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NPR Topics: Business
Housing Agency Flexes Muscle As Loan Defaults Grow Wed, 04 Nov 2009 00:01:00 -0500 The Federal Housing Administration is responsible for about one-third of new mortgages — 10 times what it was just a few years ago. But as its market share has grown, so has the rate of defaults on its loans. Now, the FHA is zeroing in on lenders with high default rates. U.S. Woes Cut Cash Flow From Mexican Migrants Tue, 03 Nov 2009 14:58:00 -0500 Mexico's economy relies heavily on money flowing back to the country from workers in the U.S. The recession has hit these remittances hard. But as the U.S. recession fades, more Mexican men are traveling north to look for work as Mexico's severe downturn lingers. Nogales Diary: Border Town Sees Business Decline Tue, 03 Nov 2009 14:53:00 -0500 In the border town of Nogales, Ariz., shops and restaurants that rely on Mexican shoppers are closing. Residents say the downtown area has become a ghost town because of stricter immigration policies, overburdened port infrastructure and the worst recession in memory.
Latest financial news - CNNMoney.com
CIT's long goodbye Tue, 03 Nov 2009 17:02:33 -0500 When CIT Group filed for bankruptcy Sunday, it wasn't much of a surprise. The once-dominant small business lender has been largely sidelined for more than a year. Investing by burgers and beer Tue, 03 Nov 2009 15:53:03 -0500 You decide you're going to have some friends over to watch a little NASCAR. You hit the supermarket and buy some burgers, hot dogs and a 12-pack. You get home, fire up the grill, turn on the tube and let your dog out. Treasurys mixed ahead of Fed statement Tue, 03 Nov 2009 14:59:02 -0500 Bond prices were mixed on Tuesday afternoon as investors await a statement from the Federal Reserve on monetary policy due Wednesday and monthly jobs data due Friday.
The Financial Page
James Surowiecki: Priced to Go James Surowiecki Mon, 02 Nov 2009 05:00:00 -0000 In the spring of 1992, the airline industry was in dismal shape, debilitated by the recently ended recession and an overreliance on discounting. So American Airlines announced a new “value pricing” plan, which entailed cutting fares while replacing complex discounts with a simple, four-tier price system. It . . . James Surowiecki: Why Banks Stay Big James Surowiecki Mon, 26 Oct 2009 04:00:00 -0000 Before the financial crisis, the banking industry was too concentrated and clubby. And now? It’s even more so. In the midst of the crisis, the country’s four biggest banks—Citigroup, Bank of America, JPMorgan Chase, and Wells Fargo—actually got bigger. Thanks primarily to . . . James Surowiecki: Exit Through Lobby James Surowiecki Mon, 12 Oct 2009 04:00:00 -0000 Resigning in protest is not in the American grain. Robert McNamara stuck around as Secretary of Defense even after he decided that the Vietnam War was a disaster; Colin Powell did the same during the Bush Administration’s push for war with Iraq; and in the lead-up to . . .
Reuters: Business News
Dollar edges down, Asia stocks up before Fed Wed, 04 Nov 2009 01:06:08 -0500 TOKYO (Reuters) - The dollar lost ground on Wednesday after hitting a one-month high against a basket of currencies, while Asian stocks edged higher in muted trade ahead of central bank meetings that kept investors wary.
Opel puts best face on GM about-face on sale Wed, 04 Nov 2009 01:39:19 -0500 FRANKFURT/BERLIN (Reuters) - General Motors' Opel unit put the best face on its parent's stunning decision to reverse course and keep its European arm rather than sell it to a group led by Canada's Magna.
Fed seen staying on easy-money path Wed, 04 Nov 2009 01:14:40 -0500 WASHINGTON (Reuters) - The Federal Reserve on Wednesday is expected to reaffirm its intention to keep U.S. interest rates at ultra-low levels for a long time to support the economy, even as signs of recovery accumulate.
ABC News: Money
GM Sales Grow for First Time in Nearly 2 Years Tue, 03 Nov 2009 19:56:36 -0500 Oct. sales better for most car makers; GM posts 1st monthly gain in 21 months.
Black Friday Sales Already? Tue, 03 Nov 2009 10:52:19 -0500 Stung by the recession retailers are getting a head start on Black Friday sales.
The Top 7 Wacky Consumer Products Tue, 03 Nov 2009 16:42:43 -0500 Underwear for your hands? Check out some seriously strange merchandise.
BBC News | Business | UK Edition
General Motors cancels Opel sale Wed, 04 Nov 2009 06:51:12 -0000 General Motors announces that it has cancelled plans to sell Opel and Vauxhall to Canadian car parts firm Magna. M&S 'cautious' on Christmas sales Wed, 04 Nov 2009 07:22:36 -0000 Marks and Spencer says it is "cautious" about Christmas sales as it reports largely unchanged half-year profits. Darling hails Lloyds and RBS move Tue, 03 Nov 2009 20:44:48 -0000 Alistair Darling says the sell-offs at Royal Bank of Scotland and Lloyds are in the "best interest" of the banking sector.
The Economist: Business
Schumpeter: Fish out of water Thu, 29 Oct 2009 11:53:58 -0000 Policymakers are turning their minds to the tricky subject of promoting entrepreneurshipUNEMPLOYMENT is creeping ever higher. In the United States it will soon exceed 10%. In parts of Europe it is closer to 20%. Around the world young people are finding it all but impossible to get a job.So far policymakers have focused on rescuing the economy from free fall, boosting demand, however indiscriminately, and rescuing failing companies, however expensively (AIG received $180 billion-worth of government support). But policymakers are beginning to turn their minds to the potentially more rewarding question of creating tomorrow’s jobs, rather than trying to save yesterday’s. The buzzwords in government circles are entrepreneurship, innovation and venture capital. ... Geely closes in on Volvo: On a roll Thu, 29 Oct 2009 11:53:57 -0000 Ford seems likely to sell its last luxury brand to a Chinese upstartDESPITE lingering misgivings, Ford Motor Company announced on October 28th that it had picked China’s Geely as the preferred bidder for its Volvo subsidiary. If Geely, China’s largest and brashest privately owned carmaker, succeeds in acquiring such a respected brand it would be a testament to the extraordinary ambition of its chairman and founder, Li Shufu, the self-styled Henry Ford of China. Mr Li is thought to be prepared to pay around $2 billion for Volvo, about a third as much as Ford spent to acquire it in 1999.A deal is unlikely to be signed before the end of the year, but negotiations would not have got this far if Ford had not satisfied itself that its biggest concern, the transfer of intellectual property to the Chinese firm, could be resolved. Because Ford and Volvo are joined at the hip in engineering terms, Geely has been forced to go to considerable lengths to reassure Ford that it will not simply purloin the pair’s advanced platforms and powertrains for its existing car business. If the deal is done, Volvo’s new owner will be a consortium led by Zhejiang Geely Holding Group, a privately held firm. It says Volvo will be run as an autonomous entity, headquartered in Sweden, at arm’s length from Geely’s manufacturing operations in China. Ford insists that Volvo and its technology will be protected by “internationally binding and enforceable agreements”. There is no reason, however, why Volvo and Geely should not co-operate on future research and development projects if Volvo’s “independent” management is willing. ... Elections to American boards: Sinecures in peril Thu, 29 Oct 2009 11:53:57 -0000 A glimmer of hope for corporate democracyUNTIL recently HealthSouth, which runs a chain of hospitals and clinics, was known more for corporate scandals than for corporate governance. A series of criminal and civil trials have raked over a massive accounting fraud at the firm for the best part of a decade. But on October 26th it took what may be the culminating step in its rehabilitation by adopting a set of new rules to improve its corporate governance, including provisions for clawing back bonuses from employees who are later found to have misbehaved and, most radically of all, agreeing to cover the costs, in some circumstances, of activist shareholders who put up a candidate for election to its board of directors.That makes HealthSouth the first big American firm to address a fundamental flaw in the country’s system of corporate democracy. In theory the principle of “one share, one vote” prevails. But only candidates proposed by the incumbent board make it onto the ballot that a firm sends to shareholders. Other candidates can seek votes only by circulating “proxies” of their own, at the candidates’ (or their backers’) expense. The cost of this has usually been enough to deter them, allowing the official slate of directors to retain their lucrative boardroom sinecures uncontested—even if only a tiny proportion of shareholders actually vote for them. ...
Business News - UPI.com
GM says it will keep Opel Tue, 03 Nov 2009 19:27:51 -0500 DETROIT, Nov. 3 (UPI) -- U.S. automaker GM Co. said Tuesday business is looking up so it's not going to sell its Opel division. Grain futures flat Tuesday Tue, 03 Nov 2009 18:13:40 -0500 CHICAGO, Nov. 3 (UPI) -- Grain futures closed mixed on the Chicago Board of Trade Tuesday as crude oil prices rose and equities fell flat in New York. UPI NewsTrack Business Tue, 03 Nov 2009 18:04:18 -0500 U.S. markets mixed Tuesday ... GM, Ford say sales are up; Chrysler drops ... Florida bank put TARP funds into loans ... Best Buy to team up with Sonic Solutions ... News from United Press International. Crude oil climbs above $79 Tue, 03 Nov 2009 17:55:56 -0500 NEW YORK, Nov. 3 (UPI) -- Crude oil prices climbed over $79 per barrel on the New York Mercantile Exchange Tuesday, ahead of Wednesday's inventory report. U.S. markets mixed Tuesday Tue, 03 Nov 2009 16:35:31 -0500 NEW YORK, Nov. 3 (UPI) -- U.S. markets closed mixed Tuesday with policymakers at the Federal Reserve headed into a two-day meeting in Washington. Columbia Farms settles immigration case Tue, 03 Nov 2009 16:18:00 -0500 GREENVILLE, S.C., Nov. 3 (UPI) -- South Carolina prosecutors said poultry producer Columbia Farms would pay $1.5 million and improve hiring practices to avoid a conviction for illegal hiring.
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