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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 […]

Buffett Says Congress Coddles The Rich

NEW YORK, Aug. 15 (UPI) — Billionaire investor Warren Buffett said Congress has for too long spared the wealthiest Americans from paying their fair share in U.S. taxes. “I know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given […]

SEC To Look At S&P Downgrade Of U.S. Debt

WASHINGTON, Aug. 13 (UPI) — Regulators will examine the straw that broke the Wall Street camel’s back, S&P’s downgrade of U.S. debt from AAA to AA+, sources told The Wall Street Journal. The U.S. Treasury Department has said the downgrade by credit rating agency Standard & Poor’s is the result of a $2 trillion mathematical […]

Wall Street Gyrations Jolt Luxury Retail

LOS ANGELES, Aug. 13 (UPI) — Wild swings in the stock market have luxury retailers worried a slowing economy may buckle leaving those who cater to wealthy U.S. shoppers high and dry. “We were all pumped, and now it’s like, boom. Another hit,” said Pol Atteu, who runs a women’s boutique in Beverly Hills, Calif., […]

Numbers Show Euro On Thin Ice

FRANKFURT, Germany, Aug. 13 (UPI) — Slow economic growth in France and debt concerns throughout Europe are poised to undermine the euro’s value compared to the U.S. dollar, numbers show. A measure that shows how slanted up or down options prices are, based on one-month 25 percent risk reversals, has hit record at 3.60 volatility […]

Obama Meets With Top CEOs At White House

WASHINGTON, Aug. 12 (UPI) — President Barack Obama met at the White House Friday with top executives from eight major U.S. companies to talk about the economy and jobs. The meeting came at the end of a volatile week on world financial markets, stoked largely by concern about a global economic turndown and the prospect […]

NASA Forms New Directorate

WASHINGTON, Aug. 12 (UPI) — U.S. space agency NASA is creating a directorate that will focus on International Space Station operations and human exploration beyond low Earth orbit. The organization — the Human Exploration and Operations Mission Directorate — combines the Space Operations and Exploration Systems mission directorates. “America is opening a bold new chapter […]

Court Rejects Mandatory Health Insurance

ATLANTA, Aug. 12 (UPI) — An appeals court in Atlanta said Friday President Barack Obama’s healthcare reform law overstepped its boundaries and was, in part, unconstitutional. The 2-1 panel vote at the 11th Circuit U.S. Court of Appeals, which directly contrasts with a ruling in Cincinnati, said the federal mandate that requires individuals to either […]

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