Business News

GM buying back 200 million Shares of Common Stock from U.S. Treasury

Pile of money - BSN

(Best Syndication News) - General Motors Company (NYSE:GM) announced today that they will be buying back 200 million shares of GM common stock from the U.S. Department of the Treasury. The transaction will be for $27.50 per share – totaling $5.5 billion. The company will buy back 200 million shares out of the 500.1 million shares owned by the government. The buyback is expected to occur by the end of 2012.

GM’s buyback announcement parallels the Treasury’s plan to exit entirely from holding GM stock within the next 12 to 15 months. The exit plan is subject to market conditions.

FTC announces New Children’s Privacy Rules

Security camera - BSN

(Best Syndication News) - The U.S. Federal Trade Commission announced the final amendments were made to the Children’s Online Privacy Protection Rule. The new rules will help better protect the privacy of children under the age of 13 and let parents decide what personal information is collected on websites and online services.

These amendments were added to the Children’s Online Privacy Protection Act (COPPA) of 1998 to better address current technologies. Websites that are directed toward children under 13, or have knowledge that they are collecting information about minors, are required to follow the FTC COPPA rules.

Current Mortgage Rates Today – JPMorgan Chase and SunTrust continue to raise loan rates

Graph of 15-year mortgage

(Best Syndication News) Mortgage interest rates advanced as capital markets migrated back into riskier assets (see the mortgage rate chart below). All of the major banks, including JPMorgan Chase, Bank of America, Citibank, and SunTrust, started moving their rates higher.

Benchmarks

Positive news from Washington propelled the Dow to triple-digit gains two-straight days. Both sides in the fiscal-cliff debate are beginning to compromise. House Speaker John Boehner promised to bring a bill to the floor of Congress this week that would raise income tax rates on those earning $1 million or more.

Current Mortgage Rates Today – Bank of America and KeyBank raise loans rates again

Chart 15-Year Mortgage

(Best Syndication News) Mortgage interest rates advanced while the secondary lenders lowered their yield rates (see the mortgage rate charts below). JPMorgan Chase and PNC lowered some of their loan products, but Bank of America and KeyBank raised them.

Benchmarks

Confidence that a resolution to the fiscal cliff crisis helped push stock prices higher Monday. Reports from Washington over the weekend hinted that House of Representatives Speaker John Boehner was willing to allow taxes to increase on Americans earning $1 million or more.

Office Depot adds PayPal payments for Online Shoppers

Typing on the Keyboard - BSN

(Best Syndication News) - Office Depot, Inc. (NYSE:ODP) announced the addition of PayPal payments for shoppers at their website. The service is up and running today and customers can opt for PayPal as a payment method during checkout.

PayPal is an eBay Inc. (NASDAQ:EBAY) owned company that processes payments. The shopper can enter in their credit card, bank information, billing, and shipping addresses in Paypal and not have to continue to do this at every website that they shop at. All that is needed is for the user to sign into their PayPal account to approve the transaction. Additionally, customers do not need to have a PayPal account to use this payment method.

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