PODCAST: The ECB makes a statement, Americans like coffee
The Fed announced yesterday that it is prepared to act if the economy gets worse -- But for now, nada. Which brings us to the European Central Bank, which is holding a meeting today in Frankfurt and might have a little something up its sleeve for the global economy. On Capitol Hill today, a House Committee is looking into the effects of the Supreme Court's ruling on health care; Specifically, just how the IRS will assess a tax on people who don't carry health insurance. Later this morning, Freddie Mac will tell us what the average interest rate is right now on a 30-year fixed mortgage. Last week, the rate fell below 3.5 percent for the first time in 60 years of record keeping.
Debt Inspectors Reach Agreement with Greece
(ATHENS, Greece) — International debt inspectors have reached an agreement with Greece on the country’s economic reforms, including the firing of civil servants, paving the way for the debt-ridden country to receive the next installment of its bailout pot. The review by the International Monetary Fund, European Commission and European Central Bank is part of a regular process under which Greece receives installments of its multi-billion euro bailout if it meets certain conditions. Greece has been dependent on the rescue loans since 2010. In a joint statement Monday, the three institutions said recent steps taken by Greece suggest that targets for March “are likely to be met in the near future.” As a result, they said the eurozone could soon agree to disburse 2.8 billion euros ($3.7 billion) pending from last month. MORE: Cyprus Bailout Swells to $30 Billion
JPMorgan CEO: ‘Work to Do’ on Controls, Compliance
NEW YORK — JPMorgan Chase, the country’s biggest bank by assets, says its first-quarter earnings soared, even as revenue fell slightly. The bank made $6.1 billion in the first quarter, after stripping out payments to preferred shareholders. That was up 34 percent from the same period a year ago, when it made $4.6 billion. On a per-share basis, that amounted to $1.59. That blew away the estimates of analysts polled by FactSet, who had been expecting $1.39. Revenue and profit fell in its retail banking business, but increased in investment banking. JPMorgan funded $53 billion in mortgages, a jump of 37 percent from a year ago. But profits in the mortgage unit fell 31 percent, and the bank said profit margins were lower. Revenue was $25.8 billion, after stripping out the effect of an accounting charge. That beat analysts’ estimates of $25.7 billion, though it was down 3 percent from the same period a year ago. In many respects, it’s been a difficult year for the New York-based bank. ...
Google’s Android Target of New Antitrust Complaint
BRUSSELS — A group of companies led by Microsoft have called on European authorities to launch an antitrust investigation into Google‘s dominance of mobile Internet usage on smartphones. The “FairSearch” initiative of 17 companies — which includes Microsoft, Nokia, and Oracle — claims Google is acting unfairly by giving away its Android operating system to mobile device companies on the condition that the U.S. online giant’s own software applications like YouTube and Google Maps are installed and prominently displayed. “Google is using its Android mobile operating system as a Trojan horse to deceive partners, monopolize the mobile marketplace, and control consumer data,” said Thomas Vinje, the group’s Brussels-based lawyer. (MORE: Was Instagram Really Worth $1 Billion?) Android operating systems are installed on about 70 percent of new smartphones, according to analyst estimates, handing Google the largest market share worldwide, followed by Apple‘s iOS platform. Systems ...
EU's Rehn says supports Italian trade debt liquidation
BRUSSELS - The European Commission supports Italy's plan to accelerate the liquidation of trade debt accumulated by its public administration, it said in a statement on Tuesday.
Found 1 month ago on channel Reuters