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BofA posts second-quarter loss on mortgage settlement

CHARLOTTE, North Carolina (Reuters) – Bank of America Corp posted a second-quarter net loss after agreeing to an $8.5 billion settlement with mortgage bond investors. The largest U.S. bank by assets reported on Tuesday a net loss of $8.8 billion, or 90 cents per share, compared with net income of…

U.S. automakers regain majority of domestic sales in wake of Japan quake

By Mira Oberman CHICAGO — The Detroit Three carmakers captured more than half the sales in the US market for the first time since September 2008 amid supply shortages caused by the Japanese quake, industry data showed Friday. Toyota and Honda have been hardest hit by the March 11 disaster…

Native Americans frown on proposed tobacco taxes

NEW YORK (Reuters) – U.S. municipal bonds backed by payments from cigarette makers on Friday extended a rally sparked by hopes that Big Tobacco and state governments were closer to dividing up nearly $6.5 billion of escrowed funds. But the draft was bashed by a Native-American tribe which says it…

Wisconsin Justice Prosser allegedly grabbed another judge around the neck in argument

Justice David Prosser, who has already seen his share of press this year after a long-fought, contentious re-election campaign to Wisconsin’s Supreme Court, is again in the spotlight after allegedly grabbing one of his colleagues around the neck during an argument. The Wisconsin State Journal reported that while arguing with…

One percent holds 39 percent of global wealth

WASHINGTON — Around one percent of households have 39 percent of the globe’s wealth according to a study published Tuesday, pointing to increased inequalities in the wake of the global downturn. The number of millionaire households across the globe increased 12 percent in 2010, according to The Boston Consulting Group…

LinkedIn hikes public share price by 30 percent

NEW YORK — LinkedIn on Tuesday raised the share price for its public listing by roughly 30 percent, pushing the value of the professional-networking firm as high as $4 billion and testing the market’s lust for Internet companies. The first major US social networking firm to go public, LinkedIn jacked…

Shareholders bash Bank of America management

NEW YORK — Shareholders and home loan customers ran roughshod over Bank of America’s management Wednesday, as its chief executive said it was still struggling with its mortgage portfolio in a deeply troubled housing market. “We are a much stronger company than last year,” CEO Brian Moynihan said at the…

Chevron profits jump 36% as oil prices surge

NEW YORK (Reuters) – Chevron Corp (NYSE:CVX – News), the second-largest U.S. oil company, reported a 36 percent jump in quarterly earnings as oil prices surged and refining profits improved along with the global economy. Oil companies have seen their earnings boosted by the jump in global oil prices above…

Bank of America misses its 1st quarter earnings projections, gets new CFO

CHARLOTTE, North Carolina (Reuters) – Bank of America Corp posted a 37.5 percent decline in first-quarter earnings and named a new chief financial officer. The largest U.S. bank reported net income of $2.0 billion, or 17 cents per share, compared with $3.2 billion, or 28 cents per share ,in the…

Google posts $2.3 billion net profit

SAN FRANCISCO — Google’s share price slid in after-hours trading Thursday as the Internet search giant’s first quarter earnings fell slightly short of Wall Street expectations. Google on Thursday reported a first-quarter net profit on Thursday of $2.3 billion, up from $1.96 billion a year ago, on revenue of $8.58…

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