The benchmark S&P/TSX composite index was down more than 190 points in early afternoon trading Tuesday.
Every sub-index had fallen, with the biggest drops in gold, mining, materials and energy.
One month TSX trading The composite was at 10,577 at 1:30 p.m. ET. However, it had been even lower, touching 10,521 shortly before noon.
In the United States, [...]
Archive for the ‘US Finance’ Category
TSX and U.S. markets fall
July 28th, 2009 by Financial Writer
Tags: Canada, markets fall, TSX, U.S. markets
more...single family homes rose 11% over May, but median price fell 3%.
July 27th, 2009 by Financial Writer
New home sales: ‘Really good news’
Sales of newly constructed single-family homes spiked 11% in June to an annualized rate of 384,000 homes, according to a report released Monday.
The gain over May was much greater than expected. A consensus of housing industry analysts had forecast seasonally adjusted sales of 352,000, according to Breifing.com.
However, sales are still [...]
Tags: home inventory, housing industry, single-family homes
living independently becomes more expensive
July 23rd, 2009 by Financial Writer
College graduates move back home
They’ve been dubbed boomerang kids and a recent poll by collegegrad.com shows that 80% of 2009 college graduates moved back in with their parents. That’s up quite a bit from recent years.
So whether kids are home for just an extended summer or until they find a job, its important to set [...]
Tags: College graduates, living independently, us recession
State budgets in red again
July 23rd, 2009 by Financial Writer
Revenue shortfalls lead to new budget gaps only three weeks into the new fiscal year. States are forced to make more painful budget cuts.
The bad news about state budgets just keeps getting worse. Only three weeks into the new fiscal year, gaps are already opening up. And the shortfalls are only expected to grow.
“If you [...]
Tags: new fiscal year, state budgets, usa recesion
State freezes workers’ pay for July as budget impasse continues.
July 18th, 2009 by Financial Writer
Two other states have yet to approve budgets, while California closes in on deal to close $26 billion deficit.
Pennsylvania state workers’ paychecks are a little light these days.
Struggling to resolve a 17-day-old budget impasse, Pennsylvania is withholding pay for 69,000 state employees for time worked after July 1. Workers Friday received only 70% of their [...]
Tags: freezes workers' pay, Pennsylvania, us economy
A financial crisis, 10 countries, 10 solutions
July 14th, 2009 by Financial Writer
United States
GDP -1.6%
Inflation 0.2%
Unemployment 8.1%
Markets -10.7%
Gallon of gas $1.99
Interest Rates 0% to 0.25%
Challenges Home prices have plummeted since the summer of 2007, devaluing many of banks’ holdings that were backed by mortgages. To prevent further losses, banks largely stopped lending. The economic downturn that ensued led the economy to shed 4.4 [...]
Tags: brazil, China, financial crisis, germany, iceland, india, japan, mexico, rusia, UK, us
Federal Deficit Hits Record $1.1 Trillion
July 13th, 2009 by Financial Writer
Nine months into the fiscal year, the federal deficit has topped $1 trillion for the first time.
The imbalance is intensifying fears about higher interest rates and inflation, and already pressuring the value of the dollar. There’s also concern about trying to reverse the deficit — by reducing government spending or raising taxes — in the [...]
Tags: federal deficit, US Finance
Denied motion to fast-track GM sale appeal
July 8th, 2009 by Financial Writer
The sale of most of General Motors’ assets is moving closer to completion, after a bankruptcy judge denied motions by groups with asbestos and injury-related claims seeking to halt the sale and appeal directly to the 2nd Circuit Court of Appeals.
The sale remains scheduled to close by July 10.
On Tuesday, a group representing people with [...]
Tags: bankruptcy, General Motors' assets, GM sale appeal
Chinese - non-binding offer to GM for Opel
July 6th, 2009 by Financial Writer
General Motors Corp. confirmed Friday that it has received a non-binding offer for its Opel division from the holding company of a Chinese automaker.
GM Europe spokesman Christopher Preuss refused to give details of the offer from Beijing Automotive Industry Holding Co., but the offer adds to the U.S automaker’s options should negotiations with Magna International [...]
Tags: Chinese, GMC, non-binding offer
Car sales down 37 per cent
July 1st, 2009 by Financial Writer
A senior member of U.S. President Barack Obama’s auto task force testified Wednesday that the U.S. government will not continue to fund General Motors Corp.’s operations if the automaker doesn’t get approval to sell its assets to a new company within the next 10 days.
“We have no intention to further fund this company if the [...]
Tags: automarket, car sales down, General Motors Corp
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