Wells Fargo reports 25 percent increase in fourth-quarter earnings

Wells Fargo, the country's biggest mortgage lender, reported a 25 percent increase in fourth-quarter earnings Friday. The bank made more loans, set aside less money for potential defaults and enjoyed above-average returns from the investments made by its private equity business.

The San Francisco-based bank was the first major lender to report fourth-quarter earnings. Revenue grew over the year in credit cards, wealth management and other units, and the bank brought in more in service charges and investment fees. Mortgage lending slowed from the third quarter, however.

Revenue rose 7 percent, to $21.9 billion, beating the $21.3 billion expected by analysts polled by FactSet. Wells Fargo earned $4.9 billion before paying dividends on preferred stock. That amounted to 91 cents per share, more than the 87 cents per share analysts were expecting. In the same period a year earlier the bank earned $3.9 billion, or 73 cents per share.

As in the previous quarter, mortgages were the main driver of the bank's results. The bank said it funded $125 billion in mortgages, up from $120 billion in the same period a year ago. However, that was also down from $139 billion in the third quarter, stoking some investors' concerns that the mortgage boom, which Wells Fargo is heavily dependent on, could be slowing.

Chief financial officer Tim Sloan said he was "very pleased" with the bank's performance, but also noted the "challenging" problems of "low interest rates and elevated unemployment." Low interest rates can hurt banks because they get a lower return from lending out money. Well's Fargo's net interest income fell 2 percent from the same period a year ago.

The stock fell 40 cents, about 1 percent, to $35 in pre-market trading.

Also top of mind was Monday's national foreclosure settlement, in which Wells Fargo and nine other banks agreed to spend a combined $8.5 billion to settle the government's accusations that they had wrongfully foreclosed on some struggling borrowers.

Wells Fargo said it would pay $766 million in cash and commit an extra $1.2 billion to "foreclosure prevention actions," such as mortgage modifications, for its part of the settlement. The settlement forced it to take a $644 million charge to fourth-quarter results.

The settlement also eliminates an uncertainty that had been hanging over the bank and means the bank no longer has to go through individual, independent reviews of its foreclosures. The bank said that hiring external consultants and extra staff for the foreclosure reviews had recently been costing it about $125 million a quarter.

CEO John Stumpf said the bank was "very pleased to have put this legacy issue behind us."

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Legal feud over Spanish-language TV leads to federal suit in Miami

What began as a highly-touted affiliation between a new Spanish-language national television network and a popular independent local station in Miami has dissolved into a legal dispute of David and Goliath proportions.

MundoFox Broadcasting, part of the family of communications giant News Corporation, filed suit in the U.S. District Court Southern District of Florida against the parent company of America Tevé Channel 41-WJAN, America-CV Network, for breaching two agreements forged in May.

The complaint alleges that in South Florida "MundoFox’s initial launch had less exposure, viewership was lower, soliciting advertisers became more difficult and advertising revenue decreased,” because the network was swapped to inferior channel positions by cable providers.

In a statement, America-CV Network, denied the allegations in the complaint and announced that it will defend itself vigorously.

— DANIEL SHOER ROTH

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Wisdom from the mouths of babes

The other day, a friend of mine email me the following letter from a 7-year-old second-grader, Abigal Lily Alder, at Heron Heights Elementary in Broward County, and I want to share it with you, my dear Neighbors in Religion readers:

The title: "AUTISM SPEAKS to Me!"

"If I could help somebody it would be my brother, Grant, who has autism. People with autism like Grant sometimes have trouble communicating and they may act 'different.' I participated in a walk for Autism Speaks with my family, and learned that for every 88 kids one of them will have autism like my brother. If you have a conversation with someone who has autism they are not always able to focus on what you are saying and they may only want to talk about things that are important to them.

“Restaurants, playgrounds and shops can sometimes be too exciting for them at first. They may be loud, say things you may not expect or they may have trouble understanding what you are asking them.

I would like people to accept kids like my brother who are unique in their own way, and not judge them. Just be patient. If you see someone who you think may have autism, you should help them or just be a friend. I went to camp during the summer with kids who have autism like my brother, and I found out that they can be real friends just like anyone else. We laughed together and played games. It was a blast and I am still friends with many of them.

“There are good things about autism, too. My brother is the most fun and active person. He is awesome on computers and every morning when I wake up, my brother has a big smile on his face and he says, 'It is a beautiful morning.' He is still the BEST BROTHER EVER!

“I know I may be only seven, but I can make a difference and so can you."

Abby is in Mrs. Chiros' class and was the essay contest winner for her grade level.

Oh, thank you, so much Abby. You are wise beyond your young years. I know your parents are so proud of how sensitive you are — and that's a feather in their hats. God bless you and Grant. My godson Isaiah Swift, 6, has autism and I love him so much, and tell him often.

Although he had not been able to speak, one day at church he shocked my boots off, so to speak, when he said without any prompting, "I ... love ... you.”

It brought tears of joy to my eyes.

‘Why I am Thankful’

On Dec. 28, I asked readers to share reasons they are thankful. Here is a response from Charlotte Delascasas:

"I am grateful for the upcoming MLK Holiday and our national tradition of community service. Coral Gables Congregational Church will be having their annual food drive and Pastor Laurie Hafner will remain fasting up in the tower until 3,000 pounds (one dollar also equals one pound) is raised before the cherry picker brings her down, usually 7 p.m. Saturday night, when there will be a rock ‘n’ roll band in our parking lot in front of the Biltmore Hotel, to celebrate.

“Our church will also adult education about Dr. King from 9:45 to 10:45 a.m., each Sunday in January. I am thankful that our congregation welcomes everyone, no matter where you are on your spiritual journey, with an open door. Each Thanksgiving we join Temple Judea and Riviera Presbyterian for an interfaith service and we have welcomed theologians from all religions to speak as well. Our social justice program includes Green Christians, who have just started a community garden.

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Amazon steps up digital music competition with Apple

SAN FRANCISCO (Reuters) – Amazon.com Inc unveiled a service that increases competition with Apple Inc’s dominant iTunes store.

Amazon launched Amazon AutoRip, which gives customers free digital versions of music CDs they purchase from the world’s largest Internet retailer.

The digital music files are automatically stored in customer libraries in remote datacenters run by Amazon, where they are available to play or download immediately through the company’s Cloud Player service, the company said.

Amazon customers who have bought AutoRip-eligible CDs at any time since the company started selling discs in 1998 will also get digital versions of that music stored in their Cloud Player libraries for free, the company added.

More than 50,000 albums are available for AutoRip and Steve Boom, head of digital music at Amazon, said the company focused on music that has been the most popular among its customers during the past 15 years.

Albums include “21″ by Adele; “Overexposed” by Maroon 5; “Dark Side of the Moon” by Pink Floyd and “Thriller” by Michael Jackson.

Boom declined to estimate how many CDs Amazon expects to digitize through the new service. However, he noted that the company has sold hundreds of millions of CDs to millions of customers.

“When we picked those 50,000 titles we focused on having a substantial majority of our physical CD sales covered,” he added.

Amazon is hoping the new service boosts digital music sales and encourages more people to use its cloud music service.

“People will be exposed to Cloud Player and our digital music offering, which is a good thing,” Boom said. “We want to take this global.”

Amazon’s MP3 digital music business has been around since 2007, but its market share is less than 15 percent, according to The NPD Group. Apple’s iTunes store is the clear leader, with over 50 percent of the market.

Amazon is making a bigger push against iTunes now that the company’s Kindle Fire tablets are in more consumers’ hands and its Cloud Player music application is available on a range of other mobile devices, including Apple’s iPhone, iPad and iPod Touch.

(Reporting By Alistair Barr; editing by Andrew Hay)

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Lily Allen Gives Birth to Daughter Marnie Rose

Lily Allen, 27, is a mom again! The British singer welcomed daughter Marnie Rose on Tuesday, January 8, People is reporting.

This is Allen's second child with her husband Sam Cooper. Marnie Rose will join older sister Ethel Mary, 1.

Related: Lily Allen is Pregnant

"Quite overwhelmed by all the well wishing going on. THANKYOU everybody x x x," she tweeted Thursday morning.

Allen has been previously open about the two miscarriages she suffered prior to giving birth to Ethel Mary on November 25, 2011.

"It was a really long battle, and I think that kind of thing changes a person," Allen said in her documentary Lily Allen: Rags to Riches.

Related: Lily Allen Welcomes a Baby Girl

The Smile singer again made headlines in June with rumors of her return to music after announcing in 2010 that she was taking a break to focus on her fashion store and personal life.

"You will be pleased to know that i am currently in the f***ing studio with [producer] @GregKurstin," Allen tweeted.

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Ferry passengers return to daily - and seated - commute

AFP/Getty Images

Mayor Bloomberg inspects the damage after the commuter ferry slammed into Pier 11. A large hole can be seen in the front of the boat after the crash.

Commuters aboard the same ferry service that crashed one day earlier enjoyed a smooth — and seated-at-all-times — sail into Manhattan this morning.

Passengers returning to the Highlands-to-New York journey said they had no worries riding the Seastreak ferry and noticed virtually everyone stayed in their chairs until the craft came to complete stop in Manhattan.

Yesterday, an out-of-control ferry carrying more than 300 commuters slammed into a lower Manhattan dock , tossing terrified passengers like rag dolls into walls and down staircases and leaving 93 people injured.

Sun Media / Splash News

The damage to the Seastreak yesterday.

PHOTOS: SEASTREAK FERRY CRASHES INTO PIER 11

RIDER'S FIRSTHAND ACCOUNT OF FERRY CRASH

CAPTAINS WORRIED OVER PROPULSION SYSTEM

“Everyone remained seated at the end --normally people rush to get off first." said commuter Darren Srikumpol, 37, just after pulling into Pier 11.

Atlantic Highlands resident Julie Mahoney, 38, said she too noticed how passengers weren’t in such a rush to sprint off the boat.

“It [today’s commute] was very smooth, but at the end no one stood up or rushed to get off the boat, a first,” said Mahoney, adding that yesterday’s smash-up was the talk of this morning’s ride.

“There was a lot more chatter than usual because people were talking about it. When you take it everyday it's part of your daily commute. It's part of the reason I moved to Atlantic Highlands.”

Federal investigators are probing whether a mechanical failure caused the Seastreak Wall Street to crash into Pier 11 at about 8:45 a.m., sending 93 passengers to hospitals — two of them in critical condition — and ripping a giant gash in the ship’s bow.

The National Transportation Safety Board is investigating the crash, which evoked memories of the horrific 2003 Staten Island Ferry wreck that killed 10 people and injured 59.

Passenger Michael Dean said he believes a slower exit off the boat will be the new normal.

“I think more people will stay in their seats from now on,” said Dean, who went flying yesterday but escaped virtually injury-free.

“I was gathering my stuff facing my chair. When we hit land, the crash lifted me up and threw me into a row in front of me. I was literally in the air. I got knocked around but I decided to see my own doctor in New Jersey to get checked out. I’m a bit stiff but I’m fine."

Commuters on board today chalked up yesterday’s violent docking as an aberration.

“I appreciate that the boat feels slower today, especially docking this morning,” commuter Sheila Carson, a Monmouth Beach resident and JPMorgan Chase attorney.

“Today is business as usual. We have jobs to do and the ferry is how we get there."

Dean, a 46-year-old financial analyst from Middletown, called yesterday’s crash a “freak accident.”

"I’m feeling no apprehension at all,” Dean said during his commute. “I think it was a freak accident. I think it was something mechanical. These crews are so professional. The crew and captain are great guys.”

Srikumpol said he has no beef with ferry operator despite yesterday’s crash.

He went as far as urging injured passengers to reconsider the lawsuits that will inevitably be filed.

“I hope they don't get sued,” he said. “This is a chance occurrence and I'd hate for this service to be shut off because of this litigious society.”

Additional reporting by David K. Li

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Unemployment claims on the rise in Miami-Dade

Miami-Dade County ended 2012 with more people joining the unemployment rolls than it did last year.

The late-year increase in first-time unemployment claims broke a trend of declining applications throughout most of 2012. First-time claims spiked about 15 percent in November and December, with about 17,500 new applications in all over those 60 days. That’s compared to 15,000 during the same time in 2011. For the entire year, claims were still down about 10 percent.

In Broward, overall claims were down 15 percent. In November and December, Broward residents applies for 10,200 first-time unemployment benefits, compared to about 10,500 in 2011 — a 3 percent drop.

DOUGLAS HANKS

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Mystery fish invades Keys waters from the Pacific

Deep-diving spearfishermen surfaced with a mystery last month south of Pacific Reef Light off North Key Largo.

"I was shocked when I saw it," Wayne Grammes said. "It’s an ugly-looking fish with a face on it that looks like a tripletail and a tail like a jewfish."

The 15-pound, 27-inch fish speared by Greg Caterino of Tavernier turned out to be a humpback grouper — a species native not to Pacific Reef but to the tropical Pacific Ocean off Asia.

"This is the equivalent of a hunter in North America finding a zebra," said Grammes, who was fishing Dec. 23 with Caterino.

"We’ve seen the successful marine invasion of lionfish," Reef Environmental Education Foundation Project Director Lad Akins said this week. "We certainly do not want to see it happen again with another Pacific species."

Akins, a renowned expert in fish identification, confirmed the speared fish was a humpback grouper. With an array of black spots, it’s also known as a panther grouper.

"This is not the first time these have been sighted in Florida," Akins said. "There have been five or six reported as far back as the 1980s, but all from different parts of the state."

"The juveniles are really popular in the aquarium trade," Akins said. "It’s quite likely that this is released fish."

Young humpback grouper sport a brilliant white color with an attractive spray of black spots. But they outgrow most privately owned saltwater tanks — and cast a hungry eye on other tank fish. "Just like lionfish, they are carnivores," Akins said.

At 27 inches, the humpback grouper was nearly as large as they grow, Akins said.

Caterino and Grammes, a Miami-Dade resident and frequent Keys diver, were searching a deep ledge about 95 feet down when they saw what appeared to be a black grouper. After it was taken, it was apparent that it was not something local, Grammes said.

The humpback grouper bears a passing similarity to the marbled grouper, a native species that is considered rare.

"This could be only the tip of the iceberg," Grammes said. "Who knows how many are down there? This was in an area where not many people go."

Lionfish gained a foothold in the U.S. and Caribbean largely due to their prolific breeding and venomous spines that fend off predators.

Humpback grouper could lack defenses needed to become established, Akins said, "but we really don’t know."

Due to the possibility of mistaking a humpback for a protected native species, Akins said, people seeing one should report its location to REEF rather than harvest it. To find out how, go to www.reef.org.

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Lawyers in Ohio football rape case want trial moved

(Reuters) – Attorneys for two Ohio teenage football players accused of raping a 16-year-old student have asked that the trial be moved because potential witnesses are afraid to come forward in defense of the boys, one of the lawyers said on Monday.

Walter Madison, the attorney for one of the accused rapists, Ma’lik Richmon, said social media efforts to bring the alleged rape into the national spotlight have led to an atmosphere of intimidation and coercion.

“This has a chilling effect on witnesses who could come forward to be part of this process so my client can get a fair and full proceeding,” he told Reuters. “So, we’re left without the opportunity to make our case. That’s pretty serious.”

Richmond and Trenton Mays, both 16 and members of the Steubenville High School football team, are charged with raping a 16-year-old fellow student at a party last August.

The two students are set to be tried as juveniles in February in Steubenville, a city of 19,000 about 40 miles west of Pittsburgh.

Madison said his client’s mother has had to change her cell phone number multiple times due to threats and harassment.

Last week, the online activist group Anonymous made public a picture allegedly of the rape victim, being carried by her wrists and ankles by two young men, and of a video that showed several other young men joking about an alleged assault.

Madison said that Richmond is not seen in the video.

A county sheriff under fire for how he has handled the high school rape investigation faced down a crowd of protestors on Saturday and said no new charges will be brought against anyone involved in the case.

Activists say there had been a cover-up by local officials to protect the integrity of the high school’s football program.

Meanwhile, a petition to the White House calling for the two rape suspects to be tried as adults reached 25,000 signatures Monday, the threshold required to receive a response from the Obama Administration.

Moving the case to the adult court system would allow for a jury trial and a more severe penalty, the petition says.

“This is a serious offense and this needs to be an example for everyone that this type of behavior should not, and will not be tolerated in our society,” it says.

The petition, created December 25, more than doubled its number of supporters overnight. It had 11,000 signatures on Sunday.

It was submitted to the White House through its online petition website, We The People. Now that it has the required 25,000 signatures, the Obama Administration will give an official statement at some point in the future. The petition has no legal impact.

(Editing by Paul Thomasch and Andrew Hay)

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Beyonce, Kelly Clarkson to Perform at Inauguration

President Barack Obama will have a Miss Independent and an Independent Women performer helping him celebrate the 57th Presidential Inauguration. Beyonce Knowles and Kelly Clarkson are scheduled to perform along with another music icon.

James Taylor will join the ladies on the West Front of the U.S. Capitol on Jan. 21, 2013 for the big event. "Vice President [Joe] Biden and I are honored to have these wonderfully talented musical artists perform at the Inaugural ceremony,” the president said in a statement on Wednesday. "Their music is often at the heart of the American story and speaks to folks across the country."

RELATED: Actors Who've Played Presidents

So, what will these ladies and gentleman be performing? Beyonce will take on the National Anthem, Clarkson will belt out My Country Tis of Thee while Taylor will sing America the Beautiful.

RELATED: Who Did the Stars Vote For?

According to the White House press statement, Obama was involved in selecting the singers for the ceremony. Other ceremonial participants include Myrlie Evers-Williams, who will give the invocation; Richard Blanco, who will serve as the Inaugural poet; and Reverend Louie Giglio, who will deliver the Benediction.

As you may recall, Beyonce performed Etta James' At Last during the first dance between Barack and First Lady Michelle Obama at the Neighborhood Inaugural Ball during the 2009 inauguration.

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