Reuters - U.S. exports have been helped by a
weaker dollar and this is providing a boost to an otherwise
weak economy, Federal Reserve Bank of Atlanta President Dennis
Lockhart said on Saturday.
Reuters - Stocks finished little changed on
Friday as surging oil prices lifted energy shares and offset
data that showed consumer confidence sank to its lowest in 28
years.
Reuters - U.S. consumer confidence tumbled to a
28-year low this month as rising prices strained household
finances, while another drop in single-family housing starts
underscored problems still plaguing the economy.
Reuters - American International Group Inc
plans to establish a global shared services and data
centers in Malaysia through one of its subsidiaries, the
insurance giant said on Saturday.
Reuters - The United Auto Workers and American
Axle & Manufacturing Holdings Inc reached a tentative
contract agreement late Friday aimed at ending an 11-week-long
strike that had triggered thousands of layoffs and cost General
Motors Corp at least $1 billion.
AP - Treasury Secretary Henry Paulson said Friday that financial markets are "considerably calmer" now than they were two months ago. He predicted the economy will be rebounding by the second half of this year.
Reuters - Sumitomo Mitsui Financial Group (8316.T)
reported a threefold increase in fourth-quarter profit,
rebounding from massive losses at its consumer finance unit a
year earlier, and it forecast modest growth ahead.
AP - Unless you're looking carefully, you'll likely miss the fact that the new Asylum Web site for young men is a creation of Time Warner Inc.'s AOL. Same for WalletPop on personal finance, Spinner on indie music and StyleList on fashion.
AP - After nine months of turmoil that started with the collapse of the subprime mortgage market, Wall Street appears to be at a turning point of sorts.
Reuters - Fannie Mae, the largest U.S. home
funding source, is setting a single national standard for down
payments on mortgages it buys, including areas where home
prices are falling, in an effort to stimulate the housing
market.
Reuters - U.S. consumer confidence tumbled to a
28-year low this month as rising prices strained household
finances, while another drop in single-family housing starts
underscored problems still plaguing the economy.
AP - Wall Street capped a week of big gains with modest moves Friday as investors grappled with surging energy prices that overshadowed news of a surprise increase in home construction.
Reuters - Stocks finished little changed on
Friday as surging oil prices lifted energy shares and offset
data that showed consumer confidence sank to its lowest in 28
years.
AFP - US homebuilding showed a surprisingly strong jump in April, signaling a ray of hope amid the rubble of the worst housing slump in decades, according to government data released Friday.
BusinessWeek Online - Lisa and Robert McIlwain are living a business owner's nightmare. It started when a tornado with 157 mph winds ripped through Fun Zone, their Montgomery (Ala.) skating rink and family entertainment center on Nov. 15, 2006. Although the 31 children and 11 staff members trapped inside the center survived, the 50-employee, $2.5 million business was wiped out. Fun Zone was the only source of income for the couple, who have six children. Their insurance payment went to pay off the mortgage on the damaged property.
Reuters - Sumitomo Mitsui Financial Group (8316.T)
reported a threefold increase in fourth-quarter profit,
rebounding from massive losses at its consumer finance unit a
year earlier, and it forecast modest growth ahead.
Reuters - Leaders of the Senate Banking
Committee on Thursday reached a deal on a broad housing rescue
plan in which Fannie Mae and Freddie Mac would support a
federal mortgage insurance fund, two industry sources said.
AP - As many as 350,000 households are not getting the $300 per child refund owed as part of economic stimulus rebate payments, the Internal Revenue Service said Thursday.
AP - Commercial banks and other financial institutions need to beef up their ability to detect and protect themselves against risks like the credit and mortgage debacles, Federal Reserve Chairman Ben Bernanke said Thursday.
AP - A federal judge has ruled that a shareholder lawsuit against Countrywide Financial Corp. executives and directors should go to trial, rejecting several arguments by the troubled mortgage lender to dismiss the case.
Reuters - Directors and officers of mortgage
lender Countrywide Financial must answer shareholder
accusations of insider trading and failure to monitor lending
practices that led to the company's collapse, a federal judge
in California has ruled, the New York Times reported.
AP - Freddie Mac beat Wall Street's expectations in the first quarter, but the mortgage finance company didn't vanquish concerns about its ability to weather the housing bust.
Reuters - Ohio Attorney General Marc Dann,
who led investigations into companies blamed for the state's
subprime mortgage mess, resigned under a cloud on Wednesday
after admitting to an affair with a female staff member.
AP - More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65 percent versus the same month last year and contributing to a deepening slide in home values, a research company said Tuesday.
Reuters - Mortgage applications rose for a
second consecutive week, fueled by a jump in demand for home
refinancing loans as interest rates dropped, an industry group
said on Wednesday.