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French Investigate IMF Head

PARIS, Aug. 17 (UPI) — French authorities are investigating the head of the International Monetary Fund Christine Lagarde for her role in a 2008 legal dispute. Lagarde, the former finance minister of France, interceded in the case between Bernard Tapie and the bank Credit Lyonnaise, which was then state owned, Radio France Internationale reported Wednesday. […]

California Proposal: No More Foreclosures

SACRAMENTO, Aug. 17 (UPI) — A proposal in California would make it illegal for banks to foreclose on homes, with home ownership considered a state right, a draft of the provision says. The proposal requires more than 800,000 signatures and a 131-day grace period to be put on the next statewide ballot, which makes it […]

Import Prices Up 0.3 Percent In July

WASHINGTON, Aug. 16 (UPI) — U.S. import prices climbed 0.3 percent in July after dropping 0.6 percent in the previous month, the Department of Labor said Tuesday. Prices for fuel imports rose 0.4 percent, contributing to the overall rise. Non-fuel import prices in July rose half as much, climbing 0.2 percent. Over the past three […]

After Iran Strike, Israel Gets Cyber Unit

TEL AVIV, Israel, Aug. 16 (UPI) — Israel’s military has set up a cyberdefense division, primarily against the Iranian threat, thus boosting the country’s cyberwar capabilities after it allegedly attacked Tehran’s nuclear program in 2010 with the Stuxnet virus and changed the face of warfare. The Jerusalem Post reports that the new unit in the […]

Housing Starts Slide Slightly In July

WASHINGTON, Aug. 16 (UPI) — New home construction in the United States dropped 1.5 percent in July compared to June, the Commerce Department said Tuesday. Housing starts fell to a seasonally adjusted annual rate of 604,000, off from the revised June estimate of 613,000. Permits issued for privately owned housing units also fell compared to […]

Fitch Says U.S. Credit Rating Is Top Shelf

NEW YORK, Aug. 16 (UPI) — Fitch Ratings said the United States’ credit rating would remain at the top ranking of AAA and said its outlook remained stable. The affirmation comes just over a week after Standard & Poor’s downgraded the U.S. rating from Triple A to AA+, which triggered enormous upheaval in the stock […]

Europe’s GDP Growth Falls To 0.2 Percent

BRUSSELS, Aug. 16 (UPI) — The European Union’s economy grew 0.2 percent in the second quarter compared to the first, the statistical agency Eurostat said Tuesday. The economy grew 1.7 percent over the past 12 months, Eurostat said. The numbers were identical to quarter-to-quarter and year-over-year figures for the 17-member eurozone, which shares the euro […]

Retailers Expect Flat Back-to-school Sales

WASHINGTON, Aug. 15 (UPI) — A national trade group said U.S. retailers could expect back-to-school sales on par with 2010 or just slightly under that. The National Retail Federation predicted back-to-school shopping to average $604 per family, just $2 shy of what was predicted a year ago, The Detroit News reported Monday. Many stores this […]

Moody’s Says U.S. Growth Likely Diminished

NEW YORK, Aug. 15 (UPI) — A second rating service has lowered its expectations of the U.S. economy, saying the prospects of a substantial recovery soon have declined. Moody’s Analytics, which The Wall Street Journal defines as “a sister company to credit-ratings company Moody’s Investors Service,” has lowered its forecast for the real U.S. gross […]

Homeowners Go For Shorter Loans

WASHINGTON, Aug. 15 (UPI) — Nearly 40 percent of U.S. homeowners refinancing in the second quarter chose shorter loans, the Federal Home Loan Mortgage Corp. said Monday. Freddie Mac said 37 percent of those people off 30-year loans in a refinancing deal in the quarter chose a 15- or 20-year loan. It was the highest […]

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