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Dollar falls to new 1-year low versus euro after Fed announces recovering economy
Published on 3 Nov, 2009 at 19:20 in Money | Viewed 102 views times | No Comments
Shortly after the Federal Reserve’s announcement Wednesday that the U.S. economy was recovering, the dollar fell to a new one-year low against the euro and dropped against the yen. As was widely expected, The Fed held overnight lending rates at close to zero percent and restated its intention to keep rates exceptionally low for an
Economists predict low holiday spending, US retailers brace for critical season
U.S. retailers are bracing for a difficult upcoming holiday shopping season, according to experts, who say that tight lending coupled with cautious consumer spending could be detrimental to the approaching period critical to economic recovery. Many early projections suggests retail spending in the final two months of 2009 — a season that accounts for a
US services sector sees first growth in a year: ISM
The US services sector grew in September for the first time in a year, according to a survey by purchasing managers released Monday. The Institute of Supply Management said its nonmanufacturing index rose to 50.9 percent from 48.4 percent in August. Any figure above 50 percent indicates growth. The services sector makes up the majority
Explosion of bank overdraft fees in US: study
Published on 3 Nov, 2009 at 19:00 in Money | Viewed 53 views times | No Comments
US banks billed their customers 24 billion dollars in penalty fees for overdrawing their accounts last year, a 35 percent increase over the previous year, a study has found. Rather than deny payment, most banks in the United States routinely approve transactions not covered by funds but charge customers an average fee of 34 dollars
Gold surges, hits new all-time high of $1,045
Published on 3 Nov, 2009 at 18:59 in Money | Viewed 75 views times | No Comments
Gold prices surged to a new high Tuesday as investors sought a safe harbor from a falling dollar and inflation. Gold for December delivery rose to as high as $1,045 an ounce, surpassing a previous intraday high of $1,033.90 logged in March 2008, just days after Bear Stearns Cos. collapsed. Gold also had a record
Mich. ‘Robin Hood’ banker gets year in prison
Published on 3 Nov, 2009 at 18:58 in Money | Viewed 67 views times | No Comments
A Michigan bank manager who insists she gave the $340,000 she stole over eight years to needy customers was sentenced Tuesday to a year and a day in prison by a judge who declared that her “Robin Hood days are long over.” Patricia Keezer, 53, said the embezzling began in 2000, when she would give
Yahoo! cost-cutting yields 244 pct net profit increase
Due to aggressive cost-cutting measures, internet giant Yahoo! more than tripled its net profit for the third quarter of 2009 despite a 12-percent decline in revenue, the company reported Tuesday. Yahoo! said its net profit soared more than 244 percent to 186 million dollars (13 cents per share), from 54 million dollars (four cents per
Citibank closing hundreds of credit accounts
Published on 3 Nov, 2009 at 18:41 in Money | Viewed 87 views times | No Comments
A recent decision by Citibank has some experts baffled. An unknown number of credit card accounts, co-branded with oil companies like Shell and Exxon-Mobil, have been closed by the creditor. Citibank’s reason for taking action against customers is unknown. The bank’s spokesman declined to give an explanation for the massive closure, according to American Banking
College tuition costs rising again this fall
Published on 3 Nov, 2009 at 18:40 in Money | Viewed 56 views times | No Comments
Average tuition prices rose sharply again this fall as colleges passed much of the burden of their own financial problems on to recession-battered students and parents. Average tuition at four-year public colleges rose 6.5 percent, or $429, to $7,020 this fall, according to the College Board’s annual “Trends in College Pricing” report, released Tuesday. At
Banks to penalize responsible credit card customers
Beginning next year, Bank of America will charge some of its customers an “experimental” fee ranging from $29 to $99 per year. Those that could be affected include card holders who pay their entire balance each month or who have never had a late fee. Similarly, Citigroup has started to charge annual fees from customers
