likely to remain fragile, the Organization for Economic Cooperation and Development said Thursday as it doubled its 2010 growth forecast.
Foreclosures hitting more people with good credit AP (November 19, 2009) WASHINGTON (AP) - The foreclosure crisis likely will persist well into next year as high unemployment pushes more people out of homes, pulls down housing prices and raises concerns about the broader economic recovery.
JP Morgan takes over Cazenove joint venture AP (November 19, 2009) LONDON (AP) - U.S. bank J.P. Morgan Chase & Co. said Thursday it has bought full control of J.P. Morgan Cazenove in a 1 billion pound ($1.67 billion) deal with its joint venture partner, the venerable London financial house Cazenove Group Ltd.
Ahead of the Bell: Leading economic indicators AP (November 19, 2009) NEW YORK (AP) - Analysts expect a private forecast of U.S. economic activity rose for the seventh straight month in October, a sign the recovery will continue next year although probably at a plodding pace.
Urban League and partner to offer small biz loans AP (November 18, 2009) PHILADELPHIA (AP) - The National Urban League is teaming with a small-business financial specialist to offer loans to companies unable to get approved by banks.
Citi raises salaries for CFO, global markets head AP (November 18, 2009) NEW YORK (AP) - Citigroup Inc. said its chief financial officer and co-head of global markets are getting raises, while CEO Vikram Pandit will continue to collect a salary of $1 per year.
American Express to buy Case's Revolution Money AP (November 18, 2009) ST PETERSBURG, Fla. (AP) - American Express says it will buy Revolution Money for about $300 million in an effort to stay current with ever-changing technology in the marketplace.
Nebraska orders firms to quit selling investments AP (November 18, 2009) LINCOLN, Neb. (AP) - Nebraska officials say two related Omaha companies have been improperly selling unregistered investments promising as much as a 1,000 percent annual return.
Senate hears need for bank overdraft controls AP (November 18, 2009) WASHINGTON (AP) - Consumer advocates on Tuesday urged Congress to move forward on legislation to curb bank practices under which a cup of coffee bought with an overextended debit card can turn into a $40 expense.
IRS settles with 14,700 over foreign accounts AP (November 17, 2009) MIAMI (AP) - The Internal Revenue Service says more than 14,700 U.S. taxpayers with offshore accounts in 70 foreign countries have come forward to settle their tax debts.
Wholesale inflation up less than expected in Oct. AP (November 17, 2009) WASHINGTON (AP) - Wholesale prices rose less than expected in October as the weak economy keeps inflation pressures largely in check.
Computer security co. Fortinet plans IPO this week AP (November 17, 2009) NEW YORK (AP) - Fortinet Inc. plans to go public Wednesday in an initial public offering, giving investors a chance to tap a network security provider with sales expected to grow.
Madoff property heads to auction block in Fla. AP (November 17, 2009) FORT LAUDERDALE, Fla. (AP) - Interested buyers are getting the chance to bid on a vintage 55-foot yacht and two smaller boats that were once owned by imprisoned financier Bernard Madoff.
Feds give record loans to Kansas farmers AP (November 17, 2009) TOPEKA, Kan. (AP) - The federal government has delivered a record-setting $148 million in loans to Kansas farmers during the 2009 fiscal year.
Ex-BofA exec says had no role in Merrill bonuses AP (November 17, 2009) WASHINGTON (AP) - The former top attorney of Bank of America Corp. will testify to Congress Tuesday that he wasn't involved in crafting the bank's agreement to let Merrill Lynch pay billions of dollars in bonuses to its employees, before being abruptly fired last December on the CEO's orders.
GMAC CEO Alvaro de Molina steps down AP (November 17, 2009) NEW YORK (AP) - GMAC Financial Services says Alvaro de Molina has stepped down as CEO, a surprise departure that comes as the troubled auto lender remains in negotiations with the government over its third round of taxpayer aid.
IMF chief urges China to let yuan rise AP (November 17, 2009) BEIJING (AP) - The chief of the International Monetary Fund said Tuesday that Beijing should let its currency rise as a stronger yuan would help China's development and ease global imbalances.
Foreign demand rises for long-term US assets AP (November 17, 2009) WASHINGTON (AP) - Foreign demand for long-term U.S. financial assets rose in September as China and other countries boosted their holdings of Treasury securities.
Foxwoods fails to make full debt payment AP (November 17, 2009) NEW HAVEN, Conn. (AP) - Foxwoods Resort Casino, one of the world's largest, has failed to make a full payment on its debt, leading to a default and another credit-rating downgrade as casinos around the country struggle amid the severe recession.
Geithner: must rebalance global economic growth AP (November 17, 2009) WASHINGTON (AP) - Treasury Secretary Timothy Geithner said Tuesday the global economy is moving toward a recovery but countries can't rely on U.S. consumers to serve as the engine of worldwide growth.
UBS sets mid-term goal: $15BN pretax profit a year AP (November 17, 2009) ZURICH (AP) - Swiss bank UBS AG, which has been plagued by losses and customer withdrawals, said Tuesday it aims to make an annual pretax profit of 15 billion Swiss francs ($14.9 billion) in three to five years.
Mortgage delinquencies hit another record in 3Q AP (November 17, 2009) NEW YORK (AP) - The pace at which people fell behind on their mortgages slowed during the summer for the third consecutive quarter, but the overall delinquency rate hit another record, a new report shows.
Swiss unveil criteria for UBS tax disclosure to US AP (November 17, 2009) BERN, Switzerland (AP) - American clients who hid more than 1 million Swiss francs in undeclared bank accounts with UBS AG between 2001 and 2008 could have their details turned over to the U.S. government, Swiss officials said Tuesday.
CIT Group says 3Q loss widened to $1.07 billion AP (November 17, 2009) NEW YORK (AP) - Commercial lender CIT Group Inc. says it lost $1.07 billion during the third quarter as its cash crunch worsened ahead of filing for bankruptcy protection earlier this month.
Lazard names insider Jacobs as CEO and chairman AP (November 17, 2009) NEW YORK (AP) - Lazard Ltd. is naming Kenneth M. Jacobs as CEO and chairman, choosing a longtime executive at the investment advisory firm to fill vacancies from last month's sudden death of Chairman and CEO Bruce Wasserstein.
Lost war bonds not easy to find AP (November 16, 2009) HELENA, Mont. (AP) - Holders of lost savings bonds dating back to World War II say its not nearly as easy to track down the lost money as the U.S. Treasury Department claims in an ongoing lawsuit.
Dollar decline continues as trade deficit widens AP (November 13, 2009) NEW YORK (AP) - The dollar dropped Friday after the government said the trade deficit widened in September, while the 16-nation eurozone officially emerged from recession, luring investors away from the safe-haven dollar.
Realtors: home prices to rise 4 percent in 2010 AP (November 13, 2009) SAN DIEGO (AP) - Home prices are expected to grow modestly next year and sales will keep rising as the housing market continues to recover from the worst downturn since the Great Depression, the National Association of Realtors said Friday.
Wal-Mart offers clothes vendors new payment option AP (November 13, 2009) SAN FRANCISCO (AP) - Wal-Mart Stores Inc., the world's biggest retailer, is offering its clothing vendors a faster way to get paid.
Insurer Woodmen files $30M lawsuit against US Bank AP (November 13, 2009) OMAHA, Neb. (AP) - Woodmen of the World wants U.S. Bank to pay nearly $30 million for investing some of the insurer's assets in risky mortgage-backed securities that plummeted in value instead of the conservative investments the bank promised.
Higher oil prices seen threatening global recovery AP (November 12, 2009) (AP) - Rising oil prices could imperil a modest increase in crude demand and the recovery of the global economy, the International Energy Agency said Thursday as it raised its outlook for oil demand this year.
Buffett, Gates to answer student questions in NY AP (November 12, 2009) OMAHA, Neb. (AP) - Billionaires Warren Buffett and Bill Gates will meet with Columbia University business students on Thursday and answer their questions about business and life.
Ahead of the Bell: Federal Budget AP (November 12, 2009) WASHINGTON (AP) - The federal deficit is expected to hit $150 billion for the first month in the new budget year, headed toward another $1 trillion-plus tide of red ink. Economists worry such deficits could push up interest rates, adding a further drag on the fragile economic recovery.
Bank of Korea keeps key rate at record low AP (November 12, 2009) SEOUL, South Korea (AP) - South Korea's central bank left its key interest rate at a record low for the ninth straight month Thursday, pledging to maintain low borrowing rates to help extend a recovery in Asia's fourth-largest economy.
APEC ministers plot ways to sustain recovery AP (November 12, 2009) SINGAPORE (AP) - Asia-Pacific nations pledged Thursday to embrace more flexible exchange rates and stable growth strategies as economies start to scale back their stimulus spending after the global downturn.
Foreclosures dip 3 pct. in October from September AP (November 12, 2009) NEW YORK (AP) - The number of homeowners on the brink of losing their homes dipped in October, the third straight monthly decline, as foreclosure prevention programs helped more borrowers.
FirstMerit buying 24 branches of First Bank AP (November 11, 2009) AKRON, Ohio (AP) - FirstMerit Corp. said Wednesday that it will enter the Chicago-area banking market by buying 24 branches and $1.2 billion in deposits from First Bank for about $42 million.
World Bank warns unemployment threatens US economy AP (November 11, 2009) SINGAPORE (AP) - Stubbornly high joblessness threatens to trigger loan defaults and drag on consumption next year, hobbling a U.S. economy struggling to rebound from recession, World Bank President Robert Zoellick said Wednesday.
Synovus downgraded on capital, regulation worries AP (November 11, 2009) NEW YORK (AP) - Shares of Synovus Financial Corp. tumbled to their lowest point in more than 17 years Wednesday after a Morgan Keegan analyst downgraded the regional bank, saying government pressure for banks to build capital reserves as well as ongoing credit issues will pressure the stock.
Report: 10 states face looming budget disasters AP (November 11, 2009) SACRAMENTO, Calif. (AP) - California's ongoing fiscal crisis has attracted national attention, but a study warns that nine other states are barreling toward similar economic disaster.
Credit Agricole helps European stocks rise AP (November 11, 2009) LONDON (AP) - European stock markets rose sharply Wednesday and Wall Street was expected to rise on the open, helped by strong earnings from French bank Credit Agricole SA and a surprise increase in British employment levels.
Geithner encouraged by moves in Japan, China AP (November 11, 2009) TOKYO (AP) - Treasury Secretary Timothy Geithner said Wednesday he's encouraged by efforts in Japan and China to spur domestic demand instead of relying so heavily on American consumers - a shift that will contribute to more stable global growth.
Colombia seizes $19M in forged US bills in 2009 AP (November 11, 2009) BOGOTA (AP) - Colombian authorities say they have seized $19 million in forged U.S. currency so far this year, five times the amount confiscated last year.
Dollar falls to 15-month low despite US support AP (November 11, 2009) NEW YORK (AP) - The dollar dropped to a new 15-month low as the the euro rose above $1.50 Wednesday morning, even as Treasury Secretary Timothy Geithner reiterated the administration's stance that a strong dollar is good for the U.S. economy.
Report: AIG CEO ready to quit over pay constraints AP (November 11, 2009) NEW YORK (AP) - After just three months as head of embattled insurer American International Group, Robert Benmosche has threatened to leave his post as he struggles to deal with heavy government oversight and restrictions on what the bailed-out company can pay employees, according to a published report.
Lloyds Bank cutting or moving 5,000 more jobs AP (November 10, 2009) LONDON (AP) - Britain's Lloyds Banking Group PLC said Tuesday that it plans to cut about 4,300 jobs and transfer 680 more in a series of reorganizational moves in its group operations, insurance and retail division.
EU opens monopoly abuse probe into Thomson Reuters AP (November 10, 2009) BRUSSELS (AP) - EU antitrust regulators said Tuesday that they are investigating whether Thomson Reuters Corp. is breaking monopoly abuse rules by preventing customers from applying their own codes to financial market datafeeds.
Dodd circulates financial overhaul bill AP (November 10, 2009) WASHINGTON (AP) - Senate Banking Committee Chairman Christopher Dodd is circulating legislation that would give the government sweeping new powers to prevent another economic collapse, including the ability to dismantle failing institutions and increased oversight of lenders to consumers.
BofA CEO says financial industry recovery slow AP (November 10, 2009) CHARLOTTE, N.C. (AP) - Bank of America Corp.'s outgoing CEO Ken Lewis said Tuesday that the economy may be improving but the recovery in the financial industry remains slow.
German investor confidence falls in November AP (November 10, 2009) FRANKFURT (AP) - German investor confidence fell in November from the previous month, a leading German survey showed Tuesday, reflecting doubts about the sustainability of economic recovery.
Bad debt weighs on Barclays earnings AP (November 10, 2009) LONDON (AP) - Banking group Barclays PLC on Tuesday reported strong earnings in its investment banking unit and announced the restart of dividend payments, but also warned that the bad debts weighing on its profits have not yet peaked.
EU nations back new bankers' pay, capital rules AP (November 10, 2009) BRUSSELS (AP) - European Union countries on Tuesday backed new financial oversight rules for bankers' pay and for how much extra capital banks should set aside to cover high-risk investments.
Dollar down again as G20 backs ongoing stimulus AP (November 09, 2009) LONDON (AP) - The euro pushed back up above $1.50 Monday after finance ministers from the Group of 20 rich and developing countries steered clear from addressing the weakness of the U.S. currency against most of its competitors at a meeting over the weekend.
World markets get G-20 boost while dollar slides AP (November 09, 2009) LONDON (AP) - World stock markets rose Monday and the dollar fell sharply against the euro after the Group of 20 rich and developing countries agreed to maintain their stimulus measures as long as economies remained weak.
Ahead of the Bell: Consumer Credit AP (November 06, 2009) WASHINGTON (AP) - Consumers likely reduced their borrowing for an eighth straight month in September, as layoffs continue and credit remains tight. The declines in borrowing are expected to drag on the fledgling economic recovery.
AIG posts 2nd consecutive quarterly profit AP (November 06, 2009) NEW YORK (AP) - AIG said Friday it was profitable for the second straight quarter as its core insurance operations continue to stabilize after the company's bailout by the government last year.
G20 officials to wrestle over economic imbalances AP (November 06, 2009) ST. ANDREWS, Scotland (AP) - Finance officials from rich and developing countries face difficult negotiations over how to even out the imbalances weighing on the world economy as they gather Friday for a summit at a seaside hotel in Scotland.
Royal Bank of Scotland posts $3 billion Q3 loss AP (November 06, 2009) LONDON (AP) - Government-controlled Royal Bank of Scotland Group PLC on Friday reported a net loss of 1.8 billion pounds ($3 billion) despite an improvement in underlying profits and said lending to small- and medium-sized companies increased 5 percent.
Report: Fla. investment agency under investigation AP (November 06, 2009) ST. PETERSBURG, Fla. (AP) - The Florida agency that manages $132 billion in pension and local government investments is under investigation by the Securities and Exchange Commission.
BoE adds 25 billion pounds to monetary expansion AP (November 05, 2009) LONDON (AP) - The Bank of England said Thursday it will pour another 25 billion pounds ($41 billion) into the economy to get Britain out of recession as it kept its main interest rate at a record low of 0.5 percent.
PlainsCapital postpones IPO, citing volatility AP (November 05, 2009) DALLAS (AP) - Texas bank PlainsCapital Corp. late Wednesday postponed its initial public offering, blaming market swings in financial stocks.
Lax laws allow US companies to be used for crimes AP (November 05, 2009) WASHINGTON (AP) - Lax state laws allow arms traffickers, drug kingpins and money launderers to use U.S. companies to hide their illicit activities from investigators, government officials said Thursday.
Nasdaq OMX Group 3Q profit rises on cost cuts AP (November 05, 2009) NEW YORK (AP) - Global exchange operator Nasdaq OMX Group Inc. said Thursday its profit rose as it cut costs and recorded fewer special charges during the third quarter.
BofA says credit environment remains difficult AP (November 05, 2009) CHARLOTTE, N.C. (AP) - Bank of America Corp. on Thursday reiterated that the current credit environment will remain difficult into next year, as unemployment is likely to continue to rise.
Fannie Mae to rent out homes instead foreclosing AP (November 05, 2009) WASHINGTON (AP) - Thousands of borrowers on the verge of foreclosure will soon have the option of renting their homes from Fannie Mae, under a policy announced Thursday.
Congress giving homebuyers a big new tax break AP (November 05, 2009) WASHINGTON (AP) - Missed out on Cash for Clunkers? Congress has another deal for you: Buy a home before May 1 and collect up to $6,500 from the government. If you're a first-time homebuyer, get up to $8,000.
European, British central banks leave rates alone AP (November 05, 2009) FRANKFURT (AP) - The European Central Bank and the Bank of England kept interest rates at record lows Thursday as their economies struggle to emerge from recession.
Fannie Mae offers borrowers option to foreclosure AP (November 05, 2009) WASHINGTON (AP) - Can't pay the mortgage? You still might be able to stay in your home. Government-controlled mortgage company Fannie Mae is going to give borrowers on the verge of foreclosure the option of renting their homes for a year.
GMAC Financial Services net loss narrows in 3Q AP (November 04, 2009) NEW YORK (AP) - GMAC Financial Services, the main lender for General Motors Co. and Chrysler Group LLC, said Wednesday it lost $767 million in the third quarter, as its struggling home mortgage unit continued to weigh on its results.
Fed likely to keep key interest rate at record low AP (November 04, 2009) WASHINGTON (AP) - Faced with lurking dangers to the budding recovery, Federal Reserve policymakers are sure to leave a key interest rate at a record low to entice Americans to spend more and help the economic turnaround gain traction.
Treasury expects debt limit will be hit in Dec. AP (November 04, 2009) WASHINGTON (AP) - The Treasury Department now expects to hit the government's debt limit in December, two months later than its initial estimate, after scaling back an emergency loan program as the financial crisis abated.
House to accelerate credit card rules AP (November 04, 2009) WASHINGTON (AP) - House Democrats want tougher rules for credit card companies to go into effect by Dec. 1, accelerating by two months the enactment date of legislation previously passed by Congress.
Bank of England faces key stimulus decision AP (November 04, 2009) LONDON (AP) - The Bank of England's injection of 175 billion pounds ($289 billion) into the economy hasn't yet pulled Britain out of recession, and the central bank now faces a difficult decision on whether to raise the stakes.
UBS reports 3Q net loss of $542 million AP (November 03, 2009) ZURICH (AP) - Swiss bank UBS AG reported a third-quarter net loss of 564 million Swiss francs ($542 million) Tuesday, blaming accounting charges of 2.15 billion francs for keeping it in the red.
Australia lifts interest rate to 3.5 percent AP (November 03, 2009) SYDNEY (AP) - Australia's central bank raised its key interest rate Tuesday by a quarter percentage point for the second month in a row, declaring the global downturn over and warning that inflation was set to rise.
Banks face Feb. 1 deadline from Fed on pay plans AP (November 03, 2009) WASHINGTON (AP) - The nation's biggest banks face a February deadline for submitting employee compensation plans to the Federal Reserve, according to people with knowledge of the process.
Madoff's longtime auditor pleads guilty AP (November 03, 2009) NEW YORK (AP) - Disgraced money manager Bernard Madoff's longtime auditor pleaded guilty to securities fraud and other charges Tuesday in a cooperation deal that could leave him behind bars for years.
Lower costs, higher volume drive MasterCard profit AP (November 03, 2009) NEW YORK (AP) - MasterCard Inc. said Tuesday its third-quarter profit was bolstered by continued cost-cutting measures and an increase in the number of transactions it processed.
Ore. treasurer: State's credit rating remains good AP (November 03, 2009) SALEM, Ore. (AP) - The Oregon treasurer's office says national credit rating firms are reporting that the state remains a safe credit risk at a time when many others are being warned about potential downgrades.
Dollar rises ahead of central bank announcements AP (November 03, 2009) NEW YORK (AP) - The dollar mostly rose Tuesday as major bank restructurings in Europe and worries over slow growth made the currency more attractive to investors seeking safety amid central bank meetings in the U.S. and Europe this week.
IMF sells gold to India's central bank AP (November 03, 2009) WASHINGTON (AP) - The International Monetary Fund has sold 200 metric tons of gold worth $6.7 billion to India's central bank as part of an effort to shore up IMF finances and increase low-cost lending to developing countries.
September pending home sales rise 6.1 percent AP (November 02, 2009) WASHINGTON (AP) - The volume of signed contracts to buy previously occupied homes rose for the eighth straight month in September as buyers scrambled to take advantage of a tax credit for first-time owners that expires at the end of this month.
Court seems unlikely to get involved in fee fight AP (November 02, 2009) WASHINGTON (AP) - Several Supreme Court justices seemed unsympathetic to calls for the court to get involved in setting fees for mutual funds, a common form of retirement investment.
Report: Goldman Sachs looks to buy tax credits AP (November 02, 2009) NEW YORK (AP) - Wall Street giant Goldman Sachs Group Inc. is reportedly in talks to buy tax credits from Fannie Mae, a government-controlled mortgage financier.
Mountain State U, bankers group become partners AP (November 02, 2009) BECKLEY, W.Va. (AP) - Mountain State University and the West Virginia Bankers Association are forming a partnership to provide continued education to workers in the banking industry.
UK's bailed-out banks forced into overhaul AP (November 02, 2009) LONDON (AP) - News that Britain's bailed-out banks may have to sell more of their businesses in return for being rescued jangled market nerves Monday, with Royal Bank of Scotland, Lloyds Banking Group and the wider financial sector facing a crucial week in the road to recovery.
China's small-company stock market starts trading AP (October 30, 2009) HONG KONG (AP) - A new Chinese stock exchange meant to nurture small and high-tech enterprises, modeled on the U.S.-based Nasdaq market, started trading Friday and all 28 listed companies soared in price.
Wall Street losses hurt Montana state pensions AP (October 30, 2009) HELENA, Mont. (AP) - Montana's state pensions systems reeling from big losses in the stock market face a projected shortfall of more than $2 billion three decades from now.
Economy grows in 3Q, signals end of recession AP (October 29, 2009) WASHINGTON (AP) - The economy grew at a 3.5 percent pace in the third quarter, the best showing in two years, fueled by government-supported spending on cars and homes. It's the strongest signal yet that the economy has entered a new, though fragile, phase of recovery and that the worst recession s
3Q GDP growth tarnishes safe dollar's appeal AP (October 29, 2009) NEW YORK (AP) - The U.S. economy is growing again, and that's driving the dollar lower in morning trading Thursday.
UK mortgage approvals up 6 pct in September AP (October 29, 2009) LONDON (AP) - Mortgage approvals in the U.K. rose 6 percent in September as the country's battered housing market improved, but cautious consumers paid off debt faster than they borrowed, the Bank of England said Thursday.
Stronger dollar weighs on Avon Products in 3Q AP (October 29, 2009) NEW YORK (AP) - Avon Products Inc. said Thursday having 10 percent more people selling its products during the third quarter helped sales, but the stronger dollar hurt its revenue from some markets, and its profit fell 30 percent.
Geithner says economy on the mend AP (October 29, 2009) WASHINGTON (AP) - Treasury Secretary Timothy Geithner said he sees positive signs that the economy is recovering, although the recession remains "alive and acute" for families dealing with unemployment and facing home foreclosure.
Obama seeks new powers to dismantle nonbank firms AP (October 29, 2009) WASHINGTON (AP) - A year after Lehman Brothers collapsed, helping to trigger the worst financial crisis in seven decades, the Obama administration is pressing Congress for the power to dismantle other nonbank firms considered so large and influential that they could bring down the entire economy.
Barrick Gold posts 3Q loss on hedging charges AP (October 29, 2009) NEW YORK (AP) - Barrick Gold Corp. on Thursday reported a third-quarter loss of $5.35 billion on a huge charge related to the unwinding of gold hedges which had committed it to sell gold at prices that now seem unusually cheap.
Geithner: Legislation won't lead to more bailouts AP (October 29, 2009) WASHINGTON (AP) - Treasury Secretary Timothy Geithner says the government's ability to dismantle mammoth financial institutions like Lehman Brothers and American International Group, when necessary, won't lead to future bailouts.
Deutsche Bank profit more than triples in Q3 AP (October 29, 2009) FRANKFURT (AP) - Deutsche Bank AG, Germany's biggest bank by assets, said Thursday that tax credits and increased trading revenue pushed its third-quarter earnings more than three times higher.
La. sells $200M in bonds for building projects AP (October 28, 2009) BATON ROUGE, La. (AP) - Louisiana sold $200 million in general obligation bonds to generate upfront cash to finance state construction projects, the first such bond sale since September 2006.
Lazard: Wasserstein options lead to $86.5M charge AP (October 28, 2009) NEW YORK (AP) - Two weeks after the sudden death of its CEO Bruce Wasserstein, Lazard Inc. said it will record an $86.5 million charge in the fourth quarter to cover stock options granted to him that will vest posthumously.
Financial technology company adding 419 jobs in NC AP (October 28, 2009) HICKORY, N.C. (AP) - Financial technology company Fiserv Inc. plans to open a new location in North Carolina and add more than 400 jobs.
House panel votes for new rating agency rules AP (October 28, 2009) WASHINGTON (AP) - The House Financial Services Committee has voted to set new rules for credit rating agencies, which lawmakers say misled investors by giving high marks to risky securities tied to subprime mortgages.
Interim New Mexico state investment officer named AP (October 28, 2009) SANTA FE, N.M. (AP) - New Mexico Gov. Bill Richardson has selected Bob Jacksha to serve as interim state investment officer while the administration searches for a permanent appointee.
Treasury, GMAC in talks for 3rd round of US aid AP (October 28, 2009) NEW YORK (AP) - GMAC, the former lending arm of General Motors Co., is in talks with the Treasury Department for a third injection of taxpayer aid, a further sign of the U.S. government's entrenchment in the U.S. auto industry.
Nomura in the black for second straight quarter AP (October 28, 2009) TOKYO (AP) - Nomura Holdings Inc. stayed in the black for a second straight quarter, helped by a recovery in financial markets and the broadening of its business overseas through the acquisition of parts of Lehman Brothers.
UBS ex-client seeks leniency for tax conviction AP (October 28, 2009) MIAMI (AP) - A wealthy accountant is seeking a lenient sentence for his cooperation in the U.S. tax evasion investigation into Swiss bank UBS AG.
NC man facing prison for investor fraud scheme AP (October 27, 2009) CHARLOTTE, N.C. (AP) - A 53-year-old North Carolina man is facing 14 years in prison for his part in a scheme which led investors to hand over more than $11 million to his company.
Biden tells Ohio stimulus program helping economy AP (October 27, 2009) CLEVELAND (AP) - Vice President Joe Biden told an Ohio audience that the federal economic stimulus package is helping to revive the U.S. economy and has helped stabilized the financial markets.
Icahn offers to buy outstanding CIT Group debt AP (October 27, 2009) NEW YORK (AP) - Billionaire investor Carl Icahn offered Tuesday to buy bonds from CIT Group Inc.'s smaller bondholders at a discount as he tries to thwart a restructuring plan by the commercial lender.
FirstMerit 3rd-qtr profit falls 24 percent AP (October 27, 2009) AKRON, Ohio (AP) - FirstMerit Corp., parent of a namesake bank that serves Ohio and Western Pennsylvania, on Tuesday said its third-quarter profit fell 24 percent as it wrote off more unpaid loans, set aside more money to cover souring loans and saw its deposits decline.