Wells Fargo responded to new restrictions set by the Federal Reserve by scrapping a debit card rewards program for bank customers. The ruling by the U.S. central bank is based on the Dodd-Frank Act signed into law by President Barack Obama last year. That piece of legislation installed a ceiling of 12 cents per transaction […]
The housing market will unlikely recover until many years from now according to analysts, and the latest data supports the bleak outlook. A report from the Department of Commerce on Wednesday showed that building permits plunged 8.1 percent in February to its lowest mark since 1960. Meanwhile, home construction dropped 22.5 percent to 479,000 homes […]
Oil prices have risen 22 percent in the past year and the ongoing tension in the Middle East is likely to make matters worse. The per gallon price of regular gasoline has hit $3.54 yesterday compared to just $2.77 one year earlier, figures from AAA showed. In light of looming oil supply disruptions, some are […]
The foreclosure mess investigation came one step closer to its conclusion as attorneys general of all 50 states presented terms of a settlement to banks and lenders. Federal agencies including the Federal Trade Commission, the Department of Justice and the Department of Housing and Urban Development are also involved in the probe of the foreclosure […]
State budget deficits will persist and will not be resolved even as the U.S. economic recovery gains momentum. Federal Reserve chairman Ben S. Bernanke said in speech in New York that it will “take some time” for many state and local governments to get their finances in order. “Governors, mayors and legislators will confront more […]
Tax cuts that were supposed to encourage consumer spending had a weak impact in January, as Americans preferred to keep the extra money for now. The growth in spending was the slowest since June last year, rising just 0.2 percent in January, according to a report from the Department of Commerce released on Monday. Analysts […]
The foreclosure process mishandled by big mortgage companies Wells Fargo and Bank of America under investigation may result to hefty fines. State attorneys general of all 50 states are conducting a probe amid allegations that the banks kicked people out of their homes based on shoddy paperwork. Bank of America, based in Charlotte, North Carolina, […]
Spending cuts as deep as proposed by the Republicans will take away the early momentum of recovery, bank and investment firm Goldman Sachs warned today. House Republicans have pushed a bill that would slash $61 billion in federal spending from March to September this year. The measure will shave off 1.5 percent from U.S. economic […]
A trade deficit this month was the first in 22 months for Japan due to factors like weak exports to China and higher import costs. Instead of registering a surplus worth 49.6 billion yen in line with expectations, Japan posted a deficit of $471.4 billion yen or $5.7 billion in January. Just a month earlier, […]
Unemployment claims for first time filers rose 25,000 for the week ended February 12 to 410,000 reversing the trend that they were already decreasing amid a recovering job market. The Labor Department reported that continuing claims increased 1,000 in the week ended February 5. That brought the total for those seeking a second week of […]
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