6at4 Business Report: US Airways profits triple
July 25, 2012 (WPVI) -- Why did US Airways profits jump? Plus, housing sales slump and Newsweek's going to dump printing.
p>Lottery winner pays back welfare
A Michigan woman is paying back the welfare money she accepted after she won the lottery. Amanda Clayton appeared in court on fraud charges. The 24-year-old Detroit area woman won $735,000 last year, but she kept receiving welfare benefits anyway. The Michigan Department of Human Services said Clayton never informed them of her winnings. In fact Clayton said she felt that she was entitled to those welfare payments, even after winning the money. But in court, she said she made a mistake: "I do know that I made bad judgment and I'm willing to pay restitution and put this behind me." Clayton repaid $5,500 to the state. She was sentenced to six months probation.
US Airways Profits Triple
US Airways said profit tripled last quarter thanks to increasing fares while at the same time spending less for jet fuel. All that added up to a better-than-expected profit for Wall Street.
New Home Sales Fall
In another sign the housing market is still on shaky ground, new home sales unexpectedly declined last month from a two-year high last month. A short supply of homes and a slow-moving job market may be holding back home purchases even as prices and mortgage rates remain attractive.
Newsweek Going Online Only
Newsweek will eventually transition to an online publication after 79 years as a weekly print publication. Newsweek's owner said the company is trying to limit investments in the money losing business.
6at4, stock market, economy, home sales, us airways, air travel, business/finance
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