Editorial Results (free)
1. House GOP Gears Up for Debt Showdown This Summer
- Thursday, April 25, 2013
WASHINGTON (AP) – Get ready for another debt showdown this summer. House Republicans are preparing for one.
The House Ways and Means Committee passed a bill Wednesday to protect Social Security recipients and investors in Treasury bonds if the government hits the limit of its borrowing authority.
2. In Need of Relief
- Saturday, April 13, 2013
Perhaps it is only too appropriate that baseball is played without a clock. For securing the future of the Memphis Redbirds may require extra innings, not to mention extra effort.
The ballpark was on the leading edge of revitalizing Downtown when it opened in 2000 at Third and Union. This, of course, was “B.G.” in Memphis – Before the Grizzlies. Also, before FedExForum. The city was ready for something big and bold – something that showed Memphis could overachieve, not underachieve.
3. Look at the Facts, Not Rhetoric
- Wednesday, March 20, 2013
CITE YOUR SOURCE. In human psychology, fear seems more legitimate than hope. Claims of “impending doom,” and “bursting bubbles” elicit fast emotional responses that seem impervious to critique. So many programs, speeches and advertisements prey on this phenomenon today.
4. Fewer US Banks Fail as Industry Strengthens
- Wednesday, January 02, 2013
WASHINGTON (AP) – U.S. banks ended 2012 with their best profits since 2006 and fewer failures than at any time since the financial crisis struck in 2008. They're helping support an economy slowed by high unemployment, flat pay, sluggish manufacturing and anxious consumers.
5. Storm's Cost May Hit $50 Billion; Rebuilding to Ease Blow
- Wednesday, October 31, 2012
WASHINGTON (AP) – Superstorm Sandy will end up causing about $20 billion in property damages and $10 billion to $30 billion more in lost business, according to IHS Global Insight, a forecasting firm.
6. Tame US Prices, More Confident Builders Aid Growth
- Wednesday, October 17, 2012
WASHINGTON (AP) – The outlook for the U.S. economy brightened a little Tuesday after reports that consumer prices stayed tame and homebuilder confidence rose to the highest level in six years.
7. FedEx Earnings Lead to Big Payout for CEO
- Wednesday, August 15, 2012
The founder and top executive at FedEx Corp. received a pay package worth $13.7 million in the most recent fiscal year, nearly double a year earlier.
8. Earnings Growth Leads to Big Payout for FedEx CEO
- Tuesday, August 14, 2012
NEW YORK (AP) – The founder and top executive at FedEx Corp. received a pay package worth $13.7 million in the most recent fiscal year, nearly double a year earlier.
9. Morgan Stanley Closes a Bleak Bank Earnings Season
- Friday, July 20, 2012
NEW YORK (AP) — It's tough being a big bank these days.
Morgan Stanley, the storied investment house, reported Thursday that its revenue was down sharply for April through June and its profit missed Wall Street expectations. Its stock was clobbered — down more than 5 percent.
10. Smith & Nephew Reports 3 Pct. Profit Growth
- Monday, May 07, 2012
Smith & Nephew last week reported its net profit grew 3 percent in the first quarter, helped by an increase in revenue, profit and trading margins in the company’s Advanced Surgical Devices and Advanced Wound Management divisions.
11. Redbirds Reconnection
- Monday, April 16, 2012
One of baseball’s enduring maxims is that anytime you go to a game you’ve got a chance to see something you’ve never seen before.
Apparently, this now applies off the field too, because a few weeks ago a group that included Magic Johnson as the front man paid $2.15 billion to buy the Los Angeles Dodgers from financially troubled owner Frank McCourt.
12. Recovery Threatened by Runaway Student Loan Debt
- Wednesday, April 04, 2012
WASHINGTON (AP) – The federal student loan program seemed like a great idea back in 1965: Borrow to go to college now, pay it back later when you have a job.
But many borrowers these days are close to flunking out, tripped up by painful real-life lessons in math and economics.
13. Pinnacle Bankruptcy to Bring Changes
- Tuesday, April 03, 2012
Memphis-based Pinnacle Airlines Corp. will end its Colgan Air subsidiary and stop flying regional flights for US Airways Inc. and United Air Lines Inc. by the end of the year.
14. MasterCard, Visa Warn of Cardholder Data Breach
- Monday, April 02, 2012
NEW YORK (AP) – MasterCard and Visa said Friday that they had notified issuers of its credit cards of a potential breach of the security of customer accounts. Visa blamed a third company for the error.
15. Foreclosures Comprised Smaller Slice of 2011 Sales
- Friday, March 02, 2012
LOS ANGELES (AP) – Bank-owned homes and short sales last year accounted for the smallest slice of overall sales in three years but still made up nearly a quarter of all U.S. homes sold in 2011.
16. Nucor, FedEx Among Incentive Recipients
- Friday, February 17, 2012
Millions of dollars in new investment, a few major corporate expansions and the retention of hundreds of local jobs – not to mention the creation of new demand for local construction workers and contractors – all were guaranteed by tax breaks awarded this week by the city-county Economic Development Growth Engine board.
17. Obama's New Budget: Higher Taxes for the Wealthy
- Tuesday, February 14, 2012
WASHINGTON (AP) – President Barack Obama unveiled a $3.8 trillion spending plan on Monday that seeks to achieve $4 trillion in deficit reduction over the next decade but does little to restrain growth in the government's huge health benefit programs, a major cause of future deficits.
18. Pinnacle Making Strides In Comeback Effort
- Friday, February 10, 2012
Pinnacle Airlines Corp. reached another important milestone this week in its comeback effort with another interim contract agreement, this time with one of the global air carriers the Memphis-based regional carrier works with.
19. Pinnacle Wins Reprieve on Q400 Loan Payments
- Friday, January 27, 2012
Pinnacle Airlines Corp. announced Thursday, Jan. 26, it has reached an agreement with Export Development Canada to defer $16.6 million in loan payments that were due from the Memphis-based regional air carrier to EDC starting Jan. 14 through the end of March until April 2.
20. Saab Declares Bankruptcy as GM Blocks Chinese Deal
- Tuesday, December 20, 2011
STOCKHOLM (AP) – After six decades of building cars renowned for their teardrop designs and quirky features, cash-strapped Saab Automobile gave up its desperate struggle for a lifeline Monday and filed for bankruptcy.
21. Bad Economy? Farmers Have One of Best Years Ever
- Tuesday, December 13, 2011
ST. LOUIS (AP) – An Illinois farmer made so much money this year he made loan payments on one tractor a year in advance and exchanged some older ones for newer models. An Iowa farmer upgraded his combine and also paid off debt, while an elderly Oregon farmer poured into retirement funds a bundle of his $2 million take from a well-timed sale of much of his turf and equipment.
22. US Household Wealth Takes Biggest Hit Since 2008
- Friday, December 09, 2011
WASHINGTON (AP) – Americans' wealth last summer suffered its biggest quarterly loss in more than two years as stocks, pension funds and home values lost value.
At the same time, corporations raised their cash stockpiles to record levels.
23. Fed Announces Third Round of Bank Stress Tests
- Thursday, November 24, 2011
WASHINGTON (AP) – The Federal Reserve announced on Tuesday that it will conduct a third round of stress tests to determine if major U.S. banks can withstand a downturn in the economy.
The latest round of tests comes at a time when many are concerned about U.S. banks' exposure to the European debt crisis, which could throw that region into a recession and rattle global financial markets.
24. Obama Takes More Steps on Own to Help Businesses
- Monday, October 31, 2011
WASHINGTON (AP) — Pushing a campaign to act without Congress, President Barack Obama moved unilaterally Friday to boost private business.
He signed executive orders aimed at spurring economic growth, capping a week in which Obama sought to employ the power of his office as he struggles to make headway on his jobs bill on Capitol Hill.
25. Debt Spreading Equally Across Entire World
- Tuesday, October 04, 2011
The Big Game Rolling passage of the $595 billion European Financial Stability Facility (EFSF) last week emboldened the markets Monday and Tuesday, only to leave them second-guessing the efficacy of the device, its timing and the underlying economic environment. By the end of the week, the early enthusiasm waned as skepticism rose, leaving the S&P five percent lower than its Tuesday high.
26. A Summer Many Investors Would Rather Forget
- Monday, October 03, 2011
NEW YORK (AP) – It was a stomach-churning summer that most investors would like to forget.
The United States lost its top-of-the-line credit rating for the first time. The financial system of Europe seemed ready to collapse. Money managers sifted through data for signs that the economy was about to slide into a new recession.
27. Discover Faces FDIC Action on Protection Sales
- Friday, September 30, 2011
NEW YORK (AP) – Discover Financial Services is facing an enforcement action by the Federal Deposit Insurance Corp. over the way it sold its payment protection, identity theft protection and other products.
28. Spring Buying Boosts US Home Prices for 4th Month
- Wednesday, September 28, 2011
WASHINGTON (AP) – The depressed housing market flashed a positive signal in July, with home prices in most major U.S. cities rising for the fourth straight month
The Standard & Poor's/Case-Shiller index released Tuesday showed that prices rose from June to July in 17 of the 20 cities the index tracks. Detroit, Chicago and Minneapolis posted the biggest percentage gains. Prices fell in two cities among those hit hardest by the housing crisis – Las Vegas and Phoenix.
29. Fed to Shift $400B in Holdings to Boost Economy
- Thursday, September 22, 2011
WASHINGTON (AP) – The Federal Reserve will use more than $400 billion to try to drive down long-term interest rates, make home and business loans cheaper and invigorate the U.S. economy.
30. Feds: Full Tilt Poker Site was Ponzi Scheme
- Wednesday, September 21, 2011
NEW YORK (AP) – An Internet poker company that was blocked from operating in the U.S. in the spring as part of an online gambling crackdown was "not a legitimate poker company, but a global Ponzi scheme," federal prosecutors said Tuesday.
31. Home Sales Dropped 3.5 Pct. in July, Hit 2011 Low
- Friday, August 19, 2011
WASHINGTON (AP) – The number of people who bought previously occupied homes dropped in July. The third decline in four months suggests the depressed housing market won't help the U.S. economy recover this year.
32. Credit Card Late Payments Hit 17-Year Low in Q2
- Wednesday, August 17, 2011
Credit card users are so focused on keeping their accounts in good standing that they’ve driven the rate of late payments down to its lowest level in 17 years.
The national credit card delinquency rate, or rate of payments 90 days or more past due, fell to 0.60 percent in the second quarter, down from 0.92 percent a year ago. That’s the lowest rate since 1994, according to credit reporting agency TransUnion.
33. Fannie Mae Loss Widens; Asking Taxpayers for $2.8B
- Monday, August 08, 2011
NEW YORK (AP) – Government-controlled mortgage company Fannie Mae said Friday that its second-quarter loss widened as it continues to seek loan modifications to help reduce defaults amid the ongoing difficulties in the housing and mortgage markets.
34. Complex Forces at Work in Debt Debate
- Friday, July 29, 2011
Tennessee Gov. Bill Haslam has begun talking about a trip to New York in September to meet with representatives of the three major credit rating agencies.
It would be a critical round of presentations by the governor and several top aides, since one of those rating agencies recently announced it might be forced to cut its rating on Tennessee’s credit if the federal government loses its own gold-plated credit rating in the coming days.
35. Spring Buying Gives Housing Market Temporary Lift
- Wednesday, July 27, 2011
WASHINGTON (AP) — Home prices rose for the second straight month in most major U.S. cities and are stabilizing after years of declines. But analysts say the trend in prices hardly signals a rebound for the troubled housing market.
36. New “Bottom Line” on Lease Accounting
- Tuesday, July 26, 2011
Part one of a two-part series. Does your company lease space or equipment for its operations? If so, and you aren’t already familiar with planned changes in the accounting treatment of leases, then you should take the time to read this column.
37. Bernanke: Default on Debt Would Increase Deficit
- Friday, July 15, 2011
WASHINGTON (AP) – Federal Reserve Chairman Ben Bernanke warned U.S. lawmakers Thursday that they would deliver a "self-inflicted" wound to the nation's economy by holding up efforts to raise the government's borrowing limit.
38. House and Senate Panels Take Up 3 Trade Bills
- Friday, July 08, 2011
WASHINGTON (AP) – House and Senate trade leaders said Thursday they were looking at a compromise solution to extend a worker assistance program that has become the primary obstacle to congressional approval of free trade agreements with South Korea, Colombia and Panama.
39. Regions Bank Partners with Western Union
- Thursday, June 30, 2011
Regions Bank has reached a deal with Western Union to offer Western Union’s global money transfer service and Western Union expedited bill pay service across 1,700 U.S. Regions Bank locations.
40. Debt Weighs Heavy On College Graduates
- Monday, June 27, 2011
One of the hardest things Bruce Ralston says he has to deal with as a bankruptcy attorney is something attorneys like him can’t always fix or make go away.
41. Current Account Deficit Increases in First Quarter
- Friday, June 17, 2011
WASHINGTON (AP) – Americans bought more expensive foreign oil in the first three months of the year, increasing the deficit in the broadest measure of foreign trade.
The deficit in the current account increased 6.3 percent to $119.3 billion in the January-to-March period, the Commerce Department reported Thursday. The increase reflected a big spike in global oil prices that sent petroleum imports surging. The increase in imports offset strong sales by American companies of autos, computers and heavy machinery in foreign markets.
42. WH: Obama Regrets Vote Against Raising Debt Limit
- Tuesday, April 12, 2011
WASHINGTON (AP) – The White House said Monday that President Barack Obama regrets his vote as a senator in 2006 against raising the debt limit – a vote he's now pressuring Congress to take.
43. No Deal Yet as Possible Government Shutdown Looms
- Thursday, April 07, 2011
WASHINGTON (AP) – The Senate's second ranking Democrat said Wednesday that negotiators on the budget are making progress but that conservative GOP policy prescriptions remain obstacles as they scramble to avert a government shutdown this weekend.
44. As the Lens Shifts, Opportunities Arise
- Wednesday, March 30, 2011
The S&P 500 has risen 4 percent from its recent March trough and is now only 2 percent below its closing high for the year reached in February. Many might be curious as to how the U.S. stock market can rise in the midst of a massive economic and humanitarian crisis in Japan, which comprises almost 9 percent of global economic output.
45. Social Security Agency Warns of Workers' Furloughs
- Monday, February 21, 2011
WASHINGTON (AP) – Upping the ante in the budget faceoff, the Obama administration warned Friday that workers who distribute Social Security benefits might be furloughed if congressional Republicans force cuts in federal spending.
46. Obama Sends Congress $3.73 Trillion Budget
- Tuesday, February 15, 2011
WASHINGTON (AP) – President Barack Obama sent Congress a $3.73 trillion budget Monday that holds out the prospect of eventually bringing deficits under control through spending cuts and tax increases. But the fiscal blueprint largely ignores his own deficit commission's plea to slash huge entitlement programs like Social Security and Medicare.
47. AP Source: GM Hourly Workers Get $4,000 Bonuses
- Tuesday, February 15, 2011
DETROIT (AP) – General Motors Co. will pay more than $189 million in profit-sharing to 48,000 U.S. hourly workers and millions more in performance bonuses to salaried employees, according to company documents obtained by The Associated Press.
48. BofA Settles Home Loan Buyback Claims
- Tuesday, January 04, 2011
CHARLOTTE, N.C. (AP) — Bank of America Corp. is settling some buyback claims on bad home loans sold to Fannie Mae and Freddie Mac as it attempts to separate itself further from one of the of the housing downturn's biggest headaches.
49. Medtronic Q2 Profit Falls 35 Percent on Costs
- Tuesday, November 23, 2010
MINNEAPOLIS (AP) — Medtronic's fiscal second-quarter net income fell 35 percent as legal and other costs outpaced weak gains in medical device sales, but adjusted results met Wall Street expectations.
50. Stalemate in Congress Might Not be Bad for Economy
- Thursday, November 04, 2010
WASHINGTON (AP) – Fresh off sweeping gains in Tuesday's elections, Republicans vowed to shrink government and repeal President Barack Obama's health care law.
Yet despite their capture of the House and near-takeover of the Senate, there's little chance they can summon the votes to enact their own prescriptions for the ailing economy. Democrats, with their own economic ideas, will likely fight them to a draw.
51. Homeownership Stays at Lowest Level in a Decade
- Wednesday, November 03, 2010
WASHINGTON (AP) – The nation’s homeownership rate remained at its lowest in more than a decade, hampered by a rise in foreclosures and weak demand.
The percentage of households that owned their homes was unchanged at 66.9 percent in the July-September quarter, the Census Bureau said Tuesday. That’s the same as the April-June quarter.
52. Mortgage Applications Rise 2.7 Percent on Low Rates
- Thursday, September 02, 2010
NEW YORK (AP) – Mortgage applications rose 2.7 percent last week as more borrowers took advantage of the lowest rates in decades to reduce their monthly loan payments.
The Mortgage Bankers Association said Wednesday the increase was led by a 2.8 percent rise in refinance applications. The number of loans taken out to purchase a home rose 1.8 percent.
53. A Year After Bankruptcy, GM Plans Stock Sale
- Friday, August 20, 2010
DETROIT (AP) – Thirteen months ago, General Motors was fighting for its life in bankruptcy court. Now, the automaker is laying the groundwork to sell stock to the public once again with the eventual goal of ridding itself of government ownership.
54. A Piece-by-Piece Guide to Financial Overhaul Law
- Thursday, July 22, 2010
WASHINGTON (AP) — Two years after the global financial system nearly collapsed, a vast revamping of regulation has been signed into law. The measure targets the risky banking and oversight failures that led to the last crisis. The goal is to make another crisis less likely — and, if it does happen, less costly for taxpayers.
55. Federal Budget Gap Tops $1 Trillion Through June
- Wednesday, July 14, 2010
WASHINGTON (AP) — The federal deficit has topped $1 trillion with three months still to go in the budget year, showing the lasting impact of the recession on the government's finances.
In its monthly budget report, the Treasury Department said Tuesday that through the first nine months of this budget year, the deficit totals $1 trillion. That's down 7.6 percent from the $1.09 trillion deficit run up during the same period a year ago.
56. May Home Sales Dip as Housing Market Struggles
- Wednesday, June 23, 2010
WASHINGTON (AP) — The housing market may be on the verge of taking another plunge that could weaken the broader economic recovery.
Sales of previously occupied homes dipped in May, even though buyers could receive government tax credits. And nearly a third of sales in May were from foreclosures or other distressed properties. That means home prices could soon be heading down after stabilizing over the past year.
57. Fannie Mae: Rate of Late Home Loans Eased in March
- Tuesday, June 01, 2010
WASHINGTON (AP) - Fannie Mae reported Thursday the rate for single-family home loans behind in payments by at least 90 days dipped slightly between February and March. But the rate of serious delinquencies for mortgages on apartment buildings worsened.
58. Consumer Watchdog Eyes Lenders in New Bank Rules
- Monday, May 24, 2010
Consumer watchdog eyes lenders in new bank rules
JIM KUHNHENN,Associated Press Writer
WASHINGTON (AP) — Congress is getting tougher on both borrowers and lenders blamed for inflating a housing bubble that, when it popped, plunged the nation into a severe recession two years ago.
59. Federal Budget Deficit Hits April Record
- Thursday, May 13, 2010
WASHINGTON (AP) — The federal budget deficit hit an all-time high for the month of April as government revenue fell sharply.
The Treasury Department said Wednesday the April deficit soared to $82.7 billion, the largest imbalance for that month on record. That was significantly higher than last year's April deficit of $20 billion and above the $30 billion deficit private economists had anticipated.
60. Fannie Mae Seeks $8.4B in Aid After Q1 Loss
- Tuesday, May 11, 2010
WASHINGTON (AP) — Fannie Mae has again asked taxpayers for more money — this time $8.4 billion — after reporting another steep loss for the first quarter. The taxpayer bill for rescuing Fannie and its sibling Freddie Mac has grown to $145 billion — and the final tally could be much higher.
61. Homebuyers Rush to Take Advantage of Tax Credits
- Friday, April 30, 2010
Real estate agents are working seven days a week, builders are staying open late and homebuyers are scrambling to get their offers in as they rush to take advantage of tax credits that expire at midnight Friday.
62. GTx CEO Addresses Ipsen Partnership
- Thursday, March 25, 2010
The chief executive officer of GTx has learned a thing or two about partnerships as the Memphis-based biopharmaceutical company has struggled for profitability.
In the span of a week, GTx announced it was ending its two-and-a-half year partnership with Merck & Co. It then expanded its partnership with another pharmaceutical giant, Ipsen, of France.
63. Not Much Impact From Repeat Buyer Credit
- Tuesday, March 02, 2010
It sounded like a great idea three months ago: Hand homeowners a $6,500 tax credit to find new places to live, giving a thrust of energy to the housing market’s recovery.
So far, people are staying put.
64. Foreign Demand for Treasury Securities Falls
- Wednesday, February 17, 2010
WASHINGTON (AP) - The government reported Tuesday that foreign demand for U.S. Treasury securities fell by the largest amount on record in December with China reducing its holdings by $34.2 billion.
65. CIT Names Ex-Merrill CEO Thain as Chairman, CEO
- Tuesday, February 09, 2010
NEW YORK (AP) - John Thain is getting a second chance.
CIT Group Inc. tapped the former Merrill Lynch CEO to become its chairman and chief executive.
66. BofA Loses $5.2B in Q4 as it Repays Bailout
- Thursday, January 21, 2010
CHARLOTTE, North Carolina (AP) - Bank of America Corp. reported Wednesday it lost $5.2 billion during the final three months of 2009 as consumers struggled to make mortgage and credit card payments and the bank repaid its government bailout money.
67. Bernanke Asks GAO to Review Fed Role in AIG Rescue
- Wednesday, January 20, 2010
WASHINGTON (AP) - Federal Reserve Chairman Ben Bernanke took the unusual step Tuesday of asking Congress' investigative arm to conduct a "full review" of the Fed's role in bailing out insurance giant American International Group.
68. Geithner's NY Fed Told AIG to Keep Quiet on Deals
- Friday, January 08, 2010
WASHINGTON (AP) - Controversial deals that sent billions of bailout dollars to Goldman Sachs and other banks were kept quiet under pressure from the Federal Reserve Bank of New York, then led by U.S. Treasury Secretary Timothy Geithner.
69. Joint Venture
- Monday, December 21, 2009
Charles Redden remembers getting the call in April.
A sales associate for Smith & Nephew, Redden worked hospitals and clinics in Dallas – among the most lucrative regions for the British medical device maker whose U.S. headquarters is in Memphis. On the other end of the phone line was Redden’s boss, Jon Hebel, a former minor league baseball player and an area sales manager for Smith & Nephew.
70. Sale of Luminetx Proposed as Company Flounders
- Friday, December 04, 2009
Luminetx Corp. is operating in the red and may soon run out of money unless its shareholders agree to sell the company to Christie Digital Systems Inc.
71. Sale of Luminetx Proposed as Company Flounders
- Monday, December 07, 2009
Luminetx Corp. is operating in the red and may soon run out of money unless its shareholders agree to sell the company to Christie Digital Systems Inc.
72. BofA Aims to Clearly Spell Out Credit Card Terms
- Tuesday, December 01, 2009
NEW YORK (AP) - Bank of America is sending its credit card customers a one-page letter with a simple explanation of the interest rates and fees they're being charged starting Monday.
While not mandated by the federal credit card reforms to take effect in February, Bank of America's letter reflects the new law's aim at making policies easier for consumers to understand.
73. House Panel's Probe Targets Big Mortgage Lenders
- Monday, October 26, 2009
WASHINGTON (AP) - A House panel is investigating the role of mortgage lenders in the financial crisis and is seeking information from some of the biggest U.S. companies to determine if they used deceptive practices to lure borrowers into the housing boom.
74. Bank of America Loses $2.24B as Loan Losses Rise
- Monday, October 19, 2009
CHARLOTTE, N.C. (AP) - Bank of America Corp. said Friday it lost more than $2.2 billion in the third quarter as loan losses kept rising, providing more evidence that consumers are still struggling to pay their bills.
75. After the Fall: The messy cleanup of Stanford Financial
- Monday, September 28, 2009
R. Allen Stanford, the Texas billionaire now passing time in a Texas jail for his role in what U.S. regulators have called a “massive Ponzi scheme,” once told a roomful of his employees they ought to have three priorities in life.
76. Gov't Helps Keep Loans Cheap – If You Can Get One
- Friday, September 18, 2009
NEW YORK (AP) - It's a good time to borrow money for a home, car or small business.
A year after a global freeze in the credit markets prompted massive government intervention to prevent the financial system from collapsing, interest rates remain at historic lows. But banks are demanding more collateral, bigger down payments and detailed financial histories from borrowers.
77. Current Account Deficit Dips to $98.8 Billion
- Thursday, September 17, 2009
WASHINGTON (AP) - The deficit in the broadest measure of foreign trade shrank in the spring to the lowest level in relation to the total economy in 10 years, another dramatic sign of how much the recession had reduced America's appetite for foreign goods.
78. Mortgage Delinquencies Hit Record High in Q2
- Friday, August 21, 2009
WASHINGTON (AP) - With the recession throwing thousands of people out of work daily, more than 13 percent of American homeowners with a mortgage have fallen behind on their payments or are in foreclosure.
79. Debt Reduction Pushes Ford to $2.3B Q2 Profit
- Friday, July 24, 2009
DEARBORN, Mich. (AP) - Helped by a lightened debt load, Ford Motor Co. posted a surprise second-quarter profit of $2.3 billion Thursday, following the worst loss in company history a year earlier. Shares rose 9 percent in afternoon trading.
80. Bank of America Earns $2.4B, Ahead of Estimates
- Monday, July 20, 2009
CHARLOTTE, N.C. (AP) - Bank of America joined other major banks in reporting better-than-expected second quarter income Friday, earning $2.42 billion even as losses from failed loans continued to rise.
81. Home Prices Drop 18.1 Percent In April
- Wednesday, July 01, 2009
NEW YORK (AP) – Home price declines nationwide appear to be moderating – another sign the beleaguered housing market is stabilizing, according to data released Tuesday.
While the Standard & Poor’s/Case-Shiller index of 20 major cities tumbled by 18.1 percent, it marked the third straight month the decline was not a record. And yearly losses in 13 metros improved compared to March.
82. May Incomes Surge, But Savings Outpace Spending
- Monday, June 29, 2009
WASHINGTON (AP) – U.S. households pushed their savings rates to the highest levels in more than 15 years in May as a big boost in incomes from the government’s stimulus program was devoted more to bolstering nest eggs than increased spending.
83. Citi Boosting Salaries to Offset Lower Bonuses
- Thursday, June 25, 2009
NEW YORK (AP) - Citigroup Inc. is increasing the base salaries of many employees – reportedly by as much as 50 percent for some workers – as it restructures their compensation amid government restrictions on bonuses.
84. White House: Obama Wants to Cut $17B from Budget
- Friday, May 08, 2009
WASHINGTON (AP) - President Barack Obama asked Congress on Thursday to eliminate or trim 121 federal programs for a savings of $17 billion in the coming budget year. Many of the proposed cuts have already been rejected by Obama's allies in Congress, including some programs that his predecessor, President George W. Bush, repeatedly sought to end.
85. Global Economy Expected to Shrink This Year
- Thursday, April 23, 2009
WASHINGTON (AP) - The global economy is likely to shrink this year for the first time since World War II.
The International Monetary Fund projected the 1.3 percent drop in a dour forecast released Wednesday. That could leave at least 10 million more people around the world jobless, some private economists said.
86. Many Top AIG Execs Agree to Return Bonuses
- Wednesday, March 25, 2009
NEW YORK (AP) - New York Attorney General Andrew Cuomo hopes more AIG employees will return their bonuses, after 15 of the top 20 bonus recipients at the troubled insurer agreed to return their money.
87. Geithner Seeks New Powers Over Financial Companies
- Wednesday, March 25, 2009
WASHINGTON (AP) - Treasury Secretary Timothy Geithner asked Congress on Tuesday for broad new powers to regulate nonbank financial companies like troubled insurer American International Group whose collapse could jeopardize the economy.
88. Bernanke: Recession Could End in '09
- Tuesday, March 17, 2009
WASHINGTON (AP) - America's recession "probably" will end this year if the government succeeds in bolstering the banking system, Federal Reserve Chairman Ben Bernanke said.
In carefully hedged remarks in an interview with CBS' "60 Minutes," Bernanke seemed Sunday to express a bit more optimism that this could be done.
89. Ford Says Modified UAW Pact Brings Foreign Parity
- Thursday, March 12, 2009
DETROIT (AP) - Ford Motor Co. said Wednesday that recent modifications to its contract with the United Auto Workers union would help the company achieve parity with wages paid in the United States by overseas-based automakers.
90. Gold Strike Parent Company Warns of Default
- Thursday, March 05, 2009
MGM Mirage, the parent company of Tunica’s Gold Strike Casino, late Tuesday warned in a filing with the U.S. Securities and Exchange Commission that it may go into default on its debt payments.
The company’s stock and bond prices plunged Wednesday in response to the news. The company’s stock, which had been trading in the range of $4.50 on Friday, was down to $2.10 during the noon hour Wednesday.
91. Gov’t Extends New Aid Package To AIG
- Tuesday, March 03, 2009
WASHINGTON (AP) – The government on Monday unveiled a revamped rescue package to insurance giant American International Group and will provide the troubled company with another $30 billion in taxpayer money on an “as needed” basis.
92. Economists Question Budget’s Economic Assumptions
- Monday, March 02, 2009
WASHINGTON (AP) – The administration insists it isn’t so, but some private economists are wondering if the Obama administration has brought “Rosy Scenario” back to town.
In unveiling his budget, President Barack Obama pledged to bring “honesty and fairness” back to the budget process by getting rid of the gimmicks past administrations had used to hide the real costs of government programs and proposed tax cuts.
93. Jobless Hit with Bank Fees on Benefits
- Monday, February 23, 2009
For hundreds of thousands of workers losing their jobs during the recession, there's a new twist to their financial pain: Even as they're collecting unemployment benefits, they're paying bank fees just to get access to their money.
94. Home Values Post 18.2% Annual Drop
- Wednesday, January 28, 2009
Home prices tumbled by the sharpest annual rate on record in November as the deepening housing slump and national recession spared no region, according to a closely watched index released Tuesday.
But the silver lining might be that more families can finally buy a home for the first time in years. Falling home prices coupled with lower interest rates have shaved hundreds of dollars off monthly mortgage payments, and that is luring buyers back into the market, new data this week showed.
95. Harley to Cut 1,100 Jobs as Q4 Profit Falls
- Monday, January 26, 2009
NEW YORK (AP) - Harley-Davidson Inc. said Friday it will cut 1,100 jobs over two years, close some facilities and consolidate others as it grapples with a slowdown in motorcycle sales.
96. Thain Resigns from Bank of America
- Friday, January 23, 2009
NEW YORK (AP) - Wall Street bonuses, a sore point as the government gives billions of dollars in bailout money to the financial industry, have apparently cost former Merrill Lynch & Co. CEO John Thain his new job at Bank of America Corp.
97. US Auto Sales Drop in 2008, Recovery Unclear
- Wednesday, January 07, 2009
DETROIT (AP) - After a year in which U.S. auto sales tumbled 18 percent and GM had its worst year in nearly a half-century amid slack demand fueled by a terrible economic outlook and growing job worries, automakers are reluctant to predict when a recovery might occur.
98. Toyota, Honda Lead Declines in Dec. Auto Sales
- Tuesday, January 06, 2009
DETROIT (AP) - Toyota and Honda's U.S. sales fell more than their U.S. competitors' in December, with Toyota's 37 percent decline and Honda's 35 percent drop showing the Japanese company's popular fuel-efficient models were little help as consumers steered clear of showrooms due to the dismal economy.
99. Fallout Begins After Dismal Holiday Season
- Friday, January 02, 2009
NEW YORK (AP) - The fallout from the horrific holiday season for retailers has begun, with the operator of an online toy seller filing for bankruptcy protection and more stores expected to do the same – meaning more empty storefronts and fewer brands on store shelves.
100. Economy Declined 0.5 Percent in Third Quarter
- Friday, December 26, 2008
WASHINGTON (AP) - As the longest recession in a quarter century intensifies, analysts believe the small decline in economic activity in the third quarter has worsened significantly in the current fourth quarter.