Arcive of financial news
A new government report says personal spending stagnated in August as Americans continued to be weighed down by the economy.
The U.S. Commerce Department Monday reported personal spending was virtually unchanged in August. Spending has not been this weak since February, when it was also flat. Economists had forecast a 0.2 percent increase in personal spending.
Personal […]
Filed under: news by Wolf
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Canadian Prime Minister Stephen Harper, vying for re-election on Oct. 14, signaled his government can do little to help resolve the financial crisis that he and his Group of Seven colleagues say was caused by U.S. policies.
Poor oversight, cheap credit and a tax structure that may encourage housing bubbles are among the reasons […]
Filed under: finance by Wolf
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Presidential candidates Barack Obama and John McCain offered a guarded embrace of the Treasury Department plan to rescue ailing financial firms, with each outlining a set of extra conditions and finding themselves in the rare position of competing for attention with Congress.
The two nominees agreed that any proposal to aid U.S. financial markets […]
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Bradford Bank faces a cease-and-desist order by the federal Office of Thrift Supervision and plans a public stock offering in hopes of raising about $30 million in funding.
Bradford said Sept. 19 in a news release that the OTS will issue an order barring the bank from making new real estate development or commercial loans without […]
Filed under: economics by Wolf
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Coming to the rescue of a bedrock of American investing, the Treasury Department and the Federal Reserve took three big steps Friday to shore up the $3.3 trillion U.S. money-market fund industry.
Investors have been fleeing money-market funds after a week of chaos on Wall Street that included the bankruptcy of Lehman Brothers, an $85 […]
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For savers, times are getting good and may get better still.
Increasingly, federally insured banks are offering attractive yields not only on certificates of deposit but also on totally liquid savings and money market deposit accounts.
Some rates are good only for a limited time, such as six months, and/or require a large balance, […]
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Sales of Oahu’s single-family homes and condominiums continued to decrease, as did prices, in the three-month period ending in August.
The number of single-family homes sold in the period dropped 29.8 percent compared to the same period last year, 736 sold this year compared with 1,048 in 2007, according to the latest report from Prudential Locations […]
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New York Attorney General Andrew Cuomo announced Thursday he is looking into whether traders spread false information in an effort to drive down certain stock prices amid the recent turmoil on Wall Street.
The state attorney general said his probe will focus on whether traders spread rumors about firms such as Lehman Brothers, AIG, Goldman […]
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The Federal Reserve almost quadrupled the amount of dollars central banks can auction around the world to $247 billion in a coordinated bid to ease the worst crisis facing financial markets since the 1920s.
The Fed increased the amount of dollars that the European Central Bank, the Bank of Japan and other counterparts can […]
Filed under: news by Wolf
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In an unprecedented move, the Federal Reserve Board is lending as much as $85 billion to rescue crumbling insurer American International Group, officials announced Tuesday evening.
The Fed authorized the Federal Reserve Bank of New York to lend AIG (AIG, Fortune 500) the funds. In return, the federal government will receive a 79.9% stake in […]
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