10 mins ago
- A federal judge imposed a $1.3 billion civil penalty against Bank of America on Wednesday for its role in selling risky mortgages to Fannie Mae and Freddie Mac that were advertised as safe investments.
Posted: 10:32 AM
- Officials tell The Associated Press that a nonpartisan investigative report concludes that management failures by the Obama administration set the stage for the computer problems that paralyzed the HealthCare.gov website last fall.
Posted: 5:39 AM
- After a dismal winter, the U.S. economy sprang back to life in the April-June quarter, growing at a fast 4 percent annual rate on the strength of higher consumer and business spending.
GDP Rebound Stirs Hopes On Economy The U.S. economy surged 4% in the second quarter, more than offsetting a first-quarter contraction and putting growth back on an upward trajectory in 2014.
Fed Boosts View of Economy The Federal Reserve said it would scale back its bond purchases to $25 billion monthly and delivered a modestly more upbeat assessment of inflation, jobs and the economy, hours after a stronger-than-expected U.S. growth report.
Homeowner Program Faces Mounting Backlog The Obama administration's signature program to aid struggling homeowners has hit another speed bump: The mortgage companies processing applications can't keep up with demand.
Private Sector Reins in Pace of Hiring U.S. businesses slowed their pace of hiring in July, according to an employment survey. The number of private-sector jobs created this month was fewer than economists expected.
Home-Price Growth Slows Home prices across the U.S. slowed sharply to a single-digit pace in May on a year-over-year basis, the slowest rate since February 2013, according to a home-price report.
Consumer Confidence Rises in U.S. Consumers turned more upbeat about the economy this month, according to a consumer confidence report. Better sentiment about job availability supports expectations for a good increase in July payrolls.
U.S. Pending Home Sales Slip The number of contracts signed to buy previously-owned homes slipped in June, a sign the housing recovery remains choppy despite a retreat in interest rates.
U.S. Durable Orders Rebound in June Orders for big-ticket manufactured goods rebounded in June, a sign that capital investment by businesses could boost U.S. economic growth heading into the second half of the year. But shipments of core capital goods fell, prompting some economists to trim their forecasts of second-quarter growth.
New-Home Slowdown Pressures Recovery Demand for new homes slowed sharply during the first half, a development that threatens to reverberate beyond the housing market and throughout the broader economy.
US Business News
In Prepaid Cards, Fortune Eludes the Famous Suze Orman, Magic Johnson and Lil Wayne are among the celebrities who have shuttered or scaled back prepaid-card ventures, as they struggle to compete with plain-vanilla cards issued by big banks.
In Video Age, Film Gets a Reprieve Faced with the possible extinction of the material that made Hollywood famous, a coalition of studios is close to a deal to keep Eastman Kodak in the business of producing movie film.
Samsung's Mobile Chief Feels Pressure Over Sales The head of Samsung's mobile division, J.K. Shin, is facing pressure as weakening phone sales propel the company toward an expected third straight quarter of operating-profit declines when it reports results Thursday.
Alibaba Discusses Snapchat Stake Snapchat is in discussions to raise a new round of financing from Alibaba in a deal that could value the mobile-messaging app at about $10 billion.
GM to Start Taking Crash Claims General Motors on Friday starts taking applications from victims of accidents involving defective ignition switches in its small cars, promising the first payouts from the about $400 million fund by November.
Waiting Game: Sprint, T-Mobile The slow progress in Sprint's pursuit of T-Mobile is in part tied to the public nature of the deal. With all the details out, there isn't as much pressure to make an announcement.
Telefónica Circles Mexican Rival Telefónica said it is in talks to buy a Mexican rival, reported to be Iusacell, in a deal that could be worth as much as $4 billion.
Global Firms See Risks in Russia U.S. and European companies are girding for the possible impact of tougher international sanctions against Moscow, with auto makers and energy giants moving to limit the Russia risks to their businesses.
Mixed Fortunes for European Car Makers European car makers painted a murky portrait of the global auto industry as concerns about Russia and Latin America blunt the optimism fueled by a steady rebound in European auto demand.