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Latest Articles: Business
U.S. Shoppers Spend 6.4% More on Average During Thanksgiving Weekend Spree
Post Date: 2010-11-29 13:04:18 by Brian S
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Nov. 29 (Bloomberg) -- The average shopper in the U.S. spent 6.4 percent more over Thanksgiving weekend than last year as more people picked up jewelry and toys, heartened by the economic rebound. About 212 million shoppers went to stores and websites over the holiday weekend, on average spending $365.34, the National Retail Federation said yesterday. The proportion of sales online rose to more than one-third of the total, the highest ever, according to the Washington-based trade group. Retailers lured people into stores with promotions like Wal-Mart Stores Inc.’s $5 Barbie and J.C. Penney Co.’s $10 diamond-accented earrings. Customers such as Barb Capa, shopping at Saks ...
What recession? Shoppers eat up Black Friday deals
Post Date: 2010-11-27 00:01:09 by Brian S
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For one day at least, you could almost imagine the recession never happened. Millions of the nation's shoppers braved rain and cold to crowd stores while others grabbed online bargains on what could be the busiest Black Friday ever. Early signs pointed to bigger crowds at many stores including Best Buy, Sears, Macy's and Toys R Us, some of which had earlier openings than past years or even round-the-clock hours. Minnesota's Mall of America and mall operators Taubman Centers Inc. and Macerich Co. also reported more customers than last year. But the most encouraging sign for retailing and for the economy was what Americans were throwing in their carts. Shoppers still clutched ...
China, Russia Quit Dollar
Post Date: 2010-11-24 13:34:42 by Brian S
5 Comments
St. Petersburg, Russia - China and Russia have decided to renounce the US dollar and resort to using their own currencies for bilateral trade, Premier Wen Jiabao and his Russian counterpart Vladimir Putin announced late on Tuesday. Chinese experts said the move reflected closer relations between Beijing and Moscow and is not aimed at challenging the dollar, but to protect their domestic economies. "About trade settlement, we have decided to use our own currencies," Putin said at a joint news conference with Wen in St. Petersburg. The two countries were accustomed to using other currencies, especially the dollar, for bilateral trade. Since the financial crisis, however, ...
Holiday Cheer: Congress Set To Let Jobless Benefits Expire
Post Date: 2010-11-24 11:18:50 by Brian S
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WASHINGTON — Voters clearly want lawmakers to ease the nation's unemployment pain, but a sharply divided Congress is still balking at extending jobless benefits for those out of work a long time. Unless Congress acts by Nov. 30, an estimated 2 million people slated to receive extended benefits will not get them on time, if ever. And Congress is taking this week (Nov. 22-26) off for a Thanksgiving recess. Congress reconvenes on Nov. 29. If lawmakers don't extend the benefits, it will be the third time this year that they will have missed a deadline to do so, even though the nation's unemployment rate, at 9.6 percent, hasn't budged since May. Earlier this year, after ...
U.S. New Home Sales Pull Back Near Record Lows In October
Post Date: 2010-11-24 11:13:05 by Brian S
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(RTTNews) - New home sales in the U.S. unexpectedly showed a steep drop in the month of October, according to a report released by the Commerce Department on Wednesday, with new home sales pulling back near the record low levels seen in the Summer. The Commerce Department said new home sales fell 8.1 percent to an annual rate of 283,000 in October from the revised September rate of 308,000. Economists had been expecting new home sales to rise to an annual rate of 314,000 from the 307,000 originally reported for the previous month. With the unexpected decrease, the annual rate of new home sales in October is only 2.9 percent above the record low rate of 275,000 set in August. The steep ...
U.S. Consumer Sentiment Jumps To 5-Month High In November
Post Date: 2010-11-24 11:11:59 by Brian S
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(RTTNews) - Reuters and the University of Michigan released their final report on consumer sentiment in the month of November on Wednesday, showing a substantial upward revision to their consumer sentiment index for the month. The report showed that the consumer sentiment index for November was upwardly revised to a reading of 71.6 from the preliminary estimate of 69.3. The upward revision came as a surprise to economists, who had expected the index to be unrevised. With the upward revision, the reading on consumer sentiment for November is well above the October reading of 67.7. The index is also at its highest level since coming at 76.0 in June. Consumers' assessment of current ...
U.S. Consumer Spending Rises for Fifth Month as Incomes Rebound
Post Date: 2010-11-24 10:04:22 by go65
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Consumer spending rose in October for a fifth month as a rebound in incomes lifted the biggest part of the U.S. economy at the start of the final quarter of 2010. Household purchases advanced 0.4 percent after a 0.3 percent gain in September that was larger than previously estimated, Commerce Department figures showed today in Washington. Incomes climbed 0.5 percent and the Federal Reserve’s preferred measure of inflation was little changed, capping the smallest 12-month gain since records began five decades ago. More jobs and bigger paychecks may give consumers the confidence to boost purchases during the holiday season, benefiting retailers like Wal-Mart Stores Inc. The slowdown in ...
Chrysler Says It Will Invest $843 Million In Kokomo Factories As Obama And Biden Visit Plant
Post Date: 2010-11-23 12:44:13 by Brian S
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Hard-hit Kokomo, Ind., got a big boost from Chrysler on Tuesday when the automaker announced it plans to pump another $843 million into its Kokomo factories to build a new front-wheel-drive transmission. The investment was announced ahead of a visit to the Kokomo transmission plants Tuesday by President Barack Obama and Vice President Joe Biden, who planned to discuss the auto industry bailout. Chrysler said in a statement that the money would pay for equipment to modernize the two transmission factories and a casting plant. It would extend the life of the plants and help retain nearly 2,250 jobs, equipping them to build a new front-wheel-drive transmission for unspecified future ...
Existing U.S. Home Sales Fall Twice Amount Forecast in October, Down 2.2%
Post Date: 2010-11-23 11:17:10 by Brian S
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Nov. 23 (Bloomberg) -- Sales of existing homes fell more than forecast in October as foreclosure moratoriums and a lack of credit disrupted the U.S. housing market. Purchases decreased 2.2 percent to a 4.43 million annual rate from 4.53 million in September, the National Association of Realtors said today in Washington. Economists projected sales would decline to a 4.48 million pace, according to the median forecast in a Bloomberg News survey. The median price fell 0.9 percent from a year earlier. An overhang of distressed properties and an unemployment rate hovering near 10 percent may restrain home sales, while concerns over faulty foreclosure proceedings threaten to further delay the ...
U.S. Economy Grew More-Than-Estimated 2.5% Last Quarter, Revised From 2%
Post Date: 2010-11-23 11:16:04 by Brian S
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Nov. 23 (Bloomberg) -- The U.S. economy grew at a 2.5 percent annual rate in the third quarter, more than previously calculated, as companies increased shipments abroad and Americans boosted their spending. The revised increase in gross domestic product compares with a 2 percent estimate issued last month and a 1.7 percent rise in the second quarter, figures from the Commerce Department showed today in Washington. Corporate profits grew last quarter at a slower pace and an increase in employee wages in the prior three months was almost twice as much as initially reported. While gains in earnings are giving companies the wherewithal to hire, the pace of growth is failing to bring down a ...
Payrolls Rose in 41 States Last Month in Sign U.S. Job Market Stabilizing
Post Date: 2010-11-23 11:10:09 by Brian S
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Nov. 23 (Bloomberg) -- Payrolls increased in 41 U.S. states in October, led by Texas and New York, indicating the labor market is stabilizing across the world’s largest economy. Employers in Texas added 47,900 jobs last month, while payrolls rose 40,600 in New York, figures from the Labor Department showed today in Washington. California and Michigan rounded out the four states with the biggest job gains. The number of states reporting increases in employment was the highest since May. The report is consistent with figures on Nov. 5 that showed nationwide payrolls rose in October for the first time in five months, a sign employers are gaining confidence the recovery will be ...
Rush to Judgment (Motor Trend Responds)
Post Date: 2010-11-22 14:02:06 by Brian S
9 Comments
You said, “Folks, of all the cars, no offense, General Motors, please, but of all the cars in the world, the Chevrolet Volt is the Car of the Year? Motor Trend magazine, that’s the end of them. How in the world do they have any credibility? Not one has been sold. The Volt is the Car of the Year.” So, Mr. Limbaugh; you didn’t enjoy your drive of our 2011 Car of the Year, the Chevrolet Volt? Assuming you’ve been anywhere near the biggest automotive technological breakthrough since … I don’t know, maybe the self-starter, could you even find your way to the front seat? Or are you happy attacking a car that you’ve never even seen in person? Last time you ...
It’s On: The Insider Trading Raids Have Started
Post Date: 2010-11-22 13:58:43 by Brian S
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Kicking off action on a vast government investigation into insider trading, the FBI raided the offices of two hedge funds run by former managers of Steve Cohen’s SAC Capital, the Journal is reporting. Diamondback Capital Management LLC and Level Global Investors LP (now called Level Management LP). The hedge funds, according to their latest securities disclosures, have major portions of their funds in El Paso Corp., J.P. Morgan Chase, Citigroup and PPL Corp. (Diamondback); big holdings for Level include Virgin Media, Monstanto, Apple, Sina Corp and Oracle. Diamondback’s market positions are valued at about $4.4 billion, according to LionShares, while Level’s holdings are ...
Soros Gold Bubble Expanding as ETP Holdings Increase
Post Date: 2010-11-22 12:14:45 by Brian S
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Nov. 22 (Bloomberg) -- Gold’s 23 percent surge this year to a record is proving no deterrent to George Soros, John Paulson and Paul Touradji, whose investments signal more gains for the longest winning streak in at least nine decades. Securities and Exchange Commission filings this month by Soros Fund Management LLC, Paulson & Co. and Touradji Capital Management LP listed investments in gold as their biggest holdings. Exchange-traded products own 2,088 metric tons, equal to nine years of U.S. mine supply, data compiled by Bloomberg show. Precious metals will produce the best commodity returns in the next year, Goldman Sachs Group Inc. said in a Nov. 9 report. The purchases show ...
U.S. Aid to the Auto Industry Averts Loss of More Than 1 Million Jobs, New Study Finds
Post Date: 2010-11-18 17:39:07 by Brian S
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ANN ARBOR, Mich. – Government assistance to General Motors and Chrysler enabled orderly bankruptcy proceedings and led to savings of more than 1.14 million jobs in 2009 alone, according to a recently released Research Memorandum published by the Center for Automotive Research, (CAR). The memo examines the magnitude of the economic impact of the U.S. policy to provide aid to the auto industry in 2008 and 2009 and weighs the public and private benefits against the public cost. CAR researchers modeled the impact of the $80 billion in U.S. aid to General Motors, Chrysler, GMAC and Chrysler Financial using actual economic performance for 2009 and 2010 year-to-date. In addition to the jobs ...
House GOP Blocks Bill To Extend Jobless Benefits
Post Date: 2010-11-18 15:13:25 by Brian S
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WASHINGTON (AP) -- Republicans in the House Thursday blocked a bill that would have extended jobless benefits for the long-term unemployed beyond the holiday season. An extension of jobless benefits enacted this summer expires Dec. 1, and unless they are renewed, two million people will lose benefits averaging $310 a week nationwide by the end of December. The failed measure would have extended jobless benefits through the end of February at a cost of adding $12.5 billion to the nation's debt. Republicans opposing the legislation said the measure should be paid for by cutting unspent money from last year's economic stimulus bill. The White House criticized Congress for voting to ...
Study: Boycott Hit Ariz. Convention Business Hard
Post Date: 2010-11-18 12:59:26 by Brian S
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PHOENIX (AP) -- A boycott of Arizona in the wake of a controversial immigration law has cost the state more than $140 million in lost meeting and convention business, a new report released Thursday shows. The economic impact analysis commissioned by the Center for American Progress put hotel industry losses during the first four months after the signing at about $45 million. Visitors would have spent an additional $96 million during their stays, said Angela Kelley, the group's vice president for immigration and advocacy. "This is as much I think to serve a warning to other states, particularly those who rely on tourism and conferences and conventions, that there is an economic ...
GM Shares Jump In Post-IPO Return To Market
Post Date: 2010-11-18 11:35:50 by Brian S
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NEW YORK (Reuters) – General Motors Co shares traded up 7 percent on Thursday morning, in a dramatic market return for the top U.S. automaker that comes less than a year and half after it emerged from a government-funded bankruptcy. The shares opened at $35, above the initial public offering price of $33 and rose as high as $35.99 in early trading. GM shares began trading on the New York and Toronto stock exchanges with the rev of a Camaro engine on the floor of the New York Stock Exchange taking the place of the traditional ringing of the bell. The start of trading in GM shares represents the last step in a blockbuster initial public offering negotiated by the Obama administration ...
US Economic Index Rises For Fourth Straight Month
Post Date: 2010-11-18 11:08:08 by Brian S
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Washington - A key gauge of US economic performance rose in October for the fourth straight month, a private research group said Thursday, at a pace that suggests the world's largest economy could be picking up a little steam. The New York-based Conference Board's index of leading economic indicators climbed 0.5 per cent to 111.3 in October, after rising 0.5 per cent in September and 0.1 per cent in August. The improvement comes ahead of the critical US holiday season and as the Federal Reserve announced a controversial plan to buy 600 billion dollars in Treasury securities to help prop up the economy. Ken Goldstein, an economist with the Conference Board, said the index was ...
Philadelphia Fed Factory Index Rises to 22.5, More Than Quadruple Forecast
Post Date: 2010-11-18 10:58:35 by Brian S
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Nov. 18 (Bloomberg) -- Manufacturing in the Philadelphia region expanded in November at the fastest pace this year as orders, sales and employment surged, indicating U.S. and overseas demand will keep fueling growth. The Federal Reserve Bank of Philadelphia’s general economic index jumped to 22.5, exceeding the most optimistic forecast in a Bloomberg News survey, from 1 a month earlier. Readings greater than zero signal expansion in the area covering eastern Pennsylvania, southern New Jersey and Delaware. The figures contrast with a report earlier this week showing New York-area manufacturing contracted in November for the first time in more than a year. Exports to faster-growing ...
U.S. Taxpayers Recover Billions in Sale of G.M. Stock
Post Date: 2010-11-17 22:18:56 by Brian S
10 Comments
American taxpayers’ ownership of General Motors was halved on Wednesday, and billions of dollars in bailout money was returned to the federal government, as a result of the nation’s largest initial stock offering ever. The sale, the largest initial stock offering ever, came 17 months after G.M. emerged from a government-brokered bankruptcy. The offering, which raised $23.1 billion, is bigger and more ambitious than had once seemed possible. But the recently bankrupt automaker will have to build on its revival for the government to recoup its entire $50 billion investment and validate the Obama administration’s decision to keep G.M. from collapsing. The new shares start ...
GM Volt Named "Car of the Year"
Post Date: 2010-11-17 13:43:12 by Brian S
6 Comments
The Chevrolet Volt electric car is Motor Trend magazine's 2011 car of the year. Motor Trend says the Volt has some of the most advanced engineering ever seen in an American car. The Volt can run up to 50 miles in pure electric mode before a backup gas engine kicks in to give it more range. Motor Trend also said Tuesday that the car is a great value. It costs $33,500 with a federal tax credit, but will likely be cheaper to run than a traditional hybrid. The Volt goes on sale next month. The award was good news for General Motors as it prepares an initial public offering of stock on Thursday. Automakers often cite the Motor Trend awards in advertising. Last year's car winner was ...
‘Copyright Troll’ Righthaven Looks To Dismiss Suit Against Democratic Underground
Post Date: 2010-11-17 11:03:33 by Brian S
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Citing "the spirit of judicial economy," Righthaven, LLC., a company that makes its money by forcing settlements through copyright lawsuits, said it wanted to drop its claim against a liberal forum community which it sued over a four-paragraph excerpt from The Las Vegas Review Journal. The company's recent motion to dismiss noted that they wanted to drop the suit due to a decision by Nevada federal judge Larry Hicks, who recently dismissed a similar claim brought by Righthaven. After being sued, Democratic Underground (DU) sought the help of the Electronic Frontiers Foundation (EFF), which filed a counter-claim on their behalf. Righthaven asked that EFF's suit be dropped ...
U.S. Consumer Prices Excluding Food, Fuel Record Smallest Gain on Record
Post Date: 2010-11-17 10:58:43 by Brian S
5 Comments
Nov. 17 (Bloomberg) -- The cost of living in the U.S. rose less than forecast in October, indicating higher prices for commodities such as fuel aren’t filtering through into other goods and services. The consumer-price index increased 0.2 percent after a 0.1 percent rise the prior month, the Labor Department said today in Washington. A 0.3 percent gain was forecast by economists, according to the median projection in a Bloomberg News survey. Excluding food and fuel, so-called core costs increased 0.6 percent from October 2009, the smallest gain on record. Retailers such as J.C. Penney Co. are preparing to use discounts to lure shoppers during the holiday season as a stagnant labor ...
U.S. Housing Starts Drop More Than Estimated on Slump in Multifamily Homes
Post Date: 2010-11-17 10:54:41 by Brian S
5 Comments
Nov. 17 (Bloomberg) -- Builders in the U.S. began work on fewer homes than forecast in October as the industry remained mired near the depths reached during the recession. Housing starts fell to a 519,000 annual rate, the fewest since a record low reached in April 2009 and down 12 percent from a revised 588,000 in September that was less than previously estimated, Commerce Department figures showed today in Washington. Work on multifamily units, which is often volatile, plunged 44 percent, swamping a 1.1 percent drop in single-family homes. Record-low mortgage rates have failed to boost demand, highlighting the limits of Federal Reserve monetary policy in undoing the damage from the ...
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