Fallen money-market fund makes $1 billion distribution, with $3.5B remaining amid litigationBOSTON — A money-market mutual fund that held more than $60 billion before it notoriously “broke the buck” a year ago said Wednesday it will hand out $1 billion in a fifth distribution to investors from the fund’s remaining assets. Stocks hold steady as investors await conclusion of Fed policy meetingNEW YORK — Investors are waiting for word from the Federal Reserve before making any big moves in stocks. US stock futures rise slightly as investors await conclusion of Fed policy meetingNEW YORK — Stock futures are creeping higher Wednesday as investors await the Federal Reserve’s decision on interest rates. US stock futures hold steady as investors await conclusion of Federal Reserve’s policy meetingNEW YORK — Stock futures are little changed Wednesday as investors await the Federal Reserve’s decision on interest rates. Obama administration tries to reclaim financial overhaul debate as banks push back hardWASHINGTON — Treasury Secretary Timothy Geithner says he supports revisions to the administration’s financial reform plan that were proposed by Rep. Barney Frank. China pushing for bigger IMF role at G-20 summit but European reluctance might be obstacleBEIJING — Beijing is pressing for a bigger voice in the International Monetary Fund and says Group of 20 leaders at their Pittsburgh summit should start making good on promises to give developing countries more IMF votes. Sarah Palin emerges in Asia with speech to investors in Hong KongHONG KONG — Former U.S. vice presidential nominee Sarah Palin, criticized for her lack of foreign policy experience, emerged in Asia on Wednesday to share her views from “Main Street U.S.A.” with a group of high-flying global investors. To foster recovery, Fed likely to leave rates at record-low, economic supports in placeWASHINGTON — Nurturing a nascent recovery, Federal Reserve policymakers are sure to leave a key interest rate at a record low and probably will keep other economic supports in place. Bank of America backpedals on overdraft fees, puts cap on limits; JPMorgan also reducing feesNEW YORK — As lawmakers prepare to implement sweeping credit card reforms, Bank of America Corp. and JPMorgan Chase & Co. are moving to overhaul overdraft fees and practices that have been criticized industrywide as excessive and harmful to consumers. Bank of America backpedals on overdraft fees, puts cap on limits; JPMorgan also overhauls feesNEW YORK — Bank of America Corp. said Tuesday it’s capping the fees it charges customers for overdrawing their accounts, backpedaling on the hikes the company imposed just this year. American Airlines dropping its standard retiree health plan for nonunion workersDALLAS — American Airlines is dropping its long-standing health insurance plan for retired executives and support staff over 65 as the company battles rising medical costs and a decline in revenue. Geithner says economic recovery under way but fixes needed to prevent another meltdownWASHINGTON — Treasury Secretary Timothy Geithner says the nation is moving toward economic recovery but that the regulatory system is broken and must be fixed. Stocks rise to 2009 highs, Dow adds 51 as commodities rebound, Fed begins rates meetingNEW YORK — A rebound in commodities drew investors back into the stock market and helped push stocks to new highs for 2009. Summary Box: FDIC weighs steps, including loans from banks, to shore up insurance fundTHE PROBLEM: The fund to insure deposits has been depleted by bank failures since the financial crisis struck. FDIC weighs extraordinary steps, including loans from banks, to shore up insurance fundWASHINGTON — The Federal Deposit Insurance Corp. is weighing several costly — and never-before-used — options as it struggles to shore up the dwindling fund that insures bank deposits. GOP leaders accuse Democrats of ‘gagging’ insurance companies’ criticism of health care billWASHINGTON — Republican lawmakers rebuked the Obama administration Tuesday for telling health insurance companies to stop warning elderly customers they’ll lose benefits in health care legislation, which some equated to a gag order. Obama losing momentum in attempt to tighten reins on Wall Street as banks, lawmakers balkWASHINGTON — President Barack Obama’s attempt to tighten the government’s reins on Wall Street is losing momentum as banks gain traction against his proposal for increased consumer protections and key lawmakers question his call for standardized financial products. Freddie Mac names Fifth Third CFO Ross Kari as new financial chiefMcLEAN, Va. — Freddie Mac said Tuesday it has named a new chief financial officer, filling a post that has been occupied on an interim basis for a year. A new frame of mind: Meltdown has led consumers to take control of their money mattersNEW YORK — If the Great Recession has taught people one thing, it’s this: They need to take charge of their finances. Commodities rebound from prior day’s losses as dollar weakens against other currenciesNEW YORK — A tumbling dollar has renewed demand for commodities. Govt awards Fisker Automotive $528.7 million loan to develop plug-in hybrid carsWASHINGTON — Fisker Automotive, a California manufacturer of luxury electric vehicles, will receive more than $500 million in federal loans to develop a plug-in hybrid sports car with a sticker price of nearly $90,000 and a new plug-in hybrid vehicle to be built in the United States. Wells Fargo Chairman Kovacevich to step down at year end; CEO Stumpf to take on added roleSAN FRANCISCO — Wells Fargo & Co. said Tuesday that Dick Kovacevich will step down as chairman at the end of 2009, after staying in the post an extra year to help the bank navigate the financial crisis. Health insurer WellPoint says it may cut more jobs in bid to trim expensesINDIANAPOLIS — Health insurer WellPoint says it is considering another round of job cuts as it looks for ways to become more efficient. FDIC considers borrowing from banks to replenish dwindling insurance fundWASHINGTON — Regulators have approached big banks about borrowing billions to shore up the dwindling fund that insures regular deposit accounts. Harbinger Capital cuts stake in New York Times Co. to 16.4 pct, calls company a ‘core holding’NEW YORK — Harbinger Capital Partners LLC says it has sold part of its 20 percent stake in The New York Times Co., but still considers the company a core holding. Congress expected to reject Obama’s proposed mandate that banks offer ‘plain vanilla’ productsWASHINGTON — Congress is expected to reject President Barack Obama’s proposed mandate that banks offer customers “plain vanilla” financial products, such as a 30-year fixed mortgage. Report: FDIC considers borrowing from banks to replenish dwindling insurance fundWASHINGTON — Healthy big banks may lend billions to shore up the government fund that insures regular deposit accounts, according to a report Tuesday. Stocks rise in early trading ahead of Fed meeting as commodities, world markets reboundNEW YORK — A rebound in commodities drew investors back into the stock market and helped push stocks to new highs for 2009. CarMax posts steep jump in 2nd-qtr profit on sales boostRICHMOND, Va. — Car dealership chain CarMax Inc. said Tuesday its fiscal second-quarter profit surged on higher sales and a one-time gain related to its auto financing business. Japanese brewer Suntory makes binding offer for European fruit-flavored drink maker OranginaTOKYO — Japan’s Suntory Holdings has made a binding offer to buy European drink maker Orangina from private equity firms Blackstone and Lion Capital, the equity firms said Wednesday. |
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