Hot finance and business news.
Home prices in 20 U.S. cities probably fell at the fastest year-over-year pace on record in January as demand plummeted and foreclosures rose, economists said ahead of a private report today.
The S&P/Case-Shiller index dropped 18.6 percent, according to the median forecast of 29 economists surveyed by Bloomberg News. A separate report will likely […]
Filed under: management by Finance Boss
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WASHINGTON — The Treasury Department unveiled proposed legislation Wednesday that would give it broad powers to shut down big financial institutions, the opening act to overhaul regulation of the nation’s troubled financial system and a move that could pave the way for nationalizing banks.
Treasury Secretary Timothy Geithner will ask Congress today to give […]
Filed under: marketing by Finance Boss
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State Farm Mutual Auto Insurance Co. has agreed to pay $307,000 to keep the Central Florida Road Ranger program going.
The new partnership between State Farm and the Central Florida Regional Transportation Authority (Lynx) will maintain and expand the motorist assistance program along Interstate 4 by adding three Road Ranger vehicles and expanding the number of […]
The U.S. budget deficit in 2009 is projected to spike to between $1.67 trillion and $1.85 trillion, according to estimates released Friday by the Congressional Budget Office.
Much will depend on the extent to which President Obama’s budget proposals are enacted by Congress.
"CBO’s estimates of the deficits under the president’s budget are higher each […]
Filed under: economics by Finance Boss
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With Pfizer Inc. about to acquire rival drug maker Wyeth and its expertise in making pricey and complex biologic drugs, Pfizer Chief Executive Jeffrey Kindler strongly supports allowing generic versions of them.
"Done right, with regard to the safety of the products, biological follow-ons are a very appropriate thing to do," he said […]
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The U.S. Federal Trade Commission (FTC) will use new authority to bar lending practices by mortgage brokers who have deceived borrowers, Bloomberg said, citing the FTC’s chairman.
A $410 billion spending package passed by Congress in March authorizes the FTC to ban abusive practices such as deceptive advertising and servicing procedures, FTC Chairman Jon Leibowitz […]
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Specialty apparel retailer Eddie Bauer Holdings Inc said it faced significant risk of violating its consolidated secured leverage ratio as early as the first half of fiscal 2009.
In order to avoid a “going concern opinion” from its independent registered public accountants, the company is seeking an amendment to a term loan agreement to provide […]
Filed under: money by Finance Boss
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Anticipating restrictions on bonuses, officials at Citigroup Inc and Morgan Stanley are exploring ways to sidestep tough new federal caps on compensation, the Wall Street Journal said.
Executives at these banks and other financial institutions that received government aid are discussing increasing base salaries for some executives and other top-producing employees, the paper said, citing […]
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ST. THOMAS, Ont.–Timken Canada is idling its St. Thomas plant in Southwestern Ontario for the next two weeks, affecting 355 workers.
The company says the shutdown is due to the struggling economy and a lack of orders for its bearings, which are used by automakers.
The company has also offered its St. Thomas employees early […]
Filed under: technology by Finance Boss
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Household net worth in the United States declined by $11.2 trillion last year, according to a government report issued Thursday, and Americans curbed their spending as they watched the value of their assets fall.
The Federal Reserve said household net worth, which is the difference between assets and liabilities, sunk by $5.1 trillion in […]
Filed under: business by Finance Boss
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