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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Dollar decline continues: New 14-month low vs euro AP (October 26, 2009) NEW YORK (AP) - The dollar hit a fresh 14-month low against the euro as a regional Chinese central bank researcher argued for diversification of the country's reserves away from the greenback, while a strong economic report from South Korea sparked an equities rally and dulled the buck's safe-haven luster.
Autopsy set for dead Madoff associate in Florida AP (October 26, 2009) WEST PALM BEACH, Fla. (AP) - An autopsy is planned for a man accused of making more than $7 billion off the investment schemes of jailed financial manager Bernard Madoff.
Lawyer: Death complicates Madoff investment case AP (October 26, 2009) PALM BEACH, Fla. (AP) - The death of Jeffry Picower, accused of profiting more than $7 billion from the investment schemes of his longtime friend Bernard Madoff, will make it more difficult for suing investors to recoup their money, attorneys said.
Peltz joins Legg Mason board as Trian buys stake AP (October 26, 2009) NEW YORK (AP) - Legg Mason Inc. said Monday that billionaire investor Nelson Peltz will join the asset manager's board after his investment firm amassed a 4.3 percent stake in the company.
Time growing short for overhaul effort AP (October 26, 2009) WASHINGTON (AP) - Time growing short, Democratic leaders in the House and Senate still face key decisions if they are to achieve President Barack Obama's goal of passing legislation to remake the nation's health care system by year's end.
Home sales rise 9.4 pct in Sept., beats forecast AP (October 23, 2009) WASHINGTON (AP) - Racing to complete their purchases before a tax credit for first-time owners expires, homebuyers pushed sales up last month by the largest amount in more than 26 years.
German business confidence rises in October AP (October 23, 2009) FRANKFURT (AP) - German business confidence rose for a seventh consecutive month in October as Europe's largest economy showed more signs of recovery and firms' outlook for exports improved, a survey found Friday.
NY delays state workers' retirement fund payment AP (October 23, 2009) ALBANY, N.Y. (AP) - New York officials are forgoing an 8 percent discount on their nearly $1 billion payment to the pension fund for state workers, opting instead to pay later.
Bernanke urges Congress to act now on overhaul AP (October 23, 2009) WASHINGTON (AP) - Federal Reserve Chairman Ben Bernanke prodded Congress Friday to enact legislation overhauling the nation's financial regulatory system to prevent a repeat of the banking and credit debacles that had thrust the country into crisis.
Home sales rise 9.4 pct in Sept., beats forecast AP (October 23, 2009) WASHINGTON (AP) - Home resales rose in September to the highest level in more than two years, beating expectations, as buyers scrambled to complete their purchases before a tax credit for first-time owners expires.
House panel's probe targets big mortgage lenders AP (October 23, 2009) WASHINGTON (AP) - A House panel is investigating the role of mortgage lenders in the financial crisis and is seeking information from some of the biggest U.S. companies to determine if they used deceptive practices to lure borrowers into the housing boom.
Fifth Third Bancorp's 3Q loss widens AP (October 22, 2009) CINCINNATI (AP) - Fifth Third Bancorp posted a wider loss in the third quarter on Thursday, amid rising real estate and construction loan losses and high credit costs.
Russia drops $22.5 bln lawsuit against US bank AP (October 22, 2009) MOSCOW (AP) - Russia dropped a $22.5 billion lawsuit Thursday against Bank of New York Mellon after the company agreed to pay $14 million to settle a decade-old money-laundering case involving one of its former executives.
PNC profit rises despite growing loan losses AP (October 22, 2009) NEW YORK (AP) - PNC Financial Services Group said Thursday its profit grew sharply during the third quarter, even though it continues to see loan losses pile up.
Congress moves to expand financial oversight AP (October 22, 2009) WASHINGTON (AP) - Congress wants another government regulator to cut through the red tape and protect your pocketbook. But there's plenty of fine print that will limit the new agency's reach.
TARP figure confirms substantial pay cuts looming AP (October 22, 2009) WASHINGTON (AP) - The chairman of the panel that oversees the $700 billion federal bailout fund said Thursday the Obama administration is insisting on slashing the salaries of executives of companies that took money from the government.
Treasury to order bailed-out firms to slash pay AP (October 22, 2009) WASHINGTON (AP) - The Treasury Department is expected in the next few days to order companies that received huge government bailouts last year to slash the base salaries of their top executives by an average of 90 percent and cut their total compensation in half, according to a person familiar with the matter.
Imperial Capital plans to raise $150M in IPO AP (October 22, 2009) NEW YORK (AP) - Investment bank Imperial Capital Group Inc. said late Wednesday it filed for an initial public offering to raise as much as $150 million by selling common stock.
Congress scrutinizes problems in homebuyer credit AP (October 22, 2009) WASHINGTON (AP) - A House panel is looking into concerns of fraud among those taking advantage of the first-time homebuyer tax credit, a program central to the Obama administration's effort to get the housing market back on track.
Credit Suisse makes $2.4 billion profit in 3Q AP (October 22, 2009) GENEVA (AP) - Swiss bank Credit Suisse Group said Thursday that net profit almost doubled to 2.4 billion Swiss francs ($2.4 billion) in the third quarter, helped by strong returns on financial market trading and investment banking.
Legg Mason posts 2Q profit, topping Street AP (October 22, 2009) BALTIMORE (AP) - Asset manager Legg Mason Inc. on Thursday posted a profit for the second quarter in contrast to a year-ago loss as it cut costs and took smaller charges.
Bailout watchdog expects much to remain unrefunded AP (October 21, 2009) WASHINGTON (AP) - The man who watches over the $700 billion in government money given to banks and other institutions to avert a financial collapse said Wednesday he thinks it's too early to say how much will be repaid to the taxpayers.
KeyCorp posts wider 3Q loss on loan loss provision AP (October 21, 2009) CLEVELAND (AP) - The banking company KeyCorp said Wednesday its loss widened in the third quarter as it set aside more money for possible loan losses as borrowers are having a tough time repaying debts amid the recession.
Watchdog: Bailout helped but at a great cost AP (October 21, 2009) WASHINGTON (AP) - A government watchdog said the $700 billion bailout for the financial industry played a major role in rescuing the economy over the last year but also engendered anger and distrust among Americans because of secrecy and confusion about the way the program was handled.
Morgan Stanley posts first profit of year AP (October 21, 2009) NEW YORK (AP) - Morgan Stanley returned to profitability for the first time in a year as income from its investment banking operations offset losses in commercial real estate.
Wells Fargo 3Q profit rises to $3.2 billion AP (October 21, 2009) NEW YORK (AP) - Wells Fargo & Co. says its third-quarter profit nearly doubled from a year ago although it joins other big U.S. banks in reporting higher loan losses.
Bernanke weighs faster credit card protection AP (October 21, 2009) WASHINGTON (AP) - Moving up the effective date of tough new regulations to protect credit card customers from sudden interest rate increases could be a double-edged sword, according to Federal Reserve Chairman Ben Bernanke.
US Bancorp 3Q profit rises along with revenue AP (October 21, 2009) MINNEAPOLIS (AP) - US Bancorp reported a 4.7 percent increase in third-quarter profit on Wednesday as revenue edged up, but said bad loans continued to rise.
Euro rises past $1.50 as earnings spark traders AP (October 21, 2009) NEW YORK (AP) - The euro broke through $1.50 against the dollar on Wednesday as a deluge of corporate earnings sent investors mostly positive signals on the U.S. economy.
Wells Fargo 3Q profit rises, but so do loan losses AP (October 21, 2009) NEW YORK (AP) - Wells Fargo & Co. on Wednesday reported a $2.6 billion third-quarter profit as the company's retail banking operations, including the loan business it acquired with the purchase of Wachovia Corp., offset its rising loan losses.
New rules established for municipal bond deals AP (October 21, 2009) NASHVILLE, Tenn. (AP) - Tennessee has set up new rules for cities and counties that want to engage in interest rate swaps and other exotic financial transactions.
Canada's central bank leaves rate unchanged AP (October 20, 2009) TORONTO (AP) - Canada's central bank is holding its key interest rate at a record low 0.25 percent and reiterating its intention to hold the rate there until the middle of next year.
BNY Mellon posts 3Q loss on hefty charge AP (October 20, 2009) NEW YORK (AP) - Bank of New York Mellon Corp. said Tuesday that it took a hefty charge during the third quarter to restructure its investment portfolio, resulting in a loss of almost $2.5 billion for the period.
Qatar sovereign fund sells part of Barclays stake AP (October 20, 2009) DUBAI, United Arab Emirates (AP) - Barclays shares dropped 5 percent Tuesday after the British bank's largest shareholder, Qatar's sovereign wealth fund, said it was selling a stake worth more than $2 billion.
Ariz. plans securities sales for budget maneuver AP (October 19, 2009) PHOENIX (AP) - Arizona officials say they plan to offer securities to individuals and institutional investors to ease the state's budget crisis by borrowing against prisons and other state properties.
China growth more than 7 pct in January-September AP (October 19, 2009) SHANGHAI (AP) - China's economy expanded more than 7 percent in the first nine months of the year and will certainly surpass the 2009 growth target of 8 percent, a top economic official said Monday.
Euro finance ministers face strong euro worries AP (October 19, 2009) LUXEMBOURG (AP) - Finance ministers from the 16 nations that use the euro meet for talks late Monday as the shared currency's rise against the dollar hits European exports, endangering the continent's fragile economic recovery.
Icahn offers CIT Group $6 billion loan AP (October 19, 2009) NEW YORK (AP) - Billionaire investor Carl Icahn is offering struggling lender CIT Group a $6 billion lifeline.
Dutch DSB bank declared bankrupt AP (October 19, 2009) AMSTERDAM (AP) - A Dutch court declared DSB Bank NV bankrupt on Monday, ending hopes the regional lender, which suffered a run on deposits, might be sold or bailed out.
CIT still might face bankruptcy after debt swap AP (October 19, 2009) NEW YORK (AP) - Struggling lender CIT Group Inc. warned Monday that it might still have to file for bankruptcy protection even if it completes a revised debt restructuring plan.
Finance arm pushes down General Electric 3Q profit AP (October 16, 2009) (AP) - General Electric's third-quarter results showed just how fragile the U.S. economy remains, as its troubled financial unit dragged down earnings 44 percent, despite gains in divisions that make wind turbines, household appliances and broadcast television shows.
Dollar gains as US earnings temper recovery hopes AP (October 16, 2009) NEW YORK (AP) - Dollar momentum continued Friday as more disappointing earnings signaled to investors that the economic recovery will likely be muted.
Bank of America loses $2.24B as loan losses rise AP (October 16, 2009) CHARLOTTE, N.C. (AP) - Bank of America Corp. said Friday it lost more than $2.2 billion in the third quarter as loan losses kept rising, providing further evidence that consumers are still struggling to pay their bills.
Goldman Sachs profit tops $3B on strong trading AP (October 15, 2009) NEW YORK (AP) - Goldman Sachs Group Inc.'s third-quarter earnings more than tripled from the depths of the financial crisis as income from the company's trading operations offset a drop in its investment banking business.
Calpers reviewing fees paid to outside manager AP (October 15, 2009) NEW YORK (AP) - The nation's largest pension fund, the California Public Employees' Retirement System, says it is investigating fees paid to an outside manager that directed the fund's investments.
Dollar decline takes a break on subpar earnings AP (October 15, 2009) NEW YORK (AP) - The dollar decline took a slight breather in New York Thursday after its beating earlier this week as bank earnings failed to please.
Citi results weighed down by failed loans AP (October 15, 2009) CHARLOTTE, N.C. (AP) - Citigroup provided a sobering reminder Thursday that the economy is still struggling, reporting that its third-quarter results were weighed down by billions of dollars in failed loans.
House banking panel votes to regulate derivatives AP (October 15, 2009) WASHINGTON (AP) - A House panel voted Thursday to regulate for the first time privately traded derivatives, the kind of exotic financial instruments that helped bring down Lehman Brothers and nearly toppled American International Group.
Charles Schwab 3Q profit falls 34 percent AP (October 15, 2009) NEW YORK (AP) - Charles Schwab Corp. said Thursday it was able to attract new accounts and client assets during the third quarter, but its profit fell 34 percent as low interest rates and waivers on certain fees ate into revenue.
House panel begins push on financial overhaul AP (October 14, 2009) WASHINGTON (AP) - Small neighborhood banks and the U.S. Chamber of Commerce are overshadowing the nation's biggest banks in influencing lawmakers as Congress begins the initial phase of its long-awaited overhaul of how the government regulates financial companies.
US dollar falls to 14-month euro low AP (October 14, 2009) LONDON (AP) - The dollar slid to a 14-month low against the euro Wednesday as investor appetite for risk increased following upbeat comments from Intel Corp. and after a top Federal Reserve official indicated U.S. interest rates would likely remain low for a quite a while.
Dollar loses punch and crude finds momentum AP (October 14, 2009) NEW YORK (AP) - Oil prices on Wednesday soared to new highs for the year because of a weak dollar and the upcoming holiday shopping season that could bring more traffic to the roads.
JPMorgan earns $3.6B, but loan losses remain high AP (October 14, 2009) NEW YORK (AP) - JPMorgan Chase & Co. reported strong third-quarter earnings Wednesday as its thriving investment banking business more than offset rising loan losses that the bank warned would continue for the forseeable future.
Stocks surge on Intel, JPMorgan reports AP (October 14, 2009) NEW YORK (AP) - Surprisingly strong earnings reports from Intel and JPMorgan Chase are sending stocks sharply higher in early trading.
World stocks up as tanking dollar boosts oil, gold AP (October 14, 2009) HONG KONG (AP) - Global stock markets rose Wednesday as China's economy showed more signs of recovery and oil prices touched a new high for the year above $75 a barrel.
Krugman says too early to exit crisis measures AP (October 14, 2009) SEOUL, South Korea (AP) - Central banks should fight the urge to raise interest rates until the global economy shows stronger signs of recovery and joblessness begins to decline, Nobel Prize-winning economist Paul Krugman said Wednesday.
Watchdog: Treasury wasn't prepared for AIG bonuses AP (October 14, 2009) WASHINGTON (AP) - The fierce debate over bonuses for bailed-out executives was revived on Capitol Hill Wednesday as a government watchdog explained how some executives nearly brought down the financial system - then pocketed millions.
Foreclosures pose challenge, cost to census count AP (October 13, 2009) LOS ANGELES (AP) - Foreclosures will make it tougher and more expensive to get an accurate census count next year as families move in with relatives or are left homeless, the Census Bureau's director said Tuesday.
Intuit nominates David Batchelder as director AP (October 13, 2009) MOUNTAIN VIEW, Calif. (AP) - Financial software company Intuit Inc. said David Batchelder will be added to its board's slate of nominees standing for election at its 2009 annual shareholder meeting.
CIT Group says CEO Peek plans to resign AP (October 13, 2009) NEW YORK (AP) - CIT Group Inc., a major business lender that's been devastated by the downturn in the credit markets, said Tuesday its chairman and CEO will resign at the end of the year.
Survey: Most economists see recovery beginning AP (October 12, 2009) NEW YORK (AP) - More than 80 percent of economists believe the recession is over and an expansion has begun, but they expect the recovery will be slow as worries over unemployment and high federal debt persist.
Job data to show stimulus aided teachers, laborers AP (October 12, 2009) WASHINGTON (AP) - President Barack Obama's stimulus plan spared tens of thousands of teachers from losing their jobs, state officials said Monday amid a nationwide effort to calculate the effect of Washington's $787 billion recovery package.
Americans Ostrom, Williamson win Nobel economics AP (October 12, 2009) STOCKHOLM (AP) - Americans Elinor Ostrom and Oliver Williamson won the Nobel economics prize on Monday for their analyses of economic governance - the rules by which people exercise authority in companies and economic systems.
Lazard CEO Bruce Wasserstein hospitalized AP (October 12, 2009) NEW YORK (AP) - Bruce Wasserstein, a prominent Wall Street dealmaker and CEO of Lazard Ltd., was hospitalized with an irregular heartbeat.
Britain sells off public assets to boost finances AP (October 12, 2009) LONDON (AP) - The British government is holding a fire sale of public assets including the undersea Channel rail link to raise 16 billion pounds ($25 billion) as Prime Minister Gordon Brown warned on Monday that the country is "only halfway there" in overcoming the recession.