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(WASHINGTON) — Regulators are examining whether Morgan Stanley, the investment bank that shepherded Facebook through its highly publicized stock offering last week, selectively informed clients of an analyst’s negative report about the company before the stock started trading. Rick Ketchum, the head of the Financial Industry Regulatory Authority, the self-policing body for the securities industry, [...]
(WASHINGTON) — A Democratic-controlled Senate panel Tuesday approved a $2.50 increase in airline security fees that would double the per-passenger fee for those taking nonstop flights. The move by the Senate Appropriations Committee would increase the fee on a nonstop round-trip flight from $5 to $10. Fees on a one-way, nonstop ticket would increase from [...]
(NEW YORK) — A former Goldman Sachs board member brazenly committed securities fraud by feeding confidential information about the investment bank to a high-flying hedge fund manager, who used it to make a killing on the stock market, a federal prosecutor said Monday at a closely watched insider trading trial. Rajat Gupta “threw away his duties, [...]
(HONG KONG) — Struggling Internet company Yahoo Inc. has agreed to sell half of its 40 percent stake in Chinese e-commerce group Alibaba for about $7.1 billion. The deal, announced Sunday in the U.S., will see Alibaba Group buying back the stake from Yahoo Inc. for $6.3 billion cash and up to $800 million of [...]
WASHINGTON— Unemployment rates fell in two-thirds of U.S. states last month, evidence that modest economic growth is boosting hiring in most areas of the country. And in many states, unemployment has fallen well below the national average, which was 8.1 percent last month. Rates were lower than 7 percent in 22 states in April. That [...]
NEW YORK (AP) — Facebook has priced its initial public offering of stock at $38 per share, at the high end of its expected range. It means investor demand is strong for the world’s largest online social network. (VIDEO: The Facebook IPO: Explainer)
(WASHINGTON) — The number of people seeking unemployment benefits was unchanged last week, suggesting steady gains in the job market. The Labor Department said Thursday that weekly unemployment aid applications stayed at a seasonally adjusted 370,000, the same level as the previous week. The four-week average, a less volatile measure, fell for the second straight [...]
(WASHINGTON) — Lower gas prices in April weren’t enough to embolden U.S. consumers to spend more elsewhere. The Commerce Department said retail sales rose only 0.1 percent last month. Even after excluding gasoline station sales, consumers increased their spending on retail goods by just 0.2 percent. That followed two stronger months in February and March. [...]
(NEW YORK) — Best Buy’s founder Richard Schulze is stepping down as chairman after an investigation found that he knew that the CEO was having a relationship with a female employee and did not alert the audit committee. Best Buy hired an outside law firm in March to investigate then CEO Brian Dunn, who resigned [...]
JPMorgan Chase, the largest bank in the United States, said Thursday that it lost $2 billion in the past six weeks in a trading portfolio designed to hedge against risks the company takes with its own money. The company’s stock plunged almost 7 percent in after-hours trading after the loss was announced. Other bank stocks, [...]
U.S. consumers have had their fill of expensive, contract-based phone plans.
(WASHINGTON) — The number of people applying for U.S. unemployment benefits ticked down last week after dropping sharply the previous week, evidence hiring could pick up this month. Weekly applications dropped 1,000 to a seasonally adjusted 367,000 in the week ending May 5, the Labor Department said Thursday. The previous week’s figure was revised up [...]
WASHINGTON — U.S. mortgage giant Fannie Mae made money in the first three months of the year and is not seeking additional federal aid. It’s the first time the company has reported a net income gain since it was taken over by the government during the 2008 financial crisis. Fannie on Wednesday reported that it [...]
(MIAMI) — Former media mogul Conrad Black was released from a federal prison in Miami early Friday after serving about three years for defrauding investors. Bureau of Prisons spokesman Chris Burke did not give an exact time on when Black was released and said he didn’t have any other details. Black, whose empire once included [...]
WASHINGTON (AP) — Government-controlled mortgage giant Freddie Mac is requesting $19 million in additional federal aid after posting a loss for the first quarter of this year. The requested amount is less than the $146 million that Freddie received from the government for the fourth quarter of 2011. The company received $7.6 billion for all [...]
(WASHINGTON) — The number of people seeking unemployment benefits fell last week by the most in more than three months. The figure was a hopeful sign one day before the government releases the April jobs report. The Labor Department says weekly unemployment aid applications fell 27,000 last week to a seasonally adjusted 365,000. Applications are [...]
WASHINGTON — Demand for U.S. manufactured goods dropped by the most in three years in March, driven lower by a sharp fall in volatile orders for commercial aircraft. Still, more recent data suggest the decline may be temporary. The Commerce Department said Wednesday that orders for factory goods fell 1.5 percent, the steepest decline since [...]
LONDON – Record unemployment figures for the 17 countries that use the euro released Wednesday are set to increase the pressure on Europe’s leaders to switch from a focus on harsh austerity measures to push for a pro-growth strategy. Unemployment across the 17-member eurozone rose to 10.9 percent in March — its highest level since [...]
(SAN FRANCISCO) — A former high-tech executive convicted of defrauding investors of at least $30 million on Monday was given one of the harshest sentences meted out in a white-collar criminal case. A federal judge in San Francisco sentenced Samuel “Mouli” Cohen to 22 years in prison. Judge Charles Breyer also set a Thursday hearing [...]
(WASHINGTON) — Americans increased their spending more slowly in March, suggesting some could be worried about the economy. The Commerce Department said Monday that consumer spending increased just 0.3 percent last month after a 0.9 percent gain in February. Income grew 0.4 percent following a 0.3 percent gain in February. Still, after-tax income when adjusted [...]
