Month: July 2013

A bill that would lower the cost of student loans has passed the House and is heading to President Barack Obama for his signature. Undergraduates this fall would borrow at a 3.9 percent interest rate for subsidized and unsubsidized loans. (July 31)

German engineering giant Siemens named finance chief Joe Kaeser, a 33-year company veteran, as its new boss after dumping Chief Executive Peter Loescher four years before the end of his contract following a series of profit warnings.

The debate over whether Janet Yellen or Lawrence H. Summers will be the next Federal Reserve chairman ? or some dark horse, (Timothy F. Geithner perhaps?) ? is doubtlessly important. But few outside the arcane world of banking rules understand that on matters of financial regulation and reform, the Federal Reserve staff is just as powerful, maybe even more.

The International Monetary Fund said Greece had made “exceptional” progress in stabilizing its economy and remains on course to emerge from a near six-year recession in 2014, despite missing targets to ax state jobs and the threat of an 11 billion euro ($14.6 billion) gap in bailout financing.

House leaders, both Democrats and Republicans, responded to President Barack Obama’s Capitol Hill meeting with Democrats on pressing issues including immigration reform, the budget deficit and health care. (July 31)

U.S. economic growth unexpectedly accelerated in the second quarter, laying a firmer foundation for the rest of the year that could bring the Federal Reserve a step closer to cutting back its monetary stimulus.

Facebook’s stock price has passed its $38 IPO price for the first time since its rocky initial public offering more than a year ago.

Facebook’s stock came within pennies of its $38 IPO price for the first time since its rocky initial public offering more than a year ago. The world’s biggest online social network has been on a roll since it reported stronger-than-expected earnings on July 24. Investors are especially upbeat about its fast-growing mobile advertising revenue.

Shares of Herbalife are up over 4% after beating earnings and guiding higher after the close.

Greece’s finance minister says in an interview he is hopeful Greece could return to markets as early as next year. Rough Cut (no reporter narration).