In the News
Lately, we have been flooded with data about the housing market. Initial reports suggested that the housing market was still making improvements, but recent developments have analysts questioning that. New home sales fell unexpectedly last month, according to government data released today. Sales were actually expected to rise 2.6 percent during the reported period.
Up until sometime back, consumers were spending money very carefully, in the light of the very trying economic times. Spending appears to be improving. New orders for US manufactured durable goods rose 1.0 percent in September , the second rise in three months as the sector tries to stabilize.
US Airways has decided to bring the axe down on 1,000 of its employees. The airline said it will eliminate around 3 percent of its staff and shift its operations to focus on four key cities and its shuttle service. The company is hoping these actions will help it return to profitability in the near future.
Are we still talking about CIT Group (CIT)? Yes, of course. The troubled lender has been pulling out all the stops to avoid bankruptcy. One of the main issues is the company's expanding level of debt, so its latest annoucement is a little baffling. CIT has obtained $4.5 billion of additional financing from its creditors. Carl Icahn isn't happy about CIT basically shunning his offer , so he is attempting to block the restructuring plan.
GlaxoSmithKline Plc (GSK) said third- quarter profit rose 30 percent , helped by an increase in orders for the Relenza flu drug and a weaker pound. Demand for the swine flu vaccine is expected to provide a sharp boost to sales.
The digital guru of CBS Interactive has decided to quit his position at the company and start his own Silicon Valley consulting firm. Quincy Smith, the sneaker-loving CEO, will step down in January.
The total of cash losses by investors in Bernard L. Madoff's giant Ponzi scheme has climbed to $21.2 billion. That number makes the approved initial repayments of $534.2 million seem minimal.
Kenneth Feinberg, also known as the pay czar, is not on a power trip. Feinberg cautioned lawmakers against extending his authority to the hundreds of other companies that accepted government bailout money.
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