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Latest Articles: Business
Inventories at U.S. Companies Fall as Sales Rise
Post Date: 2010-02-12 12:26:44 by Brian S
1 Comments
Feb. 12 (Bloomberg) -- Inventories in the U.S. unexpectedly fell in December for the first time in three months as companies couldn’t keep up with increasing demand. The 0.2 percent decrease in stockpiles followed a 0.5 percent increase the previous month, figures from the Commerce Department showed today in Washington. Sales advanced 0.9 percent after jumping 2.4 percent in November. A record inventory drawdown last year means companies will need to increase orders as sales improve, setting the stage for a sustained manufacturing expansion. Another report today showed purchases at retailers in January exceeded the median forecast of economists surveyed by Bloomberg News. ...
Consumer Sentiment Among Americans Slips as Michigan Index Falls to 73.7
Post Date: 2010-02-12 12:15:48 by Brian S
5 Comments
Feb. 12 (Bloomberg) -- Confidence among U.S. consumers unexpectedly fell in February from a two-year high, signaling Americans may not be convinced the job market is turning around. The Reuters/University of Michigan preliminary consumer sentiment index dropped to 73.7 from January’s 74.4. The measure averaged 88.9 during the economic expansion that ended in December 2007. Employment unexpectedly dropped in January, while an increase in the workweek signaled companies were on the verge of boosting payrolls after economic growth picked up last quarter. The Obama administration yesterday projected employment will grow by 95,000 a month on average this year, indicating it will take a ...
One-Fifth of U.S. Homeowners Owe More Than Properties' Values, Zillow Says
Post Date: 2010-02-10 12:33:03 by Brian S
3 Comments
Feb. 10 (Bloomberg) -- More than a fifth of U.S. homeowners owed more than their properties were worth in the fourth quarter as the number of houses and condominiums lost to foreclosure climbed to a record, according to Zillow.com. In the fourth quarter, 21.4 percent of owners of mortgaged homes were underwater, up from 21 percent in the previous three months and down from 23 percent in the second quarter, the Seattle-based real estate data provider said today in a report. More than one in 1,000 homes were repossessed by lenders in December, the highest rate in Zillow data dating back to 2000. Underwater homes are more likely lost to foreclosure because their owners have a harder time ...
US Wholesale Inventories Unexpectedly Fall 0.8% in Sign of Higher Demand
Post Date: 2010-02-09 11:33:51 by Brian S
13 Comments
Feb. 9 (Bloomberg) -- Inventories at U.S. wholesalers unexpectedly fell in December following the biggest increase in more than five years, indicating distributors had trouble keeping up with demand. The 0.8 percent decrease in stockpiles followed a revised 1.6 percent gain in November that was the largest since July 2004, figures from the Commerce Department showed today in Washington. Sales climbed 0.8 percent. A record inventory drawdown last year has opened the door for manufacturers to pick up production and other companies to increase orders to meet demand. Efforts to prevent stockpiles from falling further in the fourth-quarter provided its biggest boost to economic growth in 20 ...
Zayat Stables files for bankruptcy protection
Post Date: 2010-02-08 14:25:15 by Fred Mertz
1 Comments
Zayat Stables filed for Chapter 11 bankruptcy protection on Wednesday, a month after Fifth Third Bancorp requested a court-appointed receiver to manage the stable’s day-to-day operations. Fifth Third sued Zayat Stables on December 15, claiming Ahmed Zayat’s operation defaulted on two loans and owed the Cincinnati-based bank $34,265,970. Zayat filed a countersuit, claiming Fifth Third’s own “misconduct and predatory lending practices” caused Zayat Stables to default on the notes. On January 4, the bank asked Karen Caldwell, United States District Judge for the Eastern District of Kentucky, for a receiver to protect Zayat’s horses, which he used as collateral. ...
No Help in Sight, More Homeowners Walking Away
Post Date: 2010-02-03 11:53:28 by Brian S
2 Comments
In 2006, Benjamin Koellmann bought a condominium in Miami Beach. By his calculation, it will be about the year 2025 before he can sell his modest home for what he paid. Or maybe 2040. “People like me are beginning to feel like suckers,” Mr. Koellmann said. “Why not let it go in default and rent a better place for less?” After three years of plunging real estate values, after the bailouts of the bankers and the revival of their million-dollar bonuses, after the Obama administration’s loan modification plan raised the expectations of many but satisfied only a few, a large group of distressed homeowners is wondering the same thing. New research suggests that when a ...
Obama Picks Up Boy Blunders Fumble And Goes...All....The...Way!!!!
Post Date: 2010-01-29 16:30:58 by war
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Jan. 29 (Bloomberg) -- Companies in the U.S. expanded in January at the fastest pace in more than four years as orders and employment increased. The Institute for Supply Management-Chicago Inc. said today its business barometer climbed to 61.5, the highest level since November 2005, from 58.7 last month. Readings greater than 50 signal expansion. Government stimulus has spurred gains in demand here and abroad that are reducing inventories, paving the way for manufacturers to step up output. Ford Motor Co. is among companies that are beginning to hire again, setting the stage for stronger spending in coming months. “Coming into the new year we had an incredible amount of momentum in ...
Obamonomics Working -ODS's In Mourning
Post Date: 2010-01-29 08:45:11 by war
5 Comments
By Timothy R. Homan Jan. 29 (Bloomberg) -- The economy in the U.S. expanded in the fourth quarter at the fastest pace in six years as factories cranked up assembly lines to prevent inventories from plunging. The 5.7 percent increase in gross domestic product, which exceeded the median forecast of economists surveyed by Bloomberg News, marked the best performance since the third quarter of 2003, figures from the Commerce Department showed today in Washington. A smaller decrease in stockpiles contributed 3.4 percentage points to GDP, the most in two decades. Manufacturers such as Intel Corp. may keep leading the recovery as increasing sales prompt companies to restock. A slowdown in ...
U.S. Airlines’ Baggage-Fee Revenue Isn’t Taxable, IRS Rules
Post Date: 2010-01-28 14:32:38 by war
11 Comments
Jan. 28 (Bloomberg) -- U.S. airline baggage fees aren’t taxable, the Internal Revenue Service said, a victory for carriers trying to protect a growing revenue stream that may reach $1.76 billion this year. The agency, in a letter this month to an airline, pointed to the IRS code specifying that “charges for transportation of baggage” aren’t taxable. The letter was posted on the IRS Web site and didn’t disclose the carrier that requested the ruling. The decision is “a positive thing for the airlines,” said Jay Sorensen, president of IdeaWorks, an airline consulting firm in Shorewood, Wisconsin. “It will allow the airlines over the long term to ...
Obama to Announce $38 Billion Business Tax Break
Post Date: 2010-01-27 10:39:25 by war
22 Comments
Jan. 27 (Bloomberg) -- President Barack Obama will propose extending through 2010 a temporary tax incentive that encourages businesses to accelerate purchases of equipment, an administration official said. The president will call for renewal of the 50 percent “bonus depreciation” in his State of the Union address tonight, said the official, who spoke on condition of anonymity. Extending the break, which expired Dec. 31, would save companies that make qualified purchases of equipment such as tractors, wind turbines, solar panels and computers a total of $38 billion over this year and next, the official said. Bonus depreciation was a tax element of the $787 billion economic ...
BANKRUPT...(MORALLY and FINANCIALLY)
Post Date: 2010-01-22 00:10:36 by Ibluafartsky
16 Comments
It is with the greatest regret, on behalf of our Board, that we must announce that Air America Media is ceasing its live programming operations as of this afternoon, and that the Company will file soon under Chapter 7 of the Bankruptcy Code to carry out an orderly winding-down of the business. The very difficult economic environment has had a significant impact on Air America's business. This past year has seen a "perfect storm" in the media industry generally. National and local advertising revenues have fallen drastically, causing many media companies nationwide to fold or seek bankruptcy protection. From large to small, recent bankruptcies like Citadel Broadcasting and ...
Why Banks Can't Bounce Back
Post Date: 2010-01-20 14:54:10 by war
1 Comments
One reason investors jumped into bank stocks last March, sending them soaring along with the rest of the market, was the prospect that financial insitutions that survived the mortgage crisis might make a lot of money afterwards. With the support of the U.S. Treasury and the Federal Reserve it certainly seemed a lock -- the government's strategy has been to make it easy for banks to earn their way back to stability and out of debt to the taxpayer. But so far, end-of-2009 numbers from the big banks have been negative and analyst Joe Morford of RBC Capital Markets says to expect the same from smaller lenders. With mortgage problems already three years old, this raises the possibility that ...
$42 Million Union Embezzlement Case, Little Media Coverage [ New Yorkers On Going Thefts ]
Post Date: 2010-01-19 16:14:56 by WhiteSands
0 Comments
Union operative Melissa King of the Laborers International Union of North America (LIUNA) has been arrested for stealing $42 million in union funds to support the lavish lifestyle to which she and her daughter have become accustomed. It is being called the biggest union theft in history. So why haven’t we heard of this union theft? Why hasn’t it been all over the news? That would be a good question and Brian Johnson, for one, asked the question himself. Johnson makes an interesting point when he notes that the Old Media have lost its collective mind over the Bernie Madoff scandal, yet they’ve made barely a peep about this monumental theft by a union member. Famously nicknamed ...
Jobless Claims in U.S. Increased 11,000 Last Week to 444,000
Post Date: 2010-01-14 08:53:07 by war
1 Comments
Jan. 14 (Bloomberg) -- The average number of Americans filing first-time claims for unemployment benefits over the past four weeks dropped to the lowest level since August 2008, indicating companies are making fewer job cuts as the economy improves. Jobless claims increased in the latest week. The four-week moving average of initial claims fell to 440,750 last week from 449,750, Labor Department figures showed today in Washington. Weekly jobless claims, which are more volatile, rose by 11,000 in the week ended Jan. 9, more than anticipated, to 444,000. Factories are ratcheting up production and companies are slowing the pace of firings as the economy rebounds from the worst recession in ...
U.S. Retail Sales Unexpectedly Fall, November Shows Bigger Gain
Post Date: 2010-01-14 08:38:59 by war
1 Comments
Jan. 14 (Bloomberg) -- Sales at U.S. retailers unexpectedly fell in December following a gain the prior month that was larger than previously estimated, signaling a consumer recovery will be uneven. The 0.3 percent decrease came after a 1.8 percent jump the prior month, Commerce Department figures showed today in Washington. The government last month calculated the November gain at 1.3 percent. A jobless rate projected to average 10 percent this year, tight credit and depressed home values mean any recovery will be slow to develop. Federal Reserve Chairman Ben S. Bernanke said last month a weak labor market was among the “formidable headwinds” facing the economy and reiterated ...
Court: Microsoft violated patent; can't sell Word
Post Date: 2009-12-22 15:25:04 by Bickus Dickus
1 Comments
Court: Microsoft violated patent; can't sell Word WASHINGTON – A federal appeals court on Tuesday upheld a $290 million judgment against Microsoft Corp . and issued an injunction that will prevent the sale of its popular Word software. The court injunction is set to go into effect Jan. 11. Microsoft has said such a bar would prohibit the sale of all currently available versions of Microsoft Word and Microsoft Office . Microsoft had appealed a Texas jury verdict in favor of i4i Inc., a Toronto company. The jury found recent versions of Microsoft Word infringed on a software patent . Microsoft has said that it and the public will both suffer if Word goes off the market while the ...
California revenues lag, underscore budget woes
Post Date: 2009-12-17 10:46:21 by Nebuchadnezzar
6 Comments
California revenues lag, underscore budget woes Reuters ^ | 12/16/09 | Jim Christie California revenues lag, underscore budget woes By Jim Christie Wed Dec 16, 5:51 pm ET SAN FRANCISCO (Reuters) – California's revenues since the start of its fiscal year are trailing estimates by more than $1 billion, according to the state's November revenue report, which comes as Governor Arnold Schwarzenegger wrestles with crafting a balanced state spending plan. Next month Schwarzenegger must present to lawmakers a balanced budget plan for California's next fiscal year beginning in July, while closing the deficit that has reopened in the current fiscal year's spending plan. ...
Barack Obama Ensures a Long Depression
Post Date: 2009-12-13 10:12:06 by dont eat that
3 Comments
Political success, as reflected in the recent gubernatorial races appears ever-more staked on the state of the economy. Official unemployment recently measured 10 percent, though the more-honest gauge (U-6) shows the nation running unemployment at a Depression-like 17.2 percent. In response to high unemployment numbers, Barack Obama has said, “I will not rest until all Americans who want to work can.” Yet Mr. Obama’s policies belie his words. In fact, what his administration is doing will ensure massive unemployment and endless economic stagnation. To understand why I make such a sweeping assertion, it is necessary to comprehend how our economy ended up in this predicament ...
IRS hires "hundreds" for new wealth unit
Post Date: 2009-12-12 14:53:08 by Joe Snuffy
3 Comments
Exclusive: IRS hires "hundreds" for new wealth unit Kim Dixon WASHINGTON Fri Dec 11, 2009 4:25pm EST * UPDATE 2-IRS high-wealth unit to focus on business entities Holding a tax rebate letter from the Internal Revenue Service, U.S. President George W. Bush speaks about the economy during a visit to a small business in Sterling, Virginia March 26, 2006. REUTERS/Kevin Lamarque WASHINGTON (Reuters) - A new Internal Revenue Service unit set up to catch rich tax cheats hiding their wealth in complex business entities is rapidly taking shape with the hiring of hundreds of employees. The IRS high wealth unit, part of a broader effort to combat international tax evasion, is ...
Obama to homeowners: Refinance!
Post Date: 2009-06-19 15:07:25 by master_of_disaster
3 Comments
Very interesting way to funnel in finances to the banking industry,put your home back on the roulette wheel. I wonder if Obama would do the same if he was living on unemployment checks issued by the government,at a portion of what you were making when you had a job. VIVA LA FRANCE!
Who will bail out the Fed?
Post Date: 2008-11-13 17:52:25 by A K A Stone
2 Comments
Dear Friends
The Federal Reserve cannot be the lender of last resort to all nations near and dear and to all major US and international employers. President-elect Obama's 20 economic advisors will not accomplish anything real. The Federal Reserve under Bernanke has entered dangerous territory that up to now has been the bastion of academics.
As the world turns to the Fed to be bailed out, the question will soon be: Who will bail out the Fed? The answer is clear - no one. The US dollar is in grave danger due to this shift to so far failed (Japan) academic solutions. In truth, all other solutions are failing as well.
This situation is bigger than the US Federal Reserve. The US ...
A Revision of my Alternate Currency Plan:
Post Date: 2008-11-06 23:47:11 by Coral Snake
0 Comments
A Revision of my Alternate Currency Plan: We Have to Obey the 1611 King James Reformation Bible in This Matter So it's Back to the Gold, Silver and Copper Folks. This is to revise my previous food based currency idea back to a traditional gold, silver, copper based system. After studying the things used as money in the 1611 King James Reformation Bible I determined that a Food based currency would not be up to the Biblical shandard for honest money that keeps the eighth of the Lord's Commandments (Thou shalt NOT steal) where the "stealing" issues of store of value are concerned. This is because food is cinsumed and eaten and this aspect of it makes it a net value LOSER ...
A Revision of my Alternate Currency Plan:
Post Date: 2008-11-06 23:44:34 by Coral Snake
0 Comments
A Revision of my Alternate Currency Plan: We Have to Obey the 1611 King James Reformation Bible in This Matter So it's Back to the Gold, Silver and Copper Folks. This is to revise my previous food based currency idea back to a traditional gold, silver, copper based system. After studying the things used as money in the 1611 King James Reformation Bible I determined that a Food based currency would not be up to the Biblical shandard for honest money that keeps the eighth of the Lord's Commandments (Thou shalt NOT steal) where the "stealing" issues of store of value are concerned. This is because food is cinsumed and eaten and this aspect of it makes it a net value LOSER ...
Truth In The Coin Shop
Post Date: 2008-08-18 08:29:44 by A K A Stone
0 Comments
You are uptown in a shopping district of a small community, and you pass by the meat shop, the wine shop, the coffee shop, two churches side by side, a coin shop, an antique store … and hold it right there. A coin shop? This is irresistible, because, as implausible as this may sound, all political truth can be found in a coin shop. And not just political truth: you find in here the story of the whole of modern life on exhibit, and learn more from looking than you find in a multivolume history. There they are on display: coins from all lands. Why are they worth more than the coins in your pocket? Because they are old? That's part of it but not the essence of it. There are some new ...
Do it Fucking Now.
Post Date: 2008-05-01 10:28:16 by A K A Stone
0 Comments
When it comes to building your business, there are 4 words that should be echoing in your mind throughout the day; they are “Do it Fucking Now.” We’re not talking about checking your stats or chatting with your buddies on Instant Messenger. We’re not talking about checking your RSS reader incessantly throughout the day. And we’re not talking about surfing MySpace, Digg, Fark, Television or some other time waister. We’re talking about developing your online properties. We’re talking about creating new campaigns to drive links and revenue. When we say “Do it Fucking Now”, we’re talking about those tasks that you keep putting off which, when ...
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