ECONOMY September 3, 2011 | 9:30 AM
The US Federal Housing Finance Agency (FHFA) is suing 17 financial companies – including Goldman Sachs, the Bank of America, JP Morgan Chase & Co, and Citigroup along with EU banks such as Barclays, Credit Suisse and the Royal Bank of Scotland – on the basis they exaggerated the value of mortgage packages sold totaling over $195 billion.
The FHFA, which keeps tabs on the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), launched legal action on behalf of the two agencies, claiming that banks breached securities law and neglected to properly verify mortgagers’ reported earnings in sales of amalgamated mortgages as securities to investors.Read more »
BUSINESS September 2, 2011 | 5:47 PM
BMW’s United States sales were up almost 7%, selling over 20,800 vehicles in August, compared to a year earlier. The German-based automaker expanded its sales lead over Mercedes-Benz and Toyota’s Lexus, delivering the most luxury car models in the US in August for the fifth month in a row.
These results bring BMW closer to being this year’s top-selling US luxury automobile brand, possibly knocking Lexus out of the top spot after an 11-year reign.Read more »
WORLD September 2, 2011 | 9:16 AM
The organizing committee for the 2012 London Olympics has gone back on a pledge to offset carbon emissions during the event.
The emissions cutting promise was a major part of the bid that helped London win the right to host the Olympics ahead of eight other cities. As part of the scheme, organizers would have invested in renewable energy initiatives in developing countries around the world to offset the carbon emissions produced during the preparations and the holding of the Games.Read more »
ECONOMY September 2, 2011 | 9:15 AM
US consumer confidence is reaching ever-increasing depths, this month hitting a record-low since 2009. The new consumer attitude ratings - down to 44.5 from over 59 in July - mark the most significant fall in almost three years, according to private-sector research consultancy Conference Board.
Waning consumer confidence could have an effect on retail sales though as of yet it is too early to tell if this will be the case. Industrial production may slow but avoid a steep decline.Read more »
BUSINESS September 1, 2011 | 6:25 PM
Toshiba, Sony and Hitachi are forming a new partnership to make liquid crystal displays for smartphones and tablet PCs. The new entity, which will be known as Japan Display, will be run by the Innovation Network Corporation of Japan (INCJ), and will draw on $2.6 billion of government money to help stand up to growing competition from rivals in Taiwan and South Korea.
Terms for the joint venture are expected to be finalized by spring 2012, and the new company is expected to leap ahead of Sharp and Samsung to become the largest manufacturer of small and medium-sized LCD panels worldwide.Read more »
BUSINESS September 1, 2011 | 6:19 PM
The United States government filed suit Wednesday to block the proposed AT&T buyout of T-Mobile USA, calling the takeover anti-competitive.
The US Justice Department said that the second-biggest telecom company in the US acquiring the fourth-biggest would likely result in higher prices for consumers.Read more »
BUSINESS September 1, 2011 | 4:32 PM
In a joint agreement, Exxon and Rosneft are investing $3.2 billion for oil and gas extraction in the Russian Arctic and the Black Sea. Total resources for the Arctic agreement are estimated to be 110 billion barrels, over four times Exxon's global oil reserves.
The agreement represents the most meaningful US-Russian company deal since US President Obama's move toward stronger ties.Read more »
BUSINESS September 1, 2011 | 2:28 PM
US solar-panel manufacturer Solyndra has wound up operations, leaving more than 1,000 jobless and putting a dent in the US State budget as over $527 million in government loans go unpaid.
Under President Obama’s administration the company was intended to serve as an exemplary case in creating employment in the clean technology sector.Read more »
BUSINESS September 1, 2011 | 10:10 AM
Software company Oracle is under criminal investigation by the Federal Bureau of Investigation (FBI), the US Securities and Exchange Commission (SEC) and the Department of Justice to discern whether or not the company may have broken federal laws against bribery in business dealings in Africa.
As part of the investigation, officials are examining whether Oracle representatives may have made unlawful payments to obtain applications software and database sales. The investigation is ongoing and is believed to have begun at least a year ago. The software sales under scrutiny took place in Western and Central Africa.Read more »
BUSINESS September 1, 2011 | 9:17 AM
After an American newspaper reported several oil patches rising to the surface of the Gulf of Mexico, the Coast Guard and oil giant BP have returned to the site of last year’s Deepwater Horizon disaster to investigate if petroleum might have been spilled, again.
Atlanta-based Mobile Press-Register reports that “hundreds of small, circular patches of oily sheen dotted the surface within a mile of the wellhead.” The publication also posted photographs of the oil, roughly 50 yards wide and a quarter of a mile long, in the water.Read more »
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