Consumers spend more in March despite war spark
Americans increased spending by 0.4 percent in March as war fears eased and incomes rose 0.4 percent, signaling potential economy growth. Analysts warn gains hinge on job market improvement with unemployment around 5.8 percent and ongoing fiscal policy debates, including tax cuts.
MENTIONED IN THIS ARTICLE
Washington
Commerce Department
Iraq
Joel Naroff
Naroff Economic Advisors
Lynn Reaser
Banc of America Capital Management
Wall Street Firms Pay $14 Billion in SEC Settlement
Nine large firms including Citigroup Merrill Lynch and J P Morgan Chase agree to pay 14 billion in penalties and fund research reforms to curb biased ratings aimed at steering investment banking business. Key analysts Henry Blodger and Jack Grubman face 19 million penalties and industry ban.
MENTIONED IN THIS ARTICLE
SEC
William Donaldson
Donaldson
New York Stock Exchange
Wall Street
Citigroup
Star
Henry Blodger
Merrill Lynch
Jack Grubman
Salomon Smith Barney
Blodger
Grubman
Regal Cruises shuts down after ship seizure
Regal Cruises, based in Florida, canceled all voyages after unpaid bills and the seizure of its only ship, the Regal Empress, by federal marshals. The privately held company, founded in 1993, planned Gulf, Caribbean and Panama cruises from Port Manatee and New York but posted a plan for asset distribution as customers seek refunds. About 500 workers will be reassigned as the port faces a $500,000 annual loss.
MENTIONED IN THIS ARTICLE
Port Manatee
Fla
Regal Cruises Line
Regal Cruise
Steve Tyndal
Gulf of Mexico
Caribbean
Panama Canal
New England
New York
Federal Maritime Commission
Regal Cruises
U.S
Fort Lauderdale
Tyndal
Scotland
Mastercard settles lawsuit with retailers before trial
New York AP The Mastercard settlement ends a multibillion dollar suit over debit card practices as Visa media battle lines form with retailers including Wal Mart Sears and Circuit City. Plaintiffs say high fees and anti competition, while Mastercard and Visa claim honor all cards boosts consumer choice. Judge Gleeson sealed details and warned against public discussion. Settlement framework reportedly includes a payment and changes to Mastercard practices, with opening arguments set for Wednesday.
MENTIONED IN THIS ARTICLE
New York
MasterCard International
Visa USA
Wal-Mart
Sears
Circuit City
Visa
MasterCard
John Gleeson
Condi
Gleeson
Daniel Tarman
Appeals court rejects AEP tax deduction request
The 6th U.S. Circuit Court of Appeals rejected American Electric Power Co.'s bid to deduct $25 million of interest on loans against life insurance policies for employees. IRS had disallowed the deduction, ruling the company owed $25 million in additional taxes. AEP paid under protest and appealed, with the panel upholding the district court ruling in favor of the IRS.
MENTIONED IN THIS ARTICLE
Cincinnati
American Electric Power Co
6Th
U.S. Circuit Court of Appeals
AEP
Pat Hemlopp
Sider
Internal Revenue Service
IRS
U.S
James Graham
Columbus
Dow climbs over 160 as earnings, consumer data lift market
The Dow Jones rose 165.26 to 8471.61 as stocks rallied on upbeat earnings from McDonald's and Procter & Gamble and stronger March consumer spending and income. Analysts credited improved sentiment with easing war worries and a likely rebound into 2004, though caution remains about sustaining gains.
MENTIONED IN THIS ARTICLE
New York
Wall Street
McDonald's
Thomas F. Lydon Jr
Global Trends Investments
Newport Beach
Calif
Dow
Standard & Poor
McDonald’s
Procter & Gamble
Dollar slips as euro falls below 1.10 amid stock rally
The dollar weakened while stocks rose, pushing the euro below the key 1.10 barrier as analysts noted resistance near 1.0850. In New York trading, the euro traded around 1.0982 and the dollar strengthened to 120.42 yen, with gains also seen against the Swiss franc and Canadian dollar. the British pound rose to 1.5898.
MENTIONED IN THIS ARTICLE
New York
Dow Jones/ AP
Also Mentioned on This Page
Yeat Federal Reserve
Alan Greenspan
Tes
Congress
Greenspan
Bush
House
Senate
Treasury
John Snow
Snow
Robert Nichols
File
Appeals Court
Naxes Aep
Dow Jones
Joseph Keating
AmSonth Asset Management
Birmingham
Ala
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