U.S. is Now the World's Leader in Credit Card Fraud
U.S. currently accounts for 47 percent of the global credit and debit card fraud, while only generating 27 percent of the global total volume of purchases and cash, according to a recent Nilson Report, a trade newsletter on the payments industry.
October Existing-Home Sales Rise Unexpectedly, But Still Weak
Sales of previously owned homes in the U.S. rose in October while the number of homes on the market continued to decline, according to the National Association of Realtors. Although falling property values and near record-low borrowing costs are starting to appeal to homebuyers, a growing trend of last minute cancellation suggests that even those who are looking to buy are worried about the housing market.
Detroit to Lay Off 1,000 City Employees
Detroit plans to cut 1,000 positions by February 25, 2012 as part of its fiscal action to help the city deal with its budget crisis, Mayor Dave Bing announced Friday. The layoff notices will be delivered to employees beginning the week of December 5, 2011.
UPS Raising Rates in 2012 by at Least 4.9 Percent
United Parcel Service Inc. (NYSE: UPS) plans to increase 2012 rates by 4.9 percent for ground package shipping, air shipping and, U.S.-origin international shipments, the company announced Friday. New pricing takes effect Jan. 2, 2012.
Canada Rail Traffic in Second Week of November Slips 0.4 Percent on Year
Canadian railroads reported 76,106 carloads for the week ended Nov.12, 2011, up 2 percent compared with the same week last year, and 49,461trailers and containers, down 0.4 percent compared with 2010, according to the Association of American Railroads.
U.S. Rail Traffic in Second Week of November Climb 0.5 Percent from Year Ago
The Association of American Railroads reported gains in rail traffic for the week ending Nov.12, 2011, with U.S. railroads originating 299,591 carloads, up 0.5 percent compared with the same week last year. Intermodal volume for the week totaled 244,972 trailers and containers, up 5.2 percent compared with the same week last year.
Yahoo Finance Survey: The Collapse of the American Dream
Survey reveals an alarming number of Americans are not retirement-ready and many have no college savings for their children.
Panic Selling Sends Jefferies Into Tailspin as Company Tries to Fend Off Rumors
Negative rumors have turned Jefferies Group Inc. into the latest financial whipping boy. A controversial report from ratings agency Egan-Jones, which the firm has stood by, has spooked the markets. Jefferies is insistent that it remains solid. Who will investors believe?
BREAKING: IMF European Department Director Resigns
The head of the International Monetary Fund's Europe department resigned suddenly on Wednesday, a year after taking on the crucial role, leaving the fund at a critical time as it grapples with the European financial crisis.
How Much Did Previous Fannie and Freddie CEOs Make?
A list of compensation packages given to previous Fannie Mae and Freddie Mac CEOs during the past decade or so was released in a report produced by the House Oversight and Government Reform committee.
Fannie, Freddie Executives Say They Need Big Paychecks to Protect Taxpayer Money
Top executives at Fannie Mae and Freddie Mac defended their lucrative pay before a House panel on Wednesday, one day after lawmakers approved suspending top executive compensation packages and moving the firms' thousands of employees onto a pay scale that lines up with federal financial regulators.
Starbucks Ends Undisclosed Fee on Bean Purchase Under One Pound
You might have been charged an additional $1.50 for buying smaller bags of coffee beans at Starbucks and left the store without even knowing it, until recently. Starbucks Corp. stopped adding the surcharge at over 11,000 stores nationwide this month after a Massachusetts consumer-protection agency fined the company over the practice.
Growth Continues to Slow Down for 'All Major Economies'
The world's leading economies are all heading for a period of slower growth, the Organization for Economic Co-operation and Development said on Monday, highlighting signs of weakening economic activities across the board.
Federal Reserve to Begin New Round of Bank Stress Tests
In a couple of weeks, the U.S. Federal Reserve will begin a new round of stress tests on America's largest banking organizations, a top Federal Reserve official said Friday.
Canada Rail Traffic up 2% for the First Week of November
Canadian railroads reported 80,439 carloads for the week ended Nov.5, 2011, up 2 percent compared with the same week last year, and 52,025 trailers and containers, up 7.2 percent compared with 2010, according to the Association of American Railroads.
U.S. Rail Traffic up 3.4 % for the First Week of November
The Association of American Railroads reported gains in rail traffic for the week ending Nov.5, 2011, with U.S. railroads originating 298,465 carloads, up 3.4 percent compared with the same week last year.
U.S. Consumer Sentiment Rises to 64.2, a Five-Month High
U.S. consumer sentiment perked up in November to its highest level in five months as Americans felt more upbeat about the economy's prospects, a survey released on Friday showed.
Nordstrom’s 3Q Profit Rises 6.7%, Full-Year Outlook Misses Estimates
Nordstrom Inc. reported a near 7 percent jump in third quarter profits after the market closed on Thursday, as affluent consumers showed no sign of shopping fatigue given the uncertainty in the economy and the volatility in the stock market.
Nomura Warned by Moody’s of Possible Downgrade
Moody's Investor Service said it has put Nomura Holdings Inc.'s credit ratings under review for possible downgrade.
Kohl’s 3Q Profit Advances 20%, Beat Estimates
Kohl's Corp., the fourth-largest U.S. department store chain, said Thursday its third quarter profit rose 20 percent, helped by the launch of the exclusive brands such as lines by Jennifer Lopez and Marc Anthony.
U.S. Trade Deficit Narrows in September to Lowest Level This Year
Record-high exports in September drove the U.S. trade deficit down to its smallest gap since December, extending a decline for the third straight month and down from a peak of $51.6 billion in June. Meanwhile, imports from China dropped slightly.
U.S. Jobless Claims fall 10,000, to Seven-Month Low
The number of people filing for state unemployment benefits fell to the lowest level since the first week of April, government data showed on Thursday. The Labor Department says new claims fell by 10,000 to 390,000 in the week ended Nov.5, registering below 400,000 for the second straight week.
American Express to Invest $100M in Start-ups
American Express Co. is launching a $100 million fund as a new multi-year program designed to help accelerate the company's digital transformation, as it tries to add consumers in new geographies and attract younger generations.
Wholesale Inventories Slipped Unexpectedly by 0.1% in September as Sales Increased
Wholesale companies reduced their stockpiles in September for the first time in nearly two years as distributors tried to keep pace with sales that rose more than forecast.
Seasonal Hiring in U.S. Retail Sector May Be Flat This Year, but Can Still Lead to Permanent Jobs
Hiring for the approaching holiday season in the U.S. is expected to be on par with 2010, in line with an anticipated year-on-year growth decline in seasonal sales, according to the National Retail Federation. Still, seasonal jobs provide an opportunity to secure a permanent position, employers and industry experts say.
U.S. Consumer Credit Rose $7.4 Billion in September
Americans borrowed more in September to purchase cars and cover college expenses. Consumer credit expended $7.4 billion in September, a 3.6 percent increase at an annualized rate, and a health turnaround from a revised $9.68 billion unexpected drop in August, according to a Federal Reserve report on Monday.
Wells Fargo Targets the Super-Rich with $50 Million in Assets
Wells Fargo & Co., the fourth-largest U.S. bank by assets, is launching a boutique business to serve families with $50 million or more in assets, as more banks look toward wealth management to replace transaction-based fees.
3Q Earnings Picture: Hits and Misses
We are now well into third quarter earnings season, with the vast majority of companies reported both bottom- and top-line results that met or beat expectations. Here's a summary of who met, and who missed, analyst estimates.
U.S. initial jobless claims falls 9,000, hit one-month low
The number of people seeking state unemployment benefits fell for the third straight week, government data showed on Thursday, signaling some hopeful progress in the labor market.
Comcast Misses Estimates, Time Warner Results Bolstered by Harry Potter
Comcast Corp., the nation's biggest cable television company, reported Wednesday a 5 percent profit increase in the third quarter, but fell short of Wall Street's earnings estimate by 6 cents per diluted share, its first miss since July 2008.
