Shares of Hyatt Hotels Corp. rose sharply Thursday in the iconic hotel chain’s first day on the New York Stock Exchange, with investors appearing to dismiss concerns about infighting among its founder’s heirs and tepid hotel reservations around the world.
Hyatt’s stock gained $3, or 12 percent, to $28 in afternoon trading.
The company, based in Chicago, [...]
Archive for the ‘Global Recession’ Category
Hyatt Hotels rises from IPO price in debut on NYSE
November 6th, 2009 by Financial Writer
Tags: hyatt hotels, investors, IPOfinancial, money raised
more...Dollar flat as ECB, BoE leave rates unchanged
November 5th, 2009 by Financial Writer
The dollar was nearly flat Thursday after the European Central Bank and Bank of England left their respective key interest rates unchanged.
Higher interest rates can support a currency as investors transfer funds in search of better returns. The ECB and BoE maintained their rates at 1 percent and 0.5 percent, respectively, higher than the Federal [...]
Tags: bank of england, dollar, dow jones, economists, euro, stock market
Senator: No fed money for US-China wind project
November 5th, 2009 by Financial Writer
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 [...]
Tags: federal economic, generate chinese, megawatt wind turbines, money
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
A look at economic developments around the globe
November 4th, 2009 by Financial Writer
The British government moved to break up the country’s two biggest retail banks, imposing a major shakeup on the financial sector as it exacts payback for last year’s massive state bailout at the height of the financial crisis.
The government also injected billions of pounds more of taxpayer funds into Royal Bank of Scotland PLC and [...]
Tags: banking sector, economic, financial crisis, financial sector, retail banks
Buffett’s big bet: $34B on 2nd-largest railroad
November 3rd, 2009 by Financial Writer
The biggest name in investing is making what he calls an “all-in wager” on the U.S. economy — $34 billion to own a railroad that hauls everything from corn to cars across the country.
The acquisition of Burlington Northern Santa Fe, the nation’s second-largest railroad, would be the biggest ever for Warren Buffett’s Berkshire Hathaway investment [...]
Tags: Buffett, economic, economy, railroad industry, world of finance
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
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
Economy grows in 3Q, signals end of recession
October 29th, 2009 by Financial Writer
The economy grew at a 3.5 percent pace in the third quarter, the best showing in two years, fueled by government-supported spending on cars and homes.
The Commerce Department’s report Thursday delivered the strongest signal yet that the economy entered a new, though fragile, phase of recovery and that the worst recession since the 1930s has [...]
Tags: businesses, consumers, economy, recession, unemployment