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Fed Hands Over $77 Billion To Treasury

WASHINGTON, Jan. 10 (UPI) — The U.S. Federal Reserve said its second most lucrative year ever resulted in payments to the Treasury Department of $76.9 billion in 2011. The Fed’s portfolio has swelled enormously since the financial crisis took hold in 2008. As such, it is now the largest single holder of federal debt and […]

Fed Hands Over $77 Billion To Treasury

WASHINGTON, Jan. 10 (UPI) — The U.S. Federal Reserve said its second most lucrative year ever resulted in payments to the Treasury Department of $76.9 billion in 2011. The Fed’s portfolio has swelled enormously since the financial crisis took hold in 2008. As such, it is now the largest single holder of federal debt and […]

Mortgage Rates Hold At Historic Lows

WASHINGTON, Jan. 5 (UPI) — Average fixed mortgage interest rates held close to historic lows in the week ending Thursday, the Federal Home Loan Mortgage Corp. said. The 30-year fixed rate matched a record low of 3.91 percent with 0.8 points, Freddie Mac said. The 15-year fixed rate dropped from 3.24 percent to 3.23 percent […]

Unemployment Rate Drops To 8.5 Percent

WASHINGTON, Jan. 6 (UPI) — The U.S. unemployment rate dropped two ticks to 8.5 percent in December, the Labor Department said Friday. The rate for November had been revised to 8.7 percent and October’s rate was 9.1 percent. The highest unemployment rate in 2011 was 9.2 percent in June. The Labor Department said 200,000 jobs […]

Experts: Gas Headed Higher This Year

NEW YORK, Jan. 6 (UPI) — U.S. motorists should brace themselves for an expensive year filling their gas tanks, petroleum industry analysts said. “Average gasoline prices are moving up as we enter the new year, a trend that has held since 2008,” said Patrick DeHaan, senior petroleum analyst for GasBuddy.com. “We’re starting 2012 about 20 […]

London To Create Big WiFi Zone

LONDON, Jan. 6 (UPI) — Europe’s largest free WiFi zone is about to be built in central London, officials said. In anticipation of the 2012 Olympics, mobile operator O2 will equip the boroughs of Westminster, Kensington and Chelsea with WiFi capability by March, the BBC reported Friday. Equipment will be installed on lampposts and other […]

Prices Of Digital Tablets Likely To Drop

NEW YORK, Jan. 6 (UPI) — U.S. consumers are finding the price of digital tablets dropping sharply, a trend that could continue, market analysts say. “If you have an uncompetitive product, you’re going to have to take it and and move the inventory. And one way to do that is to lower price,” said Avi […]

Kodak Said To Be Preparing For Bankruptcy

ROCHESTER, N.Y., Jan. 4 (UPI) — Former blue-chip company Eastman Kodak Co, the pride of Rochester, N.Y., is preparing to file for bankruptcy protection, sources told The Wall Street Journal. The firm has been attempting to auction its vast trove of patents, but has had little luck as rumors of a pending bankruptcy persisted through […]

India Rejoins The Nuclear Submarine League

NEW DELHI, Jan. 5 (UPI) — India officially rejoined the nuclear submarine operators’ club when the Russian manufacturers handed over to an Indian crew the Nerpa, in Russia’s far east. The crew will set sail for India toward the end of January in the 8,000-ton submarine that will be renamed Chakra, The Times of India […]

First-Time Jobless Claims Drop By 15,000

WASHINGTON, Jan. 5 (UPI) — Initial unemployment claims fell by 15,000 to a seasonally adjusted 372,000 for the week ending Dec. 31, the U.S. Labor Department said Thursday. The previous week’s revised figure was 387,000, the department said in a release. At 373,250, the four-week moving average held under 400,000 for the eighth consecutive week. […]

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