California's budget gap won't close for long
Even if California Governor Arnold Schwarzenegger and top lawmakers quickly plug a $26.3 billion deficit to balance the state's budget, the state's weak revenues signal that a new shortfall will emerge.
Mark Cuban insider trading case thrown out
A U.S. court judge threw out an insider trading case against Dallas Mavericks basketball team owner Mark Cuban on Friday, but gave the U.S. Securities and Exchange Commissions a month to file an amended lawsuit.
Midday minute July 17 – Finance
Bank of America Inc. posted better than expected second quarter earnings on Friday. Bank of America said that it earned $3.2 billion, or 33 cents a share, compared to $3.4 billion, or 72 cents a share, in the year-ago period. Analysts polled by Thomson Reuters expected earnings of 28 cents and revenue of $33.1 billion. BofA shares rose 5 cents or 0.4 percent, to $13.22 in morning trading Friday.
Citigroup losses masked by Smith Barney gains
Citigroup Inc , one of the big U.S. banks hit hardest by the financial crisis, posted a quarterly profit on Friday as gains from the sale of its Smith Barney brokerage into a joint venture more than offset losses from its primary banking businesses.
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Treasury's Geithner more optimistic on economy
U.S. Treasury Secretary Timothy Geithner is more optimistic on the economic outlook than he was three months ago, he said in an interview with French newspaper Le Monde published on Friday.
Bank of America credit losses soar
Bank of America Corp posted a quarterly profit that topped Wall Street forecasts, but the largest U.S. bank warned of a fresh surge in troubled loans from credit card, mortgage and business customers due to the weak economy.
Bank of America profit falls
Bank of America Corp posted a lower quarterly profit on Friday, hurt by a surge in troubled loans as more credit card and mortgage customers fell behind on payments.
CORRECTED: Bank of America profit falls
(Corrects profit decline before preferred stock divideds to 5 percent from 7 percent, in 3rd paragraph)
Bank of America profit hurt by troubled loans
Bank of America Corp posted a lower quarterly profit on Friday, hurt by a surge in troubled loans as more credit card and mortgage customers fell behind on payments.
Bank of America revenue rises
Bank of America Corp on Friday reported second-quarter results.
U.S. banks take center stage, economic picture mixed
U.S. banks, at the center of the world's financial crisis, will command investor focus on Friday with Bank of America and Citigroup results following strong showings from their peers.
U.S. banks take centre stage, economic picture mixed
U.S. banks, at the center of the world's financial crisis, will command investor focus on Friday with Bank of America and Citigroup results following strong showings from their peers.
Eyes on U.S. banks as earnings boost recovery hopes
Investors were looking to Bank of America and Citigroup for a fresh dose of earnings optimism on Friday, after strong reports from JPMorgan Chase and IBM raised hopes for a global recovery.
Symbian eyeing to develop mobile Apps
Symbian, the mobile phone web OS Company for a large number of the world's phones will begin working on the development of mobile applications.
Major U.S. exchange chief urges SEC-CFTC merger
The two main regulators of U.S. financial markets should merge, the chief executive of America's largest options exchange says in remarks to be delivered to a congressional panel on Friday.
Congress gets pay bill as bank bonuses swell
With the smell of fat bonus checks again wafting down Wall Street, the Obama administration and Democrats in Congress on Thursday moved closer to a clampdown on U.S. corporate executive pay.
CIT bankruptcy fears grow, bondholders meet
CIT Group Inc stood on the brink of bankruptcy on Thursday after rescue talks with the government collapsed and the specialty lender's bondholders convened emergency talks among themselves.
Worst behind us but more stimulus needed: Roubini
Nouriel Roubini, one of the few economists who accurately predicted the magnitude of the financial crisis, said on Thursday that the worst of the turmoil has passed.
Daily wrap up July 16 – Finance
Former U.S. Treasury Secretary Henry Paulson admitted on Thursday before lawmakers that he had initially underestimated the extent of the financial crisis and described the financial markets at the time as being driven by fear and uncertainty. Paulson said it was appropriate for the government to ensure that Bank of America did go through with the deal.
CIT bankruptcy fears pummel its bonds and shares
Escalating fears about a potential bankruptcy of embattled U.S. lender CIT Group caused its debt to sell off steeply on Thursday and its shares to plummet after it said government bailout talks had ended.
Lawmakers slam Paulson on BofA-Merrill deal
U.S. lawmakers on Thursday ripped into former Treasury Secretary Henry Paulson over the government's role in Bank of America's merger with Merrill Lynch and other actions to cope with the deep financial crisis that gripped the country last year.
Key U.S. factory index slips, jobless claims tumble
The number of Americans filing for jobless benefits fell to the lowest level since January last week, a decline linked to upheaval in the auto industry, while a key regional manufacturing index slipped more than expected in July, reports showed on Thursday.
Palm finally releases Pre Mojo SDK
Palm has finally released the long-awaited Mojo Software Development Kit to the crowd.
JPMorgan profit tops view though credit worsens
JPMorgan Chase & Co said record investment banking and trading results drove quarterly profit 36 percent higher, topping Wall Street forecasts, but reported a surge in consumer credit losses that foreshadows deeper problems on Main Street.
Recession sends Americans to the Internet
It's not just family and friends that Americans are turning to for advice and support to cope with the prolonged recession; many have found a counselor in the Internet.
CIT's shares, bonds plunge on bankruptcy fears
Escalating fears about a potential bankruptcy of embattled U.S. lender CIT Group caused its debt to sell off steeply and its shares to plummet on Thursday after it said government bailout talks had ended.
Lawmakers hit out at Paulson over BofA-Merrill
U.S. lawmakers on Thursday slammed former Treasury Secretary Henry Paulson over the government's role in Bank of America's merger with Merrill Lynch, saying authorities suppressed information about losses and bullied executives into going through with the deal.
Asus unveils Eee PC Seashell series
ASUS booted up its new line of Eee PC Seashell netbooks, with all day computing with its long life battery.
Sun shareholders approve sale to Oracle
Sun Microsystems Inc shareholders approved the computer maker's $7 billion sale to Oracle Corp as the two await antitrust clearance from U.S. and EU regulators before they can close the deal.
U.S. may need another fiscal stimulus: Roubini
The United States may need a second fiscal stimulus worth $200-250 billion around the end of the year, but the worst of the economic and the financial crisis is already behind us, leading economist Nouriel Roubini of RGE Global Monitor said on Thursday.
Dell Vostro, the all in one desktop unveils
Dell Inc on Thursday unveiled its all in one desktop, a stylish, scalable and secure design for small-medium businesses.
Fee waivers pinch Schwab's profit, more to come
Near-zero U.S. interest rates forced Charles Schwab Corp to slash the asset management fees it charges clients, weighing on its profit -- and much more slashing is expected before year end.
Stanford receiver wants to hire private equity firm
The receiver charged with marshaling assets of accused swindler Allen Stanford said in court papers on Thursday he needs the help of a private equity adviser to manage the estate's web of investments which total about $650 million.
Home builder sentiment highest since September
U.S. home builder sentiment in July jumped to its highest level since September as improved sales conditions boosted confidence in the market for new single-family homes, an industry group said on Thursday.
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