3XSQ: Housing market has turned the corner - JPM CEO Dimon
Friday, October 12, 2012 - 04:40
Oct. 12 - JPMorgan Chase posted record quarterly profits on Friday, up 34 percent from a year earlier, as low interest rates and a recovering housing market brought big increases in mortgage lending.
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Ahead banking on housing recovery and then. -- new meaning to trashing your house later in the show. Welcome to three times this Friday from Reuters world headquarters in New York. More proof the US housing recovery is for re -- JPMorgan CEO Jamie Dimon saying quote we believe the housing market has turned the corner. While Wells Fargo exact point improvements in many areas of the nation over the past three months. The comments part of earnings reports from these banks which -- profits rise on a surge in mortgage lending. Both banks seeing low interest rates reduce their profit margin on the ticket shares right now. -- down just a bit -- percent and Wells Fargo down just under 4%. The last time you even thought about buying a personal computer. We know relied on those bulky desk tops and then she heard the arrival of smaller laptops. Now many of us have switched ipads and other tablets. The latest evidence a warning from AMD the company that makes chips for PCs saying its sales likely fell 10% from the previous quarter. It's one of several PC related stocks to sink while tablet companies like apple so war. Another thing is soaring the mood among European Union politicians after the EU one and Nobel Peace Prize today you heard me right. The -- -- award goes to the continent filled with unrest from Spain to Greece and points in between. As the continent deals with -- devastating debt crisis. Trachsel well we'll joins us from London -- widow wanna be too cynical here but help us understand this. -- you know I thought it was a senate and tell some people talk about -- I'm not that they. Yes that people running on the streets of Athens and and other cities in Europe yes that unemployment is at record high eighties. Yes. Politicians in Europe not a particularly fractious right now they're trying to sort this thing out. But let's just -- -- and I would I would remind everyone this is as of now. Promoting peace and democracy and she -- rights over six decades it's eleven European Union -- -- Not the the Euro zone right now and its current woes which worry about rebuilding Europe off to world war two and spreading stability. The end of the Cold War when the Berlin Wall fell back in that 1989. So get that they'll will do a lot of cynics out there will be a lot of skeptics outlets saying. Aaron what a great sense of humor the Norwegians of golf. -- giving us this prize in Europe. But actually. As you think back this goes back many many decades. And some nine some real work done over that time. Spoken like a true European know -- with him. And can't exactly. I've got to remember remember -- present on the lost one yesterday arms editing about. It's OK I think that the our power player of the day the third richest man in America who may add David Beckham to his list of assets. Oracle chief Larry Ellison who borders has learned is interested in a potential bid. For the anschutz entertainment group owned by fell billionaire Phil anschutz. Eight EG has a stake in Beckham's LA galaxy as well as the LA lakers LA kings and more than 100 worldwide entertainment and sports Arenas. What attraction for Ellison is that AG which allowed him to -- and relocate and National Football League team to Los Angeles. A team for his private island in Hawaii maybe tougher sell. And finally. Seen eco friendly jackets and bags made out of plastic the entire homes. The folks in the Mexican state palace -- taking recycling living to a whole new level turning plastic waste into terrible low cost housing. Courtesy of a company called. -- Plastic bottles heights rappers and other household goods are crushed. Other eight and flattened in the plastic sheets. Initiates or cut into panels which -- walls. For just under about 5000 US dollars a family purchased 345. -- with. That's the latest from three times where this Friday you could follow us on Twitter at Reuters Insider. And chick definitely -- can look at Reuters dot com slash legacy. -- -- -- -- -- --
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