Zero Percent Mortgages for All Homeowners As Foretold In the Bibles Book of Nehemiah According to Duane Faust, founder of Restore Mortgages, “America’s homeowners are undergoing devastating events of biblical proportions. Considering there are approximately 48 million Americans with a mortgage, nearly 19 million households have been ill-effected by actual repossession, foreclosure filings, and/or designated [...]
PARIS/LONDON (Francesca Landini and Huw Jones) – Finance ministers and central bankers from the world’s top economies are set to back a mandatory capital surcharge on big lenders of up to 2.5 percent to be phased in from 2016. A draft communique from a meeting of G20 finance chiefs endorses a 1-2.5 percent capital surcharge [...]
WASHINGTON (Lucia Mutikani) – Consumers and businesses pulled the sickly U.S. economy back from the brink of recession in the third quarter but don’t pop the champagne just yet. After wobbling early in the quarter, the economy regained some footing, with retail sales rising solidly in September and labor market conditions improving. Business spending has [...]
WASHINGTON (Sarah N. Lynch) – Securities regulators are struggling to craft a rule that sheds light on companies that use certain African “conflict minerals” but avoids a compliance nightmare that hurts manufacturers. The Securities and Exchange Commission is six months behind schedule in finalizing the rule that is required by last year’s Dodd-Frank financial oversight [...]
Should people who are tired of paying extra fees be allowed to close their bank accounts in protest? One Bank of America official reportedly doesn’t think so. According to Addicting Info, two women involved with the Occupy Santa Cruz movement in California walked into a Bank of America branch earlier this week and attempted to close [...]
CHARLESTON, South Carolina – (Harriet McLeod) – A Canadian mining company and a tiny South Carolina town are leading what could be a modern gold rush to the southeastern United States. Romarco Minerals Inc. reopened the historic Haile Gold Mine near Kershaw, S.C., this year and expects to pour its first gold bar there in [...]
NEW YORK (Jennifer Ablan) – Bill Gross, manager of the world’s largest bond fund, apologized to his investors late Friday for his poor performance, saying “I’m just having a bad year.” In a Special Edition letter posted on PIMCO’s website, Gross, who runs the $242 billion PIMCO Total Return portfolio, wrote that he underestimated the [...]
ZURICH – Swiss banks accused of helping Americans to dodge taxes have been summoned to a parliamentary committee hearing this week at which they will be asked to explain their actions, Swiss newspaper NZZ am Sonntag reported on Sunday. Credit Suisse (CSGN.VX), Julius Baer (BAER.VX) and Basler Kantonalbank (BSKP.S) have all been called to answer [...]
NEW YORK — Gap Inc. plans to close stores in the U.S., while expanding in China. The struggling retailer, which runs the Gap, Old Navy and Banana Republic chains, detailed plans on Thursday to close 189 locations, or 21 percent of its namesake Gap stores in the U.S., by the end of 2013. At the [...]
Fast Retailing Co Ltd’s (9983.T) Uniqlo is launching its U.S. expansion this week with the opening of a flagship store in Manhattan that will anchor a global push to rely less on its home market of Japan. In addition to the Fifth Avenue location, opening on Friday, Uniqlo is also opening a store in New [...]
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