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CEO Says Citigroup Is Going Back To Basics

NEW YORK (UPI) — Citigroup Chief Executive Officer Vikram Pandit said emerging markets, including business in China, would be the focus of the bank’s growth. Despite the recent economic slowdown in China, Citigroup is “banking on the fact that the growth story is intact” for the emerging markets, Pandit said. The bank’s profits in Asia […]

Poll: Pessimism Persists Over Economy

PRINCETON, N.J. (UPI) — U.S. consumers remain more pessimistic about the economy than they did near the end of 2011, a research group said. The high point for the year for the Gallup Economic Confidence Index in weekly readings has been minus 16, which came in late May, Gallup said. The current reading of minus […]

'Black Box' Requirement On For Sept. 1

The National Highway Traffic Safety Administration has rejected a one-year delay in regulations setting standards for event data recorders — the so-called “black boxes” — in U.S. vehicles. Beginning Sept 1, all new passenger vehicles sold with the devices will have to have programming that collects data in the seconds leading up to a crash. […]

Test Drive Not Necessary For Some

Veteran tire kickers may wince but test driving a new vehicle may be old-fashioned. The Detroit Free Press says many Internet savvy motorists are skipping the test drive and are ordering vehicles based on online research without actually sitting in the car let alone putting it through its paces on the road. A study by […]

Best Buy Goes With Joly To Fill CEO Post

MINNEAPOLIS (UPI) — U.S. retail giant Best Buy Co. said Monday that Carlson Chief Executive Officer Hubert Joly had accepted the position of Best Buy’s next CEO. Joly, who is French, will leave Carlson, the hospitality firm he has led since 2008, and replace interim CEO G. Mike Mikan, who will stay on until Joly […]

Debt Collection Complaints Rise

WASHINGTON (UPI) — The U.S. Federal Trade Commission said complaints about aggressive debt collectors had jumped 73 percent since 2008, a symptom of a sluggish economy. “We’ve seen a high level of complaints, and I think some of it is collectors realizing in hard times they may have to press that much harder to get […]

Walmart Rethinks Plans For Overseas Growth

BENTONVILLE, Ark.,  (UPI) –  U.S. retail chain Walmart said it would put on the brakes on expansion plans for China, Brazil and Mexico. Speaking to growth in China and Brazil, “We still feel very positive about those two countries … It’s all about us right now,” Chief Financial Officer Charles Holley said. The Financial Times […]

Fannie, Freddie Stock Agreements Changed

WASHINGTON, (UPI) –  Preferred stock purchase agreements for Fannie Mae and Freddie Mac were changed to help expedite their wind down, the U.S. Treasury Department said. The modifications also will help ensure the money from the government-sponsored enterprises benefits taxpayers while ensuring access to mortgage credit, the department said Friday in a release. “With today’s […]

U.S. Leaning More On Saudi Oil

WASHINGTON,  (UPI) –  Sources of U.S. oil imports have shifted with the country relying increasingly on oil from Saudi Arabia, import figures show. While imports from Mexico and Venezuela have slowed and oil from the Gulf of Mexico has not reached early projections, imports from Saudi Arabia have risen 20 percent in 2012 compared with […]

Crude Oil Hovers Above $95

NEW YORK,  (UPI) –  Crude oil held steady just above $95 per barrel Friday morning on the New York Mercantile Exchange. The dollar index rose 0.32 percent on the International Exchange to 82.64. West Texas Intermediate crude oil for September delivery in New York shed 13 cents to $95.49 per barrel Thursday. The natural gas […]

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