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Business


Retail Sales Mirror Confidence And Drop

WASHINGTON (UPI) — U.S. retail sales receipts fell 0.5 percent in the week ending Saturday, the fifth consecutive weekly decline, a national trade group said. The International Council of Shopping Centers in Washington said sales dropped week-to-week, but rose 2.9 percent compared to the same week a year earlier. The trade group said the five-week […]

Pending Home Sales Show Market Momentum

WASHINGTON (UPI) — The Pending Home Sales Index fell month-to-month in April, but rose from April 2011, the National Association of Realtors said Wednesday. The index slipped from March’s downwardly revised 101.1 to April’s 95.5, off 5.5 percent. From April 2011, however, the index posted “strong” gains, NAR said, climbing 14.4 percent from 83.5 a […]

EC Pushes For Region-Wide Bank Union

BRUSSELS (UPI) — The European Commission on Wednesday proposed creation of a common backstop for banking problems, including joint protection of deposits. In calling for a region-wide “banking union,” EC President Jose Manuel Barroso said, “For full confidence in the future of the euro area, it is important that member states agree to launch a […]

Gorman Stands By Facebook's IPO

NEW YORK (UPI) — Morgan Stanley Chairman and Chief Executive Officer James Gorman said the U.S. bank followed the rules during Facebook’s initial public stock offering. Gorman said in a webcast message to Morgan Stanley employees “speculation of nefarious activity” concerning Facebook’s debut as a public company was not true, The Wall Street Journal reported […]

Consumer Confidence Slid In May

NEW YORK (UPI) — Consumer confidence in the United States dropped for the second consecutive month in May, the Conference Board said Tuesday. The index that assigns 1985 a base value of 100 fell from 68.7 to 64.9, the Conference Board said. The monthly Consumer Confidence Index is based on a survey of 5,000 households. […]

Home Prices Retreat In 8 Of 20 Cities

NEW YORK (UPI) — U.S. home prices fell in eight of 20 cities in the closely-watched monthly Standard & Poor’s/Case-Shiller report in March, the firm said. A month earlier, in February, prices fell in 16 of 20 cities. The index for March shows declines in half that number, a silver lining in a report that […]

USPS Offers Buyouts To 45,000 Mail Handlers

WASHINGTON (UPI) — The U.S. Postal Service, seeking to reduce staff and cut costs, said it is offering $15,000 buyouts to 45,000 mail handlers. The mail handlers, who work at post offices and mail-processing centers, sort mail, transport it within facilities and load and unload trucks. The buyouts, to be pro-rated for part-time staff, will […]

Groupon Starts Refund Program

CHICAGO (UPI) — U.S. online deal-making firm Groupon said subscribers had until July 6 to file for refunds prompted by a class-action lawsuit. The lawsuit claimed Groupon was not lawfully disclosing information on deals, including expiration dates and other restrictions, the Chicago Tribune reported Saturday. The firm is offering refunds on Groupons purchased between Nov. […]

Credit Rating Relies On U.S. Plan

WASHINGTON (UPI) — Officials at credit rating services said the United Stated needed a credible plan to avoid another downgrade of the country’s credit rating. The odds of the country coming up with a solid policy, even a temporary one, in time, are not good, some analysts say. Nevertheless, “”We’d have to assess the actual […]

Mortgage Rates Move Lower

WASHINGTON (UPI) — Average mortgage rates for long-term, fixed-rate loans keep falling to record lows, the Federal Home Loan Mortgage Corp. said Thursday. Average rates for 30-year contracts dropped from 3.79 percent to 3.78 percent with 0.8 points, a record low. Thirty-year mortgage rates averaged 4.6 percent the same week of 2011. Average rates on […]

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