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Goldman’s Earnings Slip 11%
Goldman Sachs Group Inc. (NYSE:GS) reported an 11% drop in fiscal second-quarter net income amid credit losses, though the firm’s results improved from the first quarter despite many expecting a worse performance for the spring period.
Lehman Posts $2.8 Billion Loss
For weeks, frustrated investors of Lehman Brothers Holdings Inc. (NYSE:LEH) have been asking for Chief Executive Officer Richard S. Fuld Jr. to answer questions about the Wall Street firm’s dismal performance lately.
Fed Mood Tilts Away From Rate Increase
The Federal Reserve is almost certain to leave interest rates unchanged when it meets next week, and it currently doesn’t appear to see a compelling case for raising rates before the fall, unless the inflation outlook deteriorates considerably.
Wholesale Prices Surge on Food, Oil, Suggesting Inflation Remains a Threat
WASHINGTON — U.S. producer prices soared in May at their fastest pace in six months, a government report showed, led by higher energy and food prices while pressures accelerated deeper in the production pipeline, a sign inflation remains a threat. Still, prices generally stayed under wraps outside of food and energy due in part to falling prices for cars and light trucks.
Shakeout Roils Hedge-Fund World
The hedge-fund business — among the most reliable fortune-producing machines in recent years — is going through a brutal shakeout.
Oil Giants Try to Deflect Gas-Price Fury
Facing the toughest political climate in a generation, the oil industry is using a barrage of advertisements to deflect anger over $4 a gallon gasoline prices.
Industrial Production in U.S. Fell 0.2% in May, Fed Says
Production in factories, mines and utilities declined 0.2 percent last month after dropping 0.7 percent in April, the Federal Reserve reported today in Washington.
Deutsche Bank, Commerzbank in Running for Citi Unit, People Say
June 17 (Bloomberg) — Deutsche Bank AG, (NYSE:DB) Credit Mutuel Group and Commerzbank AG (FRA:CBK) are still in the running for Citigroup Inc.’s (NYSE:C) German consumer lending unit after the U.S. bank narrowed the list of bidders, said three people with knowledge of the sale.
Pound Falls Against Euro, Dollar; U.K. Inflation at Decade-High
The pound’s slide against Europe’s common currency was the most since June 2 after Bank of England Governor Mervyn King said the direction of interest rates is “uncertain,” while inflation may exceed 4 percent this year. Two-year government bonds rose by the most in more than two months as traders pared bets borrowing costs will rise on concern Britain is heading for a recession.
Adobe Tops Expectations
SAN FRANCISCO - - Adobe Systems (NASDAQ:ADBE] outpaced the Street’s second-quarter expectations Monday on growing demand for its creative and Web-based software.
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