A sharp drop in bond trading revenue forced Citigroup Inc. to move their fourth-quarter profit far below their expected figures. This placed doubts over the claim of Chief Executive Vikram Pandit that the bank had turned the corner. The bank’s first full-year profit since 2007 showed poor fixed income results that left Pandit and other […]

Worldwide oil prices have rapidly increased by towering amounts but the rise in OPEC output will not stop this number from growing.  The ascend is determined by demand, the chief executive of French oil major Total said on Sunday. Christophe de Margerie, durring an energy conference in Abu Dhabi, capital of UAE, said that the […]

The Afghan government has forced taxes on U.S. contractors appointed in the country, threatening new conflicts with the United States, the Washington Post reported. The newspaper stressed, while citing unnamed Afghan and US officials, that taxation of US government assistance is banned by US law, as well as by a number of bilateral agreements between […]

Rates on fixed mortgages dropped for the second straight week at the same time Treasury yields are falling. The average rate on the 30-year mortgage sank to 4.71 percent this week from 4.77 percent the preceding week, Freddie Mac said on Thursday. In November, it had reached its lowest rate of 4.17 percent in 40 […]

Obama’s administration is investigating methods to improve tax incentives for corporate investments in the United States, Treasury Secretary Timothy Geithner informed on Wednesday before his meeting with chief financial officers from some of the biggest companies in America. Geithner said in comments after his speech at John Hopkins University’s School of Advanced International Studies that […]

Banks repossessed a record of 2.87 million homes in US throughout the year 2010 as the two year-old mortgage crisis continued to be a burden in the economy, according to foreclosure specialist RealtyTrac. Foreclosures reached 2.23 percent of all housing in the country, which is equivalent to one out of 45 homes. This increased from […]

Strong earnings from big retailers, as well as an update to for Hewlett-Packard helped put stocks to better position on Tuesday. Two companies raised their earning forecasts for this year. Sears Holdings Corp said that they could earn twice as much as the analysts had foretold this year. Tiffany & Co. also said that vigorous […]

Bank of Canada Governor Mark Carney sees the high levels of household debt decreasing to more manageable levels. However, Carney warned people to remain vigilant. Carney said an interview with the Canadian Broadcasting Corporation that the time to give warning is when people can still do something about it, and the household debt side is […]

Asian currencies have advanced, breaking a two-day decline in the market. Speculations tell that investors will purchase the region’s assets to profit on the world’s fastest growth. Three Asian currencies, which include Chinese yuan, Malaysian ringgit, and the Singapore dollar, have led gains while Vice Premier Wang Qishan informed today that China has taken action […]

Bank of America Corp has decided to pay $137 million to patch up allegations that helped rig the municipal bond bidding process and win several businesses from towns and cities in 20 states. This agreement is expected to cause more cases being filed in the next several weeks and months. Federal, as well as state […]