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Cummings Critical Of Foreclosure Abuses

WASHINGTON, Oct. 4 (UPI) — A ranking House committee Democrat in Washington blasted a federal watchdog agency for its apparent failure to regulate foreclosure abuses. In a statement, Rep. Elija Cummings, D-Md., said he found “the systematic failures by FHFA (the Federal Housing Finance Agency) and Fannie Mae (the Federal National Mortgage Association) to adequately […]

Bernanke Urges Lawmakers To Act On Economy

WASHINGTON, Oct. 4 (UPI) — U.S. Federal Reserve Chairman Ben Bernanke told lawmakers in Washington Tuesday that key sectors of the economy were a “shared responsibility.” Bernanke presented a dour outlook on the state of the U.S. economy, The New York Times reported. Bernanke said, “the recovery is close to faltering.” He also said, “The […]

Canada Ranked No. 1 For Doing Business

NEW YORK, Oct. 4 (UPI) — Canada was ranked as the No. 1 country in the world in which to do business by Forbes magazine Tuesday. In its annual “Best Countries for Business” ranking, the magazine said Canada had “skirted the banking meltdown” that crippled the United States and Europe and has a $1.6 trillion […]

China Reacts To U.S. Senate Vote On Yuan

BEIJING, Oct. 4 (UPI) — China reacted quickly to the U.S. Senate vote that would pave the way for the country to be declared a currency manipulator, saying it was unfair and illegal. The Chinese Foreign Ministry said the bill, which passed with a 78-19 vote, violates World Trade Organization rules, The Wall Street Journal […]

U.S. Manufacturing Index Shows Growth

TEMPE, Ariz., Oct. 3 (UPI) — U.S. manufacturing grew in September for the 26th consecutive month and the overall economy grew for the 27th straight month, supply executives said Monday. The latest Manufacturing ISM Report On Business registered 51.6 percent, a 1 percent increase from August, which shows expansion accelerating slightly. The Institute for Supply […]

Citibank In Japan Faces Possible Sanctions

TOKYO, Oct. 3 (UPI) — Citibank Japan President and Chief Executive Officer Darren Buckley apologized for the bank’s third regulatory lapse since 2004, the Yomiuri Shimbun reported. The Financial Services Agency has yet to announce sanctions against the bank for allegedly overlooking potential money-laundering bank accounts, the Yomiuri Shimbun reported Monday. But sanctions are expected […]

Construction Spending Rose In August

WASHINGTON, Oct. 3 (UPI) — Construction spending for August was 1.4 percent above July’s revised estimate of $788.3 billion, the U.S. Census Bureau reported Monday. Spending on private and public projects for the latest month reached $799.1 billion, the monthly construction spending report said. Spending for August also came in ahead of August 2010, when […]

Auto Sales Strong In September

DETROIT, Oct. 3 (UPI) — Two of three U.S. automakers said sales rose at least 20 percent in September from a year ago, while Ford Motor Co. said its increase was less dramatic. General Motors Co., Chrysler Group LLC and Nissan Motor Co. each had robust gains above 20 percent from September 2010, while sales […]

E-Mails: No Tit-For-Tat In Solyndra Loan

WASHINGTON, Oct. 3 (UPI) — E-mails released by lawmakers in Washington show the White House knew solar panel firm Solyndra was on shaky financial ground before a presidential visit. President Barack Obama toured Solyndra in San Francisco in May. Despite a $535 million guarantee from the Obama administration, however, the firm declared bankruptcy in late […]

Drug Sting Nets Dozens At Boeing Plant

RIDLEY PARK, Pa., Sept. 29 (UPI) — The U.S. Justice Department said more than two dozen Boeing employees were arrested Thursday on drug-related charges in a multi-agency sting operation. Agents from the FBI and the U.S. Drug Enforcement Administration participated in the operation that led to 23 individuals indicted and 14 others charged with “attempted […]

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