Finance Globe

The American Bankers Association testified on Thursday about the impact that the economic situation and current regulatory environment are having on small business lending.Austin Roberts, III, president and CEO of Bank of Lancaster in Kilmarnock, VA, testified before the House Small Business Committee. He said that it is now a critical time for banks - especially for the smaller banks that depend on having good business relationships with their local communities.“Every bank in this country is...

The Federal Trade Commission issued a warning to consumers on Friday not to be duped by the latest scam - sweepstakes scammers posing as government officials.Here's how the scam works: The crooks call the consumer to tell them they've won a sweepstakes prize. The con artist tells the consumer that they must pay the taxes or a service charge on the bogus "prize" before they can claim their winnings. But after paying the money, the winnings...

Ford Motor Company closed last week on its Department of Energy loan of $5.9 billion, according a statement released on Thursday by Department Secretary Steven Chu. The loan to Ford is the first to be finalized since the program was appropriated in the fall of 2008.The funds will be used to transform factories across Illinois, Kentucky, Michigan, Missouri, and Ohio to produce vehicles that are more fuel efficient.The loan is part of the Energy Department’s Advanced...

Builder confidence in the market for newly built, single-family homes edged higher for a third consecutive month in September, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index (HMI), released on Wednesday. The HMI rose one point to 19 this month, its highest level since May of 2008. The HMI survey gauges and categorizes builders' sales expectations for single-family homes for the next six months as “good,” “fair” or “poor.” The survey...

The number of newly unemployed workers claiming jobless benefits fell last week, according to report released on Thursday by the Labor Department.For the week ending September 12, the advance figure for seasonally adjusted initial claims was 545,000, down 12,000 from 557,000 in the week before. The four-week moving average, which smooths out volatility, was 563,000, down by 8,750 from the previous week's revised average of 571,750.The advance number for seasonally adjusted insured unemployment during the week...

International buyers are showing less interest in U.S. real estate due to the global recession and severe ongoing credit crunch, according to a statement released today by the National Association of Realtors (NAR).The 2009 NAR Profile of International Buying Activity reported that foreign buyers who use Realtor services make up a smaller share of real estate activity than in previous years, but that nearly half of those paid in all cash - skipping the mortgage process...

Retail sales rose 2.7% in August, according to a government report released on Tuesday. Analysts had expected an increase of 2%.But the increase is likely to be only temporary - the big boost in sales was led by a 10.6% jump in motor vehicle sales, thanks to the government's (read: taxpayer's) $3 billion Cash for Clunkers program that ended on August 24, 2009.Retail sales excluding motor vehicles increased by 1.1%, higher than the .4% that analysts...

Non-farm employment decreased by 216,000 and the unemployment rate shot up by 0.3% to 9.7% in August, the U.S. Bureau of Labor Statistics reported today.Economists had expected a jobless rate of 9.5% for August. But while the unemployment rate was higher than expected, the number of jobs lost in August was less than July's upwardly revised total of 276,000 - and August posted the lowest number of jobs lost in a year.Since the start of the...

The number of newly laid off workers filing for unemployment benefits for the first time has dropped slightly from the week before, the government reported Thursday.Initial claims for unemployment in the week ending August 22 was a seasonally-adjusted 570,000, down 10,000 from the previous week's revised figure of 580,000. The four-week moving average - which smooths out weekly volatility - was 566,250, a decrease of 4,750 from the previous week's revised average of 571,000. The advance...

Is there anything more irritating than to take the time to answer a call, only to have to listen to some prerecorded sales pitch?Well, our friendly Federal Trade Commission is looking out for us. Beginning September 1, 2009, "robocalls" - prerecorded commerical telemarketing calls - will be prohibited unless the telemarketer has obtained permission, in writing, from the consumer who wants to receive those types of calls."American consumers have made it crystal clear that few things...