The Buffalo News : Business Today

Friday, March 19, 2010

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Finance, Investments, Insurance

Major stock indexes mixed at close

NEW YORK—Major stock indexes ended mixed Thursday on more evidence that the economy is regaining strength at a slow pace. (Updated: 03/19/10 6:53 AM )

Sittingprettier

Like a lot of companies whose fortunes depend on other companies being willing to spend money, office furniture makers have had a tough couple of years. But that’s changing. Analyst Budd Bugatch of Raymond James raised his ratings on three office furniture companies Tuesday, citing improving demand. (Updated: 03/19/10 6:53 AM )

Big banks targeted in protest as labor calls for action on jobs

With the clink of poker chips sounding in the background, two dozen labor activists gathered in the shadow of downtown Buffalo’s Bank of America branch to demand that the country’s big banks act—or be forced to act — to restore some of the 9 million jobs that were lost in the financial crisis that those banks caused. (Updated: 03/19/10 7:02 AM )

Regulators got bonuses amid financial crisis

WASHINGTON(AP)—As banks gambled on the risky mortgages that helped create the worst financial crisis in generations, the federal government handed out millions of dollars in bonuses to regulators at agencies that missed or ignored warning signs that the system was on the verge of a meltdown. (Updated: 03/19/10 6:53 AM )

Mortgage rates stay under 5% for 3rd week

WASHINGTON(AP)— Mortgage rates held below the 5 percent threshold for the third straight week as the Federal Reserve prepares to end a program that has kept rates at or near record lows. (Updated: 03/19/10 6:53 AM )

Fed pledge sends stocks higher

NEW YORK — The stock market has a new formula for success: a slow and steady trek higher. (Updated: 03/18/10 7:03 AM )

Industry Spotlight

Diesel engine maker Cummins is about to kick its business into high gear. (Updated: 03/18/10 7:03 AM )

Nike quarterly profit jumps

BEAVERTON, Ore. — Nike Inc. said Wednesday that stronger sales helped boost the athletic shoe and clothing company’s third-quarter profit. (Updated: 03/18/10 7:03 AM )

3-time embezzler gets prison term

The former chief financial officer of Buffalo’s Franklin Assets Management investment firm was sentenced to two to four years in prison Wednesday on his third corporate embezzlement conviction. (Updated: 03/18/10 7:03 AM )

Wachovia settles DEA case

MIAMI (AP)—Banking giant Wachovia Corp. will pay $160 million to settle a federal investigation into laundering of illegal drug profits through Mexican exchange houses in the largest case of its kind ever brought against a U. S. bank, prosecutors said Wednesday. (Updated: 03/18/10 7:03 AM )

Bernanke offers plea for Fed

WASHINGTON(AP)—Federal Reserve Chairman Ben Bernanke on Wednesday urged Congress not to scale back the Fed’s regulatory authority over banks. He said the Fed needs the information it gleans from its bank oversight to set interest rates and gauge the health of the banking system. (Updated: 03/18/10 7:03 AM )

Ratings upgrade pushes Ford stock to 5-year high

DETROIT (AP)—Shares of Ford Motor Co. surged to a five-year high Wednesday after a ratings agency upgraded the automaker’s debt and said Ford has the potential to improve its finances even further. (Updated: 03/18/10 7:03 AM )

Fed keeps record low interest rates

WASHINGTON — The Federal Reserve on Tuesday repeated its pledge to hold interest rates at record lows to foster the economic recovery and ease high unemployment. (Updated: 03/17/10 6:33 AM )

Federal Reserve gives stocks a boost

NEW YORK — The Federal Reserve’s mildly upbeat take on the economy and its plans to hold interest rates low gave stocks a lift. (Updated: 03/17/10 6:33 AM )

First Niagara to sell debt bonds

First Niagara Financial Group on Tuesday said it would sell $300 million in bonds through a public debt offering to raise cash for repaying older, more costly debt. (Updated: 03/17/10 6:33 AM )

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