Category: Business

Big unwind begins: Republicans target crisis financial rules

BY MARCY GORDON WASHINGTON (AP) — Emboldened by a business-friendly president, Republicans in Congress are moving to unwind the stricter regulations that took effect after the 2008 financial crisis and Great Recession. A House committee takes up legislation Wednesday that would defang the tighter rules. While passage by the GOP-controlled House could come in a few months, the Senate – where Republicans have only 52 of 100 seats – poses an obstacle. The 2010 Dodd-Frank law was enacted by Democrats and President Barack Obama to respond to the crisis, putting the stiffest restrictions on banks and Wall Street since...

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US home sales shoot up to 10-year high

BY JOSH BOAK WASHINGTON (AP) — Americans purchased homes in March at the fastest pace in over a decade, a strong start to the traditional spring buying season. Sales of existing homes climbed 4.4 percent last month to a seasonally adjusted annual rate of 5.71 million, the National Association of Realtors said Friday. This was the fastest sales rate since February 2007. The U.S. housing market faces something of a split personality: A stable economy has intensified demand from would-be buyers, but the number of properties listed for sale has been steadily fading. The result of this trend is...

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US stocks climb, led by tech and consumer companies

BY MARLEY JAY NEW YORK (AP) — U.S. stocks are starting higher Monday as investors get back to trading after the Easter holiday weekend. Technology companies are making some of the largest gains and industrial and consumer-focused companies are also rising after the Chinese government said that country’s economy grew at a slightly faster pace in the first quarter. KEEPING SCORE: The Standard & Poor’s 500 index climbed 12 points, or 0.5 percent, to 2,341 as of 11:20 a.m. Eastern time. The Dow Jones industrial average rose 113 points, or 0.6 percent, to 20,566. The Nasdaq composite picked up...

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Russia blocks app used to organize protests

MOSCOW (AP) — Russia has banned the use on its territory of a smartphone app widely used like a walkie-talkie to organize demonstrations and other gatherings. The app, called Zello, reportedly has been popular among long-distance truckers in Russia who are conducting strikes to protest a road tariff system. Zello, based in the United States, said Russia halted the use of the app late Wednesday. The agency that oversees electronic communications in Russia, Roskomnadzor, had announced earlier in the week that the service would be ended because Zello did not comply with an Internet law. That law demands that...

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Ancestry.com helps family of dead boy find man posing as him

BY JOE MANDAK PITTSBURGH (AP) — A Pennsylvania man who assumed the identity of a baby who died in Texas in 1972 was arrested on charges of Social Security fraud and aggravated identity theft after the child’s aunt discovered the ruse through Ancestry.com, federal authorities said. Jon Vincent, 44, was arrested in Lansdale, near Philadelphia, on Monday. A federal magistrate on Wednesday ordered him to appear for an arraignment May 2. Prosecutors said Vincent stole Nathan Laskoski’s identity after escaping from a Texas halfway house in March 1996 and used his new name to start another life. Vincent had...

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