Bernanke: 'Monetary policy remains focused on fostering economic recovery'
Federal Reserve chairman, Ben Bernanke spoke Wednesday for a second day of testimony on the Fed's semiannual monetary policy report. Bernanke tried to assure members of congress that the economy was on the mend and that tackling the rising unemployment rate is one of the most difficult and challenging parts of our task at this point. The overall economic situation remains very poor, he said. The Fed expects the recovery to start off very slow and pick up speed over time, he said.
Morgan Stanley posts a $71 million second quarter loss
Morgan Stanley posted a $71 million loss for the second quarter, largely because of $245 million in integration costs. Excluding those costs, the group's profit before tax was $174 million. Last year for the same period, Morgan Stanley GWM posted a pre-tax income of $272 million and a $119 million pre-tax profit in the first quarter.
Ebay profits for second quarter fall
EBay Inc. on Wednesday reported a second quarter drop in profit of 29 percent as demand for the company's auction business dropped. Net profit was $327.3m, down 29% compared with the $460m made in the same period a year ago. Revenue also fell slightly, from $2.2bn to $2.1bn. Despite the reported loss the company still beat Wall Street expectations and its shares rose more than 3 percent.