IMF Leaves Egypt After Hearing From Opposition
(CAIRO) — A team from the International Monetary Fund left Egypt without getting broad backing from the opposition for a government economic plan aimed at getting a key $4.8 billion loan, political blocs said Tuesday. Egypt’s main factions say they agree in principle on the need for the loan, seen as a lifeline for the country’s battered economy, but there are concerns over unrest if painful austerity measures linked to it are not backed by political consensus. The IMF said in a statement that its delegation met with a range of political figures and Cabinet officials during the nearly two week-long visit that ended late Monday. In previous, shorter trips, the IMF has only focused on meeting with government officials. The country’s political polarization has further delayed reaching agreement around the deal. Finance Minister El-Morsi Hegazi, who will meet with officials in Washington D.C. this weekend for annual IMF and World Bank meetings, said the government’s meetings with the ...
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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. ...
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JC Penney Ousts CEO Ron Johnson
(NEW YORK) — J.C. Penney’s board of directors has ousted CEO Ron Johnson after only 16 months on the job as a risky turnaround strategy backfired and led to massive losses and steep sales drops. In a statement issued late Monday, the department store chain said that it has rehired Johnson’s predecessor Mike Ullman, 66, who was CEO of the department store chain for seven years until November 2011. The announcement comes as a growing chorus of critics including a former Penney CEO Allen Questrom called for his resignation as they lost faith in turnaround strategy. Penney reported dismal fourth-quarter results in late February that capped the first full year of a transformation plan where Penney amassed nearly a billion dollars in losses and its revenue tumbled almost 25 percent to $12.98 billion. (MORE: JCPenney Would Be Doing Great If the Stores Were Less Like JCPenney) Under Johnson, 54, Penney embarked upon a strategy that included ditching coupons and most of its sales events in ...
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Automakers Report U.S. Sales up in March
(DETROIT) — March is turning out to be the best month for auto sales in at least six years. Major automakers including Ford, Chrysler, Toyota, General Motors and Nissan all reported increases, with some reporting their best monthly totals since the start of the Great Recession in December of 2007. Buyers were lured to showrooms by flashy new vehicles and low interest rates. Plus they continue to replace older cars and trucks — the average age of a vehicle on U.S. roads is more than 11 years. “A strong first-quarter close and increased consumer confidence continue to position the auto industry as a leader in the economic recovery,” Bob Carter, Toyota’s senior vice president of automotive operations, said in a statement. (MORE: EPA Takes Aim at Auto Emissions, Sulfur in Gas) Sales at Ford and General Motors each rose about 6 percent, while Chrysler sales rose 5 percent compared with last March. Toyota and Nissan each reported 1 percent sales increases, but Nissan said March was ...
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Fannie Earns $17.2B in 2012, Biggest Annual Gain
WASHINGTON — Fannie Mae earned $17.2 billion last year, the biggest annual profit in the U.S. mortgage giant’s history, helped by a record fourth quarter. The 2012 gain was driven by the housing recovery, which has reduced delinquencies and lifted home prices six years after the bubble burst. The government-controlled company also said Tuesday that it paid dividends of $11.6 billion to the U.S. Treasury in 2012. Fannie says it expects to remain profitable “for the foreseeable future.” The company did not seek any federal assistance in 2012. That followed a year in which the company reported a net loss of $16.9 billion and requested $25.9 billion in federal assistance. (MORE: Savings Booster: Making It Simpler to Repay Your 401(k) Loan) Taxpayers spent $188 billion to rescue Fannie and smaller sibling Freddie Mac from their exposure to risky loans that trigged the 2008 financial crisis. Fannie received $116 billion and has paid back $35.6 billion. Freddie received $72 billion and ...
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