Banner Bank declares regular dividend
Published 7:38 pm Tuesday, December 27, 2011
Banner Corp. the parent company of Banner Bank and Islanders Bank, announced Tuesday that its board of directors has declared a regular quarterly cash dividend of 1 cent per share. The dividend is payable Jan. 13 to common shareholders of record on Jan. 6. Banner Corp. is a $4.3 billion bank holding company operating two commercial banks in Washington, Oregon and Idaho.
US: China isn’t a currency manipulator
The Obama administration Tuesday declined to label China a currency manipulator after seeing recent increases in the value of the yuan compared to the dollar. The decision angered unions and lawmakers that have accused Beijing of artificially holding down the value of its currency to gain trade advantages. A cheaper yuan makes Chinese goods less expensive when they are shipped to the United States. It also makes U.S. goods more expensive in China. Both could increase the U.S. trade deficit with China, which is on pace to hit a record high this year. The Treasury Department said the yuan has appreciated 12 percent against the dollar in the past 18 months, after adjusting for inflation. In addition, the department said in a semi-annual report that China promised at two high-level meetings last month to make the yuan’s exchange rate more flexible.
U.S. home prices fell in October
U.S. home prices took a step backward for a second month in October, according to a key index released Tuesday. The S&P/Case-Shiller 20-city composite index fell 1.2 percent in October to move its 12-month drop to 3.4 percent. After five straight months of gains starting in April, prices have started to cool. The gauge isn’t seasonally adjusted, and there is generally greater interest in buying homes during the spring and summer. Nineteen of 20 cities saw price drops during the month, with 11 falling by 1 percent or more. From the peak in 2006, the national gauge is now down by 32.1 percent, showing the depths that the housing market has fallen into after the bursting of the bubble during the Great Recession.
Consumer Confidence Index on the rise
Americans are gaining faith that the economy is on the upswing. An improving job outlook helped the Consumer Confidence Index soar to the highest level since April and near a post-recession peak, according to a monthly survey by the Conference Board. It marked the second straight monthly surge and coincided with what’s wrapping up to be decent spending for the holiday shopping season. The rise in confidence jibes with a better outlook for the overall economy. According to an Associated Press poll of three dozen private, corporate and academic economists, the U.S. economy will grow faster in 2012 — if it isn’t derailed by upheavals in Europe. But confidence is still far below what’s typically seen in a healthy economy.
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