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Asian shares hitch a ride on Wall Street's record
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent in early trading, on track for a weekly gain of 0.4 percent. Japan's Nikkei stock average added 0.2 percent, poised for a robust 1.9 percent weekly rise. Investors awaited a speech by Federal Reserve Chair Janet Yellen later in the session at the annual gathering of central bankers in Jackson Hole, Wyoming, which will be studied for any fresh signals about the timing of U.S.
Bank of America settles mortgage probes for $16.65 billion
WASHINGTON/NEW YORK (Reuters) - Bank of America Corp (BAC.N) reached a record $16.65 billion settlement with the U.S. The settlement announced on Thursday by the U.S. It is expected to resolve the vast majority of the Charlotte, North Carolina-based bank's remaining liabilities tied to its purchases of Countrywide Financial Corp, once the nation's largest mortgage lender, in July 2008 and Merrill Lynch & Co, six months later. Bank of America expects the accord to reduce third-quarter earnings by about $5.3 billion before taxes, or about 43 cents per share after taxes.
U.S. federal prosecutors questioning GM lawyers on...
General Motors had issued a report in June which detailed how for 11 years it turned a blind eye to an ignition-switch problem linked to at least 13 deaths but largely pinned the blame on what the report described as incompetent lower-level employees, leaving top brass untouched. Concealing evidence about the faulty ignition switch could have led to a potential delay in the recall of the affected vehicles, the Journal said.
Obamacare is helping, not harming, traditional healthcare
Critics were very wrong about this one development.
Feds go after Countrywide's Mozilo…again
Angelo Mozilo, the spectacularly tan co-founder of Countrywide Financial Corp., is reportedly in trouble with prosecutors once again due to his company’s loose lending standards leading up to the financial crisis. Three years ago the government attempted and failed to bring criminal charges against Mozilo.
Global stocks extend rally, S&P at new high as data...
Global equity markets moved higher on Thursday, with the S&P 500 closing at an all-time high, as U.S. Data on German private-sector growth reassured investors about the outlook for Europe's biggest economy following a soft patch, while U.S.
Gap reports higher profit, plans India expansion
SAN FRANCISCO (AP) — Gap Inc. said its profit rose 10 percent in the second quarter as the clothing retailer cut expenses and managed to lift sales.
Why Yellen's speech could give the stock market a boost
Pedro da Costa, a reporter at The Wall Street Journal, explains that the market is trying to get ready for interest rate hikes and has been on alert for any signals that might be hawkish from the Fed.
Bank of America seeks to prove Buffett right after record...
Billionaire Warren Buffett has predicted Bank of America will become a profit dynamo when it finally resolves legal battles that have sapped funds and distracted managers.
Sprint, T-Mobile offer further price discounts
Sprint Corp unveiled a plan on Thursday that gives subscribers access to unlimited data for $60 a month, the industry's cheapest unlimited data offering as the carrier attempts to reverse the decline in its subscriber base. Sprint's new offerings are $20 cheaper than T-Mobile's unlimited plan and are available to new and existing customers who bring in their own cellphone or pay full price for a new one. The announcement comes just hours after rival T-Mobile US launched a campaign to lure subscribers away from other carriers. If an existing customer is able to persuade a subscriber of another carrier to switch to T-Mobile, both will get upgraded to an unlimited data plan for free for one year.
Oil ‘super spike’ is coming
Dan Dicker of MercBloc on why cheap oil could trigger a 'super spike' in oil prices