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Portugal, Ireland woes dominate EU summit
posted on March 24, 2011 02:43:49 pm
BRUSSELS -- Just on the day EU leaders were hoping to present the final version of their plan to solve the region's debt crisis, their summit in Brussels was overwhelmed Thursday by debate over Portugal's political crisis and Ireland's banking woes.

Moody's downgrades ratings of Spanish banks
posted on March 24, 2011 12:59:34 pm
MADRID -- Moody's downgraded the debt of 30 Spanish banks Thursday but left untouched the ratings of the country's three largest banks, highlighting the weaknesses in Spain's financial system a day after the government in neighboring Portugal fell.

Markets brush off Portuguese bailout concerns
posted on March 24, 2011 12:04:09 pm
LONDON -- Markets on Thursday brushed aside mounting speculation that Portugal would soon be tapping a European bailout fund amid hopes that the continent's debt crisis may be about to claim its final scalp - for now.

Japan disaster reminds businesses about insurance
posted on March 24, 2011 11:25:05 am
NEW YORK -- It might be inconceivable to small business owners that a disaster hundreds or thousands of miles away could shut them down. But the earthquake and tsunami in Japan have interrupted shipments of parts and finished goods to companies in the U.S., and sent many of them to call their...

Irish economy shrinks for 3rd straight year
posted on March 24, 2011 09:53:15 am
DUBLIN -- Ireland's economy shrank in 2010 for the third straight year and the yields on Irish bonds rose to euro-era highs Thursday amid fears that the cost of rescuing the country's failed banks will overwhelm its finances even with the international bailout.

Egypt stock market resumes decline after reopening
posted on March 24, 2011 08:01:05 am
CAIRO -- Egypt's benchmark stock index fell for the second consecutive day on Thursday, closing almost 4 percent lower but paring steeper losses earlier in the session as investors looked to unload holdings after the market's nearly two month closure.

Texas businessman guilty in $100M insurance scheme
posted on March 23, 2011 07:50:23 pm
RICHMOND, Va. -- A Texas businessman faces decades in prison after being convicted in a $100 million life insurance fraud scheme in which his company used investors' money to buy policies at less than face value then collected benefits when the insured people died.

Europe debt market tensions worsen ahead of summit
posted on March 23, 2011 04:41:38 pm
BRUSSELS -- Europe's debt market jitters flared up again Wednesday as investors worried about the near-term fates of Portugal and Ireland, an ill omen on the eve of a summit where EU leaders plan to complete their crisis-fighting plan.

Stocks edge higher on strong gas demand
posted on March 23, 2011 03:49:50 pm
NEW YORK -- Stocks edged higher Wednesday after a government report showed stronger demand for gasoline.

Investors flock to Japanese stocks after quake
posted on March 23, 2011 03:39:51 pm
NEW YORK -- Investors are flocking to Japanese stocks in the wake of the costliest natural disaster in history.

In blow for BofA, Fed rejects its dividend plan
posted on March 23, 2011 03:28:28 pm
NEW YORK -- It was one more blow for Bank of America: the Federal Reserve didn't allow nation's largest bank to increase its dividends.

Bernanke says bank overhaul will help small banks
posted on March 23, 2011 01:38:50 pm
WASHINGTON -- Federal Reserve Chairman Ben Bernanke told a group of executives from smaller banks Wednesday that the financial overhaul will level the playing field for them with the industry's giants.

SAfrica's MTN launches mobile insurance program
posted on March 23, 2011 01:20:38 pm
JOHANNESBURG -- A South African mobile phone giant has joined with an insurance company to launch a program in Ghana that will allow subscribers to pay for life insurance through their mobile phones, a company official said Wednesday.

Egypt exchange plunges on reopening after uprising
posted on March 23, 2011 11:11:27 am
CAIRO -- Egypt's stock market plummeted almost 9 percent in its first day of trading Wednesday in nearly two months, with foreign investors leading a sell-off that offered a window into concerns about the country's stability after mass protests toppled former President Hosni Mubarak.

Leggett, Montgomery County unions spar over pension costs
posted on March 22, 2011 03:50:04 pm
For years, officials in wealthy, liberal Montgomery County have avoided difficult decisions on scaling back pensions and health-care benefits for retirees. Now, the long-term shortfall is $4.8 billion.

Judge rejects Amish request to deal privately with alleged Ponzi schemer
posted on March 21, 2011 11:58:00 pm
Citing the separation of church and state, federal bankruptcy judge Russ Kendig said it would be unconstitutional for the court to cede control of the bankruptcy filing of alleged Ponzi schemer Monroe Beachy to the Amish community.

Fed to name banks that took loans
posted on March 21, 2011 11:51:00 pm
The Federal Reserve will release details of which banks it lent money to during the financial crisis, as it lost a court battle to keep the information private.

Geithner to decide on regulation of foreign-exchange swaps
posted on March 21, 2011 02:41:00 pm
The Dodd-Frank bill gave Treasury Secretary Timothy F. Geithner broad new power, such as his upcoming decision on regulating foreign-exchange swaps.

Citi resumes dividend, will do reverse stock split
posted on March 21, 2011 11:53:08 am
NEW YORK -- Citigroup Inc., one of the worst-hit banks during the financial crisis, is taking more steps to get back in the good graces of shareholders.

Treasury: Will begin selling mortgage securities
posted on March 21, 2011 11:34:02 am
WASHINGTON -- The Treasury Department announced Monday that it will begin selling its remaining $142 billion in holdings of mortgage-backed securities purchased during the financial crisis.

Lessons learned from 4 years of 401(k) volatility
posted on March 21, 2011 09:25:43 am
DES MOINES, Iowa -- Americans who were afraid to open their 401(k) statements during the recession are finding good news inside the envelope now: For the most part, their accounts have come all the way back and then some.

Japan earthquake to exacerbate Asia's slowdown
posted on March 21, 2011 06:35:47 am
-- Japan's devastating earthquake will further slow growth in Asia, where rising oil prices and higher interest rates are already cooling an engine of the global economy, economists say.

World Bank: Japan reconstruction may take 5 years
posted on March 20, 2011 10:40:47 pm
SINGAPORE -- Japan may need five years to rebuild from the catastrophic earthquake and tsunami that has caused up to $235 billion of damage, the World Bank said Monday.

Citing pension costs, Costa Mesa, Calif., plans to lay off nearly half its employees
posted on March 20, 2011 09:51:01 pm
In all, about 210 of the city's 472 employees, many of whom have worked there for decades, were given pink slips.

Volatile week underscores bull market's fragility
posted on March 20, 2011 03:58:41 pm
NEW YORK -- When it comes to the mood of the market, strategist Brian Gendreau called what happened on Wednesday Exhibit A.

Health insurers respond to overhaul law by acquiring less-regulated lines of business
posted on March 20, 2011 02:27:00 pm
Companies respond to overhaul law by acquiring less-regulated lines of business.

Insurance brokers seek protection as health-care law squeezes payments to them
posted on March 20, 2011 02:08:00 pm
Brokers, worried their livelihoods are in jeopardy from the health law, are pressing Congress and state legislatures to safeguard agent commissions and guarantee them a role in new online marketplaces where consumers will shop for coverage.

Maryland budget fights will focus on benefits for state workers, tax increases
posted on March 20, 2011 10:32:00 am
Maryland's emerging budget plan, with which few say they are pleased, is a case study of conflicting priorities in one of only 10 states that are a fully Democratic laboratory.

Citing pension costs, Costa Mesa, Calif., plans to lay off nearly half its employees
posted on March 20, 2011 07:45:00 am
In all, about 210 of the city's 472 employees, many of whom have worked there for decades, were given pink slips.

With planned $1.9 billion Macau resort, family enterprise hopes to extend winning run
posted on March 20, 2011 05:12:03 am
Casino billionaire Francis Lui's family-run company holds one of six licenses to operate casinos in the biggest casino market on Earth. Now it's planning its biggest development:a $1.9 billion, 2,200-room Galaxy Macau resort with five gaming areas, three hotels, 50 restaurants and a rooftop beach.

Union-free Virginia not spared state pension woes
posted on March 19, 2011 06:05:00 pm
Virginia is one of only a handful of states that prohibit collective bargaining for public employees in state and local government.

Fed deems several major banks healthy enough to boost dividends
posted on March 19, 2011 12:03:00 pm
The nation's large banks have made major progress rebuilding capital levels that had been depleted during the financial crisis, the Federal Reserve said Friday, as it gave many of the firms the green light to pay dividends to their shareholders.

SEC accuses IBM of misconduct in providing gifts to Korean, Chinese officials
posted on March 18, 2011 11:06:00 pm
The Securities and Exchange Commission accused IBM on Friday of bribing government officials in South Korea with cash payments and free computers.

SEC moves toward charging Fannie Mae, Freddie Mac executives
posted on March 18, 2011 07:22:01 pm
setting up a clash with the housing regulator that oversees the companies.

Housing paperwork can pile up at tax time - here's what to keep, and for how long
posted on March 18, 2011 06:40:01 pm
Many taxpayers are preparing for their annual battle with IRS form 1040 by gathering up all their documents, statements, checks and other assorted papers. At the end of this process, taxpayers are often left with piles of neatly sorted, tabulated and cross-indexed piles. From a homeowner's perspe...

With short-sale offer refused, foreclosure may end up the best option
posted on March 18, 2011 06:23:01 pm
Q. We built a spec house in 2007 as the market declined. We've tried to do everything to get it sold and recently received a short-sale offer on the home.

Cisco announces first dividend
posted on March 18, 2011 05:23:32 pm
NEW YORK -- Cisco Systems Inc., the world's largest maker of computer networking gear, on Friday said its first-ever cash dividend will amount to 6 cents per share and will be paid on April 20.

State attorneys general tackle mortgage servicing
posted on March 18, 2011 03:54:03 pm
State attorneys general will accept nothing less than wholesale changes to the way the nation's largest mortgage servicers treat troubled homeowners, Iowa Attorney General Tom Miller, who leads the coalition of 50 attorneys general, said in an interview

EU: 2011 bank stress tests to be tougher than 2010
posted on March 18, 2011 12:11:47 pm
BRUSSELS -- Upcoming stress tests on banks will be harsher than last year's, the European Union's bank regulator said Friday, although important elements of the exercise deemed crucial to the region's crisis strategy remain undecided.

U.S., other industrialized nations join in currency intervention to help yen
posted on March 18, 2011 08:50:02 am
Major industrialized nations will combine in a rare coordinated currency intervention to keep the Japanese yen from rising too sharply in value in the wake of the country's recent natural disaster, a sign of the deep global concern about the health of the world's third largest economy.

FDIC sues WaMu execs for $900M in bank collapse
posted on March 18, 2011 08:46:00 am
The Federal Deposit Insurance Corp. has filed a $900 million civil suit against three former top executives of Washington Mutual Bank, alleging their negligence and risk-taking caused the bank's 2008 collapse.

FDIC too slow to sue officers and directors at failed banks, critics say
posted on March 18, 2011 02:37:02 am
To date, the FDIC has sued officers at only five of the 345 banks that have collapsed since 2008, or about 2 percent of the total.

Unrest hurts trade in 'business friendly' Bahrain
posted on March 17, 2011 10:52:01 am
DUBAI, United Arab Emirates -- Bahrain's stock exchange and a few bank branches reopened Thursday, but business remained far from normal a day after soldiers and riot police overran an anti-government protest camp in the Gulf island kingdom.

U.S. advisers didn't report early signs of trouble at Kabul Bank, probe finds
posted on March 17, 2011 09:57:00 am
American officials could have mitigated the fallout from fraudulent loans and cronyism.

Average rate on 15-year mortgage dips below 4 pct.
posted on March 17, 2011 09:40:50 am
NEW YORK -- Fixed mortgage rates tumbled this week and the 15-year loan dipped below 4 percent for the first time in three months. Rates followed the yield on U.S. Treasury bonds, which fell on worries that the crisis in Japan could slow economic growth.

Elizabeth Warren defends consumer agency's role in mortgage settlement talks
posted on March 17, 2011 08:58:02 am
Federal consumer bureau headmakes no apologies for the new agency's involvement in talks with mortgage servicers.

India hikes rates by quarter point on oil fears
posted on March 17, 2011 04:19:48 am
MUMBAI, India -- India hiked key interest rates by a quarter point Thursday - its eighth hike in a year - warning that rising oil prices will aggravate already high inflation in Asia's third-largest economy.

Japan sprays more cash over jittery markets
posted on March 17, 2011 01:10:17 am
TOKYO -- Japan's central bank sprayed more cash over jittery money markets Thursday as ATMs at a major bank suffered a two and a half hour outage nationwide and the yen shot to a record high.

Oversight board investigates lack of warnings by auditors before financial crisis
posted on March 17, 2011 12:06:00 am
Some observers are wondering why audit firms did not prevent or warn investors about problems that had a devastating effect on the economy.

6 banks repay bailouts; program nears break-even
posted on March 16, 2011 06:13:16 pm
WASHINGTON -- Six more banks repaid their government bailouts, bringing the bank capital program close to 99 percent recovery, the Treasury Department said Wednesday.

UN chief says Afghan transition faces obstacles
posted on March 16, 2011 06:10:41 pm
UNITED NATIONS -- U.N. Secretary-General Ban Ki-moon said Afghans must overcome "major obstacles" to demonstrate their ability to control the country's future, including a dispute over the status of parliament and an impasse over the embattled Kabul Bank.

Nuclear crisis rocks Japanese, global markets
posted on March 16, 2011 05:52:03 pm
The worsening nuclear crisis in Japan is triggering a near-collapse in that nation's financial markets and major losses in markets around the globe.

U.S. markets plunge on fears of nuclear catastrophe in Japan
posted on March 16, 2011 04:09:05 pm
U.S. stocks dropped sharply into the red early Tuesday following a global sell-off on fears that what appeared to be a serious but contained nuclear accident in Japan is turning into a full-blown catastrophe.

Bills would delay swipe fee rules
posted on March 16, 2011 09:56:00 am
Lawmakers embarked Tuesday on an uphill battle to delay a controversial law that would reduce the fees banks receive from merchants each time a debit card is swiped.

U.S. stocks fall despite 5.7% jump in Nikkei
posted on March 16, 2011 09:44:03 am
U.S. stocks fell in early trading Wednesday despite large gains in Japan's Nikkei stock index overnight.

Tricare target of Pentagon cuts as health care projected to reach $65B
posted on March 16, 2011 09:31:00 am
Among government workers, one group enjoys lifetime health benefits virtually unmatched in the United States: military retirees.

Congressional pensions fall on high end of scale
posted on March 16, 2011 09:25:00 am
Members receive much heftier retirement packages than most private-sector employees and state workers do.

Japan shares surge, central bank adds further $43B
posted on March 15, 2011 10:44:33 pm
TOKYO -- Japanese stocks rebounded Wednesday, recovering some of the massive losses sustained the last two days following a devastating earthquake and tsunami. Other Asian indexes also bounced back even as the economic toll from the disasters, including an escalating nuclear crisis, remained...

Japan disaster another worry for global economy
posted on March 15, 2011 06:01:44 pm
-- Japan's earthquake and nuclear crisis have put pressure on the already fragile global economy, squeezed supplies of goods from computer chips to auto parts and raised fears of higher interest rates.

A look at economic developments around the globe
posted on March 15, 2011 01:33:56 pm
-- A look at economic developments and activity in major stock markets around the world Tuesday:

Treasuries climb as official says Obama to seek spending freeze
posted on March 15, 2011 12:07:01 pm
Yields on 10-year notes fell the most in almost three months as the Bank of Japan's efforts to provide liquidity and expand an asset-purchase program failed to stem an equity selloff, which sent the Nikkei 225 Stock Average down as much as 14 percent and sapped U.S. stocks. Two-year note yields...

Tricare target of Pentagon cuts as health care projected to reach $65B
posted on March 15, 2011 11:58:01 am
Among government workers, one group enjoys lifetime health benefits virtually unmatched in the United States: military retirees.

Nevada's boom ends in record number of empty homes
posted on March 15, 2011 11:29:52 am
LAS VEGAS -- The promise of palm tree groves and low-priced real estate lured Alan and Katherine Ackerly across the Rocky Mountains from Denver to Nevada in 2004, where thousands of new houses beckoned brightly as any neon sign.