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Articles filed under Finance

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  • U.S. works to ease Caribbean dependence on Venezuelan oil Jan 24, 2015 2:00 PM
    At the moment, there is no sign that Venezuela will end Petrocaribe. Earlier this month, President Nicolas Maduro praised it as a “guarantee of peace, stability, mutual benefit, shared development and fair commerce shared by the entire Caribbean.” Still, a prolonged collapse of oil prices could sink an economy already in a deep recession or Caracas could be forced to commit its exports to China to meet its own debt obligations.

     
  • American Express to cut more than 4,000 jobs Jan 22, 2015 1:55 PM
    American Express said Wednesday it plans to cut more than 4,000 jobs this year, about 6 percent of its total workforce. The New York-based charge card company said the cuts are part of a companywide efficiency drive. The announcement came as it reported an 11 percent rise in fourth-quarter profit.

     
  • S&P settles with SECS, 2 states over misconduct charges Jan 21, 2015 10:55 AM
    he credit ratings agency Standard & Poor’s agreed to pay the U.S. government and two states $77 million to settle investigations into mortgage-backed securities. In its first enforcement action against a major rating agency, the Securities and Exchange Commission accused S&P of fraudulent misconduct in its ratings of some mortgage-backed securities from 2011 to 2014.

     
  • Ablin: Economic growth doesn't necessarily mean more jobs Jan 22, 2015 7:24 AM
    Jack Ablin, executive vice president and chief investment officer of BMO Private Bank, said economic growth will accelerate this year, which will spark more consumer spending. But don't think that means more jobs. Technology is accelerating, too, and is actually killing job growth, he said.

     
  • Morgan Stanley misses Wall Street’s expectations for 4Q Jan 20, 2015 8:51 AM
    Morgan Stanley reported a bigger fourth-quarter profit Tuesday as the investment bank recovered from some huge legal expenses last year. But it suffered from the same trading slowdowns seen at other banks in the most recent quarter and fell short of Wall Street expectations. The bank reported adjusted net revenues of $599 million in the quarter, down from $694 million a year ago. Equity sales and trading, a key part of Morgan Stanley’s business, saw a modest increase in revenue from a year ago, to $1.6 billion from $1.5 billion a year ago. The Wall Street investment bank earned $1.05 billion, or 47 cents a share. That compares with a profit of $95 million, or 2 cents a share, in the same period last year. Revenue was $7.76 billion, down from $7.84 billion last year. Wealth Management, which includes Morgan Stanley’s Smith Barney franchise, reported a modest rise in profits as well. The division earned $736 million versus $715 million a year ago. Morgan Stanley’s results were impacted by several one-time items and accounting adjustments. Adjusted for one-time items, the bank earned 39 cents a share, well short of the 56 cents per share that analysts were looking for, according to a poll by FactSet. For the full year, Morgan Stanley earned $6.15 billion in 2014 compared with $2.98 billion the year before. Firm-wide sales and revenue for the year was $34.28 billion, up from $32.49 billion a year ago. Morgan Stanley shares fell 95 cents, or 3 percent, to $34.89 in premarket trading.

     
  • Obama to seek tax hikes for rich to lift middle class Jan 18, 2015 4:01 AM
    The centerpiece of the president’s tax proposal is an increase in the capital gains rate on couples making more than $500,000 per year to 28 percent, the same level as under President Ronald Reagan. The top capital gains rate has already been raised from 15 percent to 23.8 percent during Obama’s presidency.

     
  • Goldman Sachs 4Q earnings fall 10 percent Jan 16, 2015 9:17 AM
    Goldman Sachs posted a 10 percent drop in fourth-quarter earnings Friday as trading activity declined. Wall Street investment bank’s fixed income, currency and commodities division saw a 29 percent revenue slump during the quarter, from $1.72 billion to $1.22 billion.

     
  • Swiss franc’s massive surge claims brokerage firm scalps Jan 16, 2015 9:12 AM
    The financial shock waves from the Swiss franc’s staggering ascent, one of the most acute moves in decades by a major currency, have hit firms around the world, with at least two brokerages going out of business. Though currency markets were a bit calmer Friday, with the euro up 2.5 percent at 1.0176 francs, the repercussions from the previous day’s move are being felt from New York to New Zealand via London.

     
  • Consumer prices drop 0.4 percent in December Jan 16, 2015 1:55 PM
    Some economists suggested that a big drop in inflation may cause the Fed to delay the first rate hike beyond June because of concerns about the threat of deflation, a situation of falling prices which can weaken economic growth.

     
  • Bank of America earnings fall 11 percent Jan 15, 2015 9:26 AM
    Bank of America reported an 11 percent drop in fourth-quarter earnings Thursday, caused partly by the slowdown in trading revenue that has hit Wall Street. Its shares fell more than 3 percent in morning trading.

     
  • Citigroup says fourth-quarter profit dropped on legal costs Jan 15, 2015 9:26 AM
    Citigroup said Thursday that its fourth-quarter profit dropped 86 percent after incurring large legal and restructuring charges. The bank earned $350 million, or 6 cents a share, for the three-month period ending in December, compared with a profit of $2.5 billion, or 0.77 cents a share, for the same period a year ago.

     
  • Switzerland stuns markets by giving up on currency peg Jan 15, 2015 9:26 AM
    Bowing to the inevitable, Switzerland has ditched an increasingly expensive policy to limit the export-sapping rise of the Swiss franc — a decision that propelled the currency a whopping 30 percent higher against the euro within minutes.

     
  • JPMorgan profit falls, hit by legal costs and lower trading Jan 14, 2015 9:26 AM
    JPMorgan Chase reported a 7 percent drop in fourth-quarter earnings Wednesday, hit by more legal costs and a drop in trading revenue. JPMorgan, the biggest U.S. bank by assets, said it earned $4.93 billion, or $1.19 a share, for the three-month period ending in December. That compares with a profit of $5.28 billion, or $1.30 a share, a year ago.

     
  • Wells Fargo’s earnings edge up as revenue rises Jan 14, 2015 9:26 AM
    Wells Fargo & Co. reported a slightly higher fourth-quarter profit as the country’s biggest mortgage lender generated more income from interest payments.

     
  • Nearly perfect last year, preferred funds face more pressure Jan 11, 2015 7:41 AM
    Both stock and bond mutual funds did well last year, but some of the best returns came from funds that sit somewhere in between the two markets. Preferred-stock funds invest in securities that are a hybrid of stocks and bonds, and last year they delivered more income than many bond funds and bigger total returns than many stock funds.

     
  • Don’t know your credit score? You can see it for free Jan 11, 2015 7:19 AM
    Good news for those resolving to keep a close eye on their credit history in 2015: There’s no need to pay a dime to do so. It’s never been easier for consumers to get a hold of their credit scores or credit reports for free.

     
  • 1793 penny sells for $2.35 million Jan 9, 2015 5:13 PM
    Heritage President Greg Rohan says the copper cent is rare because the design was changed soon after production started in March 1793. He says critics at the time thought the chain evoked an image of slavery. A wreath replaced the chain in later pennies.

     
  • Euro sinks after Draghi gives another stimulus hint Jan 2, 2015 9:16 AM
    The euro fell Friday to a 4 ½-year low against the dollar after European Central Bank President Mario Draghi indicated the bank could soon back a government bond-buying program to deal with alarmingly low inflation across the 19-country eurozone.

     
  • How should you invest in 2015? Experts offer their tips Jan 1, 2015 7:31 AM
    New Year's resolutions often involve money - save more, spend less, prepare for retirement, etc. But how does one successfully tackle these goals in 2015? Some suburban finance experts offer their tips.

     
  • Schaumburg library offers financial tips for divorce Dec 29, 2014 12:21 PM
    Money management tips for those in the midst of a marriage breakup will be offered in “Gaining Financial Control of Your Divorce,” from 7 to 8:30 p.m. Thursday, Jan. 15 in the Adult Classroom of the Schaumburg Township District Library, 130 S. Roselle Road in Schaumburg.

     
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