Yahoo! News: Business News
Wall Street marks best month in a year in July (Reuters)
Reuters - U.S. stocks closed little changed on Friday, but Wall Street wrapped up its best month in a year after the earnings season rounded the final turn with a group of strong results that offset the impact of poor economic data.
Jobs data, earnings latest test for stocks (Reuters) Reuters - U.S. stocks are unlikely to break above a key technical level next week unless monthly jobs data and consumer company results paint a more promising picture of the recovery.
Cuomo widens insurer probe with 6 more subpoenas (Reuters)
Reuters - New York Attorney General Andrew Cuomo has subpoenaed six more insurers as the state widens a probe into whether life insurance companies have defrauded families of deceased members of the military.
BP may sell German gas stations for $2.6 billion: report (Reuters) Reuters - BP Plc is seeking to sell its German petrol station chain Aral for around 2 billion euros ($2.6 billion), German magazine Wirtschaftswoche reported on Saturday, citing investment bankers familiar with BP's plans.
Imports slow Q2 growth as business spending surges (Reuters) Reuters - U.S. economic growth slowed in the second quarter as companies invested heavily in equipment from abroad and the pace of consumer spending eased, raising concerns about the recovery in the rest of 2010.
Citigroup paying $75M to settle civil charges (AP)
AP - Banking titan Citigroup Inc. is paying $75 million to settle civil charges that it misled investors about its potential losses from subprime mortgages as the housing bust hit in 2007.
Obama hails news economy growing, wants more (Reuters)
Reuters - President Barack Obama said on Friday he welcomed news that the U.S. economy grew by 2.4 percent in the second quarter, but said more work was needed to increase that growth rate and generate jobs.
ICICI Bank profit up 17 percent on better loans (AP) AP - ICICI Bank, India's largest private sector bank, said quarterly profit rose 17 percent as it cut costs and eliminated bad loans amid revived credit demand in India's growing economy.
Greece turns to military to restore fuel supplies (AP)
AP - Greece said Friday it will use military trucks, navy vessels and commandeered fuel tankers to restore gasoline supplies cut by a strike that has hurt the country's industry and vital tourism trade at the height of vacation season.
Reverse Mortgages Aren't Catching On (U.S. News & World Report) U.S. News & World Report - The reverse mortgage industry, hammered for high fees and high pressure sales tactics, has steadily improved its procedures and its image. Loan fees and interest rates have been lowered, consumer disclosure has improved, and the federal government's insured reverse mortgage program has provided stability and credibility to the industry. A-list lenders have expanded their presence in the market; Wells Fargo and Bank America are the nation's top two reverse mortgage lenders.