A Democratic senator is calling on the Obama administration to reject an expected request for federal economic stimulus money as part of a $1.5 billion West Texas wind energy project because he says it will generate Chinese, not American, jobs.
The U.S.-China venture, announced last week, would erect 240 huge Chinese-manufactured wind turbines on 36,000 acres [...]
Archive for the ‘Debt’ Category
Senator: No fed money for US-China wind project
November 5th, 2009 by Financial Writer
Tags: federal economic, generate chinese, megawatt wind turbines, money
more...Growing PayPal may one day overshadow eBay
November 4th, 2009 by Financial Writer
Most people know eBay Inc. for its online marketplace, where deals abound on everything from gadgets to antique furniture. But soon, eBay’s biggest business will likely be PayPal, the online payments service that has been growing steadily even as the economy has stumbled.
EBay has spent much of the past two years trying to improve its [...]
Tags: bank accounts, business, ebay, financial, marketplace, paypal, transactions
G20 to seek progress on world growth scheme
November 3rd, 2009 by Financial Writer
Group of 20 financial leaders will seek to firm up a plan to rebalance the world economy when they meet this week, looking to beat out how to set national policy goals and make sure everyone keeps to them, officials said on Monday.
Sources from the group of rich and developing nations said that talks were [...]
Tags: Economic Turmoil, economy, financial leaders, financial markets, g20
New business coalition opposes House health bill
November 2nd, 2009 by Financial Writer
Eleven of the nation’s largest business groups are beginning a multimillion-dollar TV ad campaign that says the health overhaul legislation in the House would raise taxes and worsen the economy without curbing medical expenses.
“Over $500 billion in crushing tax increases. But nothing to control rising health care costs,” says the ad, which is to begin [...]
Tags: business, economy, healthy economy, house health bill
3 strong economic reports lift hopes for recovery
November 2nd, 2009 by Financial Writer
Hopes for the fledgling economic recovery got a boost Monday from better-than-expected news on manufacturing, construction and contracts to buy homes.
U.S. manufacturing activity grew in October at the fastest pace in more than three years, according to a private group’s measure. It was driven by government spending, businesses’ need to rebuild their inventories and higher [...]
Tags: businesses, decision economics, economic, financial stocks, inventories
Commercial lending giant CIT files bankruptcy
November 2nd, 2009 by Financial Writer
Lender CIT Group has filed for bankruptcy protection, in an effort to restructure its debt while trying to keep loans flowing to the thousands of mid-sized and small businesses.
CIT made the filing in New York bankruptcy court Sunday, after a debt-exchange offer to bondholders failed. CIT said in a statement that its bondholders have overwhelmingly [...]
Tags: bankruptcy, businesses, commercial lending, Debt, economy
U.S. consumer sentiment dips in Oct: survey
October 30th, 2009 by Financial Writer
U.S. consumer sentiment slipped this month as Americans fretted about personal finances and focused on paying down debt, a survey showed on Friday.
The Reuters/University of Michigan Surveys of Consumers said its final index of sentiment for October slipped to 70.6 from 73.5 in September.
In spite of the decline, sentiment remained well above where it was [...]
Tags: Debt, finances, inflation, unemployment
Stocks fall after mixed economic data, earnings
October 20th, 2009 by Financial Writer
A report on housing starts made investors nervous that the economy will be slower to recover even as companies post profits that exceed expectations.
Stocks fell Tuesday after the Commerce Department said home building rose less than expected in September, a discouraging signal for future construction activity.
Bond prices jumped after the Labor Department said lower energy [...]
Tags: economists, economy, investors, wall street
Icahn slams CIT restructuring, offers $6B loan
October 19th, 2009 by Financial Writer
Billionaire investor Carl Icahn sent a scathing letter to troubled lender CIT on Monday, calling its restructuring plan “a bad-faith attempt to buy votes.”
Icahn, a legendarily activist investor, is a CIT bondholder and is trying to unseat what he calls the company’s “incompetent and unconscionable” board of directors.
Icahn’s letter skewered CIT’s (CIT, Fortune 500) $6 [...]
Tags: businesses, credit market, Debt, lenders, loan
Bad news: Jobs market getting worse
October 2nd, 2009 by Financial Writer
Employers cut more jobs from their payrolls in September and the unemployment rate hit another 26-year high, as the long-battered U.S. labor market took an unexpected turn for the worse, according to a government report Friday.
The Labor Department said there was a net loss of 263,000 jobs in the month, up from a revised loss [...]
Tags: economists, employers, jobs, unemployment