Investors may be underestimating Fed tightening pace

LISBON, Portugal (AP) ― Portuguese authorities are providing 4.9 billion euros ($6.6 billion) in an emergency rescue to prevent the collapse of ailing bank Banco Espirito Santo, one of the eurozone country’s oldest and biggest financial institutions. Bank of Portugal Gov. Carlos Costa said late Sunday the money will come from a special fund set up during the eurozone’s recent financial crisis. The fund was created to help financial institutions in difficulty. The move came after Banco Espirito S

DETROIT (AP) ― Ignition switch problems that have plagued General Motors and Chrysler have now turned up in the motorcycle business.Harley-Davidson is recalling more than 3,300 FXDL Dyna Low Rider bikes because engine vibration can turn the switches from “on” to “accessory.”The recall covers motorcycles from the 2014 1/2 model year. If the motorcycles have been modified to rev higher than 5,600 RPMs, an engine mount bracket can vibrate excessively, causing the problem.If the switch goes to “acce

WASHINGTON (AP) ― A sixth straight month of solid 200,000-plus job growth in July reinforced growing evidence that the U.S. economy is accelerating after five years of sluggish expansion. Employers added 209,000 jobs last month. Though that was fewer than in the previous three months, the economy has now produced an average 244,000 jobs a month since February ― the best six-month string in eight years. At the same time, most economists don’t think the pace of job growth is enough to cause the Fe

Take that, Facebook Inc. A year after rebuffing a $3 billion takeover proposal from Mark Zuckerberg, Snapchat Inc. is in talks to raise money from Alibaba Group Holding Ltd., people with knowledge of the matter said.The valuation being considered is about $10 billion, more than three times what Facebook CEO Zuckerberg was willing to pay, said the people, who asked not to be identified because the talks are private.The extra billions would make Evan Spiegel ― the 24-year-old frat boy-turned-CEO w

U.S. economy grows robust 4 percent in Q2

Former Federal Reserve Chairman Alan Greenspan said equity markets will see a decline at some point after surging for the past several years. “The stock market has recovered so sharply for so long, you have to assume somewhere along the line we will get a significant correction,” Greenspan, 88, said Wednesday in an interview on Bloomberg Television’s “In the Loop” with Betty Liu. “Where that is, I do not know.”  Former Federal Reserve Chairman Alan Greenspan. (Bloomberg)While Greenspan said he d

NEW YORK (AP) ― A federal judge imposed a $1.3 billion civil penalty against Bank of America on Wednesday for its role in selling risky mortgages to Fannie Mae and Freddie Mac that were advertised as safe investments. The fine was against Countrywide Financial, which Bank of America purchased in 2008 as the financial crisis was unfolding. It is the latest legal ruling against Wall Street. A jury found in October 2013 that BOA was liable for Countrywide’s role in selling risky loans to the govern