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U.S. Housing Market Senses A Turnaround

SAN FRANCISCO (UPI) — Selling homes at desperately low prices is a fading phenomenon in some U.S. locations, industry observers said. The National Association of Realtors said April’s inventory of homes on the market was down to a 6.6-month supply. A year earlier in April, there was a 9.1-month supply of homes for sale on […]

Oil Prices Lower On Increased Inventory

NEW YORK, (UPI) — Crude oil prices fell below $90 a barrel, the lowest in seven months, Wednesday on the New York Mercantile Exchange. Weekly data shows U.S. stockpiles at 382.5 million barrels, a 22-year high, analysts said. The weak euro also played a factor depressing oil prices. West Texas Intermediate crude for July delivery […]

U.S. Markets Recover From Steep Losses

NEW YORK, (UPI) — U.S. stocks closed mostly flat Wednesday as investors reversed the day’s steep losses in late day trading. The markets spent most of the day in decline as the euro dropped to the lowest level in nearly two years amid growing concern Greece could exit the eurozone, the 17 nations that use […]

Kraft To Change Name To Mondelez International

NORTHFIELD, Ill., (UPI) — Kraft Foods shareholders voted Wednesday to change the name of the U.S. company to Mondelez International. The proposal was approved by 90 percent of shareholders, the company said. The new name will become effective when the North American grocery business, Kraft Foods Group Inc. is spun-off from the global snacks business. […]

Lawsuit Filed Against Facebook

NEW YORK, (UPI) — Three Facebook investors have filed a civil lawsuit in New York federal court alleging the company and its underwriters failed to disclose forecast changes. The complaint, filed Wednesday by the law firm Robbins Geller Rudman and Dowd LLP, alleges the public offering document issued in connection with last week’s initial public […]

U.S. Housing Prices Rise

WASHINGTON, (UPI) — U.S. house prices rose modestly in the first quarter of 2012, the Federal Housing Finance Agency said Wednesday. The FHFA’s ‘s seasonally adjusted purchase-only house price index was up 0.6 percent since the fourth quarter of 2011. The HPI is calculated using home sales price information from Fannie Mae and Freddie Mac […]

Central Atlantic Business Gains Slow

RICHMOND, Va., (UPI) — The Richmond, Va., Federal Reserve Bank said data showed business activity grew again in May in the Central Atlantic states, but the pace of growth slowed. The overall manufacturing index showed business activity grew for the sixth consecutive month. However, the composite index stood at 14 in April and dropped to […]

Older Home Sales And Prices Rose In April

WASHINGTON, (UPI) — Existing U.S. home sales rose 0.9 percent in April month-to-month and prices rose significantly, the National Association of Realtors said Tuesday. The trade group said sales of single-family homes, townhomes, condominiums and co-ops rose 3.4 percent to an seasonally adjusted annual rate of 4.62 million in April, up from a downwardly revised […]

Restaurant Chain Benihana Inc. To Go Private

DORAL, Fla., (UPI) — Benihana Inc. the restaurant chain with about 100 outlets in the United States, Latin America and the Caribbean, said it would sell itself to a private firm. The firm, Angelo, Gordon & Co., would take the restaurant chain private for $296 million, pending approval from shareholders, the Los Angeles Times reported […]

Economic Outlook: Is Europe The New Japan?

What if Europe turned out to be the new Japan? The Japanese economy foundered for a decade, stuck in a time warp called “stagnation” after a recession hit in the early 1990s. The Tokyo government could not buy its way out of the mess, depleting every last available yen it could on stimulus programs over […]

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