Home Depot Inc., the largest U.S. home improvement retailer, said its fiscal fourth-quarter net income surged 32 percent, helped by strong U.S. sales and the cleanup related to Superstorm Sandy. The news follows word of positive earnings by smaller rival Lowe’s results, which also beat expectations.
Chinese stocks will resume this year’s rally as officials work to shore up an economic recovery, according to China Asset Management Co., the country’s biggest fund manager. China’s new leaders are mulling plans to revamp government bureaucracy to bolster the economy as it emerges from a seven-quarter slowdown.
more bank jobs
JPMorgan is trimming about 4,000 jobs, or about 1.5 percent of its work force, becoming the latest big bank to shrink its staff. The bank said the cuts, which follow about 1,200 job cuts in 2012, will be focused in consumer banking and mortgages. Many of the cuts would come through attrition, but the bank said it will lay off workers as well.
new IE browser
Microsoft is escalating its efforts to bring the latest version of Internet Explorer to more than 700 million personal computers in an attempt to re-establish market share of the software maker’s Web browser. Tuesday’s release of Internet Explorer 10 is aimed at PCs running on Windows 7, the most used version of Microsoft Corp.’s flagship operating system.
U.S. bank profits
Profits at U.S. banks jumped almost 37 percent for the October-December period, reaching the highest level for a fourth quarter in six years as major banks continued to step up lending. The figures are fresh evidence of the industry’s sustained recovery more than four years after the financial crisis.Next Page >
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