Financial
U.S. bank earnings rise 17 pct. as loan losses fall PDF  | Print |  E-mail
Written by MARCY GORDON, AP Business Writer   
Wednesday, 26 February 2014 12:21

WASHINGTON (AP) — U.S. banks' earnings rose 17 percent in the October-December quarter from a year earlier, as losses on loans fell to a seven-year low and banks set aside less to cover losses as well as legal costs.

The data provides fresh evidence of the banking industry's sustained recovery more than five years after the financial crisis struck. Still, the government says banks continue to have difficulty increasing revenues, and are relying on setting aside less for loan losses to boost earnings.

The Federal Deposit Insurance Corp. reported Wednesday that the banking industry earned $40.3 billion in the final quarter of 2013, up from $34.4 billion in the same period in 2012.

For all of 2013, bank earnings increased 9.6 percent to what the agency calls a record annual level of $154.7 billion. It exceeded the previous record earnings of $145.2 billion in 2006.

Read more...
 
Apple files appeal in e-book antitrust case PDF  | Print |  E-mail
Written by DEEPTI HAJELA, Associated Press   
Wednesday, 26 February 2014 07:06

NEW YORK (AP) — Apple filed papers on Tuesday telling a federal appeals court in New York that a judge's finding it violated antitrust laws by manipulating electronic book prices "is a radical departure" from modern antitrust law that will "chill competition and harm consumers" if allowed to stand.

Apple filed its formal written arguments before the Second U.S. Circuit Court of Appeals, asking the appeals court to overturn the judgment in Apple's favor, or grant a new trial in front of a different judge.

U.S. District Judge Denise Cote concluded last year that the Cupertino, Calif.-based company colluded with book publishers in 2010 to raise electronic book prices. She appointed Washington lawyer Michael Bromwich as monitor for two years after concluding Apple was not doing enough to ensure it no longer violated antitrust laws.

Read more...
 
28 new indictments in N.Y. Social Security disability fraud case PDF  | Print |  E-mail
Written by JENNIFER PELTZ, Associated Press   
Wednesday, 26 February 2014 07:08

NEW YORK (AP) — A sprawling criminal case accusing more than 100 retired firefighters, police officers, jail guards and others of scamming the Social Security disability system ensnared 28 more people with charges Tuesday, including sons of some alleged ringleaders.

The case already involved 106 people and $22 million in what the Manhattan district attorney's office says were ill-gotten psychiatric disability benefits. Prosecutors had estimated, when unveiling the case last month, that it ultimately could encompass hundreds of people and as much as $400 million.

"These defendants are accused of gaming the system by lying about their lifestyle," DA Cyrus R. Vance Jr. said in a statement Tuesday. "Their lies were repetitive and extensive."

The retirees are accused of falsely claiming they had depression, post-traumatic stress disorder or other psychological problems so crushing they couldn't work. Many recipients were advised to link their supposed symptoms to 9/11, prosecutors say.

Yet some led lives that baldly contradicted their claims -- running a martial-arts studio, flying helicopters, traveling overseas, and more, according to prosecutors.

Read more...
 
Child dies from infected rat; family sues Petco PDF  | Print |  E-mail
Written by JULIE WATSON, Associated Press   
Wednesday, 26 February 2014 07:00

SAN DIEGO (AP) — A San Diego family is suing Petco after the death of their 10-year-old son from a bacterial infection they say he contracted from his pet rat.

Attorney John Gomez told The Associated Press on Tuesday that his firm filed the lawsuit Monday in San Diego County seeking an unspecified amount for the suffering endured by the Pankey family, whose son, Aidan, died June 12, 2013, hours after he was rushed to the hospital with severe stomach pains.

The San Diego County medical examiner's office ruled that the cause of death was streptobacillus moniliformis infection, commonly known as rat-bite fever, after exposure to an infected rat.

The retailer in a statement expressed its condolences.

"We are deeply saddened by the Pankey family's tragic loss," Petco said in a statement. "The health and safety of people and pets is always a top priority, and we take the family's concerns very seriously."

Read more...
 
<< Start < Prev 81 82 83 84 85 86 87 88 89 90 Next > End >>

Page 89 of 218