Business news for May 15, 2008 - Ameriquest closes, Citigroup buys mortgage assets (Reuters)
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Bush, Bernanke launch subprime assault (Reuters)
2007-08-31
Reuters - The Federal Reserve on Friday reassured investors it would take any steps needed to shelter the U.S. economy from a global credit squeeze, while President George W. Bush promised to help struggling homeowners refinance their mortgages. more

Ameriquest closes, Citigroup buys mortgage assets (Reuters)
2007-08-31
Reuters - Ameriquest Mortgage Co, the largest U.S. subprime lender as recently as 2005, is closing, the latest home loan provider to shut down amid the nation's housing market slump. more

Ameriquest closes, Citigroup buys mortgage assets (Reuters)
2007-08-31

A logo of Citigroup is shown surrounded by the reflection of financial buildings in Hong Kong January 19, 2006. Citigroup Inc, the largest U.S. bank, said on Friday it agreed to buy the wholesale mortgage lending and payment collection assets of Ameriquest's parent, ACC Capital Holdings, for an undisclosed price. (Paul Yeung/Reuters)Reuters - Ameriquest Mortgage Co, the largest U.S. subprime lender as recently as 2005, is closing, the latest home loan provider to shut down amid the nation's housing market slump.


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New cars seen raising gas mileage levels (AP)
2007-08-31

An unidentified shopper searches the rows of unsold 3-series sedans on the lot of a BMW at a dealership in the south Denver suburb of Littleton, Colo., on Sunday, Aug. 19, 2007. Consumers returned to the malls in July after taking a breather in June, although worries about the future could make the rebound short-lived. The Commerce Department reported Friday, Aug. 31, 2007 that consumer spending rose by 0.4 percent in July, double the June increase. The spending was supported by a solid 0.5 percent rise in incomes, the best showing in this area in four months. (AP Photo/David Zalubowski)AP - New vehicles are expected to set records for average gas mileage in 2007, driven by improved technology and demand for fuel-efficient vehicles, the government reported.


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U.S. returns to Doha talks with renewed optimism (Reuters)
2007-08-31
Reuters - The Bush administration returns to world trade talks next week with renewed optimism, but even the most ardent supporters of the Doha round see formidable hurdles to clinching a deal. more

Bush, Bernanke launch subprime assault (Reuters)
2007-08-31

President Bush talks about easing the mortgage default crisis while in the Rose Garden of the White House, August 31, 2007. From L-R are: Secretary of HUD Alphonso Jackson, Bush, and Secretary of Treasury Henry Paulson, Jr. (Larry Downing/Reuters)Reuters - The Federal Reserve on Friday reassured investors it would take any steps needed to shelter the U.S. economy from a global credit squeeze, while President George W. Bush promised to help struggling homeowners refinance their mortgages.


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Bush and Bernanke spur rally on Wall Street (Reuters)
2007-08-31

A sign over the floor of the New York Stock Exchange August 16, 2007. (Brendan McDermid/Reuters)Reuters - Stocks surged on Friday as President Bush and Federal Reserve Chairman Ben Bernanke reassured investors they would do what was needed to shelter the economy from market turmoil.


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Delphi settles shareholder lawsuits (Reuters)
2007-08-31
Reuters - Bankrupt auto parts maker Delphi Corp said on Friday it has settled class action lawsuits by shareholders and employees that grew out of financial restatements that were the subject of civil fraud charges the company settled last year. more

Consumer spending rebounds in July (AP)
2007-08-31

A pedestrian checks out the window display at Cartier on Chicago's Michigan Ave., Friday morning, Aug. 31, 2007. The Commerce Department reported Friday that consumer spending rose by 0.4 percent in July, double the June increase. The spending was supported by a solid 0.5 percent rise in incomes, the best showing in this area in four months. (AP Photo/M. Spencer Green)AP - Consumers returned to the malls in July after taking a breather in June, although worries about the future could make the rebound short-lived.


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Inflation in check in July but August outlook weaker (Reuters)
2007-08-31

Customers shop for produce at the Food Project's Farmer's Market in the Boston neighborhood of Dorchester, Massachusetts, August 14, 2007. Core U.S. consumer prices rose by a less-than-expected 0.1 percent in July, showing stable prices that held the year-on-year rate of nonfood, nonenergy inflation to 1.9 percent for the second month in a row, the Commerce Department said on Friday. (Brian Snyder/Reuters)Reuters - Inflation was under control in July and U.S. factories were busier than forecast, according to economic data released on Friday, but other reports showed U.S. consumer sentiment worsened in August and the outlook for economic growth weakened.


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Wall Street surges after speeches (Reuters)
2007-08-31

A sign over the floor of the New York Stock Exchange August 16, 2007. (Brendan McDermid/Reuters)Reuters - Stocks surged on Friday after speeches by President Bush and Federal Reserve Chairman Ben Bernanke reassured investors that top officials are monitoring market turmoil and are ready to act as needed.


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Retailers think skirt may be next fad (Reuters)
2007-08-31

A buyers looks at dresses on display at the Magic Marketplace trade show, where buyers book orders for goods for Spring 2008, in Las Vegas, Nevada August 29, 2007. A strong seller since 2006, the dress has delighted retailers, but buyers at the Magic Marketplace apparel trade show this week wanted to be ready when the trend inevitably ends. Many U.S. clothing retailers think the skirt may be the next dress. (Staff/Reuters)Reuters - Many U.S. clothing retailers think the skirt may be the next dress. A strong seller since 2006, the dress has delighted retailers, but buyers at the Magic Marketplace apparel trade show this week wanted to be ready when the trend inevitably ends.


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Honda exec sees 3 percent rise in 2007 U.S. sales (Reuters)
2007-08-31

The Honda Accord coupe concept vehicle is introduced at the 2007 North American International Auto Show in Detroit, January 8, 2007. Honda Motor Co Ltd is on track for a 3 percent increase in U.S. sales in 2007, an executive said on Friday, but he also called on the Federal Reserve to cut interest rates to boost consumer confidence. (Gary Cameron/Reuters)Reuters - Honda Motor Co Ltd (7267.T) is on track for a 3 percent increase in U.S. sales in 2007, an executive said on Friday, but he also called on the Federal Reserve to cut interest rates to boost consumer confidence.


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Indexes surge on Bush subprime plan optimism (Reuters)
2007-08-31

A sign over the floor of the New York Stock Exchange August 16, 2007. (Brendan McDermid/Reuters)Reuters - U.S. stocks surged on Friday, with the Dow hitting its session high, on optimism a plan by President Bush to help struggling subprime mortgage borrowers avoid foreclosure would help loosen credit conditions that have rattled financial markets.


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Bernanke: Fed ready to act if turmoil hits economy (Reuters)
2007-08-31

Federal Reserve Chairman Ben Bernanke speaks on Capitol Hill, July 18, 2007. The Federal Reserve will take the necessary steps to shelter the economy from turmoil in financial markets but will not bail out investors who made mistakes, Bernanke said on Friday. (Jason Reed/Reuters)Reuters - The Federal Reserve will take the necessary steps to shelter the economy from turmoil in financial markets but will not bail out investors who made mistakes, Fed Chairman Ben Bernanke said on Friday.


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