Pending home sales rise in June
Pending sales of previously owned U.S. homes rose in June for a fifth straight month, another encouraging sign of life for the struggling housing market, the National Association of Realtors reported Tuesday. The higher than expected rise was boosted by low interest rates and bargain home prices.
General Electric to pay $50 million for accounting fraud
General Electric Co. says it will pay a $50 million penalty to settle government charges that its accounting procedures violated provisions of U.S. securities laws and increased its reported earnings to mislead investors in its financial statements, federal regulators said Tuesday. GE has agreed to pay a $50 million penalty and neither admitted nor denied the accusations, to settle the SEC's civil suit.
U.S. Personal income drops 1.3 percent
U.S. personal incomes dropped 1.3 percent in June, more than forecast and the biggest drop in four years, the Commerce Department said Tuesday. The drop was the biggest since 2.3% in January 2005 indicating that consumer spending will take time to recover.