Jump in manufacturing, tight labor markets show U.S. economic health: Fed
A pickup in manufacturing, "widespread" reports of labor shortages and improving business investment set the stage for the Federal Reserve's December rate hike amid signs of steady economic growth across the country, the Fed reported Wednesday in its latest Beige Book compendium of economic conditions. Manufacturers in "most" of the Federal Reserve System's 12 regions reported increased sales, the Fed reported in the document, a collection of anecdotal information from businesses assembled before each Fed meeting.
Credit Suisse finalizes $5.3 billion mortgage deal with U.S.
By Karen Freifeld NEW YORK (Reuters) - Credit Suisse has formally agreed to pay $5.3 billion to settle with U.S. authorities over claims it misled investors in residential mortgage-backed securities it sold in the run-up to the 2008 financial crisis. As part of the settlement, announced by the U.S. Department of Justice on Wednesday, the Zurich-based bank acknowledged that home loans it pooled into the securities did not meet underwriting guidelines, with some described by employees as "complete crap" and "[u]tter complete garbage." "The bank concedes that it knew it was peddling investments that were likely to fail," Principal Associate Attorney General Bill Baer said in a statement announcing the deal. Credit Suisse will pay a $2.48 billion cash penalty and provide $2.8 billion in consumer relief, including loan forgiveness and financing for affordable housing, the Justice Department said in the statement.
Regional troops move toward Gambia amid political standoff
DAKAR, Senegal (AP) ? Gambia headed late Wednesday toward a midnight showdown between a president who refuses to leave office and a president-elect who insists he will take power, while a regional force moved toward the country's borders in a threat to intervene.
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Budget pick Mulvaney acknowledges payroll tax lapse
Rep. Mick Mulvaney, President-elect Donald Trump's choice to run the White House budget office, failed to pay more than $15,000 in payroll taxes for a household worker more than a decade ago, prompting ...
Army plans Dakota Access oil pipeline environmental study
The Army has started the process of launching a full environmental study of the $3.8 billion Dakota Access pipeline's disputed crossing of the Missouri River in North Dakota, though a federal judge could ...
GOP prescription of minority outreach forgotten with Trump
WASHINGTON (AP) ? Together, they delivered a post-election autopsy with a dire prediction: Republican survival requires embracing a message of tolerance and respect in an increasingly diverse United States.
Former President George H.W. Bush, wife Barbara hospitalized
Quake nightmare returns to haunt Italy
Italy was hit by four earthquakes in four hours Wednesday, bringing terror to snowbound mountain areas still recovering from last year's series of deadly tremors. The quakes, all measuring more than five magnitude, struck close to Amatrice, the mountain town devastated by an August earthquake that left nearly 300 people dead. A mother and child dragged from the ruins of a collapsed country cottage near Teramo in the Abruzzo region were both found to be suffering from hypothermia.
US economy continues to expand, optimism about 2017 growth: Fed survey
The US economy continues to expand and is now seeing tight labor markets and rising price pressures, as businesses nationwide have an upbeat outlook for 2017, the Federal Reserve said Wednesday. "Firms across the country and industries were said to be optimistic about growth in 2017," the Fed's Beige Book survey of the economy said. Most of the 12 Fed districts reported tighter labor markets, including increasing wages or trouble filling open positions, while price pressures have "intensified" since the last survey in November.