Latest Articles: Business
Small Businesswoman to Obama: 'Apologize' for Economy
Post Date: 2011-08-08 21:42:24 by Thunderbird
Gold soars to record above $1,700 on debt fears ($2500 by year-end)
Post Date: 2011-08-08 15:18:16 by Hondo68
NEW YORK (Reuters) - Gold vaulted to record highs above $1,700 an ounce on Monday, surging nearly 3 percent as European Central Bank's buying of Italian and Spanish bonds failed to ease debt fears after Standard & Poor's cut the top-notch AAA credit rating of the United States. Wall Street plunged nearly 4 percent and other riskier assets collapsed as skittish investors sought a refuge from other safe havens such as U.S. Treasuries in the first session since S&P's downgrade, sending gold's option volatility to its highest level since May 2010 on bets the metal could rally further.Gold is poised for its biggest one-day gain in nine months as investors bet that ...
The Increasing Bank Of America Death Watch
Post Date: 2011-08-08 12:27:43 by Brian S
Recently Yves Smith of Naked Capitalism started a death watch for Bank of America. Smith cited the bank's massive and growing legal liabilities, as well as the low chances that they will be able to shore up their capital levels through asset sales. David Dayen then joined in the death watch and advanced it following Washington Attorney General Rob McKenna launched a lawsuit against BoA for violating foreclosure law. Today Gretchen Morgenson and Louise Story in the Times break news that signifies another big step in the Bank of America death watch. AIG is suing BoA for $10 billion: The suit seeks to recover more than $10 billion in losses on $28 billion of investments, in possibly the ...
Moody's Backs US's AAA Rating, S&P Cuts Fannie, Others
Post Date: 2011-08-08 12:08:51 by Brian S
Even as Standard & Poor's began issuing a number of ratings downgrades Monday, as it explores the far-reaching effects of its downgrade of the U.S. credit rating it issued last week, rival ratings agency Moody's reaffirmed the country's AAA status. In his first comments since S&P's decision, Moody's analyst Steven Hess sounded a note of caution about Moody's rating of the U.S., repeating that the Aug. 2 plan to cut deficits by $2.1 trillion was positive for the U.S. credit standing, but not enough to keep its rating on a stable outlook. Moody's had earlier put the US on "review for downgrade" on July 13 before removing the ratings watch and ...
Stock futures sell off in early trading
Post Date: 2011-08-07 19:54:28 by Sebastian
Stock futures tumbled more than 2% at the start of electronic trading Sunday, signaling a nasty investor response to the Standard & Poor's downgrade of U.S. debt. Investors, not to mention political leaders, nervously await reaction of world markets that are scheduled to begin trading later in the evening. S&P 500 futures fell 28.90 points, or 2.4%, according to data from the Chicago Mercantile Exchange. They were down by as much as 36.80 points. Nasdaq-100 futures contracts slipped 43.75 points, or 2%. They were down as much as 58.25 points lower earlier. Dow Jones industrial average futures were 246 points, or 2.2%, lower after being down as much as 309 points earlier ...
New Trade Agreement May Hurt U.S. Jobs, Not Help
Post Date: 2011-08-07 14:59:33 by Brian S
(CBS News) According to the latest unemployment report, American manufacturers added 24,000 jobs last month. But in Skowhegan, Maine, more than 300 manufacturing jobs could be on the line, as they face stiff competition from overseas. CBS News correspondent Anthony Mason reports that the looming trade agreement between the U.S. and several South Asian countries could unbalance an iconic American product. Skip Bowman knows his company, New Balance, would make more money if it shut down the plant and moved his job overseas. "Every day I walk through that door I am a part of the effort to keep this factory going," Bowman says. New Balance is the last major brand to produce ...
S&P Head: Agency May Downgrade U.S. Again
Post Date: 2011-08-07 13:16:08 by Brian S
The head of Standard & Poor's sovereign ratings said Sunday that the agency may downgrade the U.S. again. "Given the economic and political situation in the U.S., which will we see, an upgrading back to AAA or further downgrades?" Fox News' Chris Wallace asked David Beers. "We have a negative outlook on the rating and that means we think that the risk currently for the rating are to the downside," Beers said. While explaining what the U.S. could do to get its AAA rating back, the S&P official mentioned entitlement cuts but ignored the agency's call to raise revenues. "Does any compromise have to have entitlement reform and revenue increases ...
Govt Official: US Expecting S&P Downgrade
Post Date: 2011-08-05 17:44:34 by Brian S
August 05, 2011 4:51 PM A government official tells ABC News that the federal government is expecting and preparing for bond rating agency Standard & Poors to downgrade the rating of US debt from its current AAA value. Officials reasons given will be the political confusion surrounding the process of raising the debt ceiling, and lack of confidence that the political system will be able to agree to more deficit reduction. A source says Republicans saying that they refuse to accept any tax increases as part of a larger deal will be part of the reason cited. The official was unsure if the bond rating would be AA+ or AA. Another government official confirms the Obama ...
Washington State Berry Farms Fined For Hiring Kids 6 And Up
Post Date: 2011-08-05 12:53:47 by Brian S
(08-05) 06:52 PDT Portland, Ore. (AP) -- The U.S. Labor Department has fined three Washington state strawberry farms a total of $73,000 for employing children as young as 6 years old as pickers. The department's Portland, Ore., office says Thursday the violations include failing to maintain proof-of-age records and pay minimum wage. A total of nine underage workers were found during a child labor investigation in June at farms in Woodland, Wash., and Ridgefield, Wash. The department says all three employers removed the underage workers and agreed to attend wage and hour training for the next three years.
BNY Mellon Makes Clients Pay for Deposits as Investors Seek Safety in Cash
Post Date: 2011-08-05 12:42:23 by Brian S
Bank of New York Mellon Corp. (BK) will charge institutional clients a fee for unusually high deposits as a flight to safety pushed money-market rates below zero and left the largest custody bank flooded with client cash. Ive never seen this happen, not in 25 years, Gerard Cassidy, an analyst with RBC Capital Markets in Portland, Maine, said an interview. Other banks may follow BNY Mellons lead, Cassidy said. Investors are seeking the safety of bank accounts as concern increases that the global economy may relapse into a recession and governments in the U.S. and Europe struggle with a rising debt load. A legislative stalemate last week over the U.S. debt ceiling ...
Why do democrats always point to successful and productive people as the evil villains in society?
Post Date: 2011-08-05 11:47:02 by smokestack
Answer: Because their whole political power scheme is based on creating class,race and gender divides. Without people feeling like they are perpetual victims of rich, white, Christian, males they have nothing. Liberals must stir up constant discontent and hatred in order to advance their agenda. That is why you see so many Liberals here calling people racists and terrorists. Which is funny given that when the conversation is about Muslim terrorists they are quick to point out that not all Muslims are terrorists but they have no problem labeling all Christian, Conservatives, Republicans and Tea Partiers as terrorists. I wonder why that is?
GM Tops Toyota as World’s Largest Automaker
Post Date: 2011-08-05 11:33:59 by Brian S
General Motors Co. (GM) outsold Toyota Motor Corp. (7203) globally in the first six months to become the worlds largest automaker after the record March earthquake disrupted production in Japan. GM sales rose 8.9 percent to 4.536 million units in the half-year ended June 30, the Detroit-based automaker said in a statement yesterday. That compares with 4.13 million units at second-ranked Volkswagen AG (VOW) and 3.71 million units for Toyota, including its luxury Lexus marque and affiliates Daihatsu Motor Co. and Hino Motors Ltd. (7205), according to statements by the companies. Output at the Toyota City, Japan-based automaker slumped 23 percent to 3.37 million units in the half-year ...
Firm donates $1 million to pro-Romney PAC, then disappears
Post Date: 2011-08-04 19:20:46 by Skip Intro
Big donors have found yet another way to anonymously funnel obscene amounts of money to political candidates. Restore Our Future, a Super PAC supporting Republican presidential candidate Mitt Romney, received $1 million from W Spann LLC, one of the biggest donations of the 2012 campaign season so far. Months later, the firm dissolved, leaving few clues to the true identity of the donors. New reporting from NBC's Michael Isikoff sheds some light on the mysterious corporation. The company was founded on March 15, donated to the Super PAC on April 28, and then closed shop on July 12. Corporate records show it was founded by Boston estate tax planning lawyer Cameron Casey, but the ...
Fed Given License To Debase U.S. Dollar Further, Gold Strong Breakout
Post Date: 2011-08-04 13:14:00 by Capitalist Eric
The US Federal Reserve has no monetary options whatsoever. They have been backed into the corner since 2007. It was coerced to reduce interest rates as the subprime mortgage crisis morphed into an absolute bond crisis, as the Jackass loudly stated during that fateful summer. The US bank leaders claimed it was contained. It was not. The USFed was backed into the corner in 2009, unable to raise interest rates from near 0% (the Zero Interest Rate Policy disease) and put into effect its propaganda theme of an Exit Strategy. The US bank leaders knew the longest period of time for the Fed Funds rate to stick at 0% was nine months, ensuring a future disaster. They saw it. They claimed a move ...
First-Time Jobless Claims Drop To 400,000
Post Date: 2011-08-04 11:30:01 by Brian S
First-time applications for unemployment benefits edged down to a level that reflects a slowly improving job market. Initial claims dropped by 1,000 to a seasonally adjusted 400,000, the lowest level in four months, from the previous week's figure that was revised upward from 398,000 to 401,000, the Labor Department reported on Thursday. The report comes a day ahead of the government's monthly data for July. Economists are forecasting the addition of about 90,000 jobs last month, still below what's needed to lower the 9.2 percent unemployment rate. Job creation needs to hit at least 125,000 a month to lower the jobless rate. The economy had an anemic showing in June, adding ...
GM Net Income Doubles on U.S. Sales
Post Date: 2011-08-04 11:27:30 by Brian S
General Motors Co. (GM), the largest U.S. automaker, said second-quarter profit almost doubled on rising U.S. sales of vehicles ranging from the compact Chevrolet Cruze to full-size Silverado pickups. Profit climbed to $2.52 billion, or $1.54 a share, from $1.33 billion, or 85 cents, a year earlier, Detroit-based GM said today in a statement, topping the $1.20 a share average estimate of 13 analysts surveyed by Bloomberg. Sales rose 19 percent to $39.4 billion. GMs profit rose as its U.S. sales increased 11 percent. The Cruze was the top-selling car in the market in June and the Silverado remained the second-most popular vehicle, behind only Ford Motor Co. (F)s F-Series line. ...
ADP Says U.S. Private Sector Employment Rose More Than Expected In July
Post Date: 2011-08-03 11:07:58 by Brian S
(RTTNews) - Employment in the U.S. private sector increased by more than anticipated in the month of July, according to a report released by payroll processor Automatic Data Processing, Inc. (ADP) on Wednesday, although it remains to be seen if the data will be confirmed by the Labor Department report. ADP said that private sector employment increased by 114,000 jobs in July following a downwardly revised increase of 145,000 jobs in June. Economists had expected the report to show the addition of about 86,000 jobs compared to the increase of 157,000 jobs originally reported for the previous month. The stronger than expected private sector job growth is a positive sign for the labor ...
U.S. Service Sector Sees Slower Than Expected Growth In July
Post Date: 2011-08-03 11:06:38 by Brian S
(RTTNews) - Activity in the U.S. service sector grew at a slower than expected pace in July, the Institute for Supply Management revealed in a report released on Wednesday, with the nation's purchasing and supply executives indicating that business conditions are flattening out. The ISM said its non-manufacturing index dropped to a reading of 52.7 in July from a reading of 53.3 in June. While a reading above 50 indicates continued growth in the service sector, economists had been expecting a more modest decrease to a reading of 53.0. With the bigger than expected decrease, the non-manufacturing index fell to its lowest level since coming in at 50.7 in January of 2010. A slowdown in ...
Gold Soars To Record On Poor U.S. Outlook, Debt Worry
Post Date: 2011-08-02 16:41:45 by Brian S
Tue Aug 2, 2011 4:00pm EDT Aug 2 - (Reuters) - Gold surged over 2 percent to all-time highs on Tuesday, as investors sought a safe haven from sliding stock markets, a sputtering economy and a potential downgrade of the top-notch U.S. credit rating. Bullion notched its biggest daily gain in eight months even as the U.S. Congress passed a deficit-cutting package and President Barack Obama signed it into law, burying the specter of a debt default. Silver also rose 3 percent. Wall Street stocks tumbled 2 percent for their seventh daily loss, as investors worried a potential downgrade to the U.S. AAA credit rating would raise borrowing costs and further drag on the economy, boosting ...
Confidence in Obama’s Economy Rising for Frustrated Employees
Post Date: 2011-08-02 11:05:34 by Brian S
Frustrated employees are voluntarily quitting their jobs at the highest level in almost three years as confidence they will find another stabilizes, even with unemployment at about 9 percent for more than two years. Almost 2 million Americans quit their jobs in May, a 35 percent rise from the lowest level in January 2010, according to the Department of Labor. An increase in employees switching jobs is a signal of increased confidence in the labor market and the overall economy, according to Scott Brown, chief economist at Raymond James & Associates Inc., a brokerage firm in St. Petersburg, Florida. When the economy is rebounding, workers are more likely to quit their jobs to ...
Consumer Spending in U.S. Fell in June
Post Date: 2011-08-02 11:03:58 by Brian S
U.S. consumer spending unexpectedly dropped in June for the first time in almost two years and savings climbed, adding to evidence that the slump in hiring is hurting household confidence. Purchases declined 0.2 percent after a 0.1 percent gain the prior month, Commerce Department figures showed today in Washington. The median estimate of 77 economists surveyed by Bloomberg News called for a 0.1 percent increase. Incomes grew at the slowest pace since November. The lack of jobs combined with wage gains that have failed to keep pace with inflation raise the risk of further cuts in consumer spending, which accounts for 70 percent of the worlds largest economy. Companies like Newell ...
U.S. Auto Sales Stall, Casting Doubt on Rebound
Post Date: 2011-08-01 11:02:27 by Brian S
U.S. auto sales have stalled, casting doubt on a rebound this year as persistent unemployment and tighter lending deter buyers. Light-vehicle deliveries in July, to be released tomorrow, may have run at an 11.8 million seasonally adjusted annual rate, the average estimate of 12 analysts surveyed by Bloomberg. That would trail the 12.5 million rate in the first half. The auto industry may lose 1.5 million in projected sales in 2011, according to consultant AlixPartners LLP. The economy isnt picking up as fast as anticipated, and the drag may continue beyond this year, AlixPartners said. That may put a return to average annual sales of 16.8 million vehicles from 2000 to 2007 out of ...
U.S. Manufacturing Index Falls to Two-Year Low
Post Date: 2011-08-01 10:59:38 by Brian S
U.S. manufacturing expanded in July at the slowest pace in two years, indicating the industry thats been driving the economic expansion is starting to weaken. The Institute for Supply Managements factory index fell to 50.9 last month from 55.3 in June, the Tempe, Arizona-based group said today. Economists projected the index would drop to 54.5, according to the median forecast in a Bloomberg News survey. Figures greater than 50 signal expansion. Manufacturers are facing stagnant consumer spending, raising the risk that production will be tempered further even as parts shortages from Japans earthquake dissipate and commodity costs ease. Orders to factories shrank for the ...
Mandated Mischief: Obama’s 54.5 MPG Standard
Post Date: 2011-08-01 07:32:14 by CZ82
Mandated Mischief: Obamas 54.5 MPG Standard More deaths, less choice, pricier cars. And of course, no upside. July 29, 2011, Marlo Lewis President Obama today announced a deal with 13 automakers to boost new-car fuel economy standards from 35.5 mpg in 2016 to 54.5 mpg in 2025. Obama claimed the new standards will save Americans $1.7 trillion over the lifetime of vehicles and $8,000 per vehicle by 2025. But youve got to wonder, if the fuel-saving technologies requisite to meet the new standards are such a great bargain, why do we need a law forcing automakers to adopt them? After all, auto companies are in business to make money, they compete for customers, and theres ...
Sunday Reflection: Is EPA's true purpose protecting the environment or shutting down industry?
Post Date: 2011-07-30 08:31:56 by CZ82
Sunday Reflection: Is EPA's true purpose protecting the environment or shutting down industry? By:Bryan W. Shaw | OpEd Contributor | 07/23/11 8:05 PM. On July 7, the U.S. Environmental Protection Agency released the Cross-State Air Pollution Rule -- another in an endless line of new federal environmental regulations with the stated purpose of improving air quality. Like the others, this new rule will have little impact on the environment. Rather, its chief effect will be to kill jobs, put the brakes on economic growth, increase energy costs and impair our energy security. And in keeping with an emerging pattern of EPA behavior, the new rule was adopted in flagrant violation of ...
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