Recovery | MyFOX Spokane

Bank of America to pay $2.43B in settlement

Submitted by Fox First at Ten on September 28th

By MARCY GORDONAP Business Writer WASHINGTON (AP) - Bank of America says it has agreed to pay $2.43 billion to settle a class-action lawsuit related to its acquisition of Merrill Lynch at the height of the financial crisis. In the lawsuit, shareholders alleged that Bank of America and some of

Higher gas costs push US consumer spending up

Submitted by Fox First at Ten on September 28th

By MARTIN CRUTSINGERAP Economics Writer WASHINGTON (AP) - Americans boosted their spending in August even though their income barely grew. Much of the spending increase went to pay higher gas prices, which may have forced consumers to cut back elsewhere. The Commerce Department said Friday that

Japan industrial output, core CPI fall in August

Submitted by Fox First at Ten on September 28th

By ELAINE KURTENBACHAP Business Writer TOKYO (AP) - Japan's manufacturing contracted further in August, dropping 1.3 percent from the previous month on weakening auto and electronics output, as anti-Japanese riots in China darkened an already bleak outlook for both economies. Data released

US economic data looks better on closer inspection

Submitted by Fox First at Ten on September 27th

By CHRISTOPHER S. RUGABERAP Economics Writer WASHINGTON (AP) - At first glance, a batch of U.S. economic data released Thursday looked dispiriting. Companies slashed orders for factory goods. The government cut its most recent growth estimate. And fewer people signed contracts to buy homes. Yet

US economic data looks better on closer inspection

Submitted by Fox First at Ten on September 27th

Rate on 30-year mortgage hits record low 3.40 pct.

Submitted by Fox First at Ten on September 27th

By MARCY GORDONAP Business Writer WASHINGTON (AP) - Average U.S. rates on fixed mortgages fell again to new record lows. The decline suggests the Federal Reserve's stimulus efforts may be having an impact on mortgage rates. Mortgage buyer Freddie Mac said Thursday that the rate on the 30-

Discover 3Q profit slips, but tops Street view

Submitted by Fox First at Ten on September 27th

By MARK JEWELLAP Business Writer BOSTON (AP) - Discover Financial Services shares rose more than 7 percent Thursday, after the company said credit card use increased and more customers paid off their card balances on time in its fiscal third quarter. That news overshadowed a slight earnings

Peugeot Citroen CEO: no recovery for years

Submitted by Fox First at Ten on September 27th

By GREG KELLERAP Business Writer PARIS (AP) - The chief executive of PSA Peugeot Citroen, France's largest carmaker, admits his company is "in the eye of the hurricane" as Europe's car makers face an expected 6th straight year of falling sales in 2013. And things aren't expected to

European carmakers braced for grim future

Submitted by Fox First at Ten on September 27th

By LORI HINNANTAssociated Press PARIS (AP) - European carmakers were preparing for a future of labor strife, lower sales and more financial uncertainty as they set out their latest models at the Paris Auto Show on Thursday. France's Peugeot, Citroen and Renault see the event as a chance to

Haiti PM hopes to draft new mining law in 6 months

Submitted by Fox First at Ten on September 26th

By ALEXANDRA OLSONAssociated Press Writer UNITED NATIONS (AP) - Haiti's government hopes to introduce a new mining law within six months that could set royalty rates of between 9 and 12 percent in an effort to ensure that the impoverished country benefits from its mineral wealth,