| Market Summary |
Stocks went up only for a short while today after the release of the speech from the Federal Reserve Chairman, Mr. Alan Greenspan. However, their gains disappeared quickly. Mr. Greenspan noted that the uncertain outlook for oil prices is still likely to negatively impact the economy. However, he believes that overall economic expansion has regained some strength. Oil prices fell 54 cents in electronic trading to $42.77 a barrel. On the corporate side, Coca-Cola fell by 4% after warning that its 2004 results would not meet the estimates. Shares of Delta went down by 5% after its plan of cutting 6,000 to 7,000 jobs was revealed. Motorola lost nearly 4% after Merrill Lynch raised a red flag on the wireless handset sector.
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| Market News |
Federal Reserve Chairman Alan Greenspan said on Wednesday the evidence indicates that the U.S. economy had climbed out of its recent soft patch and was picking up steam.
"The most recent data suggest that, on the whole, the expansion has regained some traction," Greenspan said in testimony prepared for delivery to the House of Representatives Budget Committee. The central bank chief said consumer spending and housing starts had rebounded in July and that business investment remained on a solid upward trend, but he noted early readings on retail sales in August have been mixed. (Source: Reuters) Full Story
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With its labor negotiations faltering, US Airways Group Inc. has begun consultations with bankruptcy advisers in anticipation of a filing, a source familiar with the talks said yesterday. The Arlington-based carrier has retained Seabury Group, the restructuring and aviation consulting firm it used during its first bankruptcy two years ago. It also has entered talks with the law firm Arnold & Porter LLP, which will represent the airline in the event of a Chapter 11 filing. The prospect of a bankruptcy filing increased Monday when talks between the Air Line Pilots Association and US Airways broke off after the leaders of the 3,400-member union refused to take the airline's latest cost-cutting proposal to its rank and file for a vote. (Source: MSNBC) Full Story
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Oil prices fell Wednesday after the head of OPEC said the world oil market was oversupplied, outweighing worries that powerful Hurricane Ivan could disrupt Gulf of Mexico offshore oil and gas production over the coming days. The sell-off came after OPEC President Purnomo Yusgiantoro estimated the global oil market had a crude oil oversupply of 1.5 million barrels per day (bpd). He said oil prices should be in the range of $30 a barrel. (Source: CNN Money) Full Story
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| Market Analysis |
They will stay for three months, keeping to a strict daily regimen, eating together and learning about self-discipline, work ethics and job-hunting. Welcome to boot camp for the young and out-of-work.
It's the latest idea from Japan's Health, Welfare and Labor Ministry to keep the nation's unemployed 20-somethings on the job and off the dole.
Under a proposed plan, the government would spend up to 20 billion yen ($180 million) next year to send the first 2,000 candidates for training at some 40 designated camps. (Source: The Boston Globe) Full Story
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A new study shows that bad regulations are a huge brake on global growth. But reforming or repealing them is easier than you think. Pointless regulations foster graft. The more irksome the rule, the greater the incentive to bribe officials not to enforce it. An excellent new study by the World Bank, "Doing Business in 2005", shows that red tape is one of the chief obstacles to growth in almost all poor countries. (Source: The Economist) Full Story
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Tending your retirement finances can be a daunting do-it-yourself project. As employer pension and medical benefits shrink or disappear, the burden of paying for decades of retirement has gradually shifted to individuals. For the well-to-do, this task hasn't been a problem, as they can choose from among many firms or individuals eager to manage their money. But those who don't have assets in the seven-digit range often have been priced out of the wealth-management market. (Source: The Kiplinger) Full Story
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