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BofA To Lay Off 3,500 And Likely Many More

CHARLOTTE, N.C., Aug. 19 (UPI) — The largest U.S. bank, Bank of America, said it will cut 3,500 jobs before October and possibly thousands more later. A company spokesman, Scott Silvestri, said Friday, “The company regularly assesses the efficiencies of its operations and will make adjustments,” The Boston Globe reported. The layoffs for this quarter […]

Burger King Puts Mascot On Sabbatical

MIAMI, Aug. 19 (UPI) — U.S. fast food seller Burger King said it is putting its regal, but expression-limited mascot, on sabbatical with no particular date for a royal return. Burger King is going for a new marketing approach in which the King is out and a pitch emphasizing fresh foods is in, USA Today […]

Boeing’s Biggest Jet Wins FAA Approval

CHICAGO, Aug. 19 (UPI) — The biggest jet Boeing has ever produced, the 747-8 freighter, has won Federal Aviation Administration approval to take to the skies, the company announced. “This is such a great day for everyone on the 747 team,” Jim Albaugh, president and CEO of Boeing Commercial Airplanes, said in a statement Friday. […]

U.S. Probe Questions S&P Ratings

WASHINGTON, Aug. 18 (UPI) — Washington is probing whether Standard & Poor’s improperly issued mortgage securities credit ratings to benefit itself, people involved in the probe said. The investigation began before S&P, part of the McGraw-Hill Cos., downgraded the long-term U.S. debt rating this month, The New York Times reported Thursday. The inquiry is likely […]

One-Month Inflation Vacation Is Over

WASHINGTON, Aug. 18 (UPI) –  The Consumer Price Index rose a seasonally adjusted 0.5 percent in July while the core rate rose 0.2 percent, the U.S. Labor Department said Thursday. The index has risen 3.6 percent in the last 12 months before the seasonal adjustment, the department’s Bureau of Labor Statistics said in a release. […]

Leading Indicators Show Weak Growth

NEW YORK, Aug. 18 (UPI) –  The U.S. index of leading economic indicators rose 0.5 percent in July after rising 0.3 percent in June, the Conference Board said Thursday. The Leading Economic Index in July rose to 115.8 with gains in the money supply and in lower interest rates. That was it, however, for gains. […]

Existing Home Sales Up From A Year Ago

WASHINGTON, Aug. 18 (UPI) — Sales of existing U.S. homes slipped from June to July but rose sharply from June 2010, the National Association of Realtors said Thursday. Sales of single-family homes, including co-ops, condominiums and townhouses, fell 3.5 percent to a seasonally adjusted annual rate of 4.67 million homes. Sales, however, were 21 percent […]

Men Helped By Social ‘Contacts’ At Work

RALEIGH, N.C., Aug. 16 (UPI) — When it comes to finding a job, who you know is as important as what you know — if you are a man — a U.S. researcher suggests. Dr. Steve McDonald, an assistant professor of sociology at North Carolina State University, used a national data set of more than […]

Mortgage Activity Rises

WASHINGTON, Aug. 17 (UPI) — The Mortgage Bankers Association said U.S. mortgage activity increased in the week ending last Friday as interest rates fell. It was the second consecutive week mortgage activity rose due to falling interest rates. Interest rates for 30-year, fixed-rate mortgages dropped from 4.37 percent to 4.32 percent with points falling from […]

Start-Up Rate At 25-Year Low

CHICAGO, Aug. 17 (UPI) — The entrepreneurial spirit in the United States is in decline with the start-up rate among the unemployed at its lowest since 1986, a research firm said. Outplacement consulting firm Challenger, Gray & Christmas said the rate of unemployed managers and executives seeking to start their own businesses dropped to 2.5 […]

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