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Fed suggests it's closer to slowing bond purchases
The Federal Reserve signaled Wednesday that it's moving closer to slowing its bond-buying program, which is intended to keep long-term interest rates at record lows. Chairman Ben Bernanke said the Fed could start scaling back its $85 billion in monthly bond purchases later this year if the economy continues to ...
Greek coalition talks drag on to end TV crisis
Greece's governing coalition failed to end a political crisis triggered by the closure of state broadcaster ERT, but said talks would continue Thursday to try and avoid a snap election. Conservative Prime Minister Antonis Samaras held his second meeting in three days Wednesday with his coalition partners — the Socialist ...
Top UK court overturns sanctions on Iranian bank
Britain's Supreme Court quashed sanctions against an Iranian bank penalized over its alleged links to Iran's nuclear weapons program, saying Wednesday that Bank Mellat had been arbitrarily singled out. Bank Mellat, a privately owned commercial bank, was seeking to overturn a 2009 order by the British Treasury barring it from ...
IRS draws new criticism over $70M employee bonuses
Already reeling from a pair of scandals, the Internal Revenue Service is drawing new criticism over plans to hand out millions of dollars in employee bonuses. The Obama administration has ordered agencies to cancel discretionary bonuses because of automatic spending cuts, but the IRS says it's merely following legal obligations ...
IMF calls for urgent steps on Spain unemployment
Spain faces the prospect of high unemployment and sluggish growth lasting years unless the country and Europe take "urgent action" to slash the nation's crippling 27 percent unemployment rate and free frozen credit to businesses so they can expand, the International Monetary Fund said Wednesday. A report issued by the ...
Stock market falls as traders fear stimulus cuts
Stocks are falling after the Federal Reserve gave a slightly more optimistic outlook for the U.S. economy, which investors took as a hint that the bank was nearer to a decision to reduce its economic stimulus program. The Dow Jones industrial average was down 70 points to 15,249 points at ...
Food stamp cuts key to farm bill's fate in House
Prospects for House passage of a new farm bill could turn on the level of food stamp cuts as key backers scrambled Wednesday to secure support for the five-year, half-trillion dollar measure. The House planned to begin voting Wednesday on 103 amendments to the bill, including a Democratic proposal to ...
Diverted United 787 passengers resume Tokyo trip
Passengers from a United Airlines Denver-to-Tokyo flight that diverted to Seattle when the Boeing 787 had an oil filter issue resumed their trip Wednesday, a spokeswoman said. The airline put about 200 passengers in hotels Tuesday night and they took off from Seattle-Tacoma International Airport Wednesday morning on another 787, ...
Banks fall short in helping struggling homeowners
Homeowners trying to avoid foreclosure must wait too long for their loan modification applications to be reviewed by some of the nation's top mortgage servicers, a report said Wednesday. Such delays can plunge borrowers deeper in debt. Joseph A. Smith, Jr., the independent monitor of last year's national mortgage settlement, ...
Fed foresees lower US unemployment rate
The Federal Reserve expects the U.S. unemployment rate to fall faster this year and next than it did in March. The Fed now predicts unemployment will fall to 7.2 percent or 7.3 percent at the end of 2013 from 7.6 percent now. It thinks the rate will be between 6.5 ...
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