Economy & Markets
The important economic and stock market news that advisors need to know.
Q3 Earnings: Citigroup's Climb 74% on Accounting Gain
By Joyce HansonCiting a one-time accounting boost, Citigroup reported a 74% rise in Q3 2011 profits compared with a year ago. Citi CEO Vikram Pandit said the bank continues to pare down its brokerage and asset management units.
October 17, 2011
Banks Push Back Against Greek Debt CutsEuropean banks are pushing back against a plan for write-downs of Greek debt that would be great then than the 21% already agreed upon.
October 17, 2011
AdvisorOne’s 2011 Q3 Earnings Calendar for the Finance SectorThe third-quarter 2011 earnings period is now underway, with many finance-sector companies reporting.Here is AdvisorOne's calendar marking expected Q3…
October 14, 2011
U.S. Money Funds Cut French Lending by 44%The eight biggest U.S. money market funds slashed their lending to French banks in September by a staggering 44% overall, with some bank holdings falling even further as worries over the eurozone debt crisis multiplied.
October 14, 2011
Senate Republicans on Finance Committee Urge Deficit Panel to Make ChangesRepublican senators' recommendations to the Joint Select Committee on Deficit Reduction include repealing the Alternative Minimum Tax and the health-care law and reforming Social Security.
October 14, 2011
Fitch Downgrades 3 Big Banks, Threatens Over a Dozen MoreFitch Ratings cut the long-term issuer default ratings of three major banks late Thursday, and warned that more than a dozen more may see their ratings cut as well as it put them on a negative watch.
October 13, 2011
Retirement Plan Participation Rates ‘Level Off’ Due to DownturnAfter growing sharply throughout the 1990s, participation rates in 401(k)s leveled off during the next decade, especially during the period between 2005 and 2009, according to analysis from the Employee Benefit research Institute. In the case of ownership of IRAs, the numbers declined slightly for the same period.
October 13, 2011
Slovakia Votes to Strengthen Rescue FundSlovakia's ruling coalition, which lost a no-confidence vote tied to the modification of the European Financial Stability Facility on Tuesday, cobbled together an agreement with the opposition Smer party that led to the passage of the strengthening of the bailout fund on Thursday at the cost of its power.