Economy still growing but at slower pace: Fed
Wed Jan 16, 2008 2:16pm EST Reuters
WASHINGTON (Reuters) - The U.S. economy continued to grow in the final weeks of
the fourth quarter but the pace of activity slackened amid subdued holiday
spending and a weak housing sector, the Federal
Reserve said on Wednesday.
This is a report from the FEDERAL RESERVE, let's see what other news
there is: (Larry)
Wells Fargo Profit Declines as Overdue Loans Increase
(Update7)
By David Mildenberg
Jan. 16 (Bloomberg) -- Wells Fargo & Co., the biggest bank on the U.S. West Coast,
said fourth-quarter profit declined 38 percent as companies, homeowners and
consumers fell behind on $1.56 billion of loans.
JPMorgan Net Falls; Writedown Smaller Than Estimated
(Update6)
By Elizabeth Hester
Jan. 16 (Bloomberg) -- JPMorgan Chase & Co.,
the third- biggest U.S. bank by assets, said profit dropped 34 percent on subprime-
mortgage writedowns and higher costs for
future loan defaults.
Even Hong Konk is reeling
HSBC Stock Drop in Hong Kong Is Biggest Since 2001 (Update2)
By Chia-Peck Wong and Ben Livesey
Jan. 16 (Bloomberg) -- HSBC Holdings Plc,
Europe's biggest bank by market value,
dropped the most in six years in Hong
Kong trading on concern it may have to
increase provisions for U.S. bad loans
after Citigroup Inc. reported a record loss.
Regional U.S. Banks May Report Record Drop in Profit
(Update1)
By David Mildenberg
Jan. 16 (Bloomberg) -- Regions Financial Corp., Capital One Financial Corp. and PNC
Financial Services Group Inc. may say bad loans spread to auto, consumer and
commercial finance from mortgages, resultingin a record earnings decline for
regional U.S. banks.
Citigroup's $10 billion loss is worst ever Writedown: $18.1 billion.
Dividend cut: 41%. Job cuts: In the works. Chief Executive Vikram Pandit
says financial giant's performance was 'unacceptable.'
By David Ellis, CNNMoney.com staff writer
January 15 2008: 3:43 PM EST
NEW YORK (CNNMoney.com) -- Citigroup Inc.
stunned Wall Street Tuesday by reporting
that it had suffered a $10 billion quarterly
loss - the worst ever in its storied history.
Fears grow as consumers pull
back further.
New figures show that holiday retail sales were
worse than many expected.
By Parija B. Kavilanz, CNNMoney.com senior writer
January 15 2008: 10:41 AM EST
NEW YORK (CNNMoney.com) -- A new round of economic data released Tuesday show
that holiday sales were even worse than
many experts had expected - adding to
fears that 2008 could be an even more challenging year for retailers.
Mortgage lending forecast
to drop
Previously owned home sales are also
expected to fall as banks rack up billions in losses, according to the Mortgage
Bankers Association.
January 14 2008: 2:04 PM EST
WASHINGTON (AP) -- U.S. mortgage lending
will fall by more than 16 percent this year, dragged down by a worsening economy
and a slumping mortgage market, an industry group predicted Monday.
Video Feed: Must click on link to view from source
Greenback to Further Weaken
The U.S. dollar will plunge further given l
ooming recession fears, says Sue Trinh, senior currency strategist, RBC Capital
Markets, speaking to CNBC's Amanda Drury.Last Update:
Tues. Jan. 15 2008 | 7:33 PM
Video Feed: Must click on link to view from source
Weak US Data Marks a Nearing Recession
The U.S. recession will soon be made
official, given the haste of poor economic indicators, says Kirby Daley, strategist,
Newedge Group, speaking to CNBC's Martin Soong, Amanda Drury and Sri Jegarajah.
Last Update: Tues. Jan. 15 2008 | 7:07 PM
Video Feed: Must click on link to view from source
Citi in Trouble
Analysts believe that Citigroup needs
to sell off parts of the company to get
back on track. CNBC's Sri Jegarajah reviews Citigroup's record write-down with
Martin Soong and Amanda Drury.Last Update:
Tues. Jan. 15 2008 | 6:03 PM
Mortgage meltdown:
Now the rents
More fallout from the current housing slump
- the cost of renting a home stagnated in
2007, according to an exclusive report for CNNMoney.
By Les Christie, CNNMoney.com staff writer
January 16 2008: 6:19 PM EST
NEW YORK (CNNMoney.com) -- Home prices dropped last year in most cities around
the nation, and now rents are flattening out in many of the markets worst hit
by the housing downturn.
Charles Schwab earnings
fall 34%
Brokerage firm's 4th-quarter earnings dropped on sale of U.S. Trust.
January 16 2008: 11:07 AM EST
SAN FRANCISCO (AP) -- Retail brokerage
firm Charles Schwab Corp. said Wednesday
its fourth-quarter earnings fell 34 percent
due to the sale of its wealth management
unit, U.S. Trust
VIDEO FEEDS
Magic Words for Housing
Two real estate CEOs shed light on housing,
with Jim Gillespie, Coldwell Banker Real Estate;
Thomas Kunz, Century 21 and CNBC's Diana Olick
Posted Jan. 21, 2008
December Housing Starts Down 14.2%
Housing starts stand at the lowest rate since
March 1993.
Source: BLOOMBERG from Mortgage News Daily
Posted Jan. 21, 2008