UNITED STATES

Treasury launches mortgage modification program

IBTimes Logo
The Obama administration on Wednesday gave lenders a green light to begin modifying home mortgages under a new $75 billion program aimed primarily at people facing imminent financial hardship.

Geithner blames budget woes on Bush administration

IBTimes Logo
U.S. Treasury Secretary Timothy Geithner on Wednesday blamed soaring budget deficits partly on failure by the former Bush administration to make needed investments in energy security and healthcare.
IBTimes Logo

GE dips below $6, says no plans for more equity

General Electric Co's shares fell as much as 15 percent on Wednesday, touching their lowest point since 1991, and the cost of insuring GE Capital's debt hit a record high on anxiety about that unit.
More news
IBTimes Logo

Afghan election body says April poll not possible

Presidential polls in Afghanistan cannot be held next month as demanded by President Hamid Karzai and August 20 must remain the polling day as originally scheduled, the election commission said.
IBTimes Logo

North Korea missile launch not imminent, says South

A North Korean missile launch may not come for some time although the communist state has been preparing its longest-range rocket for a test flight, South Korea's unification minister said on Wednesday.
IBTimes Logo

Oil and China optimism lifts Wall St. at open

Stocks rose at the open on Wednesday after a sell-off the previous session left indexes at 12-year lows, with a jump in the price of oil and other commodities spurring energy and natural resource stocks.
IBTimes Logo

Oil and China optimism to lift Wall St. at open

Stocks headed for a sharp rebound at the open on Wednesday after a sell-off the previous session left indexes at 12-year lows, with a jump in the price of oil and other commodities spurring energy and natural resource stocks.
IBTimes Logo

Profit down at Costco, BJ's posts a gain

An aggressive effort to win market share by slashing prices took a toll on Costco Wholesale Corp as the No. 1 U.S. warehouse club posted lower quarterly profit the same day smaller rival BJ's Wholesale Club Inc reported better-than-expected results.
IBTimes Logo

U.S. mortgage demand off before Obama rescue details

Applications for loans to buy U.S. homes and to refinance existing mortgages fell for the second straight week, the Mortgage Bankers Association said on Wednesday, as consumers awaited for specific details on President Barack Obama's housing stimulus plan.
IBTimes Logo

One in five U.S. mortgage borrowers are underwater

One in five U.S. homeowners with mortgages owe more to their lenders than their homes are worth, and the rate will increase as housing prices drop in states that have so far avoided the worst of the crisis, a new study shows.
IBTimes Logo

Costco and Big Lots post lower quarterly profits

U.S. retailers Costco Wholesale Corp and Big Lots reported lower quarterly profit on Wednesday as cautious shoppers avoided splurging on discretionary items, like furniture or jewelry, and stuck to buying basics, like food.
IBTimes Logo

Oil over $42, eyes China recovery, OPEC cuts

U.S. crude oil futures jumped more than $1 toward $43 per barrel on Wednesday, supported by better economic news from China and expectations by some traders that OPEC oil producers may further cut output.
IBTimes Logo

Costco profit drops 27 percent

Costco Wholesale Corp said on Wednesday its second-quarter profit fell 27 percent, as the No.1 U.S. warehouse club operator cut prices to win market share during the year-end holiday season.
IBTimes Logo

CORRECTION: Asia stocks rally on China hopes

HONG KONG - Asian stocks rallied on Wednesday on hopes Beijing will step up efforts to support the Chinese economy, helping the entire region, while the U.S. dollar rose to a three-year high as investors scrambled to limit risk.
IBTimes Logo

Oil rises towards $42, eyes China recovery, OPEC cuts

Oil edged up toward $42 on Wednesday, after surging nearly 4 percent overnight, on a brightening outlook for China's economy and in anticipation that producer group OPEC would cut supply further at its next meeting.
IBTimes Logo

Asia stocks rally on China hopes

Asian stocks rallied on Wednesday on hopes Beijing will step up efforts to support the Chinese economy, helping the entire region, while the U.S. dollar rose to a three-year high as investors scrambled to limit risk.
IBTimes Logo

Senate panel to question Swiss banker, secrecy

The sanctity of the secret Swiss bank account -- an icon of global finance -- is under growing pressure in a tax investigation due to come into public view on Wednesday at a U.S. congressional hearing.
IBTimes Logo

Global Solution to Crisis Won't Happen Overnight: Obama

Global coordinated action to combat the worldwide financial crisis was not going to happen overnight but would proceed in fits and starts that would eventually result in a more prosperous economy President Barack Obama said on Tuesday ahead of a summit of leaders from the top 20 industrialized nations gathering in London in April.

Pages

IBT Spotlight

We Help Businesses Find B2B Service Providers They Can Trust.