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Consumer Corner: Foreclosure settlement no magic bullet for economy
FRANKFURT, Germany, July 3 (UPI) -- The European Central Bank said Thursday it would raise its key lending rates to 4.25 percent to combat inflation in the Eurozone.
It is the bank's first rate hike in more than a year, The Wall Street Journal reported.
The bank said the hike of 25 basis points would go into effect July 9. It would also apply a quarter of a percentage point raise to its marginal lending facility, raising that rate to 5.25 percent, and its deposit facility, raising that rate to 3.25 percent.
European Central Bank President Jean-Claude Trichet was to meet with the media Thursday to explain the Governing Council's decisions, a statement said.
Trichet signaled the rate hike was possible a month ago. "It is our strong determination to secure a firm anchoring of medium and long-term inflation expectations in line with price stability," he said in June.
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SYDNEY, Feb. 13 (UPI) --
Researchers in Australia are developing a solar roof system that uses wasted energy to warm air and water.
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WASGHINGTON, D.C., Feb. 13 (UPI) --
Defense industries are weighing the potential impact of proposed defense cuts running into tens of billions of dollars over the next 10 years.
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Local markets will probably not be swamped by waves of foreclosures following the multi-state mortgage settlement announced yesterday. Rather, the huge inventory of one to two million foreclosures will enter markets gradually....
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Investors will not have the distraction of financial reports to look forward to this week. They will have to look at the spot news headlines instead.
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