Thu, Aug 28, 2014, 11:01 PM EDT - U.S. Markets closed
U.S.
  • Bank of America seeks to void verdict in $1.27 billion 'Hustle' case

    Bank of America Corp on Thursday asked a federal judge to throw out a jury verdict finding it liable for fraud over defective mortgages sold by its Countrywide unit that resulted in a $1.27 billion penalty. District Judge Jed Rakoff in Manhattan to rule for it as a matter of law or order a new trial, arguing that the evidence at trial did not support the jury's October 2013 verdict. Bank of America said prosecutors were required at trial to prove that loans originated by Countrywide Financial Corp in a process called "Hustle" that were then sold to government mortgage finance giants Fannie Mae and Freddie Mac were not as good as the lender represented. Attorney Preet Bharara, whose office brought the case in 2012, declined comment.

    11 mins ago
  • Asian shares slump as Ukraine tensions flare

    Asian shares slumped in early trading on Friday, after flaring Ukraine tensions ruined investors' appetite for risk and bolstered the safe-haven yen. Ukraine's president said Russian troops had entered his country in support of pro-Moscow rebels who captured a key coastal town, escalating a five-month-old separatist conflict. The United States on Thursday openly accused Russia of sending combat forces into Ukraine and threatened to tighten economic sanctions, but Washington stopped short of calling Moscow's latest step an invasion. "Risky assets were weaker on rising concerns about Russia-Ukraine, as well as weak data out of the euro area," strategists at Barclays wrote in a note to clients.

    11 mins ago
  • U.S. banking group says unaware of any 'significant' cyber attack

    The group, known as the Financial Services Information Sharing and Analysis Center, or FS-ISAC, includes all major U.S. "There are no credible threats posed to the financial services sector at this time," the group said in an email to its members. FS-ISAC told members in the email that it decided not to raise its barometer of threats facing banks during a regularly scheduled conference call on Thursday.

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  • 4 remedies for chronic economic gloom

    Americans are so dour, by some measures, they seem to be looking past opportunities as if programmed to see only pitfalls. Prosperity doesn’t come from the places many people seem to be seeking it, and if the middle class is, in fact, in decline, a large part of the reason may be a lost instinct for how to get ahead.

    11 mins ago
  • Who are the richest members of Congress?

    Stock holdings, family businesses and real estate have left these lawmakers flush with cash.

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  • People are quitting their jobs. That’s good news

    In the past two years, the monthly quits rate has been edging slowly upward, hitting 1.8 percent in June.

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  • California's underground water war

    They grow Zinfandel, Viognier, Cabernet, Merlot, and Petite Syrah grapes but are best known in this area of Central California for a blend called The Crash, named after a remarkable incident in 1956, when a B-26 crash-landed 200 yards from the family home. Now a new crash threatens, as groundwater levels beneath the vineyards plummet. California produces nearly half of U.S.-grown fruits, nuts, and vegetables, according to the state’s Department of Food and Agriculture.

    11 mins ago
  • A tough lesson for college textbook publishers

    After years of nearly unfettered pricing power, the $7 billion college-textbook industry is being upended by students like Amanda McQueen. The 24-year-old George Washington University graduate student rarely buys new, printed textbooks—long the bread and butter of publisher profits. She buys the books used—often at half the price—on sites like Amazon, or skips the purchase altogether. Debt-weary college and grad students are opting for cheaper or even free textbook versions, forcing major publishers to revamp their business models.

    11 mins ago
  • Shell submits plan for new Alaskan Arctic oil exploration

    The company, which had experienced setbacks in its efforts in recent years, said it had not yet made a final decision on whether to drill next summer.

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  • 11 bargain stocks to buy now

    With the S&P 500 hanging around the psychologically meaningful 2,000 mark, investors may be wondering if they can you still find stock bargains. Matt Krantz, USA Today's markets reporter, says yes.

    11 mins ago