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Business News

Judge rejects Countrywide's arguments: report (Reuters)
Thu, 15 May 2008 02:09:05 GMT
Reuters - Directors and officers of mortgage lender Countrywide Financial must answer shareholder accusations of insider trading and failure to monitor lending practices that led to the company's collapse, a federal judge in California has ruled, the New York Times reported.

AIG chairman says board stands by CEO Sullivan (Reuters)
Wed, 14 May 2008 23:40:54 GMT

The AIG logo on an office building in Los Angeles, May 8, 2008. American International Group Chairman Robert Willumstad said on Wednesday the giant global insurer's directors stand behind management, including Chief Executive Martin Sullivan, fending off concerns raised by investors frustrated by two quarters of record losses. (Fred Prouser/Reuters)Reuters - American International Group Inc's chairman said on Wednesday the global insurer's board is backing Chief Executive Martin Sullivan despite some anger from investors over two quarters of record losses.




Benign inflation and strong results lift Wall St (Reuters)
Wed, 14 May 2008 21:44:49 GMT

A man carries shopping bags as he crosses the street near the Macy's department store in New York, December 23, 2006. (Keith Bedford/Reuters)Reuters - Stocks rose on Wednesday in light trading after a modest rise in consumer prices in April cooled inflation fears while Macy's Inc and Freddie Mac posted reassuring quarterly results.




Tame April price rise eases inflation worry (Reuters)
Wed, 14 May 2008 19:28:50 GMT

A man walks out of a Banana Republic store with his purchase along 5th Avenue in New York City, May 11, 2008. (Joshua Lott/Reuters)Reuters - U.S. consumer prices were tamer than expected in April on a lower energy price reading, giving the inflation-wary Federal Reserve a little breathing space as it seeks to fortify an anemic economy.




Sony shares rise 10 pct after strong profit forecast (Reuters)
Thu, 15 May 2008 00:44:54 GMT

An employee dusts Sony Corp's Bravia flat panel LCD televisions at a Sofmap electric store in Tokyo May 14, 2008. (Yuriko Nakao/Reuters)Reuters - Shares of Sony Corp (6758.T) opened 10 percent higher on Thursday after it forecast a bigger-than-expected operating profit this financial year as it aims to boost flat TV sales and wipe away losses on the PlayStation 3.




Economy - Wednesday (Investor's Business Daily)
Wed, 14 May 2008 22:55:31 GMT
Investor's Business Daily - The Mortgage Bankers Association said mortgage applications for the week ended May 9 rose 2.9% to 674.4. The group said applications rose for a 2nd week as lower interest rates sparked a 6.5% jump in refinancing activity. Applications for buying a home fell 0.7%. With Treasury yields near 2008 highs, mortgage rates are moving back up.

Chinese shares rebound from losses after quake (AP)
Wed, 14 May 2008 05:46:20 GMT

An investor looks at a stock price monitor at a private security company Tuesday, May 113, 2008 in Shanghai, China. China's two stock exchanges suspended trading Tuesday in 66 companies based in the region hit by a major earthquake in an effort to minimize potential disruptions to financial markets. (AP Photo)AP - Chinese stocks rose Wednesday morning, rebounding from losses that came after an earthquake killed thousands of people and devastated parts of central China's Sichuan province.




Accounting changes help Freddie Mac beat expectations in 1Q (AP)
Wed, 14 May 2008 21:58:17 GMT

In this Nov. 29, 2007 file photo, Richard Syron, chairman and CEO of Freddie Mac, talks about the sub-prime lending crisis and its effect on the housing market in Boston. Mortgage finance company Freddie Mac's first quarter loss widened to $151 million Wednesday, May 14, 2008, as the U.S. housing market worsened, though the results were not as poor as expected. (AP Photo/Stephan Savoia, file)AP - Freddie Mac beat Wall Street's expectations in the first quarter, but the mortgage finance company didn't vanquish concerns about its ability to weather the housing bust.




Macy's affirms full-year forecast (Reuters)
Wed, 14 May 2008 16:27:12 GMT

Shoppers walk through Macy's department store in New York November 20, 2007. (Lucas Jackson/Reuters)Reuters - Macy's Inc reported a quarterly loss on Wednesday, hurt by restructuring costs and falling sales, but the department store operator stood by its full-year earnings forecast and its shares rose as much as 8 percent.




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