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UK banking commission urges better standards
British bankers could soon be facing harsher penalties for behaving badly. After a year which has seen major scandals involving rate-rigging, money-laundering and rogue-trading rock the UK's financial industry, an influential parliamentary committee recommended Wednesday that senior bankers should be held more accountable for their bank's actions. One measure, it ...
Banks fall short in helping struggling homeowners
Homeowners trying to avoid foreclosure must wait too long for their loan modification applications to be reviewed by some of the nation's top mortgage servicers, according to a report released Wednesday. Such delays can plunge borrowers deeper in debt. Joseph A. Smith Jr., the independent monitor of last year's national ...
IMF calls for urgent steps on Spain unemployment
Spain faces the prospect of high unemployment and sluggish growth lasting years unless the country and Europe take "urgent action" to slash the nation's crippling 27 percent unemployment rate and free frozen credit to businesses so they can expand, the International Monetary Fund said Wednesday. A report issued by the ...
Markets drift as investors ready for Fed
Markets drifted lower Wednesday ahead of a keenly awaited policy statement from the U.S. Federal Reserve. The central bank wraps up a two-day policy meeting later and investors are looking to see if policymakers are moving towards any change in its monetary policy stance. The Fed's strategy of super-low interest ...
Excerpts from recent South Dakota editorials
Argus Leader, Sioux Falls, June 18, 2013 Immigration reform possible Immigration reform is a buzzword that comes packaged with some emotional punch. On one side, many people don't want reform unless the U.S. borders are controlled to keep illegal immigrants out. On the other hand, a bipartisan group of South ...
OC Fannie Mae worker charged with fraud
An Orange County employee of mortgage giant Fannie Mae has pleaded not guilty to charges that he demanded kickbacks to provide listings of repossessed homes to a real estate broker. The Orange County Register (http://bit.ly/11N2PTk) says Armando Granillo has pleaded not guilty to federal counts of wire fraud. He's free ...
Oil rises near $99 a barrel before Bernanke speaks
The price of oil rose to near $99 a barrel on Wednesday, driven by a report of falling U.S. stockpiles of crude and ahead of the conclusion of a meeting of the Federal Reserve. By early afternoon in Europe, benchmark oil for July delivery was up 20 cents to $98.64 ...
World Bank highlights climate-poverty link
The World Bank says it will increasingly view its efforts to help developing countries fight poverty through a "climate lens." In a report released Wednesday, the international lending institution warned that heat waves, rising seas, more severe storms and other impacts of climate change will trap millions of people in ...
Japan's trade deficit climbs to $10.5B in May
Japan's trade deficit rose nearly 10 percent in May to 993.9 billion yen (nearly $10.5 billion), highlighting the challenge Prime Minister Shinzo Abe faces in revitalizing manufacturing as industries increasingly shift production offshore. Rising costs for imports due to the cheaper yen matched a 10 percent rebound in exports from ...
Investors look for answers on economy from Fed
Worry and speculation have consumed investors since Chairman Ben Bernanke spoke to Congress last month about the Federal Reserve's drive to keep long-term interest rates at record lows. On Wednesday, many hope the Fed will settle the confusion. Will the Fed scale back its $85 billion-a-month in bond purchases within ...
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