UNITED STATES

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Pace of U.S. existing home sales fastest in 2 years

Sales of previously owned U.S. homes jumped 7.2 percent in July to mark the fastest pace in nearly two years, a survey showed on Friday, in a strong sign that housing is pulling out of a three-year slump.
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Fed, ECB eye recovery

U.S. Federal Reserve Chairman Ben Bernanke and other central bankers said on Friday the worst global recession in 70 years was nearing a close but warned it would be a long, slow climb back to normal growth.
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Fed loss on Bear Stearns, AIG loans shrinks a bit

The Federal Reserve on Friday lifted an estimate of the value of Bear Stearns and American International Group assets used to secure their rescue last year, potentially reducing losses to U.S. taxpayers.
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Chrysler deputy CEO Press to leave: sources

Chrysler Group LLC Deputy Chief Executive Jim Press said he plans to leave by November, ending a two-year stint at the automaker that included its slide into bankruptcy, according to two people briefed on the still-confidential discussions.
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Hurricane Bill weakens near Bermuda

Hurricane Bill weakened slightly on Friday as it followed a path between the U.S. East Coast and Bermuda, but the tiny British territory warned its residents to prepare for dangerous surf and possible flooding.
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Wall Street hits 2009 highs

Stocks surged to 2009 highs on Friday after a surprising increase in existing home sales offered solid evidence of a recovery and positive comments from Federal Reserve Chairman Ben Bernanke bolstered optimism about the economy.
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Ex-UBS banker turned informant sentenced to jail

A former UBS banker and key informant in the U.S. tax evasion case against Swiss bank UBS AG was sentenced to three years and four months in prison on Friday for helping a billionaire hide assets from U.S. tax authorities.
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Dollar likely higher in the week ahead

The U.S. dollar is likely to rise in the week ahead as investors seek safety amid doubts about the strength of the global recovery after a sell-off in Chinese stocks.
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Chrysler deputy CEO Press to leave: source

Chrysler Group LLC Deputy Chief Executive Jim Press has conveyed his plans to leave the automaker by November, according to a person briefed on the still-confidential discussion.
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JM Smucker gets Folgers coffee boost, sees strong FY

J.M. Smucker Co , best known for its peanut butter and jelly, posted a higher quarterly profit that easily beat market view, driven by strong results at its Folgers coffee business, and expected its full-year profit at the top end of its outlook.

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