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Bank Profits Extended Gains In Fourth Quarter Of 2013

WASHINGTON (UPI) — U.S. banks extended a trend toward higher earnings in the fourth quarter of 2013, the Federal Deposit Insurance Corp. said Wednesday. Net earnings have risen for 17 of the past 18 quarters, The Wall Street Journal reported. Combined net income reached $40.3 billion in the fourth quarter, up $5.8 billion from the […]

Target’s Fourth Quarter Profits Plunge

MINNEAPOLIS (UPI) — A massive data breach pushed transactions at U.S. Target stores to the lowest level in two years, the company reported Wednesday. The breach included theft of personal information concerning 70 million customers and payment information with some overlap on 40 million customers, the company said recently. Wednesday, Target said transactions dropped 5.5 […]

Senate Panel Details Alleged Credit Suisse Tax Evasion Efforts

WASHINGTON (UPI) — A Senate panel said Swiss bank Credit Suisse Group went to great lengths to woo wealthy U.S. clients with promises to help them avoid Federal taxes. The Senate Permanent Subcommittee on Investigations report said the bank set up an office in the Zurich airport to corral U.S. travelers. Social events and golf […]

Mortgage Application Activity Slows Down In Week

WASHINGTON (UPI) — U.S. mortgage activity dropped in the week ending Friday, contrary to expectations, the Mortgage Bankers Association said Wednesday. The MBA said mortgage activity dropped 8.5 percent while refinancing decreased by 11 percent in the week. However, bankers are expecting mortgage activity to pick up, said MBA Chief Economist Mike Fratantoni. “Purchase applications […]

Home Sales Rose Modestly In January

WASHINGTON (UPI) — Sales of new single-family homes rose sharply in January, climbing 9.6 percent above December’s revised rate, the U.S. Commerce Department said Wednesday. At a seasonally adjusted annual rate of 468,000, sales for the month surpassed December’s 427,000 mark coming in 2.2 percent above the January 2013 total of 458,000. Sales rose despite […]

JPMorgan To Cut 8,000 Jobs In Retail And Mortgage Units

NEW YORK (UPI) — The largest U.S. bank by assets, JPMorgan Chase & Co., said Tuesday it will cut 8,000 jobs due to a profit squeeze in retail mortgages. With rising interest rates, fewer consumers are making a move to refinance their homes, the bank said in a presentation. The Los Angeles Times reported the […]

Home Prices Up 11.3 Percent In 2013

WASHINGTON (UPI) — U.S. home prices rose 11.3 percent in 2013, the closely watched S&P/Case-Shiller Home Price Index report said Tuesday. Home price gains accelerated slightly in December, as the annual rate stood at 11.2 percent in November. In the fourth quarter, however, the national index dropped 0.3 percent from the third quarter, S&P said. […]

Consumer Confidence Slipped In February

NEW YORK (UPI) — Consumer confidence in the U.S. economy slipped after two months of gains, the Conference Board said Tuesday. The index, which slipped September through November and rose December and January, dropped from 79.4 to 78.1, shifting lower as a second frigid month’s economic data was dominated by disappointing fresh job numbers out […]

A Hint Of Spring Fails To Spur U.S. Shoppers

NEW YORK (UPI) — Weekly retail sales dipped slightly in the past week despite rising temperatures across the United States, a major retail trade group said. The International Council of Shopping Centers said sales slipped 0.6 percent in the week ending Saturday, although sales were 1.4 percent higher than the same week of 2013. “Across […]

Demise Of Bitcoin Exchange Mt. Gox Threatens Virtual Currency

TOKYO (UPI) — Mt. Gox, a major bitcoin exchange in Japan, is close to bankruptcy and reeling from a recently disclosed theft, various bitcoin-connected companies said. The exchange’s arrival at the precipice of bankruptcy is largely the result of months of technological problems, The New York Times reported Tuesday. But the theft of 744,000 bitcoins […]

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