United States

United States
Friday, May 14th 2010 - 04:10 UTC

Home Repossessions in the US Hit Record High; Candle at the End of the Tunnel

Florida is among the five states worst affected

The number of US homes being repossessed hit an all-time high last month, but is set to start falling, says the body that tracks the figures. Banks took control of 92,432 properties in April, up 1% from March, and a 45% rise from a year earlier, said RealtyTrac.

Friday, May 14th 2010 - 04:05 UTC

US Looking into Possible Banks-Credit Rating Agencies Collusion

Manipulations to gain better ratings for risky securities

Eight banks are facing a US investigation into the rating of their mortgage products, the BBC understands. New York Attorney General Andrew Cuomo is looking at whether the relationship between the banks and credit rating agencies was manipulated to gain better ratings for risky securities.

Thursday, May 13th 2010 - 10:47 UTC

US Corn Futures Rise to Two-Month High on Mounting Demand from China

Corn fields are blooming the Midwest according to the USDA

Corn futures rose to a two-month high on mounting demand from China, the world’s second-biggest consumer.

Thursday, May 13th 2010 - 10:41 UTC

Morgan Stanley Denies Having Misled Investors about Mortgage Derivatives

CEO James Gorman

Morgan Stanley (NYSE:MS) CEO James Gorman denied allegations the US bank misled investors about mortgage derivatives it sold them. The firm is being probed by US prosecutors over whether the bank misled clients when it sold them collateralized debt obligations as its own traders bet that the value of the securities would drop, the Wall Street Journal reported Wednesday.

Thursday, May 13th 2010 - 10:34 UTC

US Trade Deficit Jumps in March with Imports Underlining Recovery

Exports of farm produce and heavy machinery were strong in March

United States trade deficit rose to a 15-month high in March as rising imports underlined the economy's recovery. Figures from the Commerce Department showed the gap between imports and exports rose 2.5% to 40.4 billion US dollars.

Thursday, May 13th 2010 - 10:31 UTC

Federal Budget April Revenue Falls 7.9% with Deficit Reaching 82.7 Billion

President Obama also has some taming with finances

The US reported its largest April budget deficit on record, 82.7 billion USD as receipts declined in a month that typically sees an increase in individual income tax payments, according to the latest release from the Treasury Department.

Wednesday, May 12th 2010 - 07:09 UTC

World Markets Lower After Taking a Second Look at Euro Rescue Plan

President Obama was on the phone with Spain’s Rodriguez Zapatero

United States shares closed lower on Tuesday as global stock markets stalled on niggling worries over European debt problems. On Wall Street, the Dow Jones index closed down 0.34% following a turbulent day's trading, and a nearly 4% rise on Monday.

Saturday, May 8th 2010 - 06:03 UTC

US Private Sector adds Jobs in April and More People Re-Enter Labour Market

Good news for President Obama

Companies in the United States added 290,000 jobs in April, mostly in the private sector, the United States Department of Labor said Friday, a strong sign that the job market has begun recovering from last year's damaging recession.

Friday, May 7th 2010 - 05:40 UTC

Panic in Wall Street: Possible Electronic Error Plunges Markets 1.000 Points

All trades between 02:40 and 03:00 PM Thursday are to be cancelled

United States regulators and stock exchanges are searching for answers after what is believed to be an electronic trading error set off a heart-stopping plunge in markets that rivalled the crash of 1987.

Wednesday, May 5th 2010 - 06:07 UTC

Obama Administration Pushes for Fee on Large Banks to Pay for Bailouts

US Secretary of the Treasury addressing the Senate Finance Committee

United States big banks should be charged a fee to pay for bailouts as it will make them less prone to reckless lending, US Treasury Secretary Timothy Geithner told lawmakers as he sought support for the proposal.

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