National / International News

Economists Say Inflation Is Tame; Consumers Aren't Buying It

NPR News - Fri, 2014-07-11 03:02

On paper, inflation has been low this year. But consumers buying food or fuel may disagree. Prices for beef, eggs, fresh fruit and many other foods are much higher than overall inflation.

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Give Warsi EU job, says Kinnock

BBC - Fri, 2014-07-11 02:56
Baroness Warsi rules herself out of the running for EU Commissioner after Lord Kinnock says the job should go to her.

George Clooney rejects Mail apology

BBC - Fri, 2014-07-11 02:55
Actor George Clooney refuses to accept an apology from the Daily Mail's website over a story claiming his fiancee's mother objected to their marriage.

Huge tyre blaze started deliberately

BBC - Fri, 2014-07-11 02:54
A massive fire at a tyre recycling depot in Renfrewshire was started deliberately, police say.

VIDEO: Famous faces on referendum campaign

BBC - Fri, 2014-07-11 02:53
Some famous faces speak up for the side they support in the Scottish independence campaign ahead of the 18 September vote

Cameron set for major reshuffle

BBC - Fri, 2014-07-11 02:50
David Cameron's cabinet reshuffle will be far wider than previously thought with major names set to be sacked or moved.

Big pledges to art school fire fund

BBC - Fri, 2014-07-11 02:48
A fund set up to help restore Glasgow School of Art's fire-damaged Mackintosh building receives two donations totalling £550,000.

Is Corby the most Scottish place in England?

BBC - Fri, 2014-07-11 02:48
Is there a Scottish town 200 miles into England?

Afghan candidate backs vote audit

BBC - Fri, 2014-07-11 02:34
One of the two remaining candidates in Afghanistan's disputed presidential election Ashraf Ghani says he backs an "extensive audit" of votes.

Glastonbury 'Dolly dog' back home

BBC - Fri, 2014-07-11 02:33
A dog found at Glastonbury Festival, which Dolly Parton offered to re-home, is reunited with its owners.

Passport service 'let people down'

BBC - Fri, 2014-07-11 02:32
Welsh holidaymakers desperate to get their passports are still turning to their local MPs for help - a month after a row broke out about delays.

Orange Order 'is calming situation'

BBC - Fri, 2014-07-11 02:26
The Orange Order's grand secretary says the institution has put a massive effort into calming the situation in Northern Ireland ahead of 12 July.

Eagle shot wins drone photo award

BBC - Fri, 2014-07-11 02:22
Striking prize-winners from a drone competition

VIDEO: Glee star's Royal Albert Hall stand

BBC - Fri, 2014-07-11 02:15
Glee star Kristin Chenoweth brings Broadway to The Royal Albert Hall

Wells Fargo, other big banks could see lower profits

Marketplace - American Public Media - Fri, 2014-07-11 02:14

Second-quarter bank earnings reports kick off today.  First up is Wells Fargo. Other major banks including JPMorgan, Citigroup, and Bank of America follow next week.  

Wells Fargo has been winning, big. The nation's top mortgage lender has had 17 straight quarters of earnings growth. But that streak might just come to an end. Earnings aren't expected to be all that great, as analysts predict small declines in second-quarter earnings.  

Lauren Cohen, who teaches finance at Harvard Business School, says that's because of slower-than-expected growth in the housing market.

"So it's not that there weren't home sales, it's just that we thought it was going to be a little bit faster," he says. "So that was baked into expectations about how we thought Wells Fargo was going to do."

There's another thing that worries banks: all that money these companies will be paying the government for their part in the recent financial crisis.

"That's one area that will hurt banks' bottom lines," says Michael Imerman, who  teaches finance at Lehigh University. He says over last quarter, several of the big banks have set aside reserves for legal fees and settlements.

"We're talking billions of dollars, and this seems to be just the beginning," he says.

On the upside, Cohen says, these are one-off expenses. So banks will bounce back. Eventually.

Student 'admits killing teacher'

BBC - Fri, 2014-07-11 02:03
A teenage student "has accepted responsibility for the unlawful killing" of teacher Ann Maguire in a classroom, a court hears.

AUDIO: Two to tango: Who can dance together?

BBC - Fri, 2014-07-11 02:01
Heather Devine and Bryan Allen discuss the British Dance Council's plans to introduce a rule that defines a dance partnership as "one man and one lady".
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