Market opens lower: Bouncing around this morning after yesterday's big gain. Dow is down about 50 points.
Congress raises bank insurance limits: Good news for depositors - that temporary boost in the FDIC coverage from $100,000 to $250,000 would be made permanent under a proposal being considered by House and Senate lawmakers. It's part of the financial overhaul legislation. From the LAT:
Congress temporarily boosted the coverage from $100,000 per account during the financial crisis in October 2008 -- three months after federal regulators seized the Pasadena savings and loan. The increase, originally set to expire at the end of 2009 but later extended through 2013, would be made permanent as part of proposed financial regulatory reform legislation making its way through Congress. A joint conference committee is attempting to reconcile differences between separate bills approved by the House and Senate.
Ex-IndyMac customers helped out: The proposed increase in FDIC coverage would be made retroactive in order to relieve depositors of the failed bank who were over the original $100,000. The FDIC had earlier arranged to give depositors 50 percent of their money above the limit. (Bloomberg)
Senate vote on state funding: Republicans are out to block legislation that would send $24 billion to states for a six-month extension of increased Medicaid funding. Of that, $1.8 billion would go to California. (Sacramento Bee)
State studies health care hikes: Regulators have ordered independent reviews of proposed increases by four of California's largest insurers. Major errors were found when Anthem Blue Cross tried to raise rates by as much as 39 percent. (LAT)
Airlines recovering: An increase in business travel is being felt at the bottom line. From the WSJ:
"Corporate revenues are driving a considerable amount of the improvement," said Ed Bastian, president of Delta Air Lines Inc., the country's largest carrier by traffic. Mr. Bastian said at an industry conference Tuesday that revenue from corporate sales was up 63% year to year through May 31, and continued to strengthen. Revenue per passenger mile on flights to Asia rose 50% in June, and was up 30% on trans-Atlantic services, he said.
Coffee prices going up?: Futures hit a 23-month high as traders speculate that supplies may be lagging demand. It'll be some time before there would be any effect at the store level. (Bloomberg)
Disney relaxes dress code: Female theme park employees won't have to wear pantyhose when wearing skirts. The last big policy change came 10 years ago when guys were allowed to wear mustaches. (LAT)