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Shell Postpones Arctic Offshore Drilling

BELLINGHAM, Wash., (UPI) –  Oil giant Shell said it would not resume Arctic offshore oil drilling in northern Alaska this year after a containment dome was damaged during a test run. McClatchy Newspapers reported Monday that the containment dome aboard a barge called the Arctic Challenger was damaged in a testing scenario off the coast […]

New York Business Index Shows Contraction

NEW YORK, (UPI) –  Manufacturing activity shrank in New York in September with a business index dropping deeper into the red, the Federal Reserve Bank of New York said Monday. The Empire State Manufacturing Survey, taken the first half of each month, indicated manufacturing activity “continued to weaken” after slipping into the red in August […]

Showing The Goal Amount Motivates Saving

SAN DIEGO, (UPI) –  A U.S. psychologist says people don’t save because they don’t do the math to calculate the result of their savings — if they did, it would motivate them. Craig McKenzie, a cognitive psychologist with the Rady School of Management at the University of California, San Diego, said his experiment with a […]

SEC Fines NYSE, Demands Changes

NEW YORK, (UPI) –  The New York Stock Exchange agreed to a civil enforcement action by the Securities and Exchange Commission Friday and will control early access to market data. The SEC accused the NYSE of practices that allowed certain brokerage clients to receive stock data before the broader public did, usually in a valuable […]

Poor Often Without Bank Acounts

WASHINGTON, (UPI) –  Look for the poorest U.S. citizens and you will find the highest percentage of households that are not connected to any bank, data shows. “Whenever you see high poverty and low-income populations, you will see higher populations of unbanked,” said Odysseas Papadimitriou, chief executive officer of CardHub.com, who once worked at Capital […]

Industrial Production Slowed By Hurricane

WASHINGTON, (UPI) –  Hurricane Isaac gave U.S. industrial production a jolt on the order of 0.3 percentage points in August, the U.S. Federal Reserve said Friday. Overall, industrial production dropped 1.2 percent in August from July after a revised gain of 0.5 percent in July, the U.S. Federal Reserve said. Output in manufacturing, one of […]

Crude Oil Closes In On $100

NEW YORK, (UPI) –  Crude oil prices topped $99 per barrel Friday as equities headed higher with a boost from the U.S. Federal Reserve’s third round of bond buying. The Fed said Thursday it would spend $85 billion per month through the end of the year on bonds and mortgage-backed securities, a step known as […]

USA Today Ready To Launch A New Look

WASHINGTON (UPI) — Larry Kramer, president and publisher of USA Today, said it was time to revamp the newspaper and the company. “We’re really trying to reinvent a news business,” said Kramer on the eve of the newspaper’s new look and the company’s organizational retrofit. The new USA Today to be launched Friday looks more […]

Downturn Cost Estimated At $12.8 Trillion

WASHINGTON (UPI) — A lobbying group in Washington says the U.S. recession and the financial meltdown that followed cost the country $12.8 trillion. “People actually shouldn’t be surprised there is a big number when you’re adding up the costs of what’s happened to this country,” said Dennis Kelleher, chief executive officer of Better Markets, which […]

Mortgage Rates Little Changed In Week

WASHINGTON (UPI) — Fixed mortgage rates on long-term loans in the United States were little changed in the week ending Thursday, the Federal Home Loan Mortgage Corp. said. The average 30-year fixed mortgage interest rate held steady at 3.55 percent with an average 0.6 points, Freddie Mac said. A year earlier, interest rates for 30-year, […]

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