With this Christmas travel season expected to be the busiest in years, lower gas prices will be a welcome change for travelers. According to industry analysts, the average U.S. gas price is expected to dip below the $3.28 per gallon average that Americans saw at the beginning of the … [Read more...]
Fiscal Cliff Looming Over US as Tax Increase Battle Heats Up
With the fiscal cliff looming ever nearer, talks between Republican House Speaker John Boehner and President Barak Obama are appearing to increase in tension. Reports indicate that the wedge issues that cannot be resolved in negotiation are tax hikes for the wealthiest 2 percent of … [Read more...]
Senate Considers Extending Deposit Insurance Program (TAG)
During the eye of the Great Recession, it appeared that everything was headed for disaster. Banks were failing, credit was frozen, markets were falling off a cliff, etc. Congress took the opportunity to extend deposit insurance to over $250,000 limit in an effort to prevent bank … [Read more...]
Health Care Reform Causing Businesses to Cut Employees to Part Time
After receiving heavy criticism, Darden Restaurants—parent company of Olive Garden, Red Lobster and Longhorn Steakhouse—has retracted its threat to cut employee hours part time in order to avoid offering health insurance. In October Darden announced its plans to “experiment” with … [Read more...]
Best Buy (BBY) Stock Plummets 15% on Schulze Buyout News
Best Buy (NYSE: BBY) and its co-founder, and largest shareholder, Richard Schulze have agreed to extend the deadline on the Schulze buyout offer until after the holidays. The talks spurred a 15% jump in the company's stock price yesterday, but news of postponing the consummation of … [Read more...]
Yahoo Making Moves with PayPal Co-Founder Max Levchin
Yahoo! Inc. (NASDAQ: YHOO) has definitely been experiencing a transition year this year as many executives are leaving and being replaced. The biggest position change came at the CEO position for the company, when Marissa Mayer took the reigns earlier this year. Additionally, Daniel … [Read more...]
Freddie Mac: Mortgage Rates Near Record Lows, Home Prices Up in November
The housing market may have a long to reach full recovery, but it’s certainly bouncing back from the Great Recession. According to a new report from Freddie Mac, rates for 30-year mortgages have dropped to just 3.32 percent, barely more than the record low dating back to 1971. … [Read more...]
Greece to Get 34.3 Billion Euros in Bailout Money
The Eurogroup, a meeting of the finance ministers of all the members of the Eurozone, agreed to doll out 34.3 billion euros to Greece as part of a larger bailout plan that has famously included austerity measures that have met with much resistance. “The disbursement today will allow … [Read more...]
Sprint Purchases Remaining Stake in Clearwire Where Will This Leave Investors
Sprint Nextel Corporation (NYSE: S) announced today that it would be purchasing the remaining stake of Clearwire Corporation (NASDAQ:CLWR). The deal comes after Sprint entered a partnership with SoftBank, giving Sprint access to more capital. As for the remaining stake in Clearwire, … [Read more...]
OPEC Leaves Oil Production Quota at 30 Million Barrels Per Day
As expected, OPEC ministers agreed at a Nov. 12 meeting to keep their daily crude production target at 30 million barrels a day. The 12-nation organization hopes to keep crude prices up, in spite of increased US oil production and a weakened global economy, which OPEC calls the … [Read more...]
Fiscal Cliff Fears Intensify as Deadline Gets Closer
As the year-end approaches, angst over the impending fiscal cliff only gets worse. There seems to be little real compromise coming out of Washington to get this behind us. The political posturing continues as Americans watch and hope a resolution will be found before the clock runs … [Read more...]
Rise of the Russian Smartphone Yota
Reports out of Russia are indicating that the country now has a smartphone company with the hopes that it will compete on the world scene. Yota Devices was once a part of Russian state-operated defense corporation but now the company is betting big on a dual screened device. On one … [Read more...]
Yahoo Executive Blake Irving Jumps Ship to Take the Helm at Godaddy
Former Yahoo! Inc. (NASDAQ:YHOO) chief product officer Blake Irving will take the helm at Go Daddy effective Jan. 7. The private web-hosting company has often been better known for its controversies—former CEO Bob Parsons videotaped himself killing an elephant and the company … [Read more...]
Virgin Atlantic Airways Sells 49% to Delta Air Lines to Boost Trans-Atlantic Reach
Delta Airlines (NYSE:DAL) is buying a 49% interest in Virgin Atlantic Airways for $360 million in a deal that will strengthen Delta's New York to London schedules, as well as bolster its presence in Europe. Eccentric billionaire Richard Branson will still own a 51% controlling … [Read more...]
HSBC Found Guilty of Money Laundering for Mexican Drug Cartels
The British bank, HSBC Holdings plc (ADR) (NYSE:HBC), said that it would be pay a record $1.9 billion to settle claims of the bank’s money laundering activities. The US government says that HSBC’s US unit accepted billions of dollars from the Mexican drug cartels, Iran, and other … [Read more...]
U.S. Officials Slap Standard Chartered with $327 Million Penalty
Standard Chartered (STAN:LN) will pay $327 million to settle federal and New York charges it laundered money on behalf of four sanctioned nations between 2001 and 2007. The US Treasury’s Office of Foreign Assets Control announced Dec. 10 will conclude a years-long investigation into … [Read more...]
Ingersoll Rand Spins Off Security Division as Part of Strategic Restructuring
Ingersoll-Rand (NYSE:IR) announced it will be separating its security business from the rest of its operations in a strategic move to enhance shareholder value. The move includes combining its commercial and residential security businesses, a 31% hike in the company's quarterly … [Read more...]
Amazon $50 Discount on Kindle Fire and Barnes & Noble Slashes Nook Simple Touch Price
Amazon and Barnes & Noble both just announced they are cutting prices on their E-reader tablets in an effort to boost sales. Although Amazon's Kindle sales were outdone by Nook sales on Black Friday, Amazon is still selling Kindles at a rapid pace. With eBooks selling faster than … [Read more...]
McDonald’s Makes a Comeback with Impressive November Sales
McDonald’s Corporation (NYSE: MDO) announced Dec. 10 its global sales in restaurants opened at least 13 months rose 2.4 percent in November. The same figure in the U.S., however, increased by 2.5 percent, compared to just 1.4 percent in Europe. … [Read more...]
Starbucks Will ‘Voluntarily’ Pay More UK Tax in Spite of Legal Loopholes
After UK Lawmakers accused it of immorally avoiding tax Dec. 3, Starbucks (SBUX) announced Dec. 6 it would voluntarily pay 20-million pounds in UK corporation tax over the next two years. “Having listened to customers and to the British public, Starbucks in the UK will be making … [Read more...]
