Archives: March 2009

Detroit Revs Up New Incentives

Posted by: Harry Maurer on March 31, Categories: late

Ford and General Motors, reacting to the shocker delivered yesterday by the Obama Administration, raced to offer new incentives in a bid to lure customers back into showrooms. Ford...

U.S. Economy Has Yet to Hit Bottom

Posted by: Moon Ihlwan on March 31, Categories: early

Stronger-than-expected reports on orders for big-ticket manufactured goods, housing and retail sales have led some economists to declare that the worst of the 15-month, housing-led recession in the U.S....

A Slowdown for Online Ads

Posted by: Harry Maurer on March 30, Categories: late

The good news for online adverstising: It’s still growing, despite the economic downturn. The bad news: It’s growing a lot more slowly. Online ad revenues increased 10.8% in 2008,...

CEO Wagoner Ousted to Maintain GM's Lifeline

Posted by: Kenji Hall on March 30, Categories: early

He's out. General Motors Chairman and CEO G. Richard Wagoner Jr. has been asked by President Barack Obama's Administration to step down in advance of GM's getting any further...

Oil Shock Ahead?

Posted by: Andy Reinhardt on March 27, Categories: early

A study released Mar. 27 by consultancy Cambridge Energy Research Associates carries a sobering warning for the global economy after the recession ends and growth resumes: Thanks to the...

GM Thins Its Ranks Some More

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

More than 7,500 retirement-eligible hourly workers have agreed to take General Motors’ latest buyout offer, the company reported. The packages are worth up to $45,000, and most of the...

Obama Seeks New Financial Oversight

Posted by: Andy Reinhardt on March 26, Categories: early

In a Congressional hearing on Mar. 26, Treasury Secretary Timothy Geithner is expected to outline a wide-ranging plan to overhaul U.S. financial regulation by subjecting hedge funds and traders...

U.S. Treasury Seeks New Powers

Posted by: Cristina Lindblad on March 25, Categories: late

The Obama Administration on Mar. 25 issued details on proposed legislation for a "resolution authority" that would give the U.S. Treasury sweeping powers to dismantle or reorganize failing companies...

Obama Outlines 'Progress', Congress to Seize Struggling Firms

Posted by: Mark Scott on March 25, Categories: early

U.S. President Barack Obama painted an up-beat picture of the domestic economy on Mar. 24, saying there were 'signs of progress' in his administration's attempts to stabilize the U.S....

Huh? Home Prices Rising?

Posted by: Harry Maurer on March 24, Categories: late

The Federal Housing Finance Agency reported that U.S. home prices rose 1.7% in January over December, the first monthly increase in a year. It added that prices were down...

Reactions to Obama's Toxic Assets Plan

Posted by: Mark Scott on March 24, Categories: early

After U.S. President Barack Obama outlined plans on Mar. 23 to lift toxic assets off bank balance sheets, attention now focuses on whether private-sector investors will be enticed to...

Hallelujah! Says Wall Street

Posted by: Harry Maurer on March 23, Categories: late

Stock traders added to the market’s recent rally, apparently celebrating the release of more details about the Obama Administration’s plan for getting toxic assets off the books of troubled...

Toxic Assets Plan: Will It Fly?

Posted by: Andy Reinhardt on March 23, Categories: early

The Obama Administration will spell out plans today to increase its $700 billion rescue package for the financial system with a program that encourages private investors to buy up...

Ballmer: Microsoft Still Wants Yahoo

Posted by: Ian Rowley on March 20, Categories: early

Microsoft Chief Executive Steve Ballmer says he's still interested in buying Yahoo!, or at least part of it. Even though Yahoo's previous management spurned a takeover bid last year...

FedEx Will Deliver More Cost Cuts

Posted by: Harry Maurer on March 19, Categories: late

Yet another bellwether U.S. company announced further cost cuts as it struggles to deal with the economic downturn. Federal Express said it will slash expenses by $1 billion in...

The Fed Breaks Out the Heavy Artillery

Posted by: Dexter Roberts on March 19, Categories: early

With the furor over American International Group (AIG) bonuses distracting Congress and the Obama Administration, the Federal Reserve thrust itself back to the front lines on Mar. 18 with...

AIG's Liddy Gets Grilled on the Hill

Posted by: Cristina Lindblad on March 18, Categories: late

Edward Liddy, the embattled chief of American International Group, endured a tongue lashing from members of the House Financial Services Committee on Mar. 18. Liddy, who in September was...

China Rejects Coke’s Bid for Juice Maker

Posted by: Moon Ihlwan on March 18, Categories: early

China's Ministry of Commerce has rejected a $2.5 billion proposal by Coca-Cola to take over China Huiyuan Juice Group, saying the deal could hurt competition in the local market....

Could U.S. Demand Be Picking Up?

Posted by: Harry Maurer on March 17, Categories: late

In the latest signal that economic demand may be escalating a bit, the government reports that home construction jumped by a seasonally adjusted 22% in February from the previous...

AIG Bonuses: The Pressure Builds

Posted by: Bruce Einhorn on March 17, Categories: early

After President Obama denounced $165 million in retention bonuses to AIG employees, the White House on Monday said it will use $30 billion in pledged bailout funds as leverage...

A Wall Street Rally Cools Off

Posted by: Harry Maurer on March 16, Categories: late

Investors for the fifth day bid up stocks around the world as hopes for an easing of the crisis continued to grow, but the rally in the U.S. cooled...

AIG Execs to Get $160 million in Bonuses

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

Insurance giant AIG, which has received over $170 billion in government bailout money, plans to pay out $160 million in executive bonuses despite having reported a fourth quarter loss...

A Small Dip for Retail Sales

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

Yes, retail sales declined in February, but it’s the size of the decline that got everyone’s attention: just 0.1%, less than economists had expected. And excluding autos and auto...

Roche Seals Genentech Deal

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

Swiss pharmaceutical giant Roche said Mar. 12 that it has reached an agreement in its long-running effort to acquire the 44% share of U.S. biotech company Genentech it didn't...

Obama: G-20 Countries Must Act in Unison

Posted by: Cristina Lindblad on March 11, Categories: late

We need to get our stimulus plans in sync. That’s the message U.S. Secretary Timothy Geithner will be taking to London for this weekend’s Group of 20 meeting of...

Obama: G-20 Countries Must Act in Unison

Posted by: Cristina Lindblad on March 11, Categories: late

We need to get our stimulus plans in sync. That’s the message U.S. Secretary Timothy Geithner will be taking to London for this weekend’s Group of 20 meeting of...

Bernard Madoff Charged

Posted by: Mark Scott on March 11, Categories: early

Bernard Madoff, the U.S. financier accused of a $50 billion fraud, was charged on Mar. 10 with 11 criminal counts that could land him in prison for the rest...

A Sunny Day on the Street

Posted by: Harry Maurer on March 10, Categories: late

After a seemingly relentless sell-off, Wall Street traders bid up stocks today in the wake of a leaked internal memo from Citigroup CEO Vikram Pandit saying that the bank...

Upturn for Citigroup?

Posted by: Andy Reinhardt on March 10, Categories: early

A leaked memo from Citigroup CEO Vikram Pandit to the company's 300,000 staff says that the troubled bank booked revenues of $19 billion in the first two months of...