At the depth of the recession when there was a falling market for new cars, strikes were almost welcome in the US and EU. Most car companies had so much inventory that a break…
UK unions may not take to the streets to protest the new austerity budget the way the Greeks or Spanish have. Or, they might. George Osborne, the finance minister, proposed a plan to wring…
Treasury Secretary Tim Geithner made a number of important observations during his testimony before the Congressional Oversight Committee. The most outstanding of these is how much money from the TARP investment has been returned…
The global unemployment problem is so huge that the total number of jobless in the ten most populous nations in the world totals 1.1 billion. That is only slightly smaller than the population of…
Reuters: Auto dealers will not be subject to new financial regulations. Reuters: The FCC said AT&T Inc. (NYSE: T) could buy assets from Verizon Communications Inc. (NYSE: VZ). Reuters: Firm iFixit says the Apple…
According to the Merrill Lynch/ CapGemini “State of the World’s Wealth” report, the number of high net worth individuals rose 17.1% last year to 10 million. Their total assets combined increased 18.9% to $39…
The US District Court for the Eastern District of Louisiana ruled that the six month moratorium set for deepwater drilling would cause irretrievable loss to the plaintiffs and irreparable harm to their business. Hornbeck…
Since its introduction in 1982, the 767 from Boeing Co. (NYSE:BA) has accounted for sales of more than 1,000 planes. Recent discovery of cracks in the engine pylons, which attach the engine to the…
Apple today announced that it sold its three millionth iPad yesterday, just 80 days after its introduction in the US. iPad is a revolutionary and magical product that allows users to connect with their…
In another sign that HAMP and low interest rates are not helping home sales, The National Association of Realtors reported that existing homes sales dropped in May. Analysts had expected an increase. Housing market…
Updated throughout the day. White House Budget Director Peter Orszag will resign (various) Chinese state-owned banks are aggressively buying dollars (Reuters) Spyglass seen is the most likely candidate to run MGM (Reuters) Douglas A.…
Twitter has, by most estimates, 100 million members, which makes it one of the largest social networks in the world. All major media companies are on Twitter and some have more than one million…
By John Tamny of Forbes Nouriel Roubini is the most overrated pundit in economics today. He continues to dine out out on a crisis prediction that only came true thanks to government intervention that…
Japan’s new ruling party says that the country’s budget will be balanced by 2020 and that massive bond sales to cover the country’s large sovereign debt will become less and less necessary. Annual government…
Where will Honda Motors (NYSE: HMC) and Toyota Motor (NYSE: TM) go to build their cars and trucks now that Chinese workers striking for better wages? Even if those wages are double what the…
Walmart (NYSE: WMT) will add dozens of stores in the Chicago areas and about 12,000 jobs over the next five years. The move has the blessing of the city. “Our city is facing a…
White House Budget Director Peter Orszag is about to resign, perhaps to get married and have a less hectic life. He certainly get a job in the private sector that will pay him several…
Reuters: The White House budget director will leave. Reuters: China’s state-owned banks are buying dollars. Reuters: Intel (NASDAQ: INTC) and the FTC are in talks to settle a market abuse case. Reuters: Amazon.com Inc…
Amazon.com Inc (NASDAQ: AMZN) cut the price of its basic Kindle e-reader to $189 from its current price of $259 and Barnes & Noble (NYSE: BKS) cut the price of its 3G/WiFi compatible Nook…
The $75 billion Making Home Affordable Program has not lead to many permanent mortgage modifications. Through May, the number was only 340,459. The figure is particularly pathetic compared to the number of borrowers who…