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Bank Stress Tests Have Many Functions

WASHINGTON (UPI) — Finance experts say the new round of federal stress tests for U.S. banks expose concerns for consumers, bankers and regulators. “Everybody wants to avoid headlines,” The New York Times quoted industry analyst Chris Kotowski at Oppenheimer as saying. “People are angry at the banks and both the banks and the regulators just […]

Hints Point To Fed In A Holding Pattern

WASHINGTON (UPI) — U.S. Federal Reserve officials, including the chairman, have hinted the Fed is unlikely to make a major monetary policy shift in its meeting this week. Chairman Ben Bernanke said the economy was providing mixed signs, pointing out that the labor market, which appears to be improving, does not directly indicate that economic […]

U.S. Files $25 Billion Foreclosure Agreement

WASHINGTON (UPI) — The U.S. government said it filed the historic $25 billion agreement with five national banks in federal court Monday. Filed on behalf of the Justice Department, the Department of Housing and Urban Development and 49 state attorneys general, the agreement is the largest federal-state civil settlement ever obtained, the Justice Department said. […]

U.S. Pleased With Boeing Ruling

WASHINGTON (UPI) — U.S. officials and Boeing Co. are calling a negative World Trade Organization ruling a victory, saying a rival company did the same, only worse. “It is now clear that European subsidies to Airbus are far larger — by multiples — and far more distortive than anything that the United States does for […]

Travel Expects To Pass Milestones In 2012

LONDON (UPI) — World travel, poised to hit major milestones in 2012, is expected to grow fastest in South and Northeast Asia this year, a global tourism trade group said. The World Travel & Tourism Council said Wednesday the travel industry is expected to grow by 2.8 percent in 2012, led by growth of 6.7 […]

Chrysler’s Marchionne Skipped Pay Again

AUBURN HILLS, Mich. (UPI) — Chrysler Group Chief Executive Officer Sergio Marchionne worked without compensation in 2011, the second straight year he has done so, company documents reveal. The U.S. automaker’s annual filing Tuesday didn’t indicate why Marchionne chose to forgo any salary, bonuses and stock options, The Wall Street Journal reported. Chrysler turned a […]

Jobless Claims Rise In Week

NEW YORK (UPI) — The four-week rolling average of first-time unemployment benefits was little changed in the week ending Saturday, the U.S. Labor Department said. The four-week rolling average rose by 250 to 355,000, the department said. First-time claims for unemployment benefits for the week rose by 8,000 to 362,000. The U.S. unemployment rate was […]

Mortgage Rates Remain Near Lows

WASHINGTON (UPI) — Average U.S. mortgage rates remain at or near historic lows in the most recent week, the Federal Home Loan Mortgage Corp. said Thursday. Average rates for 15-year fixed rate loans hit and all-time low, dropping from 3.17 percent to 3.13 percent with 0.8 point, Freddie Mac said. In the same week of […]

51,000 Job Layoffs Announced In February

CHICAGO (UPI) — U.S. employers announced a reduction of 51,728 jobs in February, almost unchanged from the previous month, a private research group said. Total job cuts announced for the month were only down 3.3 percent from the 53,486 job layoffs announced in January, outplacement consultancy Challenger, Gray & Christmas said. For the year to […]

Lehman Brothers’ Long Unwinding Road

NEW YORK (UPI) — Court documents show Lehman Brothers Holdings, the New York bank that did not survive the financial crisis, still has $65 billion in assets to sell. The bank emerged from bankruptcy court Tuesday. But the bank that had 25,000 employees when it folded still has huge holdings left to unwind. The bank […]

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