The Obama administration is trying to reclaim the debate on financial reform amid an aggressive push-back by banks who say the consumer-friendly proposal would add burdensome regulations and cripple their industry. Treasury Secretary Timothy Geithner was to testify Wednesday before the House Financial Services Committee, where lawmakers want added rules for neighborhood banks. In his prepared testimony, obtained in advance by The Associated Press, Geithner defended the administration's call... Read Full Story
About half a trillion pesos (10.7 billion dollars) in loans are at risk from defaults due to two tropical storms that ravaged the Philippines, Dow Jones Newswires quoted a central bank official as saying Friday. The figure quoted by Nestor Espenilla, the central bank deputy governor for supervision and examination, is equivalent to nearly a quarter of the Philippines banking systems' loan portfolio, the report said. Tropical Storm Ketsana killed 337 people as floods swamped 80 percent of... Read Full Story
The head of the Federal Trade Commission said Thursday the agency is considering banning upfront payments to companies that advertise help for borrowers who are in trouble on their home loans. Government officials say scammers seeking to take advantage of borrowers in danger of default often charge upfront fees of $1,000 to $3,000 for help with loan modifications that rarely, if ever, pay off. "If you are concerned about keeping your home, avoid any company that asks you for a large fee in... Read Full Story
Labor Secretary Hilda Solis says the Obama administration recognizes that too many people are out of work, saying government officials are working hard to ease unemployment. Appearing on NBC's "Today" show Monday as she prepared to join President Barack Obama at a Labor Day picnic in Ohio, Solis said she sees "stabilization occurring" in the economy. She noted that job losses have tapered off in recent months, while also acknowledging that the national unemployment rate likely will hit... Read Full Story
Pharmaceutical company AstraZeneca PLC posted a 6 percent rise in second quarter net profit on Thursday as the company weathered the global recession better than feared and some of its key drugs benefited from a lack of generic competition. The Anglo-Swedish drugmaker bolstered its positive outlook with a decision to lift full year earnings per share forecast to a range of $5.70 to $6 from $5.15-$5.45. The company posted net profit of $1.72 billion for the three months to June 30, compared... Read Full Story
Navigational device maker Garmin Ltd. on Wednesday reported sharply lower second-quarter earnings on Wednesday, but beat Wall Street estimates and said the worst of its sales decline may be over. Its shares surged almost 18 percent. Garmin makes devices that use Global Positioning System technology for drivers, hikers, boaters and pilots. The recesssion has hurt both the auto and aviation industries and cut into Garmin's sales of products sold to those industries. "While we're not seeing... Read Full Story
DirecTV Group Inc., the nation's largest satellite TV operator, on Thursday reported an 11 percent drop in second-quarter profit as higher customer-acquisition costs offset revenue growth. The El Segundo, Calif.-based company said that customers were cutting back on premium channels and pay-per-view programming. But DirecTV added 224,000 net new subscribers in the quarter, 74 percent more than the same period last year, at a time when cable operators are losing basic video customers. It was... Read Full Story
Casino operator Boyd Gaming Corp. said Wednesday that its second-quarter profit dropped 41 percent as the recession prompted gamblers to curtail their spending. The Las Vegas-based company earned $12.8 million, or 15 cents per share, for the three months ended June 30 compared with $21.7 million, or 25 cents per share, a year earlier. "The uncertainty which exists in the economy today continues to negatively impact consumer spending," President and CEO Keith Smith said in a statement. But... Read Full Story
Principal Financial Group Inc. said Monday profit fell on lower fee income, the result of a 16 percent drop in assets under management. Negative market performance increased pension and other post-retirement benefit costs. The Des Moines-based insurance, retirement and financial services company said net income fell to $150.3 million, or 52 cents per share, from $168.3 million, or 64 cents per share a year ago. That included losses of $80.6 million from sales and other than temporary... Read Full Story
DirectTV Group Inc. said Thursday its second-quarter profit fell 11 percent, but its revenue climbed as the digital and satellite TV provider signed up new subscribers in the U.S. and Latin America. Net income slid to $407 million from $455 million in the same quarter last year. Earnings per share were 40 cents in each quarter. Revenue for the quarter ended June 30 climbed to $5.22 billion from $4.81 billion. Analysts projected income of 43 cents per share on revenue of $5.18 billion. Larry... Read Full Story
