Fannie said Friday that its full-year profit of $84 billion for 2013 was boosted by rising home prices and an accounting move capitalizing on tax benefits it had accumulated from losses on mortgages during the financial crisis. The government rescued Fannie Mae and smaller sibling Freddie Mac at the height of the financial crisis in September 2008 when both veered toward collapse under the weight of losses on risky mortgages. Priceline beats analyst forecastPriceline.com Inc. reported profit for the fourth quarter that topped analysts' estimates as Europe's economic recovery lifts hotel bookings. Priceline gained global market share during the European debt crisis, which started more than four years ago, even with the bulk of its business coming from its Amsterdam unit, Booking.com. Signed contracts to buy homes plunged in December, foreshadowing the January drop-off, the trade group said in a separate report. SECURITIES LAWCredit Suisse settles caseCredit Suisse Group AG will pay $196 million to settle charges that it violated federal securities law by providing cross-border financial services for U.S. clients without registering with regulators. ACQUISITIONSApple buys app startupApple Inc., speeding up the pace of acquisitions, bought Burstly Inc., a software company that helps developers create smartphone and tablet applications.
Reported by SFGate 10 minutes ago.
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