US President Barack Obama called Saturday for new steps to support America’s small businesses, saying they are key to rebuilding the economy on a new, stronger foundation and creating jobs.
“These companies represent the essence of the American spirit - the promise that anyone can succeed in this country if you have a good idea and [...]
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Obama proposes measures to shore up small businesses
February 6th, 2010 by Financial Writer Tags: barack obama, business lending, loans, small businesses, us president
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Rising Fortunes Are Building China’s Housing Market
February 5th, 2010 by Financial Writer China’s young and red-hot housing market got caught up in the recession along with the rest of the world. But its downturn became neither as severe nor as prolonged as in the U.S.
Unlike U.S. lenders, China’s state-owned banks didn’t offer subprime loans to just about anyone with a pulse, nor sell loans into secondary markets.
By [...]Tags: building china's, chinese real estate, housing market, recession, us lenders
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Companies boost productivity and put off hiring
February 4th, 2010 by Financial Writer Employers are managing to boost production without creating new jobs. The question is when they’ll feel the need to ramp up hiring.
Squeezing more output from their existing staffs allowed companies to boost productivity in the October-December quarter. And last week, the number of people filing new claims for jobless aid rose. The two Labor Department [...]Tags: Dow Jones Industrial, productivity, recessions, unemployment, us economist
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Visa 1Q profit rises 33 percent, beats estimates
February 4th, 2010 by Financial Writer Visa Inc. on Wednesday said its profit rose 33 percent in the fiscal first-quarter on increased revenue, even as consumers pull back sharply on spending amid the recession.
The payment processing giant reported net income of $763 million, or $1.02 per share, compared with $574 million, or 74 cents per share a year ago.
Revenue growth was [...]Tags: consumers, payments network, recession, us consumers, us economy, us payment, visa
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U.S. mortgage demand at six-week highs on refinance wave
February 3rd, 2010 by Financial Writer Demand for U.S. home loans rose to a six-week high on a mini refinance wave, with borrowers pushing to lock in rates before they climb later this year, the Mortgage Bankers Association said on Wednesday,
Applications to buy homes and refinance loans jumped last week to mid-December levels as average 30-year mortgage rates held near 5 [...]Tags: borrowers, great depression, mortgage bankers, mortgage rates, refinance loans, us home loans, us mortgage
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Obama budget: Record spending, record deficit
February 2nd, 2010 by Financial Writer Spelling out painful priorities, President Barack Obama urged Congress on Monday to quickly approve a huge new shot of spending for recession relief and job creation, part of a record $3.8 trillion budget that would boost the deficit beyond any in the nation’s history while only slowly beginning to put Americans back to work.
If Congress [...]Tags: banks, barack obama, recession, record deficit, record spending, unemployment
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Obama unveils $3.83T budget with massive deficits
February 1st, 2010 by Financial Writer President Barack Obama sent Congress a $3.83 trillion budget on Monday that would pour more money into the fight against high unemployment, boost taxes on the wealthy and freeze spending for a wide swath of government programs.
The deficit for this year would surge to a record-breaking $1.56 trillion, topping last year’s then unprecedented $1.41 trillion [...]Tags: barack obama, businesses, great depression, inflation, unemployment
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US economic rescue failing to meet key goals:auditor
January 31st, 2010 by Financial Writer The 700-billion-dollar US government effort to rescue the financial system has failed to meet key goals such as sparking lending and curbing risky activities by banks, a special auditor said Sunday.
The special inspector general for the Troubled Asset Relief Program said in a report to Congress that it is too soon to measure the overall [...]Tags: auditor, banks, financial crisis, financial system, lending, us businesses, us economic, us government
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GDP data overstates economy’s health
January 30th, 2010 by Financial Writer The U.S. economy turned in a surprisingly good performance in the fourth quarter, surging ahead by 5.7 percent on an annual basis, according to a government report released Friday.
Or did it?
President Obama was quick to highlight the economy’s progress and “the swift and aggressive actions that made it possible.” At a manufacturing company in Baltimore, [...]Tags: action economics, economic indicators, gdp, inflation, us economy
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Wages and benefits rise weak 1.5 percent in 2009
January 29th, 2010 by Financial Writer Wages and benefits paid to U.S. workers posted a modest gain in the fourth quarter, ending a year in which recession-battered workers saw their compensation rise by the smallest amount on records going back more than a quarter-century.
The anemic gains have raised concerns about the durability of the economic recovery. The fear is that consumer [...]Tags: economic recovery, employment compensation, Federal Reserve, recession, us workers
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