Banks haven't been doing so well this earnings season, to put it gently. But a good number of companies, from drug maker Merck to toy maker Hasbro — have been doing well. What do they have in common? Customers overseas. Alisa Roth reports.
It would stand to reason that countries with oil would be trying to increase production so they could cash in on the increasing prices. But that's not the case, as Jeff Tyler reports.
Ohio-based National City bank, the nation's 10th largest, says it's going to be seeking $7 billion in new capital. It will be looking to private equity firms and hedge funds for help. Ashley Milne-Tyte explains how the mortgage crisis is moving to Main Street.
Bank of America's first-quarter earnings were expected to be disappointing, but analysts learned today that they were even worse than predicted. The subprime and credit crises are blamed. Nancy Marshall Genzer reports.
A quarterly survey of 109 corporate economists finds them in a pessimistic mood about the future of their businesses. Higher commodity costs are one reason for the gloomy outlook. Jill Barshay reports.
Mexican immigrants are sending smaller portions of their paychecks home because of tumbling wages and fewer jobs in America. Many are returning home, but they're finding the economic picture there isn't much better. Dan Grech reports.
Citibank, the nation's biggest bank, says it lost $14 billion in the first quarter. But its assurance that it was working to climb out of the hole was good enough for investors, who bumped up its stock 4%. Bob Moon reports.
Jumbo home loans — anything larger than $417,000 — have become more expensive than regular mortgages. They're 7% instead of 5.9%. Now Freddie Mac has a deal with four lenders to lower the rate. Jill Barshay reports.
Concern is growing that banks may have been hiding their distress by manipulating a key financial benchmark called the LIBOR. It's used as the basis for millions of financial transactions around the world, including mortgages and corporate loans. Stephen Beard reports.
