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Latest Articles: Business
*U.S. FEB. PAYROLLS FALL 36,000; JOBLESS RATE HOLDS AT 9.7%
Post Date: 2010-03-05 08:33:18 by war
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March 5 (Bloomberg) -- The jobless rate in the U.S. held at 9.7 percent in February and employment declined less than forecast even as severe winter weather may have forced some employers to temporarily close. Payrolls dropped 36,000 last month after a 26,000 decrease in January, figures from the Labor Department in Washington showed today. Employment fell in construction and increased at temporary-help services. While more people entered the workforce, the unemployment rate was unexpectedly unchanged. Blizzards during the week that the government surveys businesses and households on jobs set seasonal snowfall records in cities including Washington and Philadelphia, prompting many ...
New Mustang V-6 With 305 HP Certified at 31 MPG Highway; Makes History as First Car With 300+ HP and 30+ MPG
Post Date: 2010-03-04 19:32:13 by Brian S
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PRNewswire-FirstCall/ -- * New 2011 Ford Mustang V-6 final fuel economy certified by EPA this week at 31 mpg on the highway and 19 mpg in the city * On sale this spring, Mustang with new 3.7-liter V-6 achieves 305 hp with available six-speed automatic transmission; first car ever to achieve 300-plus horsepower and 30-plus mpg * New Mustang already has more than 11,000 orders, half for the new V-6 The 2011 Ford Mustang today breaks new ground, cracking the record books as not only the most fuel-efficient Mustang ever, but also the first production car in history to produce more than 300 horsepower and more than 30 mpg highway. The Mustang's official EPA ratings - completed this week ...
U.S. Lawmakers Launch Push To Repeal NAFTA
Post Date: 2010-03-04 14:51:11 by Brian S
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WASHINGTON (Reuters) - A small group of U.S. lawmakers planned to offer legislation Thursday to withdraw from the North American Free Trade Agreement in the latest sign of congressional disillusionment with free-trade deals. The bill spearheaded by Rep. Gene Taylor, a Mississippi Democrat, would require President Barack Obama to give Mexico and Canada six months notice that the United States will no longer be part of 16-year-old trade pact. The move comes as Obama says he wants to resolve problems blocking congressional approval of long-delayed trade deals with South Korea, Panama and Colombia. The strongest opposition to those agreements comes from Obama's fellow Democrats. The ...
Factory Orders Increase For Fifth Consecutive Month In January
Post Date: 2010-03-04 14:50:14 by Brian S
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(RTTNews) - New orders for manufactured goods increased for the fifth consecutive month in January, according to a report released by the Commerce Department on Thursday, with the continued growth due largely to a jump in orders for commercial aircraft.The report showed that orders for manufactured goods increased by 1.7 percent in January following an upwardly revised 1.5 percent increase in December. Economists had expected orders to increase by 1.8 percent compared to the 1.0 percent growth originally reported for the previous month. A notable increase in orders for durable goods contributed to the increase in factory orders, with durable goods orders rising by 2.6 percent in ...
Circus Company Sues HSUS On Racketeering Charges
Post Date: 2010-03-04 13:39:15 by mininggold
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Circus Company Sues HSUS On Racketeering Charges Mar 1, 2010 4:58 PM In a landmark RICO (Racketeer Influenced and Corrupt Organizations Act) lawsuit, Feld Entertainment, Inc. and the Ringling Brothers® circus are suing the Humane Society of the U.S. (HSUS), its lawyers and several other animal-rights groups. The nonprofit Center for Consumer Freedom (CCF) unearthed the Feb. 16 lawsuit in federal court records last week. CCF is making the lawsuit available on its newest website, www.humanewatch.org. In the lawsuit, Feld levels bribery, fraud, obstruction of justice and money-laundering charges against HSUS and two of its corporate attorneys, three other animal rights groups, the ...
Toyota Owners Say Fix Didn’t Work
Post Date: 2010-03-04 12:55:51 by Brian S
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Several Toyota owners whose cars are back on the road after being serviced as part of the automaker’s massive recall have told federal regulators that the fix didn’t work, reports the Los Angeles Times. The National Highway Traffic Safety Administration has received at least seven complaints in the last two weeks from owners who say that after their cars were serviced, they "still surged out of control," according to the Times. While those reports represent just a tiny fraction of the total number of cars recalled – and the agency hasn’t yet verified their claims – they highlight a concern shared by some safety experts that Toyota’s recall focused ...
Retail Sales Show Strongest Gain Since Before The Recession
Post Date: 2010-03-04 12:51:39 by Brian S
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March 4, 2010 | 8:38 a.m. The retail industry's slow but steady recovery picked up the pace in February, with the nation's merchants posting the best sales results in more than two years. Despite severe weather in some parts of the country, shoppers still turned out at the nation's malls to buy spring merchandise and other goods, helping retailers report a 4% year-over-year sales increase last month, according to Thomson Reuters' tally of 28 major chains. It was the strongest gain since November 2007, a month before the recession began. With the exception of drugstores, every sector -- including discounters, department stores and apparel sellers -- did better than ...
Pending Sales of U.S. Existing Homes Fell 7.6% in January
Post Date: 2010-03-04 10:03:04 by war
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March 4 (Bloomberg) -- The number of contracts to buy previously owned U.S. homes unexpectedly fell in January, showing the extension of a tax credit is sparking little interest. The index of purchase agreements, or pending home sales, dropped 7.6 percent after a revised 0.8 percent increase in December, the National Association of Realtors announced in Washington. In November, pending home sales slumped 13.7 percent. Snowstorms in February probably limited contract signings and sales that month as well, the group said. The renewal of a government incentive to first-time buyers, originally due to expire at the end of November, and its expansion to include current owners has yet to lure ...
U.S. Stocks Gain on Lower Jobless Claims, Higher Productivity
Post Date: 2010-03-04 09:54:22 by war
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March 4 (Bloomberg) -- U.S. stocks advanced, giving the Standard & Poor’s 500 Index a fifth straight day of gains, after jobless claims dropped from a three-month high and worker productivity topped economists’ estimates. Walt Disney Co. climbed 2 percent after Bank of America Corp. recommended the shares. Coca-Cola Co., the world’s biggest soda maker, advanced after UBS AG lifted its recommendation on the stock. The major indices rose as the government said first- time jobless-benefit claims fell by 29,000 to 469,000 last week and productivity climbed at a 6.9 percent annual rate in the fourth quarter, capping the biggest one-year gain since 2002. “This series of ...
Jobless Claims in U.S. Fell 29,000 Last Week to 469,000 - Geez, MAYBE it WAS the Weather...
Post Date: 2010-03-04 08:37:32 by war
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March 4 (Bloomberg) -- Claims for U.S. jobless benefits dropped last week from a three-month high, pointing to an improvement in the labor market that is slow to develop. Initial jobless applications fell by 29,000 to 469,000 in the week ended Feb. 27, in line with the median forecast of economists surveyed by Bloomberg News, Labor Department figures showed today in Washington. The number of people receiving unemployment insurance decreased to the lowest level in a year, while those receiving extended benefits climbed. Some companies are still trimming payrolls to contain costs amid weak sales as the U.S. emerges from the worst recession since the 1930s. An unemployment rate that’s ...
Productivity in U.S. Climbed 6.9% in Fourth Quarter, Costs Fell
Post Date: 2010-03-04 08:33:37 by war
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March 4 (Bloomberg) -- The productivity of U.S. workers kept surging in the fourth quarter as companies squeezed more out of remaining employees to boost earnings. A measure of employee output per hour rose at a 6.9 percent annual rate, capping the biggest one-year gain since 2002, revised figures from the Labor Department showed today in Washington. Labor costs dropped at a 5.9 percent pace, more than anticipated, and fell 1.7 percent for all of 2009, the biggest drop since records began six decades ago. Productivity grew as companies lifted profits by slashing payrolls even as demand stabilized, a performance that will be difficult to repeat as the economy recovers. Lower labor costs ...
*U.S. FEBRUARY ISM NON-MANUFACTURING INDEX RISES TO 53.0
Post Date: 2010-03-03 10:03:36 by war
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March 3 (Bloomberg) -- The Institute for Supply Management’s index of non-manufacturing businesses, which make up almost 90 percent of the economy, rose to 53 in February from 50.5 the prior month. A reading higher than 50 signals growth. The figure compared with economists’ median forecast for an increase to 51, according to 73 projections in a Bloomberg News survey. Forecasts ranged from 48.5 to 52.9. ~~~~ *U.S. FEBRUARY ISM NON-FACTORY EMPLOYMENT INDEX 48.6 AFTER 44.6 Employment component of the index is comfortably above recession level [45] but still below 50...so...it shows an employment recovery but not an expasion....
ADP Says U.S. Companies Cut 20,000 Jobs in February
Post Date: 2010-03-03 08:36:00 by war
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March 3 (Bloomberg) -- U.S. companies in February cut the fewest jobs in two years, according to data from a private report based on payrolls. The 20,000 decline followed a revised 60,000 drop the prior month, data from ADP Employer Services showed today. ADP figures overstated the Labor Department’s estimate of private payroll losses by a total of 30,000 in January and December, and 308,000 the previous four months. Companies are hesitant to add workers until they see sustained gains in sales as the U.S. emerges from the worst recession since the 1930s. Economists surveyed by Bloomberg News anticipate the government’s report March 5 will show U.S. payrolls declined by 50,000, ...
Announced U.S. Job Cuts Drop to Three-Year Low, Challenger Says
Post Date: 2010-03-03 08:33:53 by war
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March 3 (Bloomberg) -- Employers in the U.S. last month announced the fewest job cuts in more than three years, a sign companies may be about to start increasing payrolls. Planned firings fell 77 percent in February to 42,090, the least since July 2006, from 186,350 a year earlier, according to data collected by the job placement firm Challenger, Gray & Christmas Inc. Announcements decreased from 71,482 in January. “Employers have shifted away from downsizing and are poised to start adding workers,” John A. Challenger, chief executive officer of the Chicago-based firm, said in a statement today. “It may be a couple of more months before hiring begins to surge.” ...
Lear Auto Components Maker to Add Hundreds of Jobs in Indiana
Post Date: 2010-03-02 19:18:01 by Brian S
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HAMMOND, Ind. - Lear Operations Corporation (NYSE: LEA), a global manufacturer of automotive seating and electrical power management systems, will expand its operations in Hammond, creating more than 285 new jobs by the end of the year. The company, which designs and manufactures complete seating systems and components for automotive manufacturers, will invest more than $2.2 million to upgrade and adjust equipment at its 110,000 square-foot facility to manufacture seating for the Ford Explorer. Lear, a Fortune 500 company, based in Southfield, Mich., currently employs more than 160 associates in Hammond and plans to begin hiring additional manufacturing and supervisory associates ...
Postal Service To Shed Another 30,000 Jobs
Post Date: 2010-03-02 19:14:39 by Brian S
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NEW YORK (CNNMoney.com) -- The U.S. Postal Service said on Tuesday that it would reduce its workforce by another 30,000 positions and slash overtime this year in an effort to reduce costs. Together these staffing reductions will result in cost savings equivalent to eliminating 50,000 full-time positions, according to Chief Financial Officer Corbett said the agency expects 30,000 employees to retire during fiscal year 2010, which ends Sept. 30, 2010. More positions will be eliminated as other employees resign and those positions are not filled. "We expect that we will be able to get to the right staffing levels through natural attrition," he told CNNMoney.com. 0:00 /3:07Postal ...
Minnesota Employers Added 15,600 Jobs In January
Post Date: 2010-03-02 19:09:19 by Brian S
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St. Paul, Minn. — Minnesota employers added 15,600 jobs in January, an impressive number to see in the midst of a recession. The number may be inflated due to seasonal adjustments and is only expected to average 2,400 each month in the next year, but it has the potential to give many unemployed Minnesotans hope that things are turning around. Dorisa Nelson has seen the numbers, and she considers them good news. But the St. Paul 23-year-old, who has struggled to find a job in her field of architecture, has two questions: Where are those new jobs, and are they the type of jobs the people who were hired really wanted? Besides the added jobs, Minnesota's unemployment rate fell ...
Stocks, Oil Gain on Economic Optimism; Pound, Treasuries Fall
Post Date: 2010-03-02 14:02:52 by war
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March 2 (Bloomberg) -- Stocks and oil rose, while 10-year Treasuries dropped, as India’s economy improved and speculation grew that the European Union will bail out Greece as the nation prepares further plans to cut its deficit. The MSCI Emerging Markets Index climbed 1.3 percent at 11:27 a.m. in New York. The Standard & Poor’s 500 Index advanced 0.6 percent to an almost six-week high of 1,122.36. The pound fell for a sixth day, extending its longest run of declines since October 2008, on concern a widening budget deficit will weaken the currency. Oil rallied 1.7 percent to $80 a barrel in New York. The benchmark 10-year Treasury note’s yield rose 3 basis points to 3.64 ...
Ford Beats GM in Monthly U.S. Sales for First Time Since 1998, Posted a 43 Percent Surge in U.S. Sales in February
Post Date: 2010-03-02 12:54:21 by Brian S
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March 02, 2010, 12:10 PM EST March 2 (Bloomberg) -- Ford Motor Co. posted a 43 percent surge in U.S. sales in February, beating General Motors Co. in monthly deliveries for the first time since 1998. Ford’s tally was 142,285 compared with 141,951 for Detroit- based GM, the automakers said today. Ford said it hadn’t topped GM in domestic sales since a union walkout idled the biggest U.S. automaker almost 12 years ago. The last time before then was during a strike in 1970, based on Ford sales data. “This is huge because it’s the classic rivalry like Pepsi and Coke, the Red Sox and the Yankees,” said John Wolkonowicz, an analyst at IHS Global Insight. “This is ...
Poll Says 31 Percent Of Americans Believe Toyotas Unsafe
Post Date: 2010-03-02 12:10:53 by Brian S
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WASHINGTON (Reuters) - Thirty-one percent of Americans now think Toyota and Lexus vehicles are not safe to ride, while 55 percent say the carmaker dragged its feet in responding to potential safety defects, according to a poll published on Tuesday. The USA Today/Gallup survey of 2,021 adults showed fewer doubts among current Toyota owners, with only 14 percent saying the cars are unsafe. A large majority of owners -- 74 percent -- say they have not lost confidence in the vehicles. Pollsters said findings also suggest enduring loyalty to Toyota vehicles among prospective U.S. car buyers generally. While 17 percent of prospective buyers said they would no longer consider a Toyota vehicle, ...
U.S. Company Bankruptcies Drop More Than 70 Percent From A Year Ago
Post Date: 2010-03-02 11:57:27 by Brian S
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NEW YORK (Reuters) - The number of U.S. companies with public stock or debt that filed for bankruptcy protection last month dropped more than 70 percent from a year ago, as companies have benefited from strategies to stay out of court. In February, just five public companies filed for Chapter 11 or Chapter 7 bankruptcy protection, down from 19 in the same period in 2009, according to BankruptcyData.com. Those figures were consistent with January, when just 12 companies with publicly held securities filed for bankruptcy, down from 18 a year earlier. Even at the end of last year in December just 11 companies filed, compared with 23 in 2008, BankruptcyData.com said. Many companies have ...
GM Sales Gain 11.5% As Cars, Crossovers Rule
Post Date: 2010-03-02 11:35:33 by Brian S
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SAN FRANCISCO (MarketWatch) -- General Motors Co. on Tuesday posted a double-digit gain in February U.S. sales that was driven by strong demand for cars not burdened with Pontiac, Hummer, Saab or Saturn nameplates. Overall, the Detroit giant reported an 11.5% rise to 141,951 cars and trucks. But excluding the brands that GM is shedding, sales jumped 32% from a year ago. "Although we've been operating as a new company with four brands for just seven months, our February results demonstrate that our long-term plan is already paying dividends," Susan Docherty, head of GM's sales and marketing, said. Buick came in with a 47% surge to 9,121 vehicles, while sales of Chevy, ...
Winter Storms To Distort US Jobless Figures-Summers
Post Date: 2010-03-01 19:05:16 by Brian S
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WASHINGTON, March 1 (Reuters) - White House economic adviser Larry Summers said on Monday winter blizzards were likely to distort U.S. February jobless figures, which are due to be released on Friday. "The blizzards that affected much of the country during the last month are likely to distort the statistics. So it's going to be very important ... to look past whatever the next figures are to gauge the underlying trends," Summers said in an interview with CNBC, according to a transcript. Construction activity was hit particularly hard by the storms, but many restaurants and stores also had to close, putting the brakes on hiring plans and temporarily throwing some employees ...
Toyota To Replace Oil Hose In Nearly One Million U.S. Cars
Post Date: 2010-03-01 17:09:56 by Brian S
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Toyota Motor Corp. will replace an oil hose in nearly one million U.S. vehicles because potential leaks could harm the engine, reports say. The automaker informed dealers across the U.S. that the rubber oil hose on some on Camry, Avalon, Rav4 and Lexus vehicles dating from 2005 to 2009 and equipped with V6 engines may develop a small hole, causing a leak and potential damage to the engine, Reuters said after obtaining a copy of the letter sent to dealers. A spokesperson for the company told Reuters the hose is not a safety concern and the vehicles will not be recalled. Owners of the some 933,800 can have the hose replaced free of charge until March 31, 2013, it said. Toyota Canada ...
Corporate Bonds Rally by Most Since August on Greece Plan:
Post Date: 2010-03-01 16:10:18 by war
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March 1 (Bloomberg) -- U.S. corporate bond sales climbed the most this year and global returns staged the biggest rally since August last week, as concern that Europe’s fiscal crises will stifle economic growth eased. Bond offerings worldwide climbed 65 percent to $42.7 billion and U.S. sales more than tripled to $16.7 billion, according to data compiled by Bloomberg. Investment-grade securities returned 0.97 percent, the most since the period ended Aug. 14, according to a Bank of America Merrill Lynch global index. At least 16 companies, from Bombardier Inc. to Russian oil producer Alliance Oil Co., postponed bond offerings last month as growing concerns about Greece’s debt ...
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