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Business News

Cuomo widens insurer probe with 6 more subpoenas (Reuters)

Fri, 30 Jul 2010 18:32:25 GMT

Reuters - New York Attorney General Andrew Cuomo has subpoenaed six more insurers as the state widens a probe into whether life insurance companies have defrauded families of deceased members of the military.

Movie tax cuts 'help struggling California economy' (AFP)

Sat, 31 Jul 2010 15:20:07 GMT

AFP - A year-old program granting movie studios tax breaks for filming in California has saved jobs and should yield two billion dollars in direct spending, Governor Arnold Schwarzenegger said.

Obama: Detroit auto bailout was unpopular, but it worked (The Christian Science Monitor)

Fri, 30 Jul 2010 21:16:59 GMT

The Christian Science Monitor - President Obama used a visit to Michigan Friday to argue the case that despite its unpopularity, his 2009 bailout of the Detroit auto industry has worked.

The Rebirth of Prague's Vltava River (BusinessWeek)

Thu, 29 Jul 2010 12:08:41 GMT

BusinessWeek - When Petr Vojak was deciding where to settle down with his family last year, his aim was clear. He wanted somewhere peaceful yet central. Eventually, they decided on a new flat in a northern district along the Vltava river, which flows through Prague.

Jobs data, earnings latest test for stocks (Reuters)

Fri, 30 Jul 2010 21:46:17 GMT

Reuters - U.S. stocks are unlikely to break above a key technical level next week unless monthly jobs data and consumer company results paint a more promising picture of the recovery.

Imports slow Q2 growth as business spending surges (Reuters)

Fri, 30 Jul 2010 21:06:04 GMT

Reuters - U.S. economic growth slowed in the second quarter as companies invested heavily in equipment from abroad and the pace of consumer spending eased, raising concerns about the recovery in the rest of 2010.

Out-of-stock Kindle may mean new version coming (Reuters)

Wed, 28 Jul 2010 17:56:07 GMT

Reuters - Amazon.com said its best-selling Kindle device was currently out of stock, leading one Internet analyst to surmise the online retailer was poised to launch a new version.

BP may sell German gas stations for $2.6 billion: report (Reuters)

Sat, 31 Jul 2010 14:35:24 GMT

Reuters - BP Plc is seeking to sell its German petrol station chain Aral for around 2 billion euros ($2.6 billion), German magazine Wirtschaftswoche reported on Saturday, citing investment bankers familiar with BP's plans.

IMF lowers Spain growth forecast, warns of 'fragile' rebound (AFP)

Fri, 30 Jul 2010 18:54:30 GMT

AFP - The IMF on Friday lowered its 2011 growth forecast for the Spanish economy to 0.6 percent from the 0.9 percent it foresaw in April and warned the recovery "is likely to be weak and fragile."

Reverse Mortgages Aren't Catching On (U.S. News & World Report)

Fri, 30 Jul 2010 15:51:45 GMT

U.S. News & World Report - The reverse mortgage industry, hammered for high fees and high pressure sales tactics, has steadily improved its procedures and its image. Loan fees and interest rates have been lowered, consumer disclosure has improved, and the federal government's insured reverse mortgage program has provided stability and credibility to the industry. A-list lenders have expanded their presence in the market; Wells Fargo and Bank America are the nation's top two reverse mortgage lenders.

Greece turns to military to restore fuel supplies (AP)

Fri, 30 Jul 2010 18:36:30 GMT

AP - Greece said Friday it will use military trucks, navy vessels and commandeered fuel tankers to restore gasoline supplies cut by a strike that has hurt the country's industry and vital tourism trade at the height of vacation season.

AP EXCLUSIVE: Salazar tours rigs, keeps drill ban (AP)

Sat, 31 Jul 2010 17:28:10 GMT

AP - The helicopter passes over the blue waters of the Gulf of Mexico — with surprisingly little oil visible on its surface — when out of the sea rises a skyscraper-like structure nearly 350 feet above the waves. The $600 million rig, nearly 100 miles off Louisiana's coast, has a hull larger than a football field and can drill more than 5 miles beneath the ocean floor.

Glimcher offering raises $96M after costs (AP)

Fri, 30 Jul 2010 17:36:17 GMT

AP - Real estate investment trust Glimcher Realty Trust said Friday a recently completed public offering of 16.1 million common shares generated about $96 million, after commissions, discounts and expenses.

ICICI Bank profit up 17 percent on better loans (AP)

Sat, 31 Jul 2010 11:18:37 GMT

AP - ICICI Bank, India's largest private sector bank, said quarterly profit rose 17 percent as it cut costs and eliminated bad loans amid revived credit demand in India's growing economy.

Wall Street marks best month in a year in July (Reuters)

Fri, 30 Jul 2010 20:45:12 GMT

Reuters - U.S. stocks closed little changed on Friday, but Wall Street wrapped up its best month in a year after the earnings season rounded the final turn with a group of strong results that offset the impact of poor economic data.

Citigroup paying $75M to settle civil charges (AP)

Fri, 30 Jul 2010 00:50:15 GMT

AP - Banking titan Citigroup Inc. is paying $75 million to settle civil charges that it misled investors about its potential losses from subprime mortgages as the housing bust hit in 2007.

Obama hails news economy growing, wants more (Reuters)

Fri, 30 Jul 2010 20:50:35 GMT

Reuters - President Barack Obama said on Friday he welcomed news that the U.S. economy grew by 2.4 percent in the second quarter, but said more work was needed to increase that growth rate and generate jobs.