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On Long Odds, Home Sales Rise

WASHINGTON, Sept. 21 (UPI) — Existing U.S. home sales rose 7.7 percent in August despite tight credit and a shaky economy, the National Association of Realtors said Wednesday. The group said sales rose in the month “despite headwinds.” Total sales of single-family homes, townhomes, condominiums and co-ops rose to a seasonally adjusted annual rate of […]

Republicans Tell Federal Reserve To Sit On Its Hands

WASHINGTON, Sept. 21 (UPI) — Republican leaders in Washington said in a letter to U.S. Federal Reserve Chairman Ben Bernanke it was not the time to add any stimulus to the economy. The Fed’s Open Market Committee is in a two-day monetary policy meeting that began Tuesday and ends Wednesday afternoon. The letter from four […]

Paramount Project To Create 7,300 Jobs

HOLLYWOOD, Sept. 21 (UPI) — Paramount Pictures Corp. said it will renovate its Hollywood studio with a $700 million investment that will create 7,300 temporary jobs. When the renovation is complete, the famous studio would then have 5,500 permanent workers, said Frederick Huntsberry, the company’s chief operating officer, the Los Angeles Times reported Wednesday. The […]

Full Tilt Poker Allegedly A Ponzi Scheme

NEW YORK, Sept. 20 (UPI) — High-profile Internet poker Web site Full Tilt Poker defrauded players out of more than $300 million, the U.S. Department of Justice has charged. In a complaint filed Tuesday by the U.S. Attorney in the Southern District of New York, the Web site is described as a Ponzi scheme that […]

U.S. Retail Sales Slide Week-To-Week

WASHINGTON, Sept. 20 (UPI) — U.S. retail receipts dropped in the week ending Saturday, a national trade group said Tuesday. The International Council of Shipping Centers said sales dropped 1.2 percent from the previous week but rose 3.4 percent from the same week of 2010. “The retail landscape turned more volatile over the past four […]

SEC’s Becker Case Goes To Justice Dept.

WASHINGTON, Sept. 20 (UPI) — The Securities and Exchange Commission’s inspector general is referring a possible conflict of interest case to the U.S. Justice Department, a report said. The case involves SEC general counsel David Becker, who helped with decisions on how much victims of Bernard Madoff’s massive Ponzi scheme could recover, The New York […]

Local UAW Presidents Approve GM Deal

DETROIT, Sept. 20 (UPI) — Local United Auto Workers presidents in Detroit approved a contract proposal from General Motors, sending it to a vote among 48,500 rank-and-file workers. More details on the contract emerged Tuesday as UAW President Bob King briefed local presidents on the proposal, The Detroit News reported. If ratified, the contract commits […]

Democrats, Auto Groups, Oppose Funding Cut

WASHINGTON, Sept. 20 (UPI) — An alliance of trade groups and 77 U.S. congressmen are appealing to House Speaker John Boehner, R-Ohio, to maintain funding for a fuel-efficiency program. House Republicans have proposed cutting $1.5 billion from a federal loan program administered by the Environmental Protection Agency that is designed to help automobile manufactures with […]

In Poland, Geithner Finds Cool Reception

WROCLAW, Poland, Sept. 17 (UPI) — European leaders snubbed U.S. Treasury Secretary Timothy Geithner at a financial summit in Poland that included agreement to postpone a decision on Greece. Geithner told the gathered financial ministers to increase the size of its $610 billion European Financial Stability Facility, designed to help struggling countries including Greece, which […]

UBS Probes $2.3 Billion In Trader Loses

ZURICH, Switzerland, Sept. 18 (UPI) — Swiss bank UBS said Sunday it was raising the estimate of losses from unauthorized trading by an alleged rogue employee to $2.3 billion. The losses were allegedly the work of a London trader who was charged with fraud and false accounting this weekend. An earlier estimate was $2 billion. […]

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