Disney names new head of movie studio Walt Disney Co. named former Warner Bros. Entertainment President Alan Horn as chairman of its film operation, replacing Rich Ross, who stepped down in April after the studio's "John Carter" picture bombed with audiences. Horn, who oversaw the "Harry Potter" and "Dark Knight" franchises at Warner, will run production, distribution and marketing of Disney films, as well as those from the company's Pixar and Marvel divisions, Disney said. He starts on June 11.
Mortgage rates fall to another record low Mortgage rates for 30-year U.S. loans fell to a record low for a fifth straight week as concern about Europe's worsening financial crisis drove investors to the safety of the government bonds that guide borrowing costs. The average rate for a 30-year mortgage dropped to 3.75 percent in the week ended Thursday from 3.78 percent, Freddie Mac said. It was the lowest in the mortgage-finance company's records dating to 1971. The average 15-year rate fell to 2.97 percent, also a record.
JPMorgan's Dimon to testify on Capitol Hill JPMorgan Chase & Co. Chief Executive Jamie Dimon will face congressional questioning on June 13 about the bank's huge trading loss, the Senate Banking Committee said. The committee has been looking at the loss, which came to more than $2 billion, as part of its oversight of the Dodd-Frank financial reform law, and Chairman Tim Johnson, D-S.D., said two weeks ago he intended to call Dimon to testify. Dimon accepted the invitation, meaning no subpoena was required.
Number of short sales reaches 3-year high The number of U.S. homes purchased via short sale hit a three year-high in the first quarter of 2012, up 25 percent from a year earlier, according to a report on foreclosure-related sales. Owners unloaded 109,521 homes during the first three months of the year for less than what they owed on the mortgage, according to Irvine, Calif.-based data tracker RealtyTrac. Such transactions help homeowners avoid having their properties repossessed by lenders, which must approve the sales.
Economic growth slows down in India India's economy expanded at the weakest pace in at least eight years last quarter, hurt by a slowdown in investment that has undermined the rupee. Gross domestic product rose 5.3 percent in the three months ended March from a year earlier, compared with 6.1 percent in the previous quarter, the Central Statistical Office said.
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