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U.S. retailers’ sales fell as much as 4 percent during the holiday season, as the weak economy and bad weather created one of the worst holiday shopping climates in modern times, according to data released on Thursday by SpendingPulse.
The figures, from the retail data service of MasterCard Advisors, show the 2008 holiday shopping season […]
Filed under: business by Wolf
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The U.S. Treasury Department’s appeal on Friday for the final $350 billion of a market bailout fund could finally push administration officials to finance a broad mortgage modification plan endorsed by a senior bank regulator.
Federal Deposit Insurance Corp Chairman Sheila Bair’s plan to spur mortgage modifications with a government promise to share the costs […]
Filed under: money by Wolf
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Royal Bank of Scotland, Man Group and Nomura on Monday joined a growing list of financial groups acknowledging exposure to the alleged $50 billion fraud surrounding Wall Street trader Bernard Madoff.
A report in the Financial Times said HSBC Holdings Plc had emerged as one of the largest victims, with potential exposure of about $1 […]
Filed under: money by Wolf
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DuPont (DD.N: Quote, Profile, Research, Stock Buzz) expects to post a fourth-quarter loss and cut 2,500 jobs — about 4.2 percent of its workforce — amid steep drops in construction, car sales and consumer spending, the chemical maker said on Thursday.
The slump in the U.S. automotive markets has hurt DuPont badly, as it is […]
Filed under: economics by Wolf
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WASHINGTON – Construction of new homes in America plunged last month to the lowest level on records going back nearly 50 years as U.S. builders slashed production while Wall Street nosedived.
Embattled homebuilders, who enjoyed a five-year boom, are now building new homes and apartments at a record-low pace, according to government data released […]
Filed under: marketing by Wolf
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President-elect Barack Obama’s Treasury secretary must be a regulator, diplomat, defender of the dollar and master of depleted coffers, all while figuring out how to escape a nasty recession.
The past 14 months of market turmoil have dramatically changed the job description, perhaps more so than at any time since William Woodin was appointed to […]
Filed under: term by Wolf
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Imre Apostagi says the hospital upgrade he's overseeing has stalled because his employer in Budapest can't get a foreign-currency loan.
The company borrows in foreign currencies to avoid domestic interest rates as much as double those linked to dollars, euros and Swiss francs. Now banks are curtailing the loans as investors pull money out […]
Filed under: legal by Wolf
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Suddenly, I am a cool guy.
Savings habits I have preached and practiced for years — and the realization that avoiding waste is being smart, not a cheapskate — are now in vogue.
With Americans facing continued economic uncertainty, I run across an almost daily stream of common sense (but frequently neglected) savings tips […]
Filed under: management by Wolf
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The International Monetary Fund said more European banks may fail as they struggle to raise fresh capital from investors.
In its annual review of the European economy published today, the Washington-based lender said financial markets are now “paying increasing attention'' to pure leverage rather than accounting for how risky it is. By that measure, […]
Filed under: business by Wolf
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NEW YORK — Governments around the world have slashed interest rates and ramped up their lending to unprecedented levels, but banks are still charging each other extremely high borrowing rates — a bad sign for the credit markets that remain close to paralysis.
Traders will be closely monitoring the G-7 finance ministers meeting […]
Filed under: business by Wolf
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