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Latest Articles: Business
U.S. Airlines See ‘Dramatic’ Business Travel Recovery
Post Date: 2010-06-15 11:32:54 by Brian S
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June 15 (Bloomberg) -- Delta Air Lines Inc. and American Airlines, the largest U.S. carriers, forecast second-quarter gains of at least 17 percent on a benchmark for industry revenue as rising demand buoys fares. Passenger revenue for each seat flown a mile will climb about 20 percent, Atlanta-based Delta said today at a Bank of America-Merrill Lynch conference in New York. American parent AMR Corp. said revenue on the same basis from its main jet operations would increase at least 17 percent. Analysts watch so-called unit revenue because it measures what airlines earn on each available seat. After cutting fares and capacity when business fliers dwindled in the recession, Delta, ...
Manufacturing in New York Region Accelerates as Factories Drive Recovery
Post Date: 2010-06-15 11:31:40 by Brian S
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June 15 (Bloomberg) -- Manufacturing in the New York region expanded in June at a faster pace, signaling factories are weathering the turmoil in financial markets and driving the economic recovery. The Federal Reserve Bank of New York’s general economic index rose to 19.6, an 11th consecutive month of growth and in line with the median forecast of economists surveyed by Bloomberg News. Readings greater than zero signal expansion in the so-called Empire State Index that covers New York, northern New Jersey and southern Connecticut. Manufacturing gains, which helped pull out the world’s largest economy from the worst recession since the 1930s, will keep bolstering the ...
BP May Lose U.S. Oil Leases, Contracts as Obama Considers Spill Punishment
Post Date: 2010-06-14 15:29:27 by Brian S
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June 14 (Bloomberg) -- BP Plc may lose control of its U.S. oil and natural gas wells and be barred from doing business with the federal government as punishment for the worst oil spill in U.S. history, industry and regulatory analysts said. President Barack Obama and lawmakers are debating penalties that would cripple the company’s ability to do business in the U.S. as public outrage intensifies. In addition to BP’s culpability in the Gulf of Mexico spill, a 2005 explosion at BP’s Texas City refinery that killed 15 workers and a 2006 pipeline leak that dumped 200,000 gallons of crude at Prudhoe Bay, Alaska, will figure in the debate, said Michael Wara, associate professor of ...
Arizona homebuilders buying up land
Post Date: 2010-06-14 15:19:01 by WhiteSands
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Homebuilders are buying land again in metropolitan Phoenix. So far this year, according to the Arizona brokerage firm Land Advisors, homebuilders here have spent $90 million on land purchases for new homes. That's the most builders have invested in the region's land in any year since the peak of the housing boom in 2006. New land purchases are a sign the cycle is stirring to life again in a retooled housing industry. The parcels of land and the pool of builders buying them are both much smaller than before the real- estate crash. But residential lot prices are climbing as a steady stream of purchases by builders the past six months restarts the region's new-home industry. ...
BP Unveils New Oil Spill Plan As Shares Tumble
Post Date: 2010-06-14 13:38:39 by Brian S
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Miss./LONDON (Reuters) - British energy giant BP unveiled a plan on Monday to vastly increase the amount of oil it is capturing from its blown-out well in the Gulf of Mexico as President Barack Obama arrived there to assert leadership in clean-up efforts. The crisis piled more pressure on beleaguered BP's shares, which tumbled around 10 percent in afternoon trading in London on investor fears about the final bill for the spill and whether BP will pay its quarterly dividend. The shares closed down 9.30 percent. BP said it could increase the volume of oil it was capturing from around 15,000 barrels a day now to 40,000-53,000 barrels by the end of this month and 60,000-80,000 by mid-July ...
Pickup Sales Picking Up And Economy Hitches A Ride
Post Date: 2010-06-14 13:01:38 by Brian S
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NEW YORK — If you want a hint about the economic recovery, follow that truck. Pickups are a kind of rugged indicator of the nation's financial health. When times are good, contractors buy more of them to carry tools around for landscaping and lumber to build homes. Weekend haulers also gravitate to them even though cars get better mileage. And lately sales have started shifting into a higher gear. Americans bought 151,000 pickups last month, 19 percent more than a year ago. Sales of full-size pickups, especially popular among contractors and builders, grew even faster. In Lexington, Ky., John Blevins, who runs a heating and air company with eight employees, bought a new Ford ...
Stocks, Commodities Advance on Outlook for Global Recovery
Post Date: 2010-06-14 12:55:57 by Brian S
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June 14 (Bloomberg) -- Stocks rose for a fifth day, the longest streak since October for the MSCI World Index, and commodities rallied as growth in European industrial production added to signs the global economic rebound is strengthening. The euro appreciated, the yen weakened and Treasuries fell. The MSCI World gauge of stocks in 24 developed nations gained 1.7 percent at 11:10 a.m. in New York and the Standard & Poor’s 500 Index, which is trading near its lowest valuation in 15 months compared with estimated earnings, increased 1.1 percent to 1,103.97. Copper advanced for a fifth day, headed for the longest rally in five months, and oil jumped 2.7 percent. Ten-year Treasury ...
Consumer Sentiment Strongest Since January 2008
Post Date: 2010-06-11 14:25:59 by Brian S
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NEW YORK (Reuters) - Consumer sentiment improved in early June to its strongest level in nearly 2-1/2 years, bolstered by hopes of better job and credit conditions, a survey released on Friday showed. The preliminary June reading on the overall index of consumer sentiment rose to 75.5 from 73.6 at the end of May, according to the Thomson Reuters/University of Michigan's Surveys of Consumers. The figure was above the median forecast of 74.5 among economists polled by Reuters. The latest survey also showed consumer intention to buy durable items like cars has not flagged, although government data released earlier on Friday showed a 1.7 percent drop in vehicle sales last month. The ...
Stocks, Commodities Rally on Growth Outlook; Euro Gains
Post Date: 2010-06-10 15:32:19 by war
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June 10 (Bloomberg) -- Stocks and commodities rallied after economic reports from China, Japan and Australia showed accelerating growth, while the euro strengthened a third day and gold fell. Treasuries remained lower after a 30-year bond sale. The Standard & Poor’s 500 Index increased 2.1 percent to 1,077.62 at 1:38 p.m. in New York, while the MSCI Asia Pacific Index and the Stoxx Europe 600 Index rose more than 1 percent. The euro advanced 0.9 percent to near $1.21, while the New Zealand dollar strengthened versus all 16 of its most-traded peers and Australia’s dollar rose against all but the so-called kiwi. Oil climbed above $75 a barrel. Ten-year Treasury yields increased ...
Oil shows up near Alabama beach resort town
Post Date: 2010-06-10 09:46:47 by go65
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(CNN) -- Oil from the massive spill in the Gulf has moved into the inland waterway along coastal Alabama, prompting the U.S. Coast Guard to close Perdido Pass, the main water access route for fishermen and boaters in the popular resort town of Orange Beach. BP and the government have tried to protect the pass for weeks with thousands of feet of boom, but thick waves of oil have seeped into the pass and down the waterway, coating the marshy shoreline as it moves through. People in the community are frustrated, watching the massive oil spill ruin, not only the once pristine beaches and turquoise water of the Gulf, but their livelihood, as well. Chris Ybarra owns Cotton's Restaurant on ...
Trade deficit rises to $40.3B in April, highest in 16 months, as demand for exports slips
Post Date: 2010-06-10 09:36:08 by Badeye
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Trade deficit rises to $40.3B in April, highest in 16 months, as demand for exports slips Published June 10, 2010 | Associated Press Print Email Share Comments (0) Text Size WASHINGTON WASHINGTON (AP) — The U.S. trade deficit rose to the highest level in 16 months as exports fell for the second time in three months, a potentially worrisome sign that Europe's debt troubles are beginning to crimp American manufacturers. The Commerce Department said Thursday the trade deficit widened to $40.3 billion in April, up by 0.6 percent from March. U.S. exports dropped 0.6 percent while imports declined by 0.4 percent. U.S. manufacturing has been a standout performer as the U.S. recovers ...
Wanted: 400,000 truck drivers
Post Date: 2010-06-09 16:00:04 by go65
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NEW YORK (CNNMoney.com) -- Can't find a job? Maybe it's time to take your search on the road. The U.S. trucking industry will need to hire about 200,000 drivers by the end of this year, and will need to add another 200,000 by the end of 2011, according to the state of logistics report from the Council of Supply Chain Management Professionals. A number of factors will feed into this need for drivers, including retirements, tougher safety regulations designed to get drivers with bad records off the road and the need to replace drivers who were laid-off during the recession, according to the report. Overall the industry lost almost 150,000 driving jobs since the start of 2008. ...
Sign of jobs thaw: Quitters outnumber layoffs
Post Date: 2010-06-09 15:17:52 by go65
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One sign of better economic times is when more people start finding jobs. Another is when they feel confident enough to quit them. More people quit their jobs in the past three months than were laid off — a sharp reversal after 15 straight months in which layoffs exceeded voluntary departures. The trend suggests the job market is finally thawing. Some of the quitters are leaving for new jobs. Others have no firm offers. But their newfound confidence about landing work is itself evidence of more hiring and a strengthening economy. "There is a century's worth of evidence that bears out this view that quits rise and layoffs fall as the job market improves," said Steven ...
Imagining The Worst In BP’s Future...Bankruptcy
Post Date: 2010-06-08 18:42:41 by Brian S
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BP’s costs for cleaning up the Deepwater Horizon accident could run as high as $23 billion, according to Credit Suisse. By ANDREW ROSS SORKIN It seems unthinkable, even now, that the disastrous oil spill in the Gulf of Mexico could bring down the mighty BP. But investment bankers get paid to think the unthinkable — and that is just what they are doing. The idea that BP might one day file for bankruptcy, particularly as part of a merger that would enable it to cordon off its liabilities from the spill, is starting to percolate on Wall Street. Bankers and lawyers are already sizing up potential deals (and counting their potential fees). Given the plunge in BP’s share price ...
Job Openings Rise To Highest Level In 16 Months
Post Date: 2010-06-08 12:49:14 by Brian S
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WASHINGTON (AP) -- Job openings jumped in April to the highest level in 16 months, a sign that private employers may boost hiring in coming months. The number of jobs advertised at the end of April rose to 3.1 million from 2.8 million in March, the Labor Department said Tuesday. That's the most openings since December 2008. Private employers accounted for the entire net gain. The government's advertising for jobs decreased, despite the hiring of hundreds of thousands of census workers in May. Job openings have risen by about 740,000 since bottoming out at 2.3 million in July. But they remain far below pre-recession levels of about 4.5 million openings per month. The competition ...
Letdown Friday: Dow Dives 324 on Disappointing Data
Post Date: 2010-06-04 17:44:19 by WhiteSands
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Never has creating 400,000 jobs in a single month looked so bad. Unimpressed with the feeble private-sector job creation contained in the May jobs report, the bears retook control of Wall Street on Friday, pushing the blue chips more than 300 points into the red and well below the 10000 threshold. Today's Markets The Dow Jones Industrial Average fell 324.06 points, or 3.16%, to 9931.22, the Standard & Poor's 500 sank 37.95 points, or 3.44%, to 1064.88 and the Nasdaq Composite slid 83.86 points, or 3.64%, to 2219.17. The FOX 50 dropped 24.94 points, or 3.08%, to 785.63. The ugly session on Wall Street was mostly a reflection of a jobs report that failed to live up to the hype, ...
U.S. Economy: Payrolls Trail Forecasts in Sign Growth May Cool
Post Date: 2010-06-04 15:08:32 by Badeye
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U.S. Economy: Payrolls Trail Forecasts in Sign Growth May Cool Share Business ExchangeTwitterFacebook| Email | Print | A A A By Shobhana Chandra June 4 (Bloomberg) -- American companies hired fewer workers in May than forecast and workers dropped out of the labor force, indicating government support is still needed to spur economic growth. Private payrolls rose by 41,000, Labor Department figures showed today, trailing the 180,000 gain forecast by economists. Including government workers, employment rose by 431,000, boosted by a jump in hiring of temporary census workers. The jobless rate fell to 9.7 percent from 9.9 percent. Stocks fell and Treasuries surged as the report raised concern ...
Disappointing jobs report sends stocks tumbling
Post Date: 2010-06-04 13:43:16 by Badeye
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Disappointing jobs report sends stocks tumbling By STEPHEN BERNARD, AP Business Writer Stephen Bernard, Ap Business Writer – 1 min ago NEW YORK – Stocks fell sharply Friday after the Labor Department said hiring remains weak and Hungary became the latest European country to report its economy is in crisis. Interest rates dropped as investors moved their money into the safety of Treasury bonds and notes. The Dow Jones industrial average dropped nearly 250 points and briefly fell below 10,000. All the major indexes were down more than 2 percent. Retailers were among the hardest hit stocks as investors bet that a weak job market would discourage consumers from spending. Financial ...
General Motors Makes Right Move in Detroit's Perfect-Game Saga
Post Date: 2010-06-03 19:11:14 by Brian S
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One day after Detroit Tigers pitcher Armando Galarraga missed out on having just the 20th perfect game in Major League Baseball history when an umpire admittedly blew the call on what would have been the final out of the game, General Motors presented Mr. Galarraga with a 2010 Corvette convertible. The presentation was made before today's game at Comerica Park in Detroit, barely 14 hours after Mr. Galarraga's near-perfection made news across the country. GM North American President Mark Reuss, who presented a Chevrolet Corvette to Mr. Galarraga, said the way the pitcher had handled the umpire's call and the aftermath showed that he deserved to be recognized regardless of what ...
BP Cuts Pipe, Plans To Lower Cap Over Gulf Spill
Post Date: 2010-06-03 11:49:14 by Brian S
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METAIRIE, La. (AP) -- BP sliced off a pipe with giant shears Thursday in the latest bid to curtail the worst spill in U.S. history, but the cut was jagged and placing a cap over the gusher will now be more challenging, Coast Guard Adm. Thad Allen said. BP turned to the shears after a diamond-tipped saw became stuck in the pipe halfway through the job, yet another frustrating delay in six weeks of the Gulf of Mexico spill. The cap will be lowered and sealed over the next couple of hours, Allen said. It won't be known how much oil BP can siphon to a tanker on the surface until the cap is fitted, but the irregular cut means it won't fit as snug as officials had hoped. ...
Factory Orders in U.S. Increase 1.2%, Signaling Strength in Manufacturing
Post Date: 2010-06-03 11:47:33 by Brian S
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June 3 (Bloomberg) -- Orders placed with U.S. factories rose in April for an eighth month, a sign of strength in manufacturing at the start of the second quarter. The 1.2 percent increase in bookings followed a revised 1.7 percent gain in March that was larger than previously estimated, the Commerce Department said today in Washington. Factory shipments rose 0.6 percent. Companies including Dow Chemical Co. and Deere & Co. are seeing increases in orders from around the world as inventories are replenished and investment in equipment picks up. Corporate and consumer spending may help the expansion withstand the European debt crisis. “Business investment remains healthy,” ...
Service Industries in U.S. Grow for Fifth Straight Month, ISM Index Shows
Post Date: 2010-06-03 11:41:14 by Brian S
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June 3 (Bloomberg) -- Service industries in the U.S. expanded in May for a fifth straight month, showing the recovery is broadening and generating jobs. The Institute for Supply Management’s index of non- manufacturing businesses, which makes up almost 90 percent of the economy, held at 55.4 for a third month. Readings above 50 signal expansion. The group’s employment gauge climbed to the highest level since the recession began in December 2007. Companies increased staffs by almost half a million workers through April, leading to gains in incomes and spending that will help sustain the economic rebound after government support wanes. Target Corp. and Dow Chemical Co. are ...
Ford To Eliminate Mercury Brand, Expand Lincoln
Post Date: 2010-06-02 16:55:06 by Brian S
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* Ford plans six new, refreshed Lincolns in four years * Working with 1,712 Mercury dealers on alternatives * Ford shares up 4 percent DETROIT, June 2 (Reuters) - Ford Motor Co (F.N) will eliminate its Mercury brand which has seen sales and investment plunge in recent years, closing out a vehicle lineup created in the 1930s by Edsel Ford, the automaker said on Wednesday. Ford declined to disclose the cost of eliminating the Mercury brand, but said it expected to shift those resources to expanding its Lincoln luxury brand and did not plan job cuts. Ford plans to cease Mercury production in the fourth quarter. Mercury, established to serve as a bridge between the mass market Ford brand ...
Chrysler Sales Soar 33%; Smaller Cars, Minivans Given The Credit
Post Date: 2010-06-02 14:46:52 by Brian S
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Chrysler’s U.S. sales rose 33% in May from a year ago and exceeded 100,000 for the first time in 14 months as small and midsize vehicle and minivans sold particularly well. The Auburn Hills automaker achieved the increase while continuing to reduce spending on rebates, low-interest loans and discounted leases. Chrysler’s incentive costs declined to $3,115 per vehicle in May, nearly $1,000 less than it spent a year earlier when it was going through a 41-day bankruptcy reorganization. The sharpest increases were for among small crossovers such as Jeep Compass (up 154%) and Dodge Caliber (up 150%), midsize models such as Dodge Avenger (up 152%) and the fullsize Dodge Charger (up ...
Owners Stop Paying Mortgages, and Stop Fretting
Post Date: 2010-06-02 13:08:18 by Brian S
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Chip Litherland for The New York TimesWendy Pemberton, a barber in Florida, with a customer, Howard Cook. She stopped paying her mortgage two years ago. ST. PETERSBURG, Fla. — For Alex Pemberton and Susan Reboyras, foreclosure is becoming a way of life — something they did not want but are in no hurry to get out of. Foreclosure has allowed them to stabilize the family business. Go to Outback occasionally for a steak. Take their gas-guzzling airboat out for the weekend. Visit the Hard Rock Casino. “Instead of the house dragging us down, it’s become a life raft,” said Mr. Pemberton, who stopped paying the mortgage on their house here last summer. “It’s ...
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