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Goldman Sachs earnings dip on trading declines

Goldman Sachs reported lower quarterly profits Thursday due to declines in some key trading divisions, but notched a big gain in financial advisory services. Earnings for the first quarter came in at $2.03 billion, down 10 percent from $2.26 billion a year ago. The US investment bank cited an 11 percent drop in revenues from fixed income, currency and commodity trading, a weak area this quarter for many Wall Street firms due to weak client demand. Revenues in equity trading were down 17 percent from the year-ago level.

Mutual fund sales total $7.73B in March; industry AUM now at $1.059 trillion

TORONTO - The Investment Funds Institute of Canada says net sales of mutual funds in March totalled $7.73 billion, with net sales for the first three months of the year reaching $22.6 billion. By category, long-term fund net sales were $7.87 billion in March, with year-to-date net sales at $23.8 billion as of the end of last month, while money market fund net redemptions were $142.6 million for the month, with year-to-date net redemptions at $1.14 billion.

Amid Ukraine turmoil, Hasenstab maintains exposure in small bond fund

BOSTON (Reuters) - Templeton bond fund manager Michael Hasenstab, a major investor in Ukraine debt, maintained his exposure to the crisis-torn country in one of his small emerging-market funds. Hasenstab is an influential voice in the international dispute as manager of the $70.7 billion Templeton Global Bond Fund, which held roughly $3.1 billion worth of Ukraine bonds at the end of 2013, its latest disclosure for the country.

Bank of America's financial crisis costs become a recurring nightmare

By Peter Rudegeair (Reuters) - Bank of America Corp's <BAC.N> financial crisis hangover is lasting longer than expected, leading some investors to wonder if the massive litigation expenses being incurred have become a recurring cost of doing business instead of being dismissed as one-time items. The bank on Wednesday posted $6 billion of litigation costs for its first quarter, far exceeding the $3.7 billion of settlement costs that investors had previously known about.

Americas News Agenda for April 17

Duty Editor: Stephanie Griffith Tel: +1 202 414 0541 What's happening in the Americas on Thursday: + China's Weibo expected to make Nasdaq debut + Opening arguments in hate preacher trial NEW YORK: Weibo, China's Twitter-style micro-messaging website, is expected to make its debut on the Nasdaq exchange under the symbol "WB" in an initial public offering (IPO) expected to raise at least $340 million. 1330 GMT. Picture. (CHINA-US-STOCKS-TECHNOLOGY-INTERNET)

With Detroit pension deals taking shape, attention shifts to Michigan lawmakers for $350M

DETROIT - Pressure was building Wednesday for Michigan lawmakers to commit $350 million to Detroit pensions, a day after the city reached tentative agreements with pension funds and a retiree group to reduce payouts. The city has an $816 million pledge from foundations, philanthropists and Gov. Rick Snyder to shore up pension funds and prevent the sale of city-owned art as part of Detroit's strategy for exiting the largest public bankruptcy in U.S. history. But the state's share still hasn't been nailed down, and some in the Republican-controlled Legislature aren't sold yet.

US stocks rally on positive economic, earnings news

US stocks rallied for a third straight day on Wednesday, lifted by some positive economic and corporate earnings news, with Yahoo surging six percent as it beat Wall Street forecasts. The Dow Jones Industrial Average added 162.29 points (1.00 percent) at 16,424.85. The broad-based S&P 500 surged 19.33 (1.05 percent) to 1,862.31, while the Nasdaq Composite outperformed, adding 52.06 (1.29 percent) at 4,086.23. "People are feeling a little bit more comfortable taking a little more risk today," said Michael James of Wedbush Securities.

Bank of America's mortgage crisis costs become a recurring problem

By Peter Rudegeair (Reuters) - Bank of America Corp's <BAC.N> mortgage pain is lasting longer than expected, leading some investors to wonder if the massive expenses being incurred have become a recurring cost of doing business instead of being dismissed as one-time items. The bank on Wednesday posted $6 billion of litigation expenses for its first quarter, far exceeding the $3.7 billion of settlement costs that investors had previously known about.

Pensions for Detroit police, fire retirees safe while other retirees would see benefits cut

DETROIT - The Detroit pension fund that covers all retirees except former police officers and firefighters says it has reached a tentative agreement with the bankrupt city. Tina Bassett, a spokeswoman for the city's general pension fund, says retirees would see a 4.5 per cent cut and their cost-of-living payments would be eliminated under a deal reached late Tuesday. Hours earlier, a group representing retired police and firefighters announced that it had reached its own deal to preserve pension benefits but trim cost-of-living payments.

B.C.'s provincial auto insurer to pay back $39 million in overcharged fees

VANCOUVER - The Insurance Corporation of British Columbia says that it will be informing customers within the next 90 days whether they have been billed the wrong amount due to database errors. The Crown corporation says that over the last six years, approximately 240,000 optional insurance customers were overcharged and it will reinburse them. ICBC says the average overpayment was $21 each year per customer and estimates that it will be paying back $36 million plus an additional $3 million in interest.
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