Category 'Business Information'
Today’s Headlines 7/16/2011
- Drugstore drama
- The apps: Penultimate, pdf-notes || The user: Howard Ecker, CEO, Howard Ecker & Co.
- Smart-grid bill gives ComEd passes on storm-related power failures
- J. B. Pritzker makes million-dollar bet on big-time poker company
- Thinkorswim’s Tom Sosnoff dives into the the talk show pool
- Shortage of skilled workers pushes up pay at Illinois factories
View All of Today’s News Headlines
— Chicago radio station WLS-AM is cutting the “Cisco Cotto” program on weekday mornings to make room for a talk show with veteran Chicago broadcaster Bruce Wolf and former Republican gubernatorial candidate Dan Proft.
Starting next week, Mr. Wolf and Mr. Proft will fill the 9 a.m.-to-11 a.m. slot on weekdays, said Michael Damsky, who is president and general manager of the Citadel Broadcasting Co. station. Mr. Cotto’s last show was today.
While Mr. C
The Federal Reserve is ready and willing to pour more money into the economy if it has to, Ben Bernanke told Congress today. “The possibility remains that the recent economic weakness may prove more persistent than expected … implying a need for additional policy support,” Bernanke said. “The Federal Reserve remains prepared to respond.”
The comments were Bernanke’s first since June’s ugly jobs report, reports Bloomberg. Bernanke called the report “disappointing,” but attributed it to temporary issues like the spike in energy prices. “Once the temporary shocks that have been holding down economic activity pass, we expect to again see the effects of policy accommodation reflected in stronger economic activity and job creation,” he said. Stocks climbed on the statement, with the Dow up about 150 points at midday.
Tags: Bernanke, Bernanke Were
It’s perhaps annoying to Tim Geithner that despite the circus in Washington DC, Treasury investors haven’t shown an iota of panic.
This should immediately raise eyebrows for anyone (including Geithner!) who thinks that ultra-low rates in the US are somehow an expression of ‘confidence’ in the US system.
Let’s be honest, the leaders in Europe, with their well-intentioned regulators, and regular meetings of finance ministers and so on have shown a lot more seriousness about the problems facing the PIIGS than the leaders in the US. And those are folks from different countries getting together!
If it were only a matter of confidence in leadership, Europe would be leading the US by a mile.
By this point, you should realize that the US is fundamentally a different beast than the Eurozone, with a fiscal structure far more similar to debt-heavy Japan, another aging country with mountains of public debt (far more than the US has, actually) that also pays ultra-low rates.
Japan isn’t threatening to destroy itself, with a political fight that could lead to default, but it’s hardly the most credible government in the world.
–Production of 40,000-42,000 barrels of oil a day to be lost as result of shutdown
–Accident to be investigated by both Norway authorities, BP
–Any possible connection with 2009 incident to be probed by investigators
–Authorities sending team out to platform this afternoon
LONDON — Production at a Norwegian North Sea oil platform operated by BP PLC remains shut down following a fire at the facility Wednesday, a BP spokesman said Thursday.
“It is a bit early to say [when production will resume]. We are looking into the damage caused then we will also be able to make a judgment as to the repairs required to have a safe start-up again,” BP spokesman Jan Erik Geirmo said.
There was no oil spill as a result of the accident, said BP.
The field produced 40,000-42,000 barrels of oil equivalent a day before the shutdown, said BP. Most of the output belonged to New York-based Hess Corp. , which has a 64.05% interest in the field.
Tags: Shut, Shut Fire
Today’s Headlines 7/14/2011
- Boeing loses 35-jet order from Dubai firm
- Nicor employees warn of post-merger layoffs
- Connecticut attorney general questions Groupon coupons
- United Continental’s gain on credit card agreement offset by merger costs
- Struggling Borders faces looming liquidation deadline
- Sara Lee’s Douwe Egberts to go public next year
View All of Today’s News Headlines
— Leasing company Dubai Aerospace Industries has canceled an order for 35 Boeing Co. 737 narrowbodies, the planemaker said in its weekly order book update.
The planes are valued at $2.8 billion, according to Boeing’s list prices.
The Dubai company, which has already cleared out its remaining Airbus orders worth $5.8 billion, still has its orders for 15 747s and six 777s.
Boeing also took orders for one 737 and one 747 in the latest week.
Tags: Boeing Loses, Dubai Firm, Firm
Some public employees with a same-sex spouse in Massachusetts face a federal income tax their heterosexual counterparts don’t have to pay—so the city of Cambridge is making up the difference. In the city, 22 public workers have put their spouses on their employer-provided health plan. But since the US doesn’t recognize gay marriage, it sees the value of that coverage as taxable income, the AP reports. That costs those workers some $1,500 to $3,000 yearly.
“Two people who do the exact same job should be paid exactly the same for what they are doing at work,” says a city councilor. Adds another: “This is a city that models what equality really means.” The new stipend plan is expected to cost the city about an extra $33,000 a year—and some aren’t happy about it. “Its a travesty of using taxpayer monies to circumvent a national policy,” says a Massachusetts advocate against gay marriage.
Tags: Pay, Pay Stipend
From Credit Suisse, Euro endgame looks like this:
(1) Some form of soft QE for the ECB (as if the euro were to break apart the ECB would have to probably print money to recapitalise itself given that the ECB repos E300bn of peripheral European debt and owns close to another E75bn). If the ECB is going to have to print if the Euro breaks apart, surely it will be inclined to do so to protect the Euro.(2) Some form of Brady plan. Could the ESFS be expanded to buy secondary market debt at close to market prices and then issue a new AAA rated bond for the debt of the country concerned? Could the IMF/US be involved in this?(3) More deflation in peripheral Europe (to restore competitiveness). (4) Ultimately a weaker Euro as market senses point 1 (5) More fiscal integration of Europe.
Makes sense. It’s either that or someone defaults, and it all goes to pot.
Tags: Credit Suisse, Endgame, Euro Endgame