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July 13, 2012 01:18 PM

Friday Afternoon Business Brief

The latest news from JPMorgan Chase today inspired investors to buy banking and other stocks. At midday, the Dow was up more than 150 points.

  • JPMorgan Chase says it earned $5 billion in the latest quarter, with results that topped Wall Street forecasts. There also seemed to be relief that the extent of its trading loss, now put at $5.8 billion, wasn't even worse.
  • The Federal Reserve Bank of New York has documents showing that it learned five years ago that big banks were understating their borrowing costs to manipulate a key interest rate. They also show Treasury Secretary Timothy Geithner, then president of the New York Fed, urged the Bank of England to make the rate-setting process more transparent. At issue is manipulation of the London interbank offered rate rate, which affects what people pay for loans.
  • The slowing economy dragged down Ford's European sales during the first half of the year. And the automaker predicts that the region's overall sales will drop to the lowest level since 1994.
  • An industry forecast indicating that hundreds of thousands of new airline pilots will be needed worldwide over the next 20 years is raising concerns that potentially lower-caliber pilots could pose safety risks. Boeing says about 460,000 new pilots will be needed worldwide between now and 2031 as global economies expand and airlines take deliveries of tens of thousands of new commercial jetliners.

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