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Fed relieved to see US downturn ending
It has been forecast by the US Federal Reserve that recession will come to an end soon. However, it displayed concerns regarding the issue of unemployment, which might remain at high levels for a few years.
U.S. foreclosures soars 15% in first half of 2009
In the first half of 2009, around 15 percent of the U. S. households reached the brink of losing their homes.
Soaring joblessness rate made people unable to reimburse their monthly mortgage bills.
According to an estimate by RealtyTrac Inc, foreclosure listing service, as many as 1.5 million homes were directly affected by the foreclosure crisis.
Wealthy to bear more taxes under health care plan
US is likely to witness another debate in the name of a health care plan that is eyeing on the creation of government-run health system by levying a new tax on the top 1.2 percent of earners, which signifies families that earn more than $350,000 a year.
Phil Angelides leads 10-member panel to probe into economic crisis
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Former California treasurer, Phil Angelides has been appointed as the chairman of the 10-member Financial Crisis Inquiry Commission, which is appointed to investigate the causes of the recent financial downturn.
Intel posts $8 billion revenue for Q2, beats forecast
The chip giant Intel Corp has reported better-than-expected $8 billion revenue for the second-quarter, signifying better demand for PCs in the Asia Pacific and China.
Intel's revenue results for the second quarter has become like a silver lining in the dark clouds as analysts had expected sales worth $7.28 billion.
Janus CEO Gary Black resigns; the firm reports 76% fall in Q2 profit
Gary Black, CEO of Janus Capital Group, has resigned with effect from Monday; and the mutual fund’s Capital Director Tim Armour has been named the interim CEO.
Railroad company CSX reports 20% fall in Q2 profit
As a result of dropped shipments and fewer fuel surcharges collected, railroad company CSX has reported a 20 percent fall in its second-quarter profit, with revenue and margins having declined. Nonetheless, the results still surpassed the Wall Street expectations, as the company cut costs by 27 percent.
Dell says IT demand stabilizing; to post sequential increase in Q2 sales
In what can be termed as a 'mixed' message to the investors, the Round Rock, Texas-based, world's second ranking computer seller, Dell Inc has said that while the stabilizing demand would bring about a sequential increase in sales in the ongoing quarter, there would be a "modest" decline in the profitability of the company.
Philips Electronics returns to profitability; expects upturn in business
Citing improved margins brought about by cost-saving measures, insurance recoveries and legal settlements, the Amsterdam-based conglomerate Philips Electronics NV surprised the market on Monday with its return to profit in the second quarter that ended June 30!
Struggling CIT Group working on survival plan
Beleaguered CIT Group Inc., which so far could neither succeed in winning FDIC's Temporary Liquidity Guarantee Program nor in obtaining supplementary aid from government, is now trying to carve out a plan to convince its customers and investors.
The CIT Group is vexed that customers may drag down its credit lines in case they lose confidence in the Group.
Negotiations resume over closing California’s $26 billion deficit
The unexpected resumption of negotiations between the Gov. Arnold Schwarzenegger and legislative leaders, on Saturday, might just see the much-required compromise come through, for ending California's fiscal calamity by addressing the $26 billion budget deficit.
Toyota May Dissolve its Stake in California Plant
Toyota Motor Co., the world's largest automaker, said it would consider dissolving its stake in a California manufacturing plant after General Motors Corp. pulled out of the venture.
California banks find themselves in “no win” situation in honoring IOUs
With the California state legislature still working out ways to close a $26-billion budget deficit, and the government likely to issue almost $3 billion worth of interest-bearing IOUs this month, the community banks find themselves in a "no-win" situation.
California's Fiscal Crisis Continues, People Blame Schwarzenegger
As California's fiscal crisis continues, Arnold Schwarzenegger and legislative leaders reported that their productive negotiations over the issue would bring in a breakthrough to the budget deadlock.
It should be noted that California is still facing a budget deficit worth $26.3 billion.
Citigroup Top Management Shuffled Third Time In A Year; New CFO Appointed
In a move that indicates Citigroup Inc.’s shift of focus to conventional banking, the bank Thursday shuffled its top management yet again, for the third time in less than a year!
Costco Wholesale’s comparable sales drops 6% for June
Costco Wholesale Corp., Warehouse club operator said Thursday that its comparable sales for June plunged 6 percent.
Earlier, analysts had also projected its same-store sales to drop 6 percent.
The Issaquah, Washington, D. C.-based Company said total sales for the period ended June slipped 4 percent to $6.88 billion.
Analyst Gene Munster: Boost in 13” MacBook Pro’s June sales
According to Piper Jaffray analyst Gene Munster, the Apple decision to slash prices across its MacBook lineup will soon be corroborated, given the fact that Apple appears to have hit the winning trail again with its June shipments of the Mac, following months of plunging Mac sales vis-a-vis the 2008 figures.
RBC Capital Markets selected as a primary dealer of Treasury securities
The Royal Bank of Canada’s (RBC) investment banking division, RBC Capital Markets, has been selected as a primary dealer of Treasury securities by the Federal Reserve Bank of New York.
EMC raises its bid for Data Domain by 10%, to shove out NetApp
The bidding war for the Santa Clara, California-based little-known specialty storage maker, Data Domain, took a somewhat dramatic turn on Monday, when data-storage biggie EMC boosted its offer to $2.1 billion, in the hope of pushing out its rival bidder NetApp.
Hansen Medical forecasts lower-than-expected Q2 revenue
Saying that the economic slump has resulted in the customers’ decision to postpone the purchase of its Sensei Robotic Catheter systems, Hansen Medical Inc has projected a significantly lower-than-expected second-quarter revenue.