Archives: January 2009

Capitalism Takes It on the Chin

Posted by: Andy Reinhardt on January 30, Categories: early

Chinese and Russian leaders used the bully pulpit of Davos to cast the free-wheeling U.S. financial system as the source of the global economic crisis. Now, Europeans attending the...

Ford Keeps Burning Through Cash

Posted by: Harry Maurer on January 29, Categories: late

Last year was the worst in Ford’s 105-year history. The automaker lost $14.6 billion in 2008, eclipsing the $12.6 billion loss in 2006. Ending the rotten year, Ford posted...

U.S. Stimulus Package Heads to Senate

Posted by: Mark Scott on January 29, Categories: early

The U.S. House of Representatives approved an $819 billion stimulus package on Jan. 28 -- the first step in President Barack Obama's plan to jumpstart the flagging domestic economy....

Fed Ready To Buy Treasuries

Posted by: Cristina Lindblad on January 28, Categories: late

Noting that the U.S. economy continues to deteriorate, the Federal Reserve voted today to keep the benchmark interest rate unchanged within a range of 0 and 0.25%. Economists are...

U.S. Stimulus Package Heads for Vote

Posted by: Mark Scott on January 28, Categories: early

The U.S. economic stimulus package could top $900 billion after President Barack Obama tried to cajole Republican politicians ahead of an expected vote on Jan. 28. To help persuade...

A Record Fall for Home Prices

Posted by: Harry Maurer on January 27, Categories: late

Housing in 20 major U.S. metropolitan areas hasn’t been so cheap since 2004, according to the S&P Case-Shiller Home Price Index. Home prices fell at a record 18.2% over...

Obama Faces Opposition to Stimulus Package

Posted by: Mark Scott on January 27, Categories: early

President Barack Obama will meet with Republican lawmakers on Jan. 27 in an attempt to stop the growing tide of conservative hostility towards his $850 billion government stimulus package....

Layoffs by the Thousand

Posted by: Harry Maurer on January 26, Categories: late

U.S. companies continue to lay off workers in huge numbers. Heavy-equipment behemoth Caterpillar said that its fourth-quarter fell 32% from a year earlier and that this year promises to...

Business Conditions at Almost 30-Year Low

Posted by: Mark Scott on January 26, Categories: early

U.S. companies are now suffering from the worst business conditions in almost 30 years, according to a survey from the National Association of Business Economics. The group's quarterly industry...

Behind Google's Glowing Earnings

Posted by: Chi-Chu Tschang on January 23, Categories: early

Even as the economy skids, Google keeps on rolling--just a little more slowly than it used to. Bucking the stalling economy and worsening outlook for online advertising, the search...

Microsoft Cutting Jobs as Income Slides

Posted by: Justin Bachman on January 22, Categories: late

Beset by weak PC sales, Microsoft unveiled its first-ever corporate job cuts and warned that sales and profits will both be squeezed in 2009 because of the economic downturn....

Sony Revamps TV Business, Warns of $2.9 Billion Loss

Posted by: Chi-Chu Tschang on January 22, Categories: early

As demand for consumer electronics craters worldwide, Sony is looking to pare back TV production in Japan, possibly stopping work at one of two factories where it assembles flat-panel...

Obama Administration Readying New Rescue Plan

Posted by: Cristina Lindblad on January 21, Categories: late

At his confirmation hearing on Jan. 21, Treasury Secretary-nominee Timothy Geithner told legislators that the Obama administration will present a “comprehensive plan” to address the economy’s ills within weeks....

Obama Administration Readying New Rescue Plan

Posted by: Cristina Lindblad on January 21, Categories: late

Obama Administration Readying New Rescue Plan

Posted by: Cristina Lindblad on January 21, Categories: late

Dow Drops Below 8,000 on Inauguration Day

Posted by: Chi-Chu Tschang on January 21, Categories: early

The Dow Jones industrial average fell below 8,000 points on President Barack Obama's first day in office as investors sold bank stocks on fears that the financial industry's problems...

Obama Vows To Restore America's Leadership Role

Posted by: Cristina Lindblad on January 20, Categories: late

Barack Obama, was sworn in as President of the United States, amid renewed signs of weakness in the financial sector. In his inauguration speech, Obama conjured a picture of...

Family Scion Named Toyota President

Posted by: Chi-Chu Tschang on January 20, Categories: early

Akio Toyoda, grandson of Toyota’s founder, has been appointed company president as the car maker faces its first losses since it was created more than 70 years ago. The...

Bank of America Receives $138 billion Federal Lifeline

Posted by: Mark Scott on January 16, Categories: early

Bank of America -- the largest U.S. bank by assets -- received a $138 billion emergency lifeline from the federal government on Jan. 16 to support its acquisition of...

A Rate Cut in Europe

Posted by: Harry Maurer on January 15, Categories: late

The European Central Bank cut its benchmark rate by half a percentage point, to 2%, as the crisis in the global banking sector appeared to be heating up again....

Steve Jobs Takes Medical Leave

Posted by: Mark Scott on January 15, Categories: early

Apple's Chief Executive Officer Steve Jobs will take a six-month medical leave of absence from the company, raising concerns for both his health and that of the firm he...

Wall Street Spooked by Lousy Retail Sales Figures

Posted by: Cristina Lindblad on January 14, Categories: late

The U.S. Commerce Dept. released data today showing retail sales fell 2.7% in December --more than double the 1.2% drop economists had been anticipating. The December figure marked the...

Pandit Dismantles Weill's Citi Empire

Posted by: Andy Reinhardt on January 14, Categories: early

Citigroup CEO Vikram Pandit is unraveling the financial services empire assembled by the legendary Sanford Weill. After booking $20 billion in net losses last year and being forced to...

Yahoo! Picks Bartz

Posted by: Harry Maurer on January 13, Categories: late

The beleaguered Web portal will soon announce that Carol Bartz has accepted the CEO post, two months after Jerry Yang stepped down, according to people familiar with the situation....

Western Banks Curb Chinese Expansion

Posted by: Mark Scott on January 13, Categories: early

After years of trying to break into the Chinese market, Western banks now are cutting back. According to sources familiar with the situation, Citigroup will close its private banking...

Bernie Can Stay at Home

Posted by: Harry Maurer on January 12, Categories: late

A New York judge ruled today that Bernard Madoff may remain free on bail. U.S. Magistrate Judge Ronald Ellis said that Madoff can remain living in his luxury apartment,...

Citigroup Near Deal for Brokerage Spin-Out

Posted by: Andy Reinhardt on January 12, Categories: early

Troubled Citigroup could reap a windfall of up to $10 billion from spinning off its Smith Barney brokerage unit to a joint venture controlled by Morgan Stanley. The deal,...

Holiday Sales Were Indeed Dismal

Posted by: Andy Reinhardt on January 09, Categories: early

A host of U.S. retail chains reported their holiday sales on Jan. 8 and the results were as bad as feared: Many reported double-digit revenue declines in same-store sales,...

December Was Ugly for Retailers

Posted by: Harry Maurer on January 08, Categories: late

A flurry of retailers cut their earnings forecasts after U.S. same-store sales dropped by 1% in December from the previous year. That’s the third monthly decline in a row,...

Political Wrangling Bogs Down Economic Stimulus Package

Posted by: Chi-Chu Tschang on January 08, Categories: early

The drive for quick action on a huge economic stimulus package has become entangled in the push and pull of Washington politics and now may not clear Congress until...

U.S. Job Reports Spook the Markets

Posted by: Cristina Lindblad on January 07, Categories:

Employment reports from a pair of private outfits signal that the U.S. government’s labor figures, due out Friday, may show more damage than anticipated. ADP Employer Services on Jan....

Russia Halts Gas Supply to Europe Via Ukraine

Posted by: Chi-Chu Tschang on January 07, Categories: early

Russia’s gas exporter monopoly Gazprom halted all natural gas shipments to Europe via Ukraine. Europe faced a deepening energy crunch and more sub-zero temperatures, with Moscow and Kiev showing...

German Tycoon Commits Suicide

Posted by: Harry Maurer on January 06, Categories: late

Distraught over losses that may force the breakup and sale of his business empire, billionaire Adolf Merkle committed suicide on Monday, his family said. Merkle’s body was found near...

Toyota to Shut Japanese Factories for 11 Days

Posted by: Chi-Chu Tschang on January 06, Categories: early

In an unprecedented move, Toyota will Source: Associated Press http://www.businessweek.com/ap/financialnews/D95HDMKG0.htm ">suspend production at a dozen of its Japanese plants for six days in February and another five days in...

A Health Report from Steve Jobs

Posted by: Harry Maurer on January 05, Categories: late

Investors have been fretting for months about Apple CEO Steve Jobs’ health, so today he admitted that there was reason for concern and tried to lay those concerns to...

Obama Plans Tax Cuts Worth $300 Billion

Posted by: Chi-Chu Tschang on January 05, Categories: early

Advisors to President-elect Barack Obama say he plans to unveil a package of tax cuts for individuals and businesses worth about $300 billion in an attempt to goose the...

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