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Families Plan Higher Back-To-School Spending, Retailers’ Report Says

(MCT) — Families expect to spend more on school items than they did last year, even though more than 80 percent say the tough economy still affects their spending decisions, according to the National Retail Federation’s annual back-to-school survey. More than a quarter of families plan to take advantage of late-summer deals and shop one […]

Treasury Secretary Asks Congress To Stop Tax-Avoiding Business Maneuver

WASHINGTON (MCT) — Calling for “a new sense of economic patriotism,” a top Barack Obama Administration official urged Congress to take immediate action to stop U.S. companies from reorganizing as foreign firms to avoid paying taxes. The maneuver, known as tax inversion, serves “to hollow out the U.S. corporate income tax base,” Treasury Secretary Jacob […]

Yellen Gives No Hint Of Lowering Interest Rates Soon

WASHINGTON (MCT) — Federal Reserve Chairwoman Janet L. Yellen told Senators Tuesday that the economy still has not fully recovered the recession and did not indicate that central bank policymakers would soon begin to raise rock-bottom interest rates. “Although the economy continues to improve, the recovery is not yet complete,” Yellen told the Senate Banking […]

Citigroup To Pay $7 Billion To Settle Subprime Mortgage Investigations

WASHINGTON (MCT) — Citigroup Inc. said Monday it has agreed to pay $7 billion to settle Federal and State investigations into the sale of defective mortgage investments during the subprime housing boom. California is among several States that will share in the settlement, one of the largest to come from probes into the role of […]

States Adopt Anti-Snooping Laws

(MCT) — Worried about your boss prying into your personal business, poking around in aspects of your life you’d rather keep between friends and family — even as you share more of it on social media? Seventeen States have drawn a line between what’s your business and what your boss can access, by enacting laws […]

Many Over 50 Are Still Saddled With Student Loans

(MCT) — Lingering student-loan debt — which in recent years has been a drag on the economy as borrowers delay big-ticket purchases such as homes and cars — is beginning to affect millions of people as they head toward retirement. More than 16 percent of the nearly $1.2 trillion in outstanding student-loan debt in the […]

Private Sector Adds Surprisingly Strong 281,000 Jobs In June, ADP Says

WASHINGTON (MCT) — Private employers added a surprisingly strong 281,000 net new jobs in June, the most since late 2012, payroll firm Automatic Data Processing Inc. said Wednesday. The figure was up sharply from 179,000 in May and is a positive sign heading into Thursday’s official jobs report from the Labor Department. Analysts had expected […]

GM Compensation Fund Will Pay Millions To Switch-Defect Victims

(MCT) — A special victims-compensation consultant hired by General Motors Co. announced the details of a sweeping program to pay for the deaths and injuries caused by faulty ignition switches in millions of the automaker’s small cars. Attorney Kenneth Feinberg said Monday that he will begin evaluating victims’ claims starting Aug. 1 and will start […]

Pending Home Sales Soar Nationwide In May

(MCT) — Pending home sales surged more than expected in May, the latest sign a sluggish housing recovery is picking up steam. A gauge of signed contracts for previously owned homes jumped 6.1 percent from April, the National Association of Realtors said Monday. It was the largest pop since April 2010. Then, buyers rushed to […]

You’re Paying More For Gasoline, And Here’s Why

WASHINGTON (MCT) — Think you’re paying more than you should be for gasoline right now? You are. Prices tend to spike around Memorial Day, when increased demand cuts against a limited supply as refiners convert from winter fuels to summer blends. But by the middle of June, gasoline inventories are up and prices typically retreat. […]

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