BofA to Settle Mortgage Investors’ Class-Action
(NEW YORK) — Bank of America has agreed to settle a class-action lawsuit brought by investors who bought mortgage investments from Countrywide Financial, the California-based lender it acquired in 2008. The announcement came as the nation’s second biggest bank reported higher net income for the first quarter, but missed analysts’ expectations. Bank of America said Wednesday that it would pay $500 million to settle the lawsuit brought by the Maine State Retirement System and other pension funds who said Countrywide had misled them about the quality of the mortgages they bundled together and sold to investors before the crisis. The settlement is the latest reminder of the long fallout of Bank of America’s decision to buy Countrywide, which was known for making exotic loans. The purchase catapulted the bank into a spot at the top of the nation’s mortgage scene, but it’s been an albatross ever since, bringing lawsuits, regulatory investigations and quarterly losses. Bank of America ...
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ING targets May launch of $1.2 billion Thai bank stake sale: sources
SINGAPORE/HONG KONG - ING NV is aiming for May to launch the sale of its $1.2 billion stake in Thailand's TMB Bank , as the Dutch financial services company awaits the end of Malaysia's election to include more bidders, sources familiar with the matter told Reuters.
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Reuters
U.S.-based loan funds saw $1.5-billion record inflow: Bank of America
NEW YORK - Investors worldwide poured $1.5 billion into corporate loan funds based in the United States in the week ended April 10, a weekly record showed, according to Bank of America Merrill Lynch.
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Reuters
How Walmart Plans to Bring Back ‘Made in America’
Walmart doesn’t make anything. But the giant retailer could play a part in the manufacturing rebound that is taking place in the U.S. with its promise to buy $50 billion more U.S. made goods over the next decade for its Walmart and Sam’s Club stores. It’s a bit ironic, given Walmart’s vast global sourcing organization. But the same forces that are making the U.S. a more hospitable place for manufacturing —higher shipping costs and wage rates overseas among them—have prompted the company to reevaluate its sourcing on a variety of products. “This is a commitment around manufacturing and more economic renewal. We see it as a critical issue for us in the American economy,” says Duncan Mac Naughton chief merchandising and marketing officer for Walmart U.S. What Walmart sees is a way to lower costs while smoothing its supply cycle by looking more broadly at its distribution system. Although the company may be able to buy an item cheaper from China, the price it pays per piece ...
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Barrick suffering big setbacks in Latin America
SANTIAGO, Chile -- A Chilean court's halt to construction of Barrick Gold Corp.'s $8 billion, border-straddling mine on the high spine of the Andes is only the latest setback in Latin America for the world's largest gold miner....
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