Reuters - U.S. consumer credit expanded at the
fastest rate in seven months in June as Americans turned to
credit cards and consumer loans to maintain spending in the
face of rising food and energy costs, a government report on
Thursday showed.
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Reuters - Stocks extended losses on Thursday, as
oil prices added to gains and financials fell further after
Moody’s Investors’ Service said it may downgrade American
Express’ credit rating.
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Reuters - Cconsumer credit expanded at the
fastest rate in seven months in June as Americans turned to
their credit cards to keep up spending in the face of rising
food and energy costs, a report on Thursday showed.
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AP - Consumers fortified by the government’s rebate checks boosted their borrowing in June at the fastest pace in seven months.
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Reuters - Stocks fell on Thursday after a big
loss from insurer American International Group revived worries
about the credit crisis and retailers fell after Wal-Mart
gave a cautious August sales outlook.
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AP - Vonage Holdings Corp.’s subscriber growth nearly ground to a halt in the second quarter, as the Internet telephone company said Thursday it gained just 2,000 lines in the period.
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Reuters - Tone Grant, former president of Refco,
once the largest independent commodities broker, was sentenced
to 10 years in prison for his role in a $2.4 billion fraud that
involved hiding huge trading losses from clients.
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Reuters - Stocks fell on Thursday as insurer
American International Group and Citigroup weighed on the
financial sector, while lower-than-expected July sales by
Wal-Mart Stores Inc raised concerns about consumer spending and
profit outlook.
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Reuters - Citigroup Inc agreed to buy back
more than $7 billion of illiquid auction-rate securities and
pay a $100 million civil fine to settle charges it fraudulently
misled investors about the debt’s risk.
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Reuters - Stocks cut losses on Thursday, sending
the Nasdaq into positive territory, as big-cap technology
shares such as Intel gained more than 5 percent, and U.S. crude
oil prices trimmed gains.
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Reuters - Tone Grant, the former president of
Refco, once the largest independent commodities broker, was
sentenced to 10 years in prison for his role in a $2.4 billion
fraud that involved hiding huge trading losses from clients.
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AP - Toyota said Thursday that its fiscal first-quarter profit plummeted 28 percent and stuck to its forecast that full-year profit with fall for the first time in seven years as it faces more problems from the weakening U.S. market.
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AP - Stocks pared their losses to trade mixed Thursday after a drop in oil prices offset unease about a surprise jump in weekly unemployment claims and disappointing sales figures from retailers. The Dow Jones industrials fell about 140 points, while the Nasdaq composite index ticked higher as many technology names advanced.
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Reuters - Stocks cut losses on Thursday, sending
the Nasdaq into positive territory, as big-cap technology
shares such as Intel gained more than 5 percent, and U.S. crude
oil prices trimmed gains.
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AP - The nation’s jobs market sent a fresh cry of distress as the number of newly laid off people unexpectedly hit the highest level in more than six years, a Labor Department report showed Thursday.
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AP - SIX-YEAR HIGH New filings for unemployment benefits hit 455,000, the highest in more than six years.
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AFP - Troubled US banking giant Citigroup has agreed to buy back 7.5 billion dollars’ worth of tainted securities it marketed to tens of thousands of investors, US regulators announced Thursday.
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Reuters - Citigroup Inc agreed to buy back
more than $7 billion of illiquid auction-rate securities and
pay a $100 million civil fine to settle charges it marketed the
debt fraudulently.
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Reuters - Claims for U.S. jobless aid rose
last week and big retailers had disappointing sales in July,
reports showed on Thursday, but a gauge of future home sales
rose in a hopeful sign for the battered housing sector.
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AFP - The Securities and Exchange Commission said Thursday it had reached a multibillion-dollar settlement with US banking giant Citigroup regarding its marketing of complex debt securities.
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Reuters - The European Central Bank left
interest rates unchanged on Thursday and insisted inflation was
still its key fear even though risks to growth were taking
hold, prompting markets to scrap bets on rates rising again
this year.
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Reuters - Citigroup Inc agreed to buy back
more than $7 billion of illiquid auction-rate securities and
pay a $100 million civil fine to settle charges it marketed the
debt fraudulently.
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Reuters - Oppenheimer analyst Meredith Whitney saw
negative implications for overall U.S. spending over the next
12 to 18 months after credit card company American Express Co
indicated credit deterioration among its most affluent
customers.
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Reuters - Stocks fell on Thursday as news of a
big loss at insurer American International Group rattled
investors and Wal-Mart Stores Inc missed July sales forecasts,
heightening concerns about consumer spending and the profit
outlook.
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AP - Blockbuster Inc.’s second-quarter loss deepened, but the struggling movie rental chain showed some signs of progress by wringing more revenue from its stores while lowering its costs.
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AP - Wall Street retreated Thursday after weekly unemployment claims jumped to a six-year high and retailers generally reported disappointing monthly sales. But a surprise increase in pending home sales appeared to mitigate some of the looses, leaving the Dow Jones industrial average down about 100 points.
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Reuters - Citigroup Inc is expected to buy
back billions of dollars of auction-rate securities as part of
a settlement of charges that it marketed the debt fraudulently,
media reports said.
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Reuters - Stocks pared losses on Thursday
following a report that showed June pending home sales rose
unexpectedly, buoying hopes of housing market stabilization.
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AP - Lenovo Group Ltd., the world’s No. 4 PC maker, said Thursday its quarterly profit rose 65 percent as strong sales in China and emerging economies offset weakness in the United States.
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Reuters - American International Group Inc
said on Thursday potential cash losses on its portfolio
of credit default swaps tied to risky mortgage debt could be as
high as $8.5 billion, much more than previously disclosed.
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