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July 28, 2015 MONEY (MSM)

Banks fail to persuade regulators to dilute new buffer rules

Rules will soon be finalised forcing the world’s top banks to hold enough liquid assets to cover between 16 and 20 percent of their liabilities, after industry lobbying failed to persuade regulators to relax the plan. The Financial Stability Board (FSB) coordinates financial regulation for the Group of 20 economies and will finalize the rules by the end of September for endorsement by G20 leaders in November. The FSB wants

July 28, 2015 MONEY (MSM)

U.S. homeownership rate tumbles to record low in second-quarter

U.S. homeownership dropped to a record low in the second quarter as more Americans opted to rent, data showed on Tuesday. The seasonally adjusted home ownership rate fell to 63.5 percent, the lowest since the government started tracking the series, the Commerce Department said. The residential rental vacancy rate fell to 6.8 percent, the lowest level since 1985, from 7.1 percent in the first quarter.

July 28, 2015 MONEY (MSM)

U.S. home price growth stalls in May: S&P/Case-Shiller

Denver, San Francisco, and Dallas experienced the biggest year-over-year home appreciation among the 20 cities with price increases of 10.0 percent, 9.7 percent and 8.4 percent, respectively. “As home prices continue rising, they are sending more upbeat signals than other housing market indicators,” David Blitzer, chairman of the index committee at S&P Dow Jones Indices, said in a statement. Blitzer added price increases have settled in a 4-5 percent rate

July 28, 2015 MONEY (MSM)

Ford easily tops expectations on 2nd-qtr profit

Ford Motor Co on Tuesday reported second-quarter earnings that handily beat expectations, based on the continued strength of North American sales, led by its popular F-150 pickup truck. Ford posted net quarterly profit of $1.89 billion, or 47 cents per share. Analysts estimated profit of 37 cents per share, according to Thomson Reuters I/B/E/S.

July 28, 2015 MONEY (MSM)

UPS second-quarter profit tops estimates; sees sluggish U.S. economy

Shares in Atlanta-based United Parcel Service Inc rose more than 2 percent. “The continued strength of the U.S. dollar and I think this impending rate hike by the Fed appears to be holding back some U.S. growth,” Chief Executive Officer David Abney said on a conference call. Like main rival FedEx Corp (FDX.N), UPS is often seen as a bellwether of U.S. economic health.