Business News

Home Foreclosures Jump

West Coast ports are shutting down again today, Saturday, Sunday, and Monday-in the latest disruption in a bitter labor dispute. The seaports, handle some $1 trillion in trade per year. (CNBC)

The number of U.S. properties in foreclosure rose 5% in January, driven by a jump in bank repossessions.  A total of 37,292 homes were repossessed in January, a 15-month high. Overall, 119,888 properties were at some stage of the foreclosure process, still down 4% from a year earlier. (Reuters)

Kellogg reported fourth quarter 2014 sales of $3.5 billion, an increase of 0.3% from 2013. The company reported a loss of $422 million, driven by a significant non-cash mark-to-market adjustment of $822 million, which was primarily driven by the impact that changes in interest rates had on pension plans. (PR Newswire)

American Express Co., long the envy of the industry for its wealthy clientele, is fighting to retain its grip on affluent cardholders. As AmEx seeks to diversify by pursuing tech-savvy millennials and underbanked Americans, the risk of eroding its brand, and its biggest source of revenue, is rising. AmEx is the most widely held card among high-net-worth households, or those with $1 million or more of investable assets. Fifty-nine percent of wealthy households had a card issued by AmEx last year, while those holding a Chase-issued card rose to 58%. Among households making at least $125,000 annually, Chase surpassed AmEx two years ago. (Bloomberg)
 

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