President Barack Obama has
named a former Freddie Mac executive to head the federal housing commission. The White House yesterday named David Stevens as assistant secretary at the Department of Housing and Urban Development. The position requires Senate confirmation and would put Stevens in charge of the government's housing mortgage-insurance program. Stevens now is the head of Long and Foster Companies, a real estate and mortgage firm.
JPMorgan Chase & Co. said yesterday it has no plans to purchase new jets or renovate an aircraft hangar until after it has paid off money it received as part of the government's bank investment program last fall. JPMorgan disclosed the plans amid published reports it was moving ahead with plans to buy new jets and renovate a hangar where it houses its fleet. A spokesman said no hangar improvements or purchases would occur until after the government money is repaid.
Shoppers who were cautious about splurging on high-priced jewelry led Tiffany & Co. to report yesterday that fourth-quarter profit tumbled more than 75 percent. Enough people bought lower-priced items, though, that its earnings beat analysts' forecasts. Tiffany said its earnings dropped to $31.1 million, or 25 cents per share, for the three months ended Jan. 31, down from $127.4 million, or 96 cents per share, a year ago. Sales dropped 20 percent to $841.2 million from $1.05 billion in last year's fourth quarter, but came in above the $838 million Wall Street expected. At Tiffany's flagship store on Fifth Avenue in Manhattan, sales dropped 34 percent. The store represents 10 percent of total sales.
A major Philadelphia law firm founded in 1903 is disbanding, citing the economic crisis. WolfBlock Llp, with some 300 lawyers, announced yesterday the partners have voted to shut down in a few months. They will keep operating so the transition will be orderly for clients and employees. WolfBlock says its core practice is real estate law and it has been greatly hurt by the recession. WolfBlock also has offices in Manhattan, Cherry Hill, N.J., and Boston.
With less than a month to go before the April 15 tax filing deadline, H&R Block Inc. says tax preparation numbers are down from a year ago. But the Kansas City-based company said yesterday that overall tax preparation revenues continued to remain above the year-ago levels thanks to higher average fees and more complex returns. H&R Block, the nation's largest tax preparer, said it had prepared 15.2 million tax returns through March 15, or 3.2 percent fewer than at the same point in 2008. Returns filed in its retail offices were down 6.2 percent from 11.5 million to 10.8 million.
named a former Freddie Mac executive to head the federal housing commission. The White House yesterday named David Stevens as assistant secretary at the Department of Housing and Urban Development. The position requires Senate confirmation and would put Stevens in charge of the government's housing mortgage-insurance program. Stevens now is the head of Long and Foster Companies, a real estate and mortgage firm.
JPMorgan Chase & Co. said yesterday it has no plans to purchase new jets or renovate an aircraft hangar until after it has paid off money it received as part of the government's bank investment program last fall. JPMorgan disclosed the plans amid published reports it was moving ahead with plans to buy new jets and renovate a hangar where it houses its fleet. A spokesman said no hangar improvements or purchases would occur until after the government money is repaid.
Shoppers who were cautious about splurging on high-priced jewelry led Tiffany & Co. to report yesterday that fourth-quarter profit tumbled more than 75 percent. Enough people bought lower-priced items, though, that its earnings beat analysts' forecasts. Tiffany said its earnings dropped to $31.1 million, or 25 cents per share, for the three months ended Jan. 31, down from $127.4 million, or 96 cents per share, a year ago. Sales dropped 20 percent to $841.2 million from $1.05 billion in last year's fourth quarter, but came in above the $838 million Wall Street expected. At Tiffany's flagship store on Fifth Avenue in Manhattan, sales dropped 34 percent. The store represents 10 percent of total sales.
A major Philadelphia law firm founded in 1903 is disbanding, citing the economic crisis. WolfBlock Llp, with some 300 lawyers, announced yesterday the partners have voted to shut down in a few months. They will keep operating so the transition will be orderly for clients and employees. WolfBlock says its core practice is real estate law and it has been greatly hurt by the recession. WolfBlock also has offices in Manhattan, Cherry Hill, N.J., and Boston.
With less than a month to go before the April 15 tax filing deadline, H&R Block Inc. says tax preparation numbers are down from a year ago. But the Kansas City-based company said yesterday that overall tax preparation revenues continued to remain above the year-ago levels thanks to higher average fees and more complex returns. H&R Block, the nation's largest tax preparer, said it had prepared 15.2 million tax returns through March 15, or 3.2 percent fewer than at the same point in 2008. Returns filed in its retail offices were down 6.2 percent from 11.5 million to 10.8 million.
