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U.S. banks that get preliminary results today of government stress tests may struggle to raise money after bad assets at the biggest lenders almost tripled on average in the past year.
Pittsburgh-based PNC Financial Services Group Inc. saw nonperforming assets — those no longer accruing interest –jump more than fivefold in the first quarter […]
Home resales in the U.S. probably slipped in March after jumping a month earlier by the most in more than five years, indicating the market will not rebound quickly, economists said before a report today.
Purchases of existing homes fell 1.5 percent to a 4.65 million annual pace from 4.72 million a month earlier, […]
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Federal Reserve Vice Chairman Donald Kohn said the U.S. economy may stabilize in the second half and begin a slow rebound after a strengthening of “fragile” financial markets.
Consumer spending “appears to have steadied,” and the housing contraction has slowed, Kohn said yesterday at the University of Delaware in Newark. “These developments may be […]
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Confidence in the global economy rose to an 11-month high as officials stepped up efforts to thaw credit markets, stocks rallied and some banks returned to profit, a Bloomberg survey of users on six continents showed.
The Bloomberg Professional Global Confidence Index climbed to 21.2 in April from 5.95 in March, the biggest increase […]
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Japan’s record 15.4 trillion ($153 billion) stimulus package may give a short-term boost to the nation’s economy, while leaving it saddled with a debt burden that will smother future growth, economists said.
The plan unveiled yesterday by Prime Minister Taro Aso, who faces elections this year, is aimed at creating jobs in an economy […]
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The Bank of Japan will start offering 1 trillion yen ($10 billion) in subordinated loans to banks next month in an effort to bolster their capital and encourage lending.
Banks that meet “international capital standards” will be eligible for loans of up to 350 billion yen, the central bank said today in a statement […]
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WRS Materials LLC said Wednesday it acquired Isonics Semiconductor Group, and also announced a $9.9 million round of equity and debt financing.
San Jose-based WRS did not disclose financial terms of the deal with Vancouver, Wash.-based Isonics, but said the acquisition makes WRS "the only fully integrated secondary silicon materials manager in the U.S."
"The primary product […]
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The sports entertainment industry’s biggest night rolled up some gaudy revenue figures.
WrestleMania XXV on April 5 at Houston’s Reliant Stadium brought in total ticket revenue of $6.9 million, making it the highest-grossing gate at a live event ever staged by the World Wrestling Entertainment Inc.
Attendance at the nearly four-hour extravaganza of money-making mayhem was announced […]
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The Wisconsin Attorney General’s office won a $73,750 judgment in Winnebago County Circuit against Pat Gambsky and four development and construction firms working for him on a single-family home subdivision in the town of Menasha for environmental violations.
Fieldcrest Developers LLP, Roger Bowers Construction Inc., Pat Gambsky Builders Inc., and K&B Developments Inc., all from Kaukauna, […]
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Swiss Re, the world’s second-larger reinsurer, said on Thursday it plans to cut 10 percent of its workforce over the next 12 months in a bid to cut costs by 400 million Swiss francs ($349.6 million) by 2010.
Zurich-based Swiss Re also said it would promote Agostino Galvagni to be chief operating officer.
“Swiss Re intends […]
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