California city's drastic foreclosure remedy: Seizure

Richmond Mayor Gayle McLaughlin said the city is "stepping into the void with a local principal reduction program" after other attempts to stem foreclosures failed. NEW YORK (CNNMoney) As a first step, the San Francisco Bay city said it will work...

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More ho-hum economic growth ahead

NEW YORK (CNNMoney) Economists surveyed by CNNMoney are forecasting that growth slowed to 1.2% in the second quarter. That would be even worse than the already modest 1.8% gain in the first three months of the year. Four of the 18 economists who...

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Government shutdown won't shut Obamacare: Report

A federal shutdown wouldn't stop Obamacare, report says. WASHINGTON (CNNMoney) The new health care law draws funding from sources that are not subject to the congressional budget process, according to the nonpartisan Congressional Research Service....

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Tax reform secrecy plan blasted

A 50-year cloak of confidentiality is "far longer than presidential records are sealed," 30 groups wrote, urging the Senate Finance Committee to make proposals public in real time. NEW YORK (CNNMoney) Thirty organizations urged the Senate Finance...

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Regulators accuse JPMorgan of manipulating electricity markets

In an official notice, the Federal Energy Regulatory Commission alleged that the bank had engaged in "eight manipulative bidding strategies" in California and Midwestern markets. NEW YORK (CNNMoney) In an official notice, the Federal Energy Regulatory...

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CBS/Time Warner Cable talks go down to the wire

Summer hit "Under the Dome" is one of many shows some Time Warner Cable customers would lose access to if a deal isn't reached. NEW YORK (CNNMoney) The companies have been battling in recent weeks over the "transmission fee" that Time Warner Cable...

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Starbucks sees big growth in China

Starbucks is opening more stores in inland Chinese cities, such as this one in Chengdu, Sichuan Province in Southwest China. NEW YORK (CNNMoney) According to its latest quarterly report, Starbucks (SBUX, Fortune 500) saw a 30% year-over-year jump...

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Omnicom, Publicis to form world's largest ad agency

NEW YORK (CNNMoney) The newly combined agency, Publicis Omnicom Group, would have a stock market value of $35.1 billion and 130,000 employees worldwide. Publicis, based in Paris, and Omnicom (OMC, Fortune 500), based in New York, together brought...

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Stocks: All eyes on jobs

Click the chart for more stock market data. NEW YORK (CNNMoney) A look at labor: Several key reports on the nation's employment picture are due out throughout the week, including ADP's snapshot on employee payrolls and Challenger's job cuts....

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The government wants SAC Capital's billions

Steven Cohen's hedge fund SAC Capital was indicted for criminal insider trading. NEW YORK (CNNMoney) The U.S. Attorney for Southern District of New York's filing Thursday of civil and criminal charges against Cohen's hedge fund opens the door for...

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JPMorgan to exit commodities businesses

NEW YORK (CNNMoney) The announcement comes as the bank reportedly nears a settlement with the U.S. government over the manipulation of electricity markets in California. JPMorgan (JPM, Fortune 500)said it "is pursuing strategic alternatives for...

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Starbucks sees big growth in China

Starbucks is opening more stores in inland Chinese cities, such as this one in Chengdu, Sichuan Province in Southwest China. NEW YORK (CNNMoney) According to its latest quarterly report, Starbucks (SBUX, Fortune 500) saw a 30% year-over-year jump...

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The government wants SAC Capital's billions

Steven Cohen's hedge fund SAC Capital was indicted for criminal insider trading. NEW YORK (CNNMoney) The U.S. Attorney for Southern District of New York's filing Thursday of civil and criminal charges against Cohen's hedge fund opens the door for...

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JPMorgan to exit commodities businesses

NEW YORK (CNNMoney) The announcement comes as the bank reportedly nears a settlement with the U.S. government over the manipulation of electricity markets in California. JPMorgan (JPM, Fortune 500)said it "is pursuing strategic alternatives for...

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Starbucks sees big growth in China

Starbucks is opening more stores in inland Chinese cities, such as this one in Chengdu, Sichuan Province in Southwest China. NEW YORK (CNNMoney) According to its latest quarterly report, Starbucks (SBUX, Fortune 500) saw a 30% year-over-year jump...

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The unknown future of SAC and billionaire Steve Cohen

NEW YORK (CNNMoney) But the future of SAC Capital is less clear. In an indictment of Cohen's hedge fund, federal prosecutors described a criminal insider trading network "that was substantial, pervasive and on a scale without precedent in the hedge...

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Amazon reports a surprise loss

Amazon's quarterly earnings miss Wall Street's expectations. NEW YORK (CNNMoney) Wall Street analysts had expected Amazon (AMZN, Fortune 500) to earn 5 cents per share in the second quarter. The loss comes despite the fact that sales at the...

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CBO: Cancel spending cuts now, boost economy in short run

Canceling budget cuts would help the economy over the next year and a half but could weigh on the long run unless savings are replaced. NEW YORK (CNNMoney) Canceling the cuts by Aug. 1 -- a move no one expects lawmakers to make -- would increase...

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Student loan deal passes Senate

Students heading to college this fall will see loan rates drop under a deal the Senate approved on Wednesday, but future college students may have to pay more. WASHINGTON (CNNMoney) Senators voted 81 to 18 to lower interest rates for undergraduates...

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Federal judge blocks challenges to Detroit bankruptcy

NEW YORK (CNNMoney) Detroit became the largest municipal bankruptcy filing in the nation's history last week after a filing by state-appointed emergency manager Kevyn Orr. Orr and Michigan Gov. Rick Snyder said the city cannot afford its $11.5 billion...

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Facebook shares soar on strong earnings

Facebook quarterly profit and sales exceed Wall Street's expectations, sending stock soaring in after hours trading. NEW YORK (CNNMoney) Facebook reported second-quarter revenue of $1.8 billion Wednesday, exceeding analysts' expectations of $1.6...

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5 things to know about rising rates

(Money Magazine) Whether you're buying, selling or refinancing a home, here's how to navigate the new environment. 1. No more record rates, but still cheap loans If the economy continues to improve as anticipated, rates will keep inching up. Freddie...

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Michigan court clears way for Detroit bankruptcy to proceed

NEW YORK (CNNMoney) At issue: Does the Michigan constitution bar the federal bankruptcy from going forward? Do the state courts have any power to stop a federal bankruptcy case? Tuesday's ruling by the Michigan Court of Appeals stays an order by...

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Apple profit falls 22% but beats gloomy expectations

NEW YORK (CNNMoney) The company sold 31.2 million iPhones last quarter -- a number practically no one saw coming -- lifting Apple's overall sales and helping Apple's profit surpass some pretty gloomy expectations from Wall Street analysts. That's...

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Could bond losses derail my college savings plan?

NEW YORK (Money Magazine) Though prices on existing bonds fall when interest rates rise, you're unlikely to face losses similar to what a bad year in stocks could generate. Plus, 529 plans' age-based funds -- invested more conservatively as kids...

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Netflix's 'Arrested Development' grows subscribers - but not enough

'Arrested Development' delivered a disappointing subscriber boost to Netflix. NEW YORK (CNNMoney) Netflix's video streaming service netted about 630,000 new American subscribers in the second quarter. That's pretty good, considering that Netflix...

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Toyota wrongful death trial kicks off in California

Toyota has been forced to undertake a number of major recalls in the past few years. NEW YORK (CNNMoney) Jury selection began Monday for a case in which the family of a deceased California woman claims the 2009 crash that killed her resulted from...

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Be set when the Fed's help ends

When the Fed's training wheels come off and yields turn around, position yourself to take advantage of higher rates. (Money Magazine) Look at what happened in late May and June after chairman Ben Bernanke said the Fed would, eventually, assuming...

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Stocks: Apple, Facebook, McDonald's and Boeing on tap

Click chart for more markets data. NEW YORK (CNNMoney) Eye on tech: Several major tech companies will report quarterly results, including Netflix (NFLX), Apple (AAPL, Fortune 500), AT&T (T, Fortune 500), Facebook (FB), Amazon (AMZN, Fortune...

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Three small-cap stocks hedge funds love

Click the chart for more stock market data. NEW YORK (CNNMoney) It's no wonder, then, that people want to know where they are putting their money. A recent report from NerdWallet Investing, an online broker research tool, came out with a list...

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