Financial news on April 21st, 2012
Business and Financial news
The Canadian Pacific Railway reported Friday that it had a first-quarter profit of 142 million Canadian dollars, a 318 percent increase from the same period a year before. Read more..
Plaintiffs leading a class-action lawsuit in Delaware against the directors of Bank of America over its purchase of Merrill Lynch challenge a settlement in a parallel suit in Manhattan; Delaware plaintiffs claim that lawyers in the Manhattan case, who have agreed to settle the matter for $20 million even though damages in the case could reach $5 billion, engaged in collusion. Read more..
Stock market suffers moderate declines as a downturn in bank and technology shares is partially offset by solid earnings from McDonald’s, General Electric and Microsoft. Read more..
A judge in Germany said in his ruling that Google was not directly responsible for material uploaded illegally, but said it should create a filter to eliminate violations. Read more..
Ron Lieber Your Money column explores the benefits of renting out homes to out-of-town guests; notes that industry, in which company Airbnb is a major player, has promise, but warns that many insurance policies contain clauses exempting the insurer from liability if homes are rented out. Read more..
Floyd Norris Off the Charts column explores the ramifications of Census Bureau report finding that seasonally adjusted retail sales increased by 0.8 percent in March; argues that American consumers seem to be spending again, except on products dependent on home sales. Read more..
Paul Sullivan Wealth Matters column evaluates the merits of using a self-directed IRA that invests in real estate; concludes that strategy offers an opportunity to earn more money for retirement, but requires more work by the investor and close attention to tax rules. Read more..
US Airways announces that it has reached an agreement with the three main labor unions at American Airlines to support a potential merger between the carriers; move is largely symbolic, intended to inject US Airways chief executive Doug Parker into American's bankruptcy proceedings, and to present the merger as an alternative plan for the company's creditors. Read more..
Confronted with evidence of widespread corruption in Mexico, top Wal-Mart executives focused more on damage control than on rooting out wrongdoing, an examination by The New York Times found. Read more..