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Business News News Archive - Political Yard

UK retailer Marks & Spencer to cut 1,230 jobs

Posted on Jan 07, 2009 - 4:50 am
AP - U.K. retailer Marks & Spencer Group PLC said Wednesday it will cut 1,230 jobs and close 27 of its stores in a drive to reduce costs, as Britain's retail sector continues to struggle.

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U.S. budget deficit seen topping $1 trillion in 2009
Posted on Jan 06, 2009 - 5:45 pm - Reuters
Reuters - Politicians want American consumers to resume spending to pull the economy out of its tailspin, and the U.S. government is leading by example with a potential $1 trillion deficit in 2009 -- even before a massive stimulus plan.

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U.S. seeks to revoke Madoff bail
Posted on Jan 05, 2009 - 3:24 pm - Reuters
Reuters - U.S. prosecutors asked a judge to revoke the bail terms for alleged swindler Bernard Madoff and detain him on Monday, claiming he was a flight risk.

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US stocks face headwinds despite New Year rally
Posted on Jan 05, 2009 - 1:20 am - AFP
AFP - US stocks may have started the New Year with a bang but experts see major headwinds for the market as the new administration of Barack Obama moves rapidly to eject the economy from prolonged recession.

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U.S. to announce about 20 banks receiving capital
Posted on Oct 24, 2008 - 11:43 am - Reuters
Reuters - The U.S. government is expected to shortly announce a list of about 20 banks in the next round of companies receiving capital injections under a $700 billion rescue package, according to a source familiar with the U.S. Treasury Department's thinking.

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U.S. stock index futures rise; eyes on earnings
Posted on Oct 20, 2008 - 5:08 am - Reuters
Reuters - U.S. stock futures pointed to a higher opening on Wall Street on Monday, tracking a rally in Asia and Europe as investors applauded additional measures by governments to tackle the global credit crisis and as investors awaited key corporate results.

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U.S. and France to meet on financial crisis
Posted on Oct 17, 2008 - 9:45 am - Reuters
Reuters - U.S. home construction fell to its worst level in 17 1/2 years in signs of a deepening world financial crisis on Friday, and U.S. President George W. Bush said it would take time for government interventions to take effect.

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U.S. growth could be weak for years: Fed's Stern
Posted on Oct 16, 2008 - 11:40 am - Reuters
Reuters - U.S. economic growth could be restrained for as long as a few years by "unprecedented" problems in financial markets, a top Federal Reserve policy-maker said on Thursday.

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Unions, workers uneasy at possible GM, Chrysler deal
Posted on Oct 14, 2008 - 8:29 pm - Reuters
Reuters - Labor unions in the United States and Canada on Tuesday expressed concern about the prospect of job losses from any merger between General Motors Corp and Chrysler LLC, adding that union leaders had not been consulted by the automakers.

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U.S. prepares $250 billion bank bailout
Posted on Oct 14, 2008 - 1:25 am - Reuters
Reuters - The Treasury could pump $250 billion into U.S. banks in what Federal Reserve Chairman Ben Bernanke called on Tuesday a comprehensive attempt to end the credit crisis, restoring market confidence and sending Tokyo stocks up 14 percent.

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U.S. to buy stakes in banks to fight credit crisis
Posted on Oct 13, 2008 - 5:23 pm - Reuters
Reuters - Treasury Secretary Henry Paulson met with top Wall Street bankers on Monday to nail down a plan for the government to buy shares in financial firms to restore confidence in rattled markets.

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US tech stocks not immune to market downturn
Posted on Oct 12, 2008 - 5:17 pm - AFP
AFP - Even the giants of technology did not emerge unscathed from the bloodbath this week on Wall Street.

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UBS pares investment banking, to cut 2,000 jobs
Posted on Oct 03, 2008 - 6:20 am - Reuters
Reuters - UBS AG said on Friday it is cutting another 2,000 jobs at its troubled investment bank and closing most of its commodities business but will remain a universal bank and will not quit investment banking completely.

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U.S. services, productivity up but job market weak
Posted on Sep 04, 2008 - 12:38 pm - Reuters
Reuters - The dominant U.S. service sector improved last month and businesses boosted productivity in the second quarter but the labor market continues to struggle, government reports on Thursday showed.

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U.S. carmakers' Aug sales drop, but some hope seen
Posted on Sep 03, 2008 - 10:32 pm - Reuters
Reuters - General Motors Corp and Ford Motor Co on Wednesday cut second-half production targets, likely putting a drag on their results, but held out hope that the near-freefall in sales seen in the summer had slowed somewhat in August as consumer confidence steadied.

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U.S. natgas futures tumble 5 percent as Gustav weakens
Posted on Sep 01, 2008 - 11:15 am - Reuters
Reuters - U.S. natural gas futures fell more than 5 percent in electronic trading on Monday as Hurricane Gustav weakened to a Category 2 storm.

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U.S. productivity grew solidly in 2nd quarter
Posted on Aug 08, 2008 - 4:35 pm - Reuters
Reuters - U.S. business productivity rose solidly in the second quarter as companies cut jobs to cope with rising costs, helping curb inflation pressures while also keeping a tight grip on stocks of unsold goods.

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UBS to buy back stricken debt securities
Posted on Aug 08, 2008 - 10:34 am - Reuters
Reuters - Swiss bank UBS has agreed to buy back $19.4 billion of debt securities whose value collapsed during the global financial crisis, and to pay $150 million in fines to settle charges that it misled investors, a Massachusetts official said on Friday,

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US stocks fall as investors digest jobs data
Posted on Aug 03, 2008 - 1:14 pm - FT.com
FT.com - Wall Street stocks fell for a second session on Friday, and trimmed already modest weekly gains, as investors wrestled with downbeat jobs data, poor results from General Motors (NYSE:GM) and a bump in the price of oil.

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U.S. retailer Mervyn's fights for survival: WSJ
Posted on Jul 20, 2008 - 10:04 pm - Reuters
Reuters - Department store chain Mervyn's LLC is fighting for survival after a lender pulled financing and some vendors stopped shipments, the Wall Street Journal reported on its website on Sunday.

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UBS halts U.S. offshore services amidst tax probe
Posted on Jul 17, 2008 - 2:49 pm - Reuters
Reuters - UBS AG will stop providing offshore private banking services to U.S. residents through unregulated entities, the Swiss bank said on Thursday at a congressional hearing on overseas tax-dodging.

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U.S. crude stocks post surprise build: EIA
Posted on Jul 16, 2008 - 10:44 am - Reuters
Reuters - U.S. crude oil inventories rose unexpectedly last week amid an uptick in imports and continued soft fuel demand in the world's top consuming nation, according to a government report Wednesday.

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