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Latest Articles: Business
Global Equities Soaring
Post Date: 2010-05-10 11:13:34 by war
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May 10 (Bloomberg) -- Stocks rallied around the world, sending the MSCI World Index up the most in 13 months, Greek bonds soared and the euro strengthened after European policy makers announced an almost $1 trillion loan plan to end the region’s sovereign-debt crisis. The MSCI World gauge of stocks in 23 developed nations jumped 4.7 percent at 10:09 a.m. in New York, while the Standard & Poor’s 500 Index rallied 4.1 percent and Spain’s IBEX 35 Index surged 13 percent, its biggest gain on record. The premium demanded to hold Greek 10-year bonds tumbled 587 basis points as the yield on German bunds, Europe’s benchmark government securities, rose 18 basis points. The 10 ...
U.S. Stocks Surge After Announcement of European Loan Package
Post Date: 2010-05-10 10:38:13 by war
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May 10 (Bloomberg) -- U.S. stocks rallied, with the Standard & Poor’s 500 Index gaining the most intraday since April 2009, after European policy makers unveiled loan package valued at almost $1 trillion to contain a sovereign-debt crisis. Citigroup Inc., Bank of America Corp. and Morgan Stanley jumped more than 4 percent. Schlumberger Ltd. and Chevron Corp. followed oil prices higher, while Alcoa Inc., the largest U.S. aluminum producer, rallied with metal prices. The S&P 500 jumped 4.3 percent to 1,158.79 at 9:58 a.m. The Dow Jones Industrial Average climbed 412.27 points, or 4 percent, to 10,792.7. The VIX, the benchmark index for U.S. stock options, tumbled 34 percent to ...
Origin of Wall Street’s Plunge Continues to Elude Officials
Post Date: 2010-05-08 01:50:19 by Brian S
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A day after a harrowing plunge in the stock market, federal regulators were still unable on Friday to answer the one question on every investor’s mind: What caused that near panic on Wall Street? Through the day and into the evening, officials from the Securities and Exchange Commission and other federal agencies hunted for clues amid a tangle of electronic trading records from the nation’s increasingly high-tech exchanges. But, maddeningly, the cause or causes of the market’s wild swing remained elusive, leaving what amounts to a $1 trillion question mark hanging over the world’s largest, and most celebrated, stock market. The initial focus of the investigations ...
U.S. to Earn $181.1 Million From Comerica Warrants
Post Date: 2010-05-07 12:36:14 by Brian S
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WASHINGTON—The U.S. Treasury Department announced Friday it stands to earn about $181.1 million from its sale of warrants to purchase common stock of Comerica Inc. Treasury sold roughly 11.5 million warrants at $16 each. The closing is expected to occur on or about May 12. The department announced plans Tuesday to sell the warrants to purchase common stock of the Dallas bank for a minimum bid price of $15 each. "This offering represents Treasury's sale of its remaining investment in the company," the department said in a statement. The warrant auction is part of a U.S. effort to minimize losses on a controversial $700 billion financial-sector bailout that started in ...
US Auto Suppliers Mount A Comeback
Post Date: 2010-05-07 11:57:29 by Brian S
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Only a year ago, the North American auto industry was in shambles as suppliers grappled with mounting losses and many contemplated bankruptcy. But a combination of aggressive cost-cutting, an upturn in production and a loosening of credit has triggered a turnaround among an array of top tier suppliers critical to General Motors, Chrysler and Ford, moving them from deep in the red back into the black in the first quarter. After watching more than 40 US-based suppliers file for bankruptcy, Ford reported it spent less on assisting suppliers during the first quarter of 2010 than originally planned. Lear Corp., which filed for Chapter 11 protection last year and emerged from bankruptcy only ...
Nasdaq to Cancel Trades of Stocks Moving More Than 60% in Market Plunge
Post Date: 2010-05-06 19:26:04 by Brian S
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May 6 (Bloomberg) -- Nasdaq OMX Group Inc. said it will cancel stock trades on all exchanges that were more than 60 percent above or below prices at 2:40 p.m. New York time, just as U.S. equities plummeted. The Dow Jones Industrial Average plunged almost 1,000 points before trimming its drop and ended down 347.80 points, or 3.2 percent, at 10,520.32. About $700 billion of U.S. stock- market value was wiped out in less than 10 minutes, according to data compiled by Bloomberg. Nasdaq, which investigated trades between 2:40 p.m. and 3 p.m., said it will provide a list of stocks affected and the prices at which the trades will be canceled. The decision cannot be appealed. NYSE Euronext ...
Dow Plunges Most Since 1987 Before Paring Losses; Euro Tumbles
Post Date: 2010-05-06 15:45:44 by WhiteSands
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May 6 (Bloomberg) -- The Dow Jones Industrial Average posted its biggest intraday loss since the market crash of 1987, the euro slid to a 14-month low and yields on Greek, Spanish and Italian bonds surged on concern European leaders aren’t doing enough to stem the region’s debt crisis. U.S. Treasuries rallied. “It’s panic selling,” said Burt White, chief investment officer at LPL Financial in Boston, which oversees $379 billion. “There’s concern that the European situation might cool down global growth and freeze the credit markets.” The Dow lost as much as 998.5 points, or 9.2 percent, before paring its loss to 383.17 points at 3:17 p.m. in New ...
In Private Employment Reports, Firing Falls as Hiring Rises
Post Date: 2010-05-05 13:01:35 by Brian S
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Today, two companies — ADP, a payroll processor, and Challenger, Gray & Christmas, an outplacement consultancy — both reported employment numbers that reinforce that the recovery is happening, but jobs are coming back slowly. Here’s the topline figures from Challenger: After a 61 percent increase in March, the number of planned job cuts announced by American employers fell sharply in April to 38,326, 43 percent fewer than the 67,611 layoffs the previous month. The April job-cut figure is the lowest since July 2006 and comes just two months after the previous low of 42,090 in February…. So far this year, employers have announced 219,509 job cuts, 69 percent fewer than ...
Title: WARNING: LP member Gold Fox ihas defrauded many people! Don't be a victim!
Post Date: 2010-05-05 10:51:56 by Skip Intro
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Title: WARNING: LP member Gold Fox ihas defrauded many people! Don't be a victim! Source: All over the web URL Source: http://libertypost.org/cgi-bin/readart.cgi?ArtNum=288735&Disp=2#C2 Published: May 5, 2010 Author: 22rifle Post Date: 2010-05-05 08:34:57 by 22rifle Views: 80 Comments: 2 Something Gold Fox said yesterday made me raise my eyebrows. Then this morning I saw him promoting his website here: libertypost.org/cgi-bin/r...i?ArtNum=288735&Disp=2#C2 I followed the link and did a bit of checking. Gold Fox's name is Clayton L. Parker (He revealed this himself by linking to his website with his name on it so don't give me crap for revealing personal ...
U.S. Stocks Drop Sharply On Euro-zone Debt Fears
Post Date: 2010-05-04 12:25:52 by Brian S
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By Kate Gibson U.S. stocks thudded lower on Tuesday as worries over European national debts overrode positive quarterly reports from companies including drug giants Pfizer Inc. and Merck & Co. "The overseas markets are weighing on sentiment right now, and bond markets around the world are rallying. At least for the morning that is going to be the story," said Dan Greenhaus, chief economic strategist at Miller Tabak. Early economic reports that showed a 5.3% jump in pending home sales and a 1.3% climb in factory orders in March did little to curb bearish sentiment. The Dow Jones Industrial Average (DJI) tumbled 250.46 points, or 2.3%, to 10, 901.37, with 27 of its 30 ...
BP Gulf Oil Spill Is Reshaping Energy, Climate Debate Among U.S. Lawmakers
Post Date: 2010-05-04 12:23:32 by Brian S
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May 4 (Bloomberg) -- The oil leak spreading 5,000 barrels of crude a day in the Gulf of Mexico is reshaping the politics of the energy debate as Congress considers U.S. climate policy and lawmakers brace for the November elections. California Governor Arnold Schwarzenegger, a Republican, withdrew his support for offshore oil drilling yesterday, following a similar move by Florida Governor Charlie Crist, who raised doubts about environmental safety. One official who said the drilling should continue is former Alaska Governor Sarah Palin, the 2008 Republican vice presidential nominee. In 2008, Republicans made expanded offshore oil and gas exploration central to their presidential campaign ...
Gains in U.S. Factory Orders, Pending Home Sales Show Recovery Quickening
Post Date: 2010-05-04 12:20:39 by Brian S
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May 4 (Bloomberg) -- Factory orders unexpectedly rose in March and more Americans signed contracts to buy previously owned homes, indicating the U.S. economy gained speed entering the second quarter. The 1.3 percent increase in orders placed with manufacturers matched the prior month’s gain, which was more than twice as large as previously estimated, the Commerce Department said today in Washington. Signed home-purchase agreements, or pending sales, rose 5.3 percent in March, according to the National Association of Realtors. Factory sales rose the most since November 2007 as companies such as Texas Instruments Inc. and Caterpillar Inc. profited from increased spending on ...
Federal Law May Limit BP Liability In Oil Spill
Post Date: 2010-05-03 20:39:57 by Brian S
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(05-03) 16:50 PDT WASHINGTON (AP) -- A federal law may limit how much BP has to pay for damages such as lost wages and economic suffering in the Gulf Coast oil spill, despite President Barack Obama's assurances that taxpayers will not be on the hook. A law passed in response to the 1989 Exxon Valdez spill in Alaska makes BP responsible for cleanup costs. But the law sets a $75 million limit on other kinds of damages. Economic losses to the Gulf Coast are likely to exceed that. In response, several Democratic senators introduced legislation Monday to raise the liability limit to $10 billion, though it was not clear that it could be made to apply retroactively. White House press ...
April Car Sales Soar
Post Date: 2010-05-03 15:04:33 by Brian S
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The North American auto industry was firing on all cylinders in April, sales data from most major car companies showed Monday. Ford Motor Co. saw its U.S. sales increase by 25 per cent compared to last year. Canadian sales data showed a similar trend, up 24.5 per cent. Within that, car sales were up 14 per cent while truck sales jumped by 28 per cent. It was the fifth straight month of better-than 20 per cent sales increases at Ford. General Motors Co. sales rose 6.4 per cent. But excluding sales of lines GM has announced it is phasing out, sales were up 20 per cent compared to April of 2009, the automaker said. Chrysler Canada Inc. had its strongest sales month since June 2008, with ...
US Consumer Spending Rises For Sixth Straight Month
Post Date: 2010-05-03 11:21:34 by Brian S
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US consumer spending rose for the sixth consecutive month in March, up 0.6 percent in line with expectations, figures released by the Commerce Department showed Monday. Seasonally adjusted figures showed spending, a key driver of the US economy, rose as Americans saved less. Spending was up from February's 0.5 percent figure. For the second straight month, growth in spending outpaced incomes, which increased 0.3 percent for the month. Adjusted for inflation, disposable income also rose from February flat figure to 0.2 percent in March, the first increase in three months. Inflation-adjusted spending was up 0.5 percent in March, building on the same gain the previous month, the ...
U.S. Construction Spending Rises In March
Post Date: 2010-05-03 11:20:30 by Brian S
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WASHINGTON, May 3 (Reuters) - U.S. construction spending unexpectedly rose in March to post the first advance since October, lifted by a rebound in public construction investment, a government report showed on Monday. The Commerce Department said construction spending increased 0.2 percent, the largest gain since October, to an annual rate of $847.3 billion. That followed February's revised 2.1 percent drop that was previously reported as a 1.3 percent fall. Economists surveyed by Reuters had forecast construction spending falling 0.3 percent in March. Public construction spending surged 2.3 percent in March, the biggest rise since February last year, reversing the prior month's ...
Manufacturing in U.S. Expands at Fastest Pace Since 2004 on Global Demand
Post Date: 2010-05-03 11:09:03 by Brian S
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May 3 (Bloomberg) -- Manufacturing expanded in April at the fastest pace since 2004, propelling a U.S. recovery that’s getting a bigger lift from consumer spending. The Institute for Supply Management’s factory index rose to 60.4, the highest level since June 2004 and exceeding the median forecast in a Bloomberg News survey of 76 economists. Readings greater than 50 signal expansion and today’s report marks a ninth consecutive month of growth. Parker Hannifin Corp. is among manufacturers receiving more orders as U.S. and overseas customers invest in new equipment and replenish inventories. The factory resurgence may soon translate into faster growth at service ...
The Obama administration’s remedy for the housing crisis benefits bankers, not homeowners
Post Date: 2010-05-03 09:39:46 by no gnu taxes
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Kareem Rashed stands outside of a foreclosed home on March 12, 2010 in Bridgeport, Conn. (Photo by Spencer Platt/Getty Images) At least one-fourth of all mortgages are currently ‘under water.’ under those conditions, homeowners have strong incentives to walk away, leaving costly mortgages to investors. Like millions of other Americans, Alicia and Jorge Hernandez are hanging on to their home by a thread. six years ago they bought their brick bungalow in a working-class neighborhood on Chicago’s southwest side for $175,000, a bargain compared to homes nearby that sold for $250,000. Jorge, who earned $18 per hour as a roofer, had earnestly avoided debt, but a mortgage broker ...
Oil In The Gulf Has Countless Livelihoods In Limbo
Post Date: 2010-05-02 15:32:56 by Brian S
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(05-02) 12:16 PDT bd, dsa o HOPEDALE (AP) -- When Kenny LeFebvre is out of work, so are the two men who help him haul glistening blue crabs from the waters he's fished since he quit school at 14. So are his sister and brother-in-law, who sell him bait, buy back the catch, pack it up, then resell it to buyers who put it on dinner tables in Maryland. And so are thousands of other families just like theirs in some of the world's richest fishing grounds, livelihoods in limbo as winds from exactly the wrong direction — the southeast — threaten to push an oil slick the size of Puerto Rico ever closer to the fragile, fingerlike bayous. "I don't know what I'll do. ...
Chrysler May Lift Industry in Biggest Gain Since 2005
Post Date: 2010-04-30 20:35:15 by Brian S
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April 30 (Bloomberg) -- U.S. auto sales strengthened a year after bankruptcies began to batter the auto industry, with Chrysler Group LLC forecast to post its biggest monthly gain since 2005. Industrywide deliveries in April may have risen to an annualized rate of 11.4 million light vehicles, the average of 8 analysts’ estimates compiled by Bloomberg, compared with a year earlier. Chrysler, which entered Chapter 11 a year ago today before emerging controlled by Turin, Italy-based Fiat SpA, may have climbed 15 percent, 6 projections show. The yearly rate of domestic sales in April may be less than the 11.8 million seasonally adjusted annualized pace in March, when Toyota Motor Corp. ...
The True Origins of This Financial Crisis
Post Date: 2010-04-30 13:15:44 by no gnu taxes
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Two narratives seem to be forming to describe the underlying causes of the financial crisis. One, as outlined in a New York Times front-page story on December 21, 2008, is that President Bush excessively promoted growth in homeownership without sufficiently regulating the banks and other mortgage lenders that made the bad loans. The result was a banking system suffused with junk mortgages, the continuing losses on which are dragging down the banks and the economy. The other narrative is that government policy over many years--particularly the use of the CRA and Fannie Mae and Freddie Mac to distort the housing credit system--underlies the current crisis. The stakes in the competing ...
US consumer sentiment falls in April but above forecast-UMich
Post Date: 2010-04-30 11:07:28 by Brian S
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NEW YORK, April 30 (Reuters) - U.S. consumer sentiment fell in April from the month before, but beat expectations, as consumers viewed the economic recovery as well under way but painfully slow. At 72.2, the Thomson Reuters/University of Michigan's Surveys of Consumers' final April reading on the overall index on consumer sentiments also was above the preliminary reading of 69.5 for the month, which was the lowest in five months. Analysts polled by Reuters had predicted a sentiment reading of 71 for April. The reading was 73.6 in March. "Confidence in the economic policies and legislation promoted by the Obama administration remained at low levels, although confidence did ...
Unemployment Falls In A Majority Of US Cities
Post Date: 2010-04-28 13:57:41 by Brian S
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WASHINGTON – Unemployment rates fell or remained level in three-quarters of the 372 largest metropolitan areas, a sign that the economic recovery is widespread. The Labor Department said Wednesday the jobless rate dropped in 69 percent of metro areas last month from February. It rose in 24 percent of large cities and remained the same in the rest. That's an improvement from February, when the unemployment rate decreased in 51 percent of metro areas and increased in one-third. The report follows other recent encouraging news about jobs. Employers added 162,000 jobs in March, the government said earlier this month, the most significant gain in three years. Still, the growth ...
Forecast: Auto Industry To Add 88,000 Positions
Post Date: 2010-04-27 15:17:58 by Brian S
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More than repaying taxpayer loans, increased sales or profits, hiring will be the most credible evidence automakers are recovering. Advertisement Two respected sources foresee the industry adding about 88,000 jobs over the next year. The forecast, from the Center for Automotive Research in Ann Arbor and IHS Global Insight Inc. in Waltham, Mass., predicts automotive employment in the U.S., including automakers and suppliers, will grow from an average of 565,700 this year to 653,600 in 2011 and 742,200 in 2012. That's well below prerecession employment of 827,900 in 2007 but strong enough to trigger positive ripples through stronger retail sales. "It's never going to be what ...
GM To Invest $890M In Engines, Preserving Or Creating Roughly 1,600 Jobs
Post Date: 2010-04-27 15:16:06 by Brian S
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UPDATED 1: 15 P.M. DETROIT - General Motors Co. will invest $890 million at five factories to make its V-8 engines more fuel efficient, preserving or creating roughly 1,600 jobs. The automaker announced the investments today at factories in Bay City; Tonawanda, N.Y.; St. Catherines, Ontario; Bedford, Ind.; and Defiance, Ohio. The spending, which has been in the works for a long time, will help GM meet government fuel economy standards that become fully effective in 2016. Spokesman Tom Wilkinson said the investments will help the company boost the fuel efficiency of its pickup trucks, sport utility vehicles and high-performance cars. The new engines will have aluminum blocks, which are up ...
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