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Detroit Agrees To Fiscal Power Sharing

DETROIT, (UPI) –  The Detroit City Council has approved a power-sharing agreement on fiscal matters with the state, as officials struggle to keep the city solvent. City officials voted 5-4 to approve a consent agreement that Deputy Mayor Kirk Lewis said keeps the decision-making power on finances in the city’s hands. However, the state is […]

Initial Jobless Claims Drop By 6,000

WASHINGTON, (UPI) –  The U.S. Labor Department said first-time jobless claims fell by 6,000 in the week ended Saturday to 357,000, pulling the four-week average down to 361,750. The four-week rolling average decreased by 4,250 from the previous week’s revised average of 366,000. The previous week’s figure on first-time benefit claims was also revised to […]

ADP Says March Added 209,000 Jobs

ROSELAND, N.J., (UPI) — Payroll firm Automatic Data Processing Inc. said the U.S. economy added 209,000 private sector jobs in March, about 6,000 more than economists expected. ADP also said February’s gain was higher than previously published. The firm said 230,000 jobs were added to the economy in February, not 216,000. In March, small businesses, […]

Mortgage Activity Rises In Week

WASHINGTON, (UPI) — The Mortgage Bankers Association said U.S. mortgage activity rose in the week ending Friday with refinancing up after six consecutive weekly declines. Mortgage activity rose 4.8 percent, while the trade group’s Refinancing Index rose 4 percent from the previous week, the MBA said. Interest rates for 30-year, fixed-rate conforming mortgages climbed from […]

Obama Signs Stock Act Into Law

WASHINGTON, (UPI) — U.S. President Barack Obama signed into law Wednesday legislation that bans insider trading by Congress. The Stop Trading on Congressional Knowledge Act of 2012 prohibits members of Congress, executive branch employees, federal judges and judicial employees from using “non-public information derived from their official positions for personal profit,” the White House said. […]

Custodians In Chicago Authorize Strike

CHICAGO, (UPI) — A services employees union in Chicago said rank-and-file members have authorized a strike if a deal is not struck by Sunday, when their contract expires. The Services Employees International Union Local 1, which represents 13,000 custodians, is holding talks, separately, with management firms that cover downtown Chicago and outlying suburbs, the Chicago […]

CFTC To File Case Against JP Morgan

NEW YORK, (UPI) — U.S. regulators are poised to file a case against JP Morgan Chase for its role in the collapse of Lehman Brothers in 2008, sources told The New York Times. The sources said that the Commodity Futures Trading Commission is set to charge JP Morgan with using customer funds as collateral to […]

AFA Files For Bankruptcy Due To ‘Slime’

WILMINGTON, Del. (UPI) — U.S. meat processing firm AFA Foods Inc. says it has filed for bankruptcy due to a consumer backlash over a product critics call “pink slime.” The company supplies meats to Wal-Mart Stores Inc., Safeway, Supervalu Inc., Burger King, Jack in the Box Inc., and others, The Wall Street Journal reported Monday. […]

Burger King Launches Its Comeback

MIAMI (UPI) — U.S. fast food giant Burger King is counting on celebrities and a new menu to turn around its slide in market shares, the firm said. “We wanted to make sure we went out with a message that caught people’s attention. The reaction we want from consumers is, ‘I want to go out […]

A Simple Fix For Housing: Buy, Rent

RIVERSIDE, Calif. (UPI) — The low prices of homes present a “huge opportunity” for buying and renting properties, the co-founder of a California company said. “We think this is a huge opportunity and we are going to treat it like a factory and create a production line to do this,” said Colin Wiel, co-founder of […]

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