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Low interest rates, troubled loans send bank profits lower

Low rates, troubled loans send bank profits lower

PHOENIX (AP) — 2016 is getting off to a lousy start for major U.S. banks. Energy loans are turning bad, low interest rates are making it hard to make profitable loans, and markets have been volatile. On the bright side, first-quarter results from banks, which started coming out this week, haven’t been quite as bad as many analysts feared. Banks ...

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Wells Fargo 1Q earnings fall as oil loans hit bottom line

Wells Fargo’s first quarter results fell 6 percent from a year ago, as the bank had to set aside more money to cover its struggling portfolio of oil loans. The San Francisco-based bank said Thursday that it had net income of $5.46 billion, or 99 cents per share, down from $5.8 billion, or $1.04 per share, in the same period ...

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BP chief suffers shareholder revolt over $20M pay pack

LONDON (AP) — British energy producer BP has suffered a revolt by shareholders who objected Thursday to increasing Chief Executive Bob Dudley’s pay package by 20 percent after profit plunged last year. Almost 60 percent of shareholders rejected the remuneration report, which awarded Dudley a $19.6 million pay package even though the company experienced a drop in profit and planned ...

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Delta Air Lines’ 1Q profit rises 27 percent to $946 million

Delta Air Lines' 1Q profit rises 27 percent to $946 million

DALLAS (AP) — Cheaper jet fuel continues to give airlines a lift, helping Delta boost its first-quarter earnings by 27 percent to $946 million. The airline spent one-third less on fuel than it did a year earlier, a savings of more than $700 million. That offset higher spending on labor, especially profit sharing for employees. The news was not entirely ...

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US stocks dip in early trading as tech stocks and banks fall

NEW YORK (AP) — U.S. stocks are edging lower Thursday morning. Tech stocks are falling after dour projections from Seagate Technology, and bank stocks are slipping. Strong first-quarter results from Delta are giving airlines a boost. KEEPING SCORE: The Dow Jones industrial average lost 12 points, or 0.1 percent, to 17,895 as of 10:05 a.m. Eastern time. The Standard & ...

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US stocks jump as JPMorgan gives banks a big boost

US stocks jump as JPMorgan gives banks a big boost

NEW YORK (AP) — U.S. stocks climbed again Wednesday as quarterly results from JPMorgan Chase gave banks a big lift. Economic news from China powered industrial and technology companies in the U.S. and stock exchanges overseas. JPMorgan Chase, the largest bank in the U.S., led a rally in financial stocks after its first-quarter results came in better than analysts expected. ...

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Marathon Oil, Corning rise; Juniper Networks and Alcoa dip

NEW YORK (AP) — Stocks that moved substantially or traded heavily Tuesday on the New York Stock Exchange and the Nasdaq stock market: NYSE Alcoa Inc., down 26 cents to $9.48 The aluminum producer’s revenue was weaker than expected and Alcoa said it may cut even more jobs. Juniper Networks Inc., down $1.83 to $23.06 The computer network equipment maker ...

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JPMorgan profit falls 8 percent, fails key regulatory test

JPMorgan profit falls 8 percent, fails key regulatory test

JPMorgan Chase said its first-quarter profit fell more than 8 percent from a year earlier, and future profit growth could be threatened after it failed a key regulatory test designed to prevent another financial crisis. First quarter profit at JPMorgan, the nation’s largest bank by assets, was hurt by weak results at its investment banking division and by loans to ...

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US retail sales fall in March as Americans buy fewer cars

WASHINGTON (AP) — U.S. retail sales fell last month as Americans cut back on their car purchases, the latest sign that consumers are reluctant to spend freely. Sales at retail stores and restaurants fell by a seasonally adjusted 0.3 percent in March, the Commerce Department said Wednesday, following a flat reading in February and a drop in January. Americans have ...

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Peabody Energy, largest US coal miner, seeks bankruptcy protection

NEW YORK (AP) — Peabody Energy, the nation’s largest coal miner, has filed for bankruptcy protection as a crosscurrent of environmental, technological and economic changes wreak havoc across the industry. Mines and offices at Peabody, a company founded in 1833 by 24-year-old Francis S. Peabody, will continue to operate as it moves through the bankruptcy process. However, Peabody’s planned sale ...

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