MARKETS / FINANCE

The U.S. Federal Deposit Insurance Corp launched the first test of its Legacy Loans Program that could eventually help banks rid their balance sheets of toxic assets so they can raise new capital and increase lending, the agency said on Friday.

A Cayman Islands court has frozen $9.2 billion of assets belonging to Saad Group, the Saudi Arabian investment firm at the center of a financial storm, including some of its equity stakes outside the Gulf.

The successful Cash for Clunkers program that gives drivers a rebate to turn in an old car to buy a new one moved closer to being extended on Friday when the U.S. House approved $2 billion for the program, which a dealership group said was pumping auto sales.

The sharp contraction in the U.S. economy seems to be ending but recovery will be slow with risks still looming from the weak labor and housing markets, the International Monetary Fund said on Friday.

The S&P 500 ended its best five-month streak since 1938 with a slight gain on Friday as government data showed softness in consumer spending but reinforced expectations that the economic slump is abating.

Illinois Attorney General Lisa Madigan filed suit on Friday against Wells Fargo & Co , accusing the second-largest mortgage lender of steering blacks and Latinos into high-cost subprime loans.

Bank of America said on Friday that three more directors have decided to leave its board bringing the number of exits this year to 10.

The successful Cash for Clunkers program that gives drivers a rebate to turn in an old car to buy a new one moved closer to being extended on Friday when the U.S. House approved $2 billion for the program, which a dealership group said was pumping auto sales.

The U.S. Congress moved to triple the funding for the government's successful Cash for Clunkers auto rebate program, which has brought car buyers back into showrooms and raised the outlook for an industry beset by abysmal sales, bankruptcies and job cuts.

The U.S. Congress moved to triple the funding for the government's successful Cash for Clunkers auto rebate program, which has brought car buyers back into showrooms and raised the outlook for an industry beset by abysmal sales, bankruptcies and job cuts.

Three more directors have decided to leave the Bank of America board bringing the number of exits this year to 12. According to reports from the Wall street Journal, their decision to leave is not due to any disagreement with the Banking group nor its management.

Apple has released an iPhone OS 3.0.1 patch addressing the vulnerability in its SMS application introduced at the Black Hat Security conference yesterday.

New criminal charges have been filed against two former WexTrust Capital LLC executives accused of running a $255 million Ponzi scheme that targeted Orthodox Jews.

The Dow and the S&P ended up slightly on Friday, with data showing the economy shrank less than expected in the second quarter, lifting investor optimism. The Nasdaq ended down slightly.

The S&P 500 ended its best five-month streak since 1938 with a slight gain on Friday as government data showed softness in consumer spending but reinforced expectations that the economic slump is abating.

It seems these days any time a pundit is cornered by facts indicating the deplorable state of the economy, the traditional fall back is ...but the tons of money on the sidelines is just waiting for a 0.003% pullback to pour back in.

The successful Cash for Clunkers program that gives drivers a rebate to turn in an old car to buy a new one moved closer to being extended on Friday when the U.S. House approved $2 billion for the program, which a dealership group said was pumping auto sales.

The deepest U.S. recession since the Great Depression showed signs of easing in the second quarter, buttressing hopes for a second-half recovery, though it may be anemic as consumers are still strapped for cash.

The deepest U.S. recession since the Great Depression showed signs of easing in the second quarter, buttressing hopes for a second-half recovery, though it may be anemic as consumers are still strapped for cash.

Intel is predicting speedy adoption of the upcoming Windows 7 from Microsoft. The rapid adoption of the new operating system will spread through enterprise according to Sean Maloney, executive vice president and chief sales and marketing officer for Intel at the Intel Technology Summit.

Eye-popping Wall Street bonuses could be banned by the U.S. government if pay packages are deemed to encourage inappropriate risks, under a bill approved on Friday by the U.S. House of Representatives.

Government regulators could prohibit incentive-based pay packages at large U.S. financial institutions that encourage inappropriate risks under a bill approved on Friday by the U.S. House of Representatives.

Healthcare companies are spending millions of dollars and marshaling armies of lobbyists to influence a landmark debate in the U.S. Congress that could dramatically change the way they do business.

Seoul-based LG Electronics on Friday unveiled details of its new Black Label Series chocolate phone, a thin and fine attractive touch screen handset.

Members of the U.S. House of Representatives on Friday assailed federal agencies for delays in starting capital works projects under the economic stimulus plan, saying they were lessening the impact of the $875 billion program intended to revive the economy.

The United States and Swiss bank UBS AG said on Friday they had agreed to settle a dispute over tax evasion and bank secrecy, heading off a showdown that had threatened relations between the two countries.

The U.S. Federal Deposit Insurance Corp launched the first test of its Legacy Loans Program to help banks rid their balance sheets of toxic assets so they can raise new capital and increase lending, the agency said on Friday.

Stocks rose on Friday after government data showed the economy contracted less than expected in the second quarter, indicating the recession may be moderating.

Government regulators could prohibit incentive-based pay packages at large U.S. financial institutions that encourage inappropriate risks under a bill approved on Friday by the U.S. House of Representatives.