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GM Offers Big Cash Incentives for Pickup Trucks to Attract Buyers
General Motors Co. found itself stuck with too many trucks in its inventory. The company now offers discounts of as much as $9,000 in order to get rid of its supply of GMC Sierra and Chevrolet Silverado pickup trucks as it gets ready... More of this article »
Sprint Bid for Clearwire will Face Opposition from Investors
Sprint Nextel Corp offered to buy Clearwire Corp for $2.2 billion but it would likely to face opposition from Clearwire’s minority shareholders. But analysts said that investors’ best option is to accept the offer. Clearwire Chief... More of this article »
Millions to Pay Higher Taxes Soon
If the lawmakers from Congress and the White House don’t come up with a compromise soon, millions of families and businesses would have to pay bigger taxes in 2013. More than 70 tax breaks enjoyed by businesses and individuals have... More of this article »
UBS LIBOR Deal to Include Charges against Bankers
Prosecutors from the United States are planning to file charges against several bankers connected with UBS AG’s manipulation of Tokyo interbank lending rates. The charges would be the first to be brought by the US Department of Justice... More of this article »
Holiday Retail Hiring Reaches Record Level
Holiday hiring by retailers is approaching record level that was set 12 years ago. This was according to an analysis of government numbers made by Consultancy Company Challenger, Gray & Christmas Inc. Retailers have added 619,700... More of this article »
Senate Fails Bob Dole and US Businesses
The US Senate turned down the ratification of the UN Convention on the Rights of People with Disabilities last December 4. The Convention is already ratified by 126 countries and made to help protect people with disability from discrimination... More of this article »
Zynga Shares Drop after Privileged Status with Facebook Ends
Shares of Zynga dropped as much as 10 percent after it reached a deal with Facebook that will decrease its dependence on the social networking giant. According to the regulatory filings made by the two companies, they have reached... More of this article »
BP Temporarily Banned from US Contracts
BP faced a temporary suspension from new contracts with the United States government according to the Environmental Protection Agency. It was not indicated how long the ban would last and it followed the record fine BP had to pay for... More of this article »
Small Business Saturday a Success
This is the season when businesses compete for consumers’ dollars. Black Friday promotions have pushed the envelope in the competition. Small businesses try to get their share in attracting consumers with their own Small business... More of this article »
Brevan Howard Makes New York Comeback
Brevan Howard Asset Management, which is Europe’s second largest hedge fund, is rebuilding in the United States after pulling out during the financial crisis in 2008. The $39 billion company is run by billionaire Alan Howard. The... More of this article »
Binghamton’s October Unemployment Rate Better than Previous Month
The unemployment rate in Binghamton for the month of October is better than in September. But the bad news is that there are not as many jobs in the city compared to the same period last year. Local economist Christian Harris said... More of this article »
Judge Denies Request of Injunction against California Rail Project
Judge Timothy Frawley of Secramento County Superior Court denied the request from farmer in the Central Valley of California to stop the California Rail Project. The request for a preliminary injunction was denied as the judge said... More of this article »
Alabama Jobless Numbers Improve
Government officials in Alabama got early holiday gift this year as the state reported its unemployment rate to drop to 8.1 percent in October. Dallas County’s jobless figure was 14.8 percent, which improved from 15.1 percent in... More of this article »
Dow futures Drop Due to Weak Jobless Data
Dow futures declined due to the weaker-than-forecast jobless claims report as well as the mixed results from Wal-Mart. The Dow Jones Industrial Average futures dropped 39 points to 12,505. The S&P 500 future fell 2.3 points to... More of this article »
Pinterest Announces Accounts for Businesses
Pinterest will now allow small business and large corporations to make official accounts. This could be a move towards profitability. Pinterest appealed to designers, chefs, wedding planners and anyone who wants to collect and share... More of this article »
EU Finance Ministers Discuss Banking Sector in the Region
European finance ministers met to discuss how they can strengthen the banking sectors and manage their economies. The meeting was held in Brussels Tuesday. While they discussed issues regarding the region’s economy, they didn’t... More of this article »
United Gives Back TIF Funds to Chicago
United Continental Holdings, the parent company of United Airlines, is going to give back $5.6 million to the City of Chicago. It is the incentive money the city gave the airline when it moved its corporate headquarters at 77 W. Wacker... More of this article »
Citigroup Awards $6.65 Million to Former CEO
The board of Citigroup paid its former chief executive Vikram S. Pandit $6.65 million. He unexpectedly resigned last month. The amount was said to be part of an incentive package for his work during 2012. He will also receive his deferred... More of this article »
CEO Makes Good on Pledge to Cut Jobs if Obama Wins
While the exact amount is still unclear, Americans should expect their taxes to increase in the next few weeks. More than a dozen tax cuts are about to expire on December 31 and several new taxes are scheduled to be implemented at... More of this article »
McDonald’s Sales Drop for First Time in a Decade
McDonald’s reported a drop in its global sales figures. This was the first time it happened in almost a decade. Monthly sales in stores that were open at least 13 months dropped across the globe by 1.8 percent in October. The drop... More of this article »
Home Prices Fall in September
Home prices dropped in September after it went up for six months in a row. According to analysts, it was due to cheaper distressed sales. CoreLogic’s home price index dropped 0.3 percent compared to August. Prices were still higher... More of this article »
The Reality of Employment in the US
A couple of days before the presidential election in the United States, the Labor Department released the jobs report for October. It immediately became the hot topic in the campaign trail. There were claims that the recent employment... More of this article »
Johnson Controls Steps Away from Lender Role for A123
Johnson Controls, an auto parts manufacturer, announced that it would step away from its position as the debtor-in-possession lender during the bankruptcy procedure for battery maker A123 Systems. This was to avoid delays in the proceedings. The... More of this article »
Amazon Reports Losses in Third Quarter
Amazon announced that it lost money in the third quarter, which continued its unimpressive earnings reports. But Amazon supporters were unfazed by the news. The report was released after the market closed and sent its shares to decline... More of this article »
Target Set to Sell Credit Card Business to TD Bank
The Target Corporation said that it reached a deal to sell its credit card business to the TD Bank Group. It ended its two year search for a buyer. The company said that the sale price was equal to the gross value of its outstanding... More of this article »
US Electric Vehicle Battery Maker Files for Bankruptcy
A123 Systems, an electric vehicle battery maker has filed for bankruptcy Tuesday. It has received $249 million in federal stimulus funds. The Chapter 11 filing of the company gave Mitt Romney another weapon against President Barack... More of this article »
US Bancorp Web Site Attacked by Middle East Group
US Bancorp customers had a hard time loading the company’s web site and do online transactions. Its spokesman Tom Joyce said that the site remained up during the purported attack. According to its web admins, the Minneapolis bank... More of this article »
Discover to Refund Credit Protection Fees
Discover Financial Services agreed to pay $200 million in refunds to more than 3.5 million customers who paid for credit protection services over the phone. The company must also pay $14 million in civil penalties to banking regulators. The... More of this article »
Unemployed Americans Gives Up Looking for Work
Millions of Americans are frustrated of not finding work. Most of them have already given up looking for one. Some young adult had to move back to their parents’ homes. Some parents are also helping out with the college debt of their... More of this article »
GM to Offer 500 New Jobs at Tech Center
General Motors is planning to add around 500 jobs at its new information technology center in Austin, Texas. This is the first step that the automaker is taking to bring most of its IT work in-house for the next three years. GM plans... More of this article »
IBM Corp to Buy Kenexa Corp
IBM Corp is set to buy Kenexa Corp for around $1.3 billion. This will allow the technology giant to go into the human resources software market where it will compete against Oracle Corp and SAP AG. The deal fortifies the importance... More of this article »
Apple Wins Patent Case against Samsung
Last Friday, a US jury gave Apple a decisive win in its legal battle against Samsung Electronics. The court awarded Apple more than $1 billion in damages after it ruled that the Korean electronic device manufacturer infringed on several... More of this article »
Republicans Support the Ban on Abortion
The Republican platform panel reaffirmed support for amending the constitution that will ban abortion with no exceptions for those who were raped. The platform committee concluded their two days of deliberations in Tampa yesterday.... More of this article »
Line Losses Cause of Energy Crisis for Karachi Electric Supply Company
Inefficient electricity productions as well as chronic line losses are the major causes for the energy crisis in Karachi Electric Supply Company. This was determined by a recent study made by Sustainable Development Policy Institute. The... More of this article »
DOJ Approves Verizon Wireless Cable Deals
The Department of Justice announced that it has approved the pending spectrum and marketing deals between Verizon Wireless and several other cable companies. The DOJ looked into the concerns regarding the deal by limiting the proposed... More of this article »
Factory Output Goes Up as Prices Remain the Same
Manufacturers have made more computers and cars in July and homebuilders gained more confidence with the market. Prices remained unchanged as the US economy continued to expand as the inflation was contained. Production at mines, factories,... More of this article »
Wojick New Boeing Vice President of Sales for Commercial Airplanes
The Boeing Company announced that it named John Wojick as the new vice president of Sales for Commercial Airplanes. He replaced Ray Conner, who was made president and CEO of Boeing Commercial Airplanes in June. Wojick has spent 32... More of this article »
Applications for Unemployment Benefits Decreases
There were less Americans who filed for unemployment benefits last week. Analysts saw this as a sign that the labor major has been improving after hiring increased in July. Jobless claims decreased by 6,000 to 361,000 in the week that... More of this article »
Starbucks Utilizes Mobile Payments Via Square
Starbucks signed with Square Inc. that will have the world’s biggest coffee chain use the 2-year old startup’s technology to process mobile payments. It has won over other established payment processors. The deal was announced... More of this article »
163,000 New Jobs a Sign of a Resilient Economy
The US economy managed to generate 163,000 jobs last month. It is said to be the fastest pace since February and a clear sign that the economy is resilient enough to improve from a midyear slump and grow at a modest rate as the rest... More of this article »
Unemployment Rate Up to 8.3 Percent Even if US Added 163,000 Jobs in July
The unemployment rate in the United States increased to 8.3 percent in July even if 163,000 new jobs were created. Friday’s job report showed that payrolls have an upward trend for the past two years, with an average of around 150,000... More of this article »
US Banks Should Not Be Forced to Breakup
In the United States, banks are starting to separate their commercial and investment banking operations. According to banking analyst Meredith Whitney, there’s no need for any radical breakup as suggested by former Citigroup chairman... More of this article »
Rupert Murdoch Resigns from 3 Boards
News Corp. Chairman and Chief Executive Officer Rupert Murdoch resigned from three of the company’s boards, which include the News International newspaper division in the United Kingdom. The move was made to prepare for impending... More of this article »
Yahoo CEO Mayer Gets $100 Million Over Five Years
It looks like Yahoo is confident with its new Chief Executive Marissa Mayer. She will receive up to $100 million in compensation, bonus, stock and retention awards for the next five years. According to the announcement made by the... More of this article »
Capital One to Pay $210 Million Fine for Credit Card Add-Ons
Capital One Financial Corp. has to pay $210 million as settlement for its deceptive marketing of credit card add-on products such as payment protection and credit monitoring. This has been the first public enforcement case file by... More of this article »
HSBC Handles Drug Money and other Shady Funds
According to a US Senate report, HSBC Holdings Plc has a pervasively polluted culture that allowed the bank to act as financier to clients looking for a way to route shady funds from the world’s most dangerous regions, such as Mexico,... More of this article »
MSNBC.com Becomes NBCNews.com
NBC News got full control of msnbc.com as well as its digital network from Microsoft. It will undergo a rebranding and will be known as NBCNews.com. Most of the details of the deal are still being worked on and the financial terms... More of this article »
MasterCard and Visa to Pay $6 Billion Settlement
MasterCard, Visa and several major banks agreed to pay $6 billion to settle a lawsuit involving 7 million merchants that accept both MasterCard and Visa. The deal consists of a little more than $6 billion in cash for damages. Visa... More of this article »