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Wednesday, January 14, 2015

Business Today: JPMorgan profit falls 6.6 percent as legal costs rise

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JPMorgan profit falls 6.6 percent as legal costs rise
(Reuters) - JPMorgan Chase & Co, the biggest U.S. bank by assets, reported a 6.6 percent drop in quarterly profit as legal costs exceeded $1 billion in the wake of government probes into alleged wrongdoing and revenue from fixed-income trading fell.
U.S. retail sales weak, cast a cloud on consumer spending
WASHINGTON (Reuters) - A gauge of U.S. consumer spending unexpectedly fell in December as demand fell almost across the board, but that is probably not the start of a weak trend given lower gasoline prices and a firming labor market.
Futures fall on global growth concern, JPMorgan results
NEW YORK (Reuters) - U.S. stock index futures declined on Wednesday, putting equities on track to extend a three-day skid, as global demand worries continued to put pressure on commodities such as oil and copper.
Wells Fargo profit rises on higher commercial, industrial loans
(Reuters) - Wells Fargo & Co, the biggest U.S. mortgage lender, reported a slight increase in quarterly profit as it lent more to commercial and industrial customers.
Oil under pressure as World Bank cuts growth forecast
LONDON (Reuters) - Oil prices pared early losses on Wednesday but remained under pressure after the World Bank cut its economic growth forecast, doing little to end a rout that saw prices touch their lowest in nearly six years in the previous session.
U.S. mortgage applications surge; 30-year rate below 4 percent: MBA
NEW YORK (Reuters) - Applications for U.S. home mortgages surged by the most in more than six years last week as 30-year mortgage rates dropped below 4 percent for the first time since May 2013 on the back of falling U.S. government bond yields, data from an industry group showed on Wednesday.
GM sees improved profit in 2015 on China, U.S. growth
DETROIT (Reuters) - General Motors Co on Wednesday forecast that its 2015 operating profit will increase from last year due mostly to growth in its two largest auto markets, China and the United States.
Apple, Google reach new deal to end U.S. lawsuit over poaching
SAN FRANCISCO (Reuters) - Four Silicon Valley companies including Apple Inc and Google Inc have agreed to a new settlement that would resolve an antitrust class action lawsuit by tech workers, who accused the firms of conspiring to avoid poaching each other's employees.
Apple sues Ericsson over LTE wireless telecom patents
(Reuters) - Apple Inc sued Ericsson alleging that the Swedish company's LTE wireless technology patents are not essential to industry cellular standards and that it is demanding excessive royalties for these patents.
McDonald's Japan says plastic in McNugget not linked to Thai plant
TOKYO (Reuters) - The operator of McDonald's in Japan and Cargill Inc have not discovered any link between a Cargill-owned plant in Thailand and a strip of plastic found in a chicken nugget this month that sparked uproar over product safety at the fast-food chain.
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