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Latest Articles: Business
General Motors to File for IPO Next Month, On Track for 2010 Launch
Post Date: 2010-07-23 14:54:09 by Brian S
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General Motors is preparing its IPO filing to submit to the U.S. Securities and Exchange Commission next month. The move is the first step in launching an initial public offering, and will keep GM on track for a fourth quarter offering. GM is expected to submit its filing to the SEC following its second quarter results, which won't become public for another three weeks. The Detroit giant recorded a $865 million profit for the first quarter of 2010, its first profit since 2007, and is expected to again perform well for the second quarter. Should GM file with the SEC in August, it would be on target to have the IPO ready for launch before November. When GM does go public, it will be the ...
Ford Beats Expectations With $2.6B Profit In 2nd Quarter; Highest Gain In 6 Years
Post Date: 2010-07-23 12:15:17 by Brian S
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(Detroit Free Press)- Ford reported a second quarter profit of $2.6 billion today, marking the automaker's best quarterly performance in six years and easily beating Wall Street expectations. The net income is 15% higher than the company's profit for the same three months last year when it reported a net income of $2.3 billion that was aided by one time gains from a debt exchange. Before one-time adjustments, Ford reported earnings per share of 68 cents, or $2.7 billion for the three months ending June 30. Analysts, on average, expected a quarterly profit of 41 cents a share from based on 12 estimates collected by Bloomberg News. For the same period last year Ford had an ...
EPPICard has the fees to make up for less frequent phishing
Post Date: 2010-07-23 01:34:06 by KellyD
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Unemployed Americans looking to access their state benefits have had a hard time with the EPPICard debit card system in the past. Intended like an ATM card, EPPICard makes it possible for individuals to withdraw state benefits from ATM machines. Yet numerous problems easily emerged with EPPICard. As outlined by the Fayetteville Observer, hidden fees plague the entire EPPICard system. Article source: EPPICard - Less phishing, more administrative fees When EPPICard doesn't amp up your budget The EPPICard debit card system has had trouble with a phishing scam or two within the past, and identity theft has been a concern. Those issues were supposedly addressed by state agencies and ...
Hope For Economy In Strong Manufacturing Reports
Post Date: 2010-07-22 18:50:34 by Brian S
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People aren't spending money like they used to. Unemployment is still flirting with double digits. And the housing market is still shaky. So the future looks bleak for the economy, right? Not necessarily. A handful of surprisingly good earnings reports Thursday suggested that some of the major U.S. companies that make things and move them around — including Caterpillar, 3M and UPS — could lead the way to an economic recovery. It would be an unusual path back to better times. Consumer spending and housing usually lead the way. But all three of those economic bellwether companies, plus AT&T and Union Pacific railroad, indicated business was picking up. And most said ...
All in the "Family." Global Drug Trade Fueled by Capitalist Elites
Post Date: 2010-07-21 12:20:15 by mininggold
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All in the "Family." Global Drug Trade Fueled by Capitalist Elites When investigative journalist Daniel Hopsicker broke the story four years ago that a DC-9 (N900SA) "registered to a company which once used as its address the hangar of Huffman Aviation, the flight school at the Venice, Florida Airport which trained both terrorist pilots who crashed planes into the World Trade Center, was caught in Campeche by the Mexican military ... carrying 5.5 tons of cocaine destined for the U.S.," it elicited a collective yawn from corporate media. And when authorities searched the plane and found its cargo consisted solely of 128 identical black suitcases marked ...
Reaganomics Rules - Obamanomics Fools
Post Date: 2010-07-19 14:10:57 by reaganisright
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The recent flap between Pelosi and the White House over the mid-term elections shows two things clearly: Dems in congress are running scared and they are looking for someone to blame for their poll problems and their failed fiscal policies. In the past, Dems, who have blamed Bush, are now blaming Ronald Reagan for everything from the economy to the BP oil spill. Reaganomics, so often derided by liberals, was an economic stimulus that fueled over 20 years of U.S. economic growth, job creation, prosperity, and international power. Obamanomics, in just 18 months, has been a spectacular failure, creating the potential for a $22 trillion dollars of public debt by 2020 that will take another 20 ...
U.S. Automotive Brands Outpace Rivals In New J.D. Power Survey
Post Date: 2010-07-15 20:03:20 by Brian S
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Another J.D. Power and Associates’ report card showed the Detroit Three automakers catching and, in some cases, surpassing Asian and Europe competitors as the domestic brands, on average, outscored import brands for the first time in 13 years. The Automotive Performance, Execution and Layout (APEAL) Study received 76,000 consumers’ assessments on about 80 criteria after driving their 2010 model vehicles for three months. Power researchers collected responses between February and May of this year, added the scores and ranked 33 brands on a 1,000-point scale. The APEAL study is different from J.D. Powers’ Initial Quality Survey, which measures problems owners say they ...
Jobless Claims drop 29K. Inflation Non existent
Post Date: 2010-07-15 08:35:00 by war
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By Shobhana Chandra and Timothy R. Homan July 15 (Bloomberg) -- Fewer Americans than projected filed applications for unemployment benefits last week, reflecting a smaller number of factory closings for this time of year. Initial jobless claims dropped by 29,000 to 429,000 in the week ended July 10, the fewest since August 2008, Labor Department figures showed today in Washington. The government anticipates an increase in temporary factory layoffs in early July that did not occur this year, leading to the decrease in applications, a Labor Department spokesman said. “The key story here is the extreme uncertainty over the near-term path of claims as a result of the annual retooling ...
Toyota Concedes 2 Flaws Caused Loss of Control
Post Date: 2010-07-15 02:32:21 by reaganisright
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DETROIT — Toyota said Wednesday that its investigation of about 2,000 vehicles reported to experience sudden acceleration found evidence that sticking accelerator pedals and interference by floor mats — the subjects of two big recalls — did indeed cause some of the incidents. I won't even post the rest of this BS, use the link. ALL Japanese auto makers have been given a free pass from NHTSA by the RATS and get away with murder. Anyone else smart enough to remember the Toyota and Nissan vans from the past? The ones that used to catch on fire and their dealers refused to fix, trade 'em in or get lost. The Toyota POS was so pathetic you had to pull the engine to ...
Americans More Optimistic on Economy Than Their Own Finances, Survey Says
Post Date: 2010-07-14 11:58:56 by Brian S
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More Americans expect the U.S. economy to improve rather than decline in the next six months, according to a survey by a financial planning group. Forty-four percent of respondents said the economy will get better compared with 28 percent who believe it will get worse, said the survey, which was released today by the Washington- based Certified Financial Planner Board of Standards Inc., an organization that grants certification to financial advisers. “Americans are generally hopeful, and much of the economic news leads us to conclude that we are out of the recession and a double dip is unlikely,” said Robert Glovsky, chair of the CFP Board and director of Boston ...
CSX Sees Economy's Positive Momentum Continuing
Post Date: 2010-07-13 12:05:06 by Brian S
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NEW YORK (AP) -- CSX Corp., the nation's third largest railroad, said Tuesday it's trying to keep a lid on hiring to keep costs low despite the economy's positive momentum. The Jacksonville, Fla., railroad mirrors the situation in the broader economy: business is better, but companies are still reluctant to hire in large numbers because they're still not sure about the strength of the recovery. The company furloughed a large chunk of its workers when the economy turned sour last year, and it hasn't yet brought all those employees back to work. In an interview with The Associated Press, CEO Michael Ward said the company has tried to make its network more efficient as ...
Carlyle Group Joins Hunt for U.S. Health-Plan Acquisitions
Post Date: 2010-07-12 17:06:23 by Brian S
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Private-equity firms Carlyle Group and GTCR Golder Rauner LLC are looking to buy medical insurers, made newly attractive by a surge of customers expected from the U.S. health-care overhaul. Buyout managers are focused on health plans with enrollment of 500,000 or less, particularly those specializing in coverage for the poor, said Chip Clark, a partner at New York-based Ernst & Young LLP, who advises potential buyers. If those companies stay independent, they may struggle with new taxes and regulations from the overhaul signed into law in March, he said. The legislation will add $100 billion in taxes on insurers during the next decade and limit administrative expenses, executive pay ...
BP Discusses Selling Assets to Apache to Pay for Spill
Post Date: 2010-07-12 11:55:00 by Brian S
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BP Plc is in talks to sell assets to Apache Corp. as it seeks funds to pay for the biggest U.S. oil spill in history, two people familiar with the discussions said. Apache, the largest independent U.S. oil company by market value, is negotiating for assets that include a share in BP’s Alaska business, for a price of less than $12 billion, according to one of the people, who asked not to be identified because the discussions aren’t public. “Apache is a very smart acquirer and that’s been part of their growth over many, many years,” Philip Dodge, an analyst at Tuohy Brothers in New York, said yesterday. Apache, based in Houston, has bought BP assets before and is ...
Trade Deficit Threatens Double Dip and Depression
Post Date: 2010-07-12 11:52:46 by Badeye
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Trade Deficit Threatens Double Dip and Depression | Respond to Editor | Print By Peter Morici FOXBusiness On Tuesday, analysts expect the Commerce Department to report the deficit on international trade in goods and services was $39 billion in May, down slightly from the $40.3 billion in April because of lower oil prices. Non-oil and petroleum imports are rising faster than exports, and the overall trade deficit will increase sharply when oil prices rebound, threatening the economic recovery. President Obama has cautioned Americans about the dangers of another boom financed by excessive borrowing; but unless the Administration implements policies to reverse the huge trade deficits on oil ...
US Stocks On Track For Best Week Since July 2009
Post Date: 2010-07-09 20:27:12 by Brian S
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NEW YORK (Dow Jones)--U.S. stocks climbed Friday, putting the market on pace for its best week in nearly a year, thanks to improving expectations for the second-quarter reporting season, which begins Monday. The Dow Jones Industrial Average has climbed some 5% this week, marking its best week since the week ended July 17, 2009. The rally comes as investors have grown hopeful that the market's recent drop to 2010 lows may have exaggerated expected effects on corporate earnings from the slumping euro and slower global growth. "The earnings are expected to again beat expectations as they have the past couple quarters, but what they're looking for is the guidance," said Roy ...
Biggest Defaulters on Mortgages Are the Rich
Post Date: 2010-07-09 11:38:00 by Brian S
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LOS ALTOS, Calif. — No need for tears, but the well-off are losing their master suites and saying goodbye to their wine cellars. The housing bust that began among the working class in remote subdivisions and quickly progressed to the suburban middle class is striking the upper class in privileged enclaves like this one in Silicon Valley. Whether it is their residence, a second home or a house bought as an investment, the rich have stopped paying the mortgage at a rate that greatly exceeds the rest of the population. More than one in seven homeowners with loans in excess of a million dollars are seriously delinquent, according to data compiled for The New York Times by the real ...
Wholesale Inventories in U.S. Increased 0.5% in May
Post Date: 2010-07-09 11:14:18 by Brian S
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Inventories at U.S. wholesalers rose in May for a fifth month as companies ensured they had enough goods on hand to keep pace with demand. The 0.5 percent increase in the value of stockpiles followed a revised 0.2 percent gain the prior month that was smaller than previously estimated, the Commerce Department said today in Washington. Sales at distributors dropped 0.3 percent, the first decline since March 2009, after a 0.9 percent rise in April. The amount of goods on hand compared with sales was close to a record low, indicating production will be sustained in coming months. Corporate spending on equipment, export growth and inventory rebuilding have contributed to growth since 2009 ...
Warren Buffett: 'We’re Coming Back, No Question In My Mind'
Post Date: 2010-07-08 19:40:21 by Brian S
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When Warren Buffett looks at America's economy, he sees recovery. In an exclusive interview with Yahoo! News and the Huffington Post, Buffett disagreed with New York Times columnist and Nobel Prize-winning economist Paul Krugman, who wrote recently that he fears the U.S. is in “the early stages of a third depression.” Watch Buffett’s analysis of the economy here: In the interview, Buffett says “we’re on the right course” and encourages President Obama to speak with “enormous confidence” about the country’s economic future. He says that the stimulus is working and that the economy will improve in the next two or three years. ...
Stocks Rise as Europe Snaps Slump
Post Date: 2010-07-06 10:10:01 by go65
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Stocks rallied, with the Standard & Poor’s 500 Index rebounding from a 10-month low, after shares traded at their cheapest level relative to earnings since 2009. Oil climbed, European bond yields increased and the yen fell. The S&P 500 advanced 1.1 percent to 1,034.12 at 9:40 a.m. in New York. The MSCI World Index jumped 1.7 percent, the most in three weeks. Spain’s IBEX 35 Index jumped 3.5 percent as the nation prepares to sell bonds. The Shanghai Composite Index gained 1.9 percent before Agricultural Bank of China Ltd.’s initial public offering. Oil surged 1.5 percent, the benchmark German bund yield rose six basis points to 2.56 percent, and the yen declined ...
Asian Stocks, U.S. Futures Fall on Growth Concerns; Yen Rises
Post Date: 2010-07-05 23:37:10 by Jethro Tull
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Asian Stocks, U.S. Futures Fall on Growth Concerns; Yen Rises Share Business ExchangeTwitterFacebook| Email | Print | A A A By Darren Boey and Monami Yui July 6 (Bloomberg) -- Asian stocks fell to the lowest in almost a month and U.S. equity futures dropped on concern growth is slowing in the U.S., Europe and China. The yen increased against the euro and Treasuries advanced. The MSCI Asia Pacific Index lost 0.2 percent to 111.60 as of 11:15 a.m. in Tokyo, set to close at the lowest since June 10. Standard & Poor’s 500 Index futures fell 0.6 percent, suggesting U.S. equities will extend a two-week drop when markets resume trading today after a holiday. The yen ...
Democrats Blast GOP For Blocking Benefits Amid Meager Job Growth
Post Date: 2010-07-02 13:32:02 by Brian S
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Democrats are intensifying their criticism of Senate Republicans for holding up an extension of unemployment benefits. Republicans are “putting our economy at risk” by blocking a $33 billion bill extending the benefits, according to Rep. Carolyn Maloney (D-N.Y.), chairwoman of the Joint Economic Committee. “Economists say one of the most effective ways to put money into our economy is unemployment benefits,” she said in an interview. Maloney spoke to The Hill after a June report by the Labor Department showed the economy lost 125,000 jobs for the month. The Labor report showed private businesses added only 83,000 workers for the month of June. The unemployment rate ...
Oil Prices Fall On Disappointing Economic News
Post Date: 2010-07-01 15:23:52 by Brian S
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Oil prices fell for a fourth day Thursday after disappointing economic news triggered worries about whether demand would pick up at all during the typically busy summer season. Benchmark crude for August delivery dropped $2.68, or 3.5 percent, to settle at $72.95 on the New York Mercantile Exchange. A series of reports revealed more negative news about the U.S. economic recovery: jobless claims rose more than expected last week; construction spending declined in May and the number of buyers who signed contracts to purchase homes dropped in May to the lowest level on record dating from 2001. The developments could prompt consumers to cut back spending on energy products, perhaps forgoing ...
Home Tax Credit Extension Relieves Tardy Buyers
Post Date: 2010-07-01 14:16:06 by Brian S
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(07-01) 10:56 PDT New York (AP) -- Homebuyers worried about closing their house purchases by the tax credit cutoff can relax after the government extended the deadline. Congress sent President Barack Obama a plan to give homebuyers an extra three months to finish qualifying for federal tax incentives that boosted home sales this spring. The House approved the measure on Tuesday and the Senate approved it Wednesday night. Obama is expected to sign it. The legislation gives buyers until Sept. 30 to complete their purchases and qualify for tax credits of up to $8,000. Under the original terms, buyers had until April 30 to get a signed sales contract and until June 30 to complete the sale. ...
US Nets Four Billion Dollars In Latest Citi Share Sale
Post Date: 2010-07-01 12:16:01 by Brian S
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The US government on Thursday said it had completed the sale of more than four billion dollars' worth of shares in Citigroup, and would continue to sell its remaining stake. The Treasury Department said it had sold a second block of shares worth 4.3 billion dollars, netting around 3.90 dollars a share. The move is part of Washington's efforts to recoup taxpayer dollars by winding up investments that were designed to prop up teetering financial firms during the depths of the financial crisis. In May the government sold about 1.5 billion Citi shares for a gain of around 6.3 billion dollars, or around 4.13 dollars a share. The Treasury still owns more than five billion shares in ...
Pending Sales of Existing U.S. Homes Decreased 30% in May
Post Date: 2010-07-01 11:40:17 by Brian S
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The number of contracts to purchase previously owned houses plunged in May by more than twice as much as forecast after a homebuyer tax credit expired. The index of pending home resales dropped 30 percent from the prior month, figures from the National Association of Realtors showed today in Washington. The drop was the biggest in records dating to 2001 and compared with a 14 percent decrease forecast in a Bloomberg News survey of economists. The decline shows that the industry at the center of the financial crisis remains vulnerable in the absence of government support. A stabilization in housing will depend on gains in incomes and employment that may stem foreclosures and give Americans ...
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