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China Trade Surplus Soars To $31.5B

BEIJING, Aug. 11 (UPI) — China’s July trade surplus of $31.5 billion eased fears the problems in the U.S. economy and European debt crisis might hit Chinese exports, experts said. The July surplus was the highest in 30 months and resulted from higher-than-expected export growth, especially to the European Union, the government said. Officials and […]

Capital One To Expand With $2.6B HSBC Deal

MCLEAN, Va., Aug. 10 (UPI) — Capital One Financial said Wednesday it had agreed to buy the U.S. credit card division from HSBC for about $2.6 billion in a cash and stock deal. The deal is not expected to close until the second quarter of 2012, Capital One said in a statement. The firm said […]

Double-dip Could Squeeze Farmers

WEST LAFAYETTE, Ind., Aug. 10 (UPI) — Purdue University agriculture economist Mike Boehje said a second U.S. recession could disrupt demand enough to squeeze profits out of livestock farming. “A situation like that certainly has the potential to take the profitability out of livestock production,” he said, pointing out that farmers are vulnerable to a […]

Wholesale Inventories Rose In June

WASHINGTON, Aug. 10 (UPI) — U.S. wholesale inventories rose 0.6 percent in June following a downwardly revised level for May, the Commerce Department said Wednesday. The June increase to a seasonally adjusted $458.7 billion put inventories 15.8 percent higher than June 2010. May’s inventory level was revised down by $200 million, which dropped the estimated […]

Refinancing Surges In Week

WASHINGTON, Aug. 10 (UPI) — The Mortgage Bankers Association said U.S. mortgage activity increased dramatically in the week ending last Friday as interest rates fell. Interest rates for 30-year, fixed-rate mortgages dropped from 4.45 percent to 4.37 percent with points increasing from 0.78 to 1.07. Rates for 15-year, fixed-rate contracts were unchanged at 3.52 percent […]

Crude Oil Holds Under $81 Per Barrel

NEW YORK, Aug. 10 (UPI) — Crude oil prices in New York held under $81 per barrel as a second major energy organization in the week warned world demand was weakening. The Organization of Petroleum Exporting Countries Tuesday predicted global demand would drop by 150,000 barrels per day compared to previous 2011 estimates. On Wednesday, […]

Euro, Asian Markets Rebound After Fed Move

NEW YORK, Aug. 10 (UPI) — European and Asian stocks rebounded Wednesday before Wall Street’s opening bell on a Federal Reserve pledge to keep U.S. interest rates near zero for two years. British, German and French stock indexes rose more than 2 percent in early-morning trading following a “relief rally” in Asian markets. In late-afternoon […]

Walgreens To Sell Health Insurance?

DEERFIELD, Ill., Aug. 9 (UPI) — U.S. drugstore chain Walgreens is expected to begin selling health insurance before the end of the year, sources told CNNMoney. Walgreens did not comment directly on the plan. Instead, a company spokesman said the retailer was “looking at a number of options in light of healthcare reform as we […]

Salgado Says Spain Is On Target

MADRID, Aug. 9 (UPI) — Spanish Finance Minister Elena Salgado said Spain would hit its financial goals this year without an international bailout. “Spain’s fundamentals show we are very far from requiring a bailout,” Salgado said during a radio interview, The New York Times reported Tuesday. With help from the European Central Bank, yields on […]

OPEC Pulls Back On Demand Expectations

LONDON, Aug. 9 (UPI) — The Organization of Petroleum Exporting Countries meeting in London Tuesday cut their forecast for global economic growth to 3.7 percent for 2011. OPEC said economic growth would reach 4 percent in 2012. Pointing out the stumbling economic recovery would impact oil demand, the world’s largest oil cartel in a monthly […]


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