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Federal Loan Refinancing Program Revised

WASHINGTON, Oct. 24 (UPI) — Federal regulators in Washington Monday announced changes to the Housing Affordable Refinance Program that previously met with limited success. Edward DeMarco, acting director of the Federal Housing Finance Agency, which oversees the Federal Home Loan Mortgage Corp., known as Freddie Mac, and the Federal National Mortgage Association, known as Fannie […]

Olympus Says It Is Unaware Of Probe

TOKYO, Oct. 24 (UPI) — A spokesman for Olympus said the Japanese camera and medical equipment company was unaware the FBI was investigating its 2008 purchase of Gyrus Group. Olympus is well known as a producer of digital cameras, but the bulk of its revenues comes from its more obscure medical equipment business, The New […]

Panasonic To Cut Back Television Business

TOKYO, Oct. 21 (UPI) — Officials at Panasonic Corp. in Japan said several thousand workers would be let go as it scales back on its faltering television business. Sources told Japanese newspaper Yomiuri Shimbun the company cited appreciation of the yen as one of the reasons its television business is not doing well. Panasonic has […]

Second Summit On Eurozone Planned

PARIS, Oct. 21 (UPI) — European leaders said a second summit on the eurozone crisis will be next week as France and Germany disagree on key issues to resolve the currency’s problems. A joint statement by French and German ministers Thursday said all aspects of the planned “global and ambitious response” to the eurozone crisis […]

Walmart Reduces Its Healthcare Plans

BENTONVILLE, Ark., Oct. 21 (UPI) — Walmart, the world’s largest retailer and the largest U.S. employer, said it is drastically reducing its healthcare benefit plan. The changes affect new workers, both part time and full time, The New York Times reported Friday. New workers putting in an average of 24 hours per week or less […]

Canadian Cost Of Living Up 3.2 Percent

OTTAWA, Oct. 21 (UPI) — The cost of living in Canada rose 3.2 percent on an annual basis in September, fueled by higher prices for gasoline and food, Statistics Canada said Friday. The inflation news comes on the heels of a 3.1 percent annual gain in the Consumer Price Index reported in August and showed […]

French Banks Diagnosed With Denial

PARIS, Oct. 21 (UPI) — French bankers ignored signs of troubles that could have made the current economic crisis in Europe easier to handle, an economics professor in Paris said. “French banks failed to learn lessons from the 2007, 2008 crisis and became complacent,” Professor Jezabel Couppey-Soubeyran at the Pantheon-Sorbonne University told The Wall Street […]

Leading Indicators Muted, Showing Risks

NEW YORK, Oct. 20 (UPI) — The U.S. index of leading economic indicators rose 0.2 percent in September, but still point to a weak economy, the Conference Board said Thursday. The Leading Economic Index, which has risen for the past four months, climbed in September to 116.4. However, Conference Board economist Ataman Ozyildirim said, “September […]

Sales Of Existing Homes Down In September

WASHINGTON, Oct. 20 (UPI) — Existing U.S. home sales slipped in September after a surge of sales in August, the National Association of Realtors said Thursday. The group said sales of single-family homes, townhomes, condominiums and co-ops dropped 3 percent to a seasonally adjusted annual rate of 4.91 million in the month, down from an […]

Consumer Confidence Drops In Europe

BRUSSELS, Oct. 20 (UPI) — The European Commission said Thursday consumer confidence declined sharply in September in the European Union and the eurozone. The Economic Sentiment Indicator for both the EU and the eurozone declined 3.4 points, hitting 94 and 95, respectively. “The decrease reflects broad-based cross-sector deterioration in sentiment, with particularly strong losses in […]

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