Financial News Updates
Fed to curb shady home-lending practices (AP)
The Federal Reserve will issue new rules next week aimed at protecting future homebuyers from dubious lending practices, its most sweeping response to a housing crisis that has propelled foreclosures to record highs.
Oil extends slide into 2nd day, losing over $5 (AP)
Oil tumbled more than $5 a barrel Tuesday in its second big drop this week, hurling crude back to levels not seen since June 26 as traders wary about the health of the global economy cashed in gains from oil's recent rally.
Dow ends up 152 on decline in oil, Bernanke talk (AP)
Wall Street finished sharply higher Tuesday as oil prices dropped for the second straight day and investors were encouraged by the possibility of more help for the ailing financial system.
Alcoa's 2Q profit sinks 24 percent on higher costs (AP)
Alcoa Inc.'s second-quarter earnings fell nearly 24 percent as higher prices failed to offset the costs of raw materials, energy and plant disruptions, the aluminum producer said Tuesday.
Anheuser-Busch calls InBev takeover bid illegal (AP)
Anheuser-Busch claims that Belgian brewer InBev's unsolicited takeover bid isn't just bad for the bottom line, but is an "illegal scheme" that threatens to defraud Anheuser-Busch shareholders if a federal judge doesn't step in.
Pending home sales fall 4.7 percent (AP)
A measurement of pending home sales fell to the third-lowest reading on record in May as the housing market's recovery continued to prove elusive.
Siemens cutting 17K jobs worldwide to cut costs (AP)
Industrial conglomerate Siemens AG said Tuesday it will cut 16,750 jobs, or 4.2 percent of its global work force, to streamline operations and slice nearly $2 billion in costs in the face of a slowing economy.
SEC finds credit raters had conflicts of interest (AP)
The three main credit-rating agencies failed to rein in conflicts of interest in giving high ratings to risky securities backed by subprime mortgages that later collapsed, federal regulators said Tuesday.
G-8 endorses halving global emissions by 2050 (AP)
World leaders on Tuesday endorsed halving world emissions of greenhouse gases by 2050, edging forward in the battle against global warming but stopping short of tough, nearer-term targets.
Fannie, Freddie rise after dive a day earlier (AP)
Shares of mortgage financiers Fannie Mae and Freddie Mac bounced back Tuesday, a day after plunging over worries the pair might need billions of dollars in new capital if a new accounting rule is put into effect.