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BUSINESS NEWS JANUARY 26TH 2016


U.S. CONSUMER CONFIDENCE RISES IN JANUARY

Wall Street rebounded today driven by a surge in oil prices and strong quarterly results from some big corporate firms. U.S. Consumer confidence rose in January to the highest level since October indicating that consumers are shrugging off the meltdown in global financial markets. The Conference Board’s index of consumer confidence rose to 98.1 this month from a revised 96.3 in December. Those surveyed felt more confident about future economic conditions, with the expectations index increasing to 85.9 in January from 83.0 a month earlier.

For more on the story log on to

http://www.wsj.com/articles/u-s-consumer-confidence-increased-in-january-conference-board-says-1453821254

U.S. HOME PRICES RISE IN NOVEMBER

U.S. home prices increased at a fast pace in November, thanks to steady hiring across sectors, historically low mortgage rates and a shortage of houses on the market. The Standard & Poor’s/Case-Shiller 20-city home price index rose 5.8% from a year ago, up from a 5.5% rise in October. Prices in four metro areas — Dallas, Denver, San Francisco and Portland Oregon, have either matched or crossed their all-time highs. Sales of existing homes rose 6.5% over the past year to 5.26 mn, according to the National Association of Realtors.

For more on the story log on to

https://www.washingtonpost.com/politics/us-home-prices-rise-in-november-all-time-highs-in-4-cities/2016/01/26/b787477e-c436-11e5-b933-31c93021392a_story.html

APPLE'S QUARTERLY REVENUES MISS ESTIMATES

Apple has reported fiscal first quarter earnings that have beaten analyst estimates. However revenue and iPhone sales came in below estimates. The company said it saw quarterly earnings of $3.28 per share on $75.9 bn in revenues. The company also reported that it sold 74.8 mn iPhones in the quarter, missing street expectations. Mac and iPad sales also came in weaker than expected. Tablet sales came in at 16.1 mn units in the quarter and Mac sales came in at 5.3 mn units.

For more on the story log on to

http://www.bloomberg.com/news/articles/2016-01-25/sprint-said-to-cut-2-500-jobs-7-of-workforce-to-save-costs

CHASE PLANS ROLL-OUT OF CARD-FREE ATMs

JPMorgan Chase customers can soon withdraw cash or initiate other transactions using their cellphone at Chase ATMs which are being upgraded later this year. The new upgrade will offer cash machines which don't require a card and will allow customers to withdraw more money in different denominations. The withdrawal limit will be up to $3,000 during branch hours. According to the bank customers will still be able to use their ATM cards if they want to.

For more on the story log on to

http://www.miamiherald.com/news/business/article56641108.html


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