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Latest Articles: Business
Gov. Crist Calls Oil Spill A Reason To Rethink Drilling
Post Date: 2010-04-27 11:33:03 by Brian S
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The oil spill spreading across the Gulf of Mexico is sending ripples through Florida and national politics, giving Gov. Charlie Crist a reason to rethink his support for offshore drilling. Crist, who plans to chopper out from Pensacola to look at the Louisiana-based rig slick heading toward Florida's beaches, told reporters Tuesday that any politician who backs drilling off the Florida coast should reconsider it in light of what's happened. "If this doesn't give somebody pause, there's something wrong," Crist said. "This is, as I understand it, a pretty new rig with modern technology. As I've always said it would need to be far enough, clean enough and ...
Hundreds Of Jobs In Store For Bedford's GM Plant
Post Date: 2010-04-27 11:00:28 by Brian S
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Hundreds of people may soon be back on the payroll at the General Motors plant in Bedford, a fixture in the Southern Indiana community that suffered during the automaker's decline, but avoided closure. A news conference led by Lt. Gov. Becky Skillman will be at 10 a.m. Tuesday at the GM plant, which the Detroit automaker has run since 1942 and makes engine blocks, transmission cases and pistons. The Indiana Economic Development Corp. did not disclose other details in a news release today. But the aluminum foundry plant -- which once employed more than 1,200 but was down to 425 in June 2009 and now employs 366 -- may benefit from GM's resurgence. GM officials said last week that ...
Ford Motor Company Exceeds Expectations, Posts $2.1 Billion First Quarter Profit
Post Date: 2010-04-27 10:56:44 by Brian S
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Ford Motor Company reported first quarter 2010 net income of $2.1 billion, or 50 cents per share, a $3.5 billion improvement from first quarter 2009. Analysts over the weekend had expected Ford to post a first quarter profit of approximately $1 billion. According to Ford, the improvement is due to strong sales of new products, improvements in Ford’s global Automotive operations, and higher profits at Ford Credit. "Now if they would just resume dividend payments, we'd know for sure Ford was really back," said one Ford stockholder.Excluding special items, Ford reported pre-tax operating profit of $2 billion, or 46 cents per share, an improvement of $4 ...
Firms Hiring For The First Time In 2 Years
Post Date: 2010-04-26 19:44:39 by Brian S
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Employers are beginning to hire again with 37% of firms with the National Association for Business Economics reporting that they are planning to add staff in the next six months, up from 29% in January and just 16% a year ago, the association said Monday. Perhaps even more encouraging: only 3% expect to have layoffs or lose positions through attrition compared to 7% in January and 11% in April 2009. In terms of current staffing, 22% of the employers said headcount is rising compared to 13% in January and 14% a year ago. Hiring hit bottom last July with only 6% of employers saying they would add jobs. On the other side, 13% had cut staff or reduced head count by attrition versus 28% in ...
Home Depot to Hire Nearly 200 Employees in Tolleson
Post Date: 2010-04-26 19:39:17 by Brian S
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TOLLESON - The Home Depot is building a distribution center in the west valley and the company needs to fill close to 200 jobs. Interested applicants are encouraged to visit http://careers.homedepot.com to read job descriptions, view a video that provides a behind-the-scenes view of the work environment, and to apply. Click on Supply Chain, then search for jobs at the facility in Tolleson. Applicants can also apply using the career kiosk in any The Home Depot store location. Applicants must apply online prior to May 8 to be invited to the Mass Hiring Event. The facility, located at 9081 W. Washington Street will service approximately 80 Home Depot stores in Arizona, El Paso and Southern ...
Cooper Tire Plant In Texarkana Hiring 200 More Workers, Staffing Its 24/7 Production
Post Date: 2010-04-26 14:16:40 by Brian S
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10:57 AM EDT, April 26, 2010 TEXARKANA, Ark. (AP) — The Cooper Tire and Rubber Co. plant in Texarkana is hiring 200 new workers. The factory was in danger of closing in late 2008, but incentives from Arkansas and Texas helped keep the plant open. Now, Findlay, Ohio-based Cooper Tire's Texarkana facility has about 1,500 employees and makes 450 different types of tires for passenger cars and light trucks. The plant picked up about 75 tire models when Cooper closed its Albany, Ga., plant. The company says it is looking for applicants with at least two years experience in production work. The factory has a payroll of about $75 million per year.
Chase Bank hiring 275 mortgage lenders in Texas
Post Date: 2010-04-26 14:13:33 by Brian S
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JPMorgan Chase & Co. plans to recruit 275 more home mortgage lenders to its Texas branches during the next six months, officials said this week. “We want to make sure we have seasoned mortgage professionals to help our customers,” said Jim Gerritsen, manager for Chase's home lending team in Texas, in a statement. “We know home loans are core to our relationship with consumers and especially important as the housing market begins to recover.” Of the the total, 25 will be hired in Austin and 25 will go to San Antonio. Another 100 will join Houston branches and 125 will open in the Dallas-Ft. Worth area. Chase operates about 70 Austin branches.
From the Mall to the Docks, Signs of Rebound
Post Date: 2010-04-26 12:50:25 by Brian S
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PORTLAND, Ore. — The docks are humming again at this sprawling Pacific port, with clouds of golden dust billowing off the piles of grain spilling into the bellies of giant tankers. “Things are looking up,” said Dan Broadie, a longshoreman. No longer killing time at the union hall while waiting for work, instead he is guiding a mechanized spout pouring 44,000 tons of wheat into the Arion SB, bound for the Philippines. At malls from New Jersey to California, shoppers are snapping up electronics and furniture, as fears of joblessness yield to exuberance over rising stock prices. Tractor trailers and railroad cars haul swelling quantities of goods through transportation ...
Treasury Could Make $11 Billion from Citi Stock Sale
Post Date: 2010-04-26 12:37:24 by Brian S
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The U.S. Treasury could see a substantial windfall as it begins to sell its shares of Citigroup, which were obtained as a condition of its bailout. Officials announced this morning that they would begin sales of the government's 7.7 billion shares of the banking behemoth as early as today, with a 1.5 billion initial offering. The total shares offered amount to around 27% of Citi's shares outstanding. If sold at current share prices, then the Treasury will do quite well on its investment. How well? It paid $3.25 per share, which accounted for $25 billion of Citi's bailout. If it sold all its shares at the stock's price of $4.70 as of noon, it would produce $36.2 billion -- a ...
President Obama Hosts Muslim Entrepreneurs
Post Date: 2010-04-26 12:12:44 by Brian S
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US President Barack Obama laid a key plank of his strategy to mend ties with the Islamic world on Monday hosting a summit to boost economic development in Muslim nations. In a step the White House hopes will help shift relations beyond decades of talk about terrorism and conflict, Obama brought entrepreneurs from 50 countries to Washington for two days to spur economic ties. The president pledged to host the meeting in a landmark speech in Cairo last June, when he also called for a "new beginning" to relations between the United States and the Muslim world. Opening the meeting, Commerce Secretary Gary Locke said boosting Muslim business would not only help the Islamic world, ...
U.S. Firms Raise Hiring on Optimism Over Recovery — NABE Survey
Post Date: 2010-04-26 12:05:12 by Brian S
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WASHINGTON — U.S. companies expect to hire more and fire less as they become more confident that the economy will continue to recover in 2010, a survey released Monday by the National Association for Business Economics shows. The share of companies increasing payrolls rose to 22% from 13% in January, the survey of 68 NABE members conducted between Mar. 25 and Apr. 10 showed. The poll reflects first-quarter 2010 results and the near-term outlook. “NABE’s April 2010 industry survey confirms that the U.S. recovery from the Great Recession continues, with business conditions improving,” said William Strauss of the Federal Reserve Bank of Chicago. Although the U.S. economy ...
Carnivores' Dilemma Widens as Surging Pork Signals Record Prices for Meat
Post Date: 2010-04-26 11:49:34 by Brian S
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April 26 (Bloomberg) -- U.S. meat prices may rise to records this summer after farmers reduced hog and cattle herds to the smallest sizes in decades, the result of surging feed costs linked to demands for more ethanol. Wholesale pork jumped as much as 25 percent this month to 90.68 cents a pound last week, the highest since August 2008, U.S. Department of Agriculture data show. Beef climbed 22 percent this year to $1.6896 a pound on April 23, the most expensive since July 2008. Chicken’s gain in March was the most in 20 months. Demand for pork chops, steaks and chicken breasts is rising as the economy improves, backyard barbecues resume and China and Russia allow more U.S. imports. ...
BP's Gulf Oil Well Leak May Take Months to Shut After Rig Sinks
Post Date: 2010-04-25 19:07:56 by Brian S
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April 25 (Bloomberg) -- BP Plc said it may take at least two or three months to drill a relief well to stop a 1,000- barrel-a-day oil leak into the Gulf of Mexico after a drilling rig caught fire and sank last week. The company is also trying to shut the well's valve with robots. The oil spill, which covers 600 square miles (1,554 square kilometers), won't reach a shoreline within the next three days, said Charlie Henry, a scientific support coordinator with the National Oceanic and Atmospheric Administration during a teleconference today. Henry said it isn't possible to give estimates beyond three days. Swiss drilling contractor, Transocean Ltd., is shipping in two rigs to ...
Ford Profit: $1 Billion; Strong 1st Quarter Is Another High For Rebounding U.S. Auto Industry
Post Date: 2010-04-25 15:05:43 by Brian S
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Ford, a year ago in danger of being dragged down with a collapse of its nearly bankrupt Detroit rivals, is projected to report nearly $1 billion in first-quarter profits Tuesday, the strongest indication yet that the U.S. auto industry is bouncing back more quickly than expected. The expected profit announcement will follow news last week of General Motors' early repayment of $5.8 billion in government aid and word that Chrysler is on the path to break even this year. Though taxpayers might never be fully repaid the nearly $85 billion in aid they provided the industry, and a singed Michigan must move aggressively to diversify its economy, a more optimistic outlook is sweeping through ...
Dow Rises For An 8th Straight Week; Markets At 19-Month Highs
Post Date: 2010-04-23 19:54:57 by Brian S
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Stocks rose to a 19-month high Friday, with Merck leading the Dow after the drug giant assuaged concerns about the impact of health-care reform. The Dow pulled off an eighth straight week of gains. And it was a straight flush this week, with the Dow ending higher in five of five sessions this week, for a total gain of 1.7 percent. A few weak outlooks and lingering worries about Greece kept a lid on some of those gains but there was enough relief in earnings news and subsiding worries about the charges against Goldman Sachs that the Dow pulled it off. This eight-week winning streak is the Dow's longest since January 2004. This was also the eighth straight weekly win for the Nasdaq. ...
Auto Industry On The Rebound According To New Government Report
Post Date: 2010-04-23 12:31:04 by Brian S
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A new government report released yesterday by the Obama administration looks at the auto industry over the last year and concludes it has rebounded more than expected since last spring when General Motors and Chrysler went through orderly bankruptcies. Since 2008, a bleak year for the auto industry that saw the loss of 400,000 jobs and a bailout from the federal government, the industry is performing better than expected — sooner than expected.Yesterday, GM announced that it has repaid its remaining $4.7 billion in TARP loans — five years ahead of schedule, and Chrysler announced it produced an operating profit in the first quarter of 2010 after one-time charges — the first ...
U.S. Durable-Goods Orders Excluding Transportation Jump by Most Since 2007
Post Date: 2010-04-23 11:20:41 by Brian S
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April 23 (Bloomberg) -- Orders for durable goods excluding transportation surged in March by the most since the recession began in December 2007, adding to evidence the U.S. recovery is broadening and strengthening. The 2.8 percent increase in bookings for goods meant to last at least three years, excluding cars and aircraft, was four times larger than the median forecast of economists surveyed by Bloomberg News, figures from the Commerce Department showed today in Washington. Total orders unexpectedly dropped 1.3 percent, depressed by a 67 percent plunge in demand for commercial aircraft that is often volatile. Eaton Corp. is among companies that may see sales grow as the global economic ...
New-Home Sales See Biggest Jump In 47 Years; Sales Surge 27 Percent
Post Date: 2010-04-23 11:17:04 by Brian S
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WASHINGTON - Sales of new homes surged 27 percent last month, bouncing off the previous month's record low and blowing past expectations as better weather and government incentives boosted sales. The Commerce Department said Friday that new-home sales rose in March to a seasonally adjusted annual sales pace of 411,000. It was the strongest month since last July and the biggest monthly increase in 47 years. Economists surveyed by Thomson Reuters had expected a sales pace of 330,000. February's results were revised upward to 324,000, but remained an all-time low. Sales had been especially weak over the winter, partly due to bad weather in much of the country. The median sales price ...
Spirit Airlines' New Seats Don't Recline
Post Date: 2010-04-22 20:02:43 by Skip Intro
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Spirit Airlines' New Seats Don't Recline On Spirit's New Jets, Passengers Will Have Even Less Room to Relax During the Flight Spirit Airlines -- the folks who are about to start charging for carry-on bags -- now have a new change for passengers: seats that don't recline. Spirit Airlines will start charging passengers up to $45 for carry-on luggage. And we're not talking about just those exit row seats where reclining could slow egress. Spirit is stopping everybody's ability to lean back and enjoy the flight. So why do this? To squeeze in more paying passengers on each flight, of course. The Florida-based airline is putting a nice spin on this, calling the new ...
Existing Home Sales Soar In March
Post Date: 2010-04-22 11:38:20 by Brian S
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NEW YORK (CNNMoney.com) -- Existing home sales jumped 6.8% in March, with home buyers racing to get a tax credit that expires in April, according to a real estate industry report released Thursday. The National Association of Realtors reported that existing home sales rose last month to a seasonally adjusted annual rate of 5.35 million units, up from the revised rate of 5.01 million in February. Sales year-over-year were up 16.1%. Analysts surveyed by Briefing.com had expected the March sales rate to hit just 5.29 million annual units. Home resales have been above year-ago levels for nine straight months, according to the report. "Buoyed by the unseasonably warm weather, home ...
Chrysler Execs Optimistic Despite $3.8-Billion Loss
Post Date: 2010-04-21 19:46:43 by Brian S
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Although Chrysler Group lost $3.8 billion since emerging from bankruptcy in June, its financial performance is exceeding the expectations of many analysts who see hopeful signs that the automaker may be on the road to recovery. During the first quarter, the automaker trimmed its losses to $197 million and managed to scratch out an operating profit of $143 million, Chrysler said Wednesday. "Profitability is significantly better than we appreciated," said Max Warburton, an analyst with Sanford C. Bernstein in England. Although Warburton said that Chrysler still faces significant challenges and questions about its "long-term viability," he said the latest numbers suggest ...
IMF: Global Recovery Stronger Than Anticipated
Post Date: 2010-04-21 11:34:39 by Brian S
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The world economy is rebounding from recession "better than we thought likely" and will expand by more than 4 percent this year, the International Monetary Fund's top economist said Wednesday. Growth is uneven. China is projected to grow by a world-leading 10 percent in 2010, while major European nations are expected to grow by a combined 1 percent. The United States is projected to grow by 3.1 percent -- better than the 2.3 percent average growth projected by the IMF for the advanced economies. The IMF's forecast of 4.2 percent growth in world output in 2010 represents a marked increase from its projection in January of 0.3 percent growth for the year. For 2011, the IMF ...
AP-GfK Poll: Americans Say US Cars Top Asian Autos
Post Date: 2010-04-21 11:32:57 by Brian S
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(04-21) 08:12 PDT WASHINGTON (AP) -- America's love affair with the automobile has a new spark — a renewed affection for U.S.-made cars after a long dalliance with foreign automakers. Slightly more Americans now say the United States makes better-quality vehicles than Asia does, with 38 percent saying U.S. cars are best and 33 percent naming autos made by Asian countries, according to an Associated Press-GfK Poll. The survey suggests those numbers are largely fueled by a plunge in Toyota's reputation and an upsurge in Ford's. The poll was conducted in March, as Toyota was being roiled by nightmarish publicity over its recall of more than 8 million vehicles around the ...
The GM Bailout: Paid Back in Full
Post Date: 2010-04-21 11:08:48 by Brian S
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BY ED WHITACRE Today, General Motors is announcing that it has made a payment of $5.8 billion to the U.S. Treasury and Export Development Canada. We're paying back—in full, with interest, years ahead of schedule—loans made to help fund the new GM. Our ability to pay back these loans less than a year after emerging from bankruptcy is a sign that our plan for building a new GM is working. It is also an important step toward eventually reducing the amount of equity the governments of the U.S., Canada and Ontario hold in our company. Combined, these governments hold a majority of GM's ... Click for Full Text!
Citi Returns To Profit As CEO Thanks Taxpayers For Bailout
Post Date: 2010-04-20 19:43:40 by Brian S
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NEW YORK (AFP) – US banking giant Citigroup said Monday it had returned to profit after two years spent largely in the red, posting a profit of 4.4 billion dollars in the first quarter of this year. Following on from blockbuster results reported by its rivals last week, the New York-based bank returned to the black after losing 7.6 billion dollars in the last quarter of 2009. It was the firm's best quarterly result since mid-2007. The company has struggled since the start of the financial crisis and required a government bailout of 45 billion dollars to stay afloat. The beleaguered global bank lost 1.6 billion dollars in 2009, and a whopping 27.6 billion dollars in 2008, when ...
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