- The Fed has pushed Bank of America to show what measures it could take if conditions worsen for the lender. Executives of the bank recently responded to the unusual request with a list of options that includes the issuance of a separate class of shares tied to the performance of its Merrill Lynch unit.
- A new forecast from the White House says US unemployment could persist at its current stubbornly high level around 9% well into 2012.
- Factories around the world are throttling back at a precarious time, further darkening the outlook for a faltering world economy.
- A global economic slowdown could threaten regions of the US that have managed to outpace the country's sputtering recovery.
- US stocks opened September on a sour note, snapping a four-day winning streak. The Down industrials fell 119.96 points, or 1%, to 11493.57.
- The judge in a high-profile copyright case Oracle brought against rival SAP threw out a $1.3 billion jury verdict against the German firm.
- HP's recent moves have shaken the confidence of some of the tech giant's corporate customers, who say they may put purchases on hold.
- Greece is likely to miss its budge-deficit targets this year in the face of a deep economic contraction, government officials said.
- Several major auto makers reported strong gains in US sales for August, lifting confidence that the industry's recovery is continuing.
- US retail sales rose 4.4% in August but Hurricane Irene, which forced many store closures on the East Coast, hampered back-to-school sales.
- The Fed announced an enforcement action against Goldman, saying the company's mortgage-servicing unit had engaged in 'a pattern of misconduct.'
- The New York Mets were searching for new investors to bolster the franchise after talks with hedge-fund manager David Einhorn collapsed.
- Samsung Electronics has shrugged off early court losses in patent disputes with Apple, apparently able to navigate around them.
- Even if AT&T wins its fight with the Justice Department over its bid to acquire T-Mobile USA, the deal could still be torpedoed by the FCC.
- Amazon has put forward a plan that would create thousands of jobs in California in exchange for a reprieve from the state's Internet sales-tax law.
- Hostess Brands, the baker of Twinkies and Wonder Bread, has once again hired restructuring advisers.
Construction spending slumped in July. Total spending on construction fell 1.3% from June to $789.5 billion, at an annual rate. Public construction fell 2.1% while spending on factories, hotels, and other non-residential projects slipped 0.4%. Residential construction spending fell 1.4% driven lower by a large drop in spending on home improvement and repair.
Other News
- I saw a Tweet this morning on real estate problems in China, and the construction of a brand new city near Ordos, Inner Mongolia. Check out the YouTube video, and a Time Magazine photo essay.
- The Fed is working on new policy options to spur economic growth, which is estimated to grow at less than 1% in the second half of 2011. See: http://trunc.it/i81wc
No comments:
Post a Comment