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How Many Clunkers Traded In?
The Cash for Clunkers program sold close to 700,000 cars, thus lifting July sales on an annualized basis to 11.2 million; the first time that the annualized rate has moved over 10 million in 2009.
GE To End Government Loan Backing
Industrial conglomerate General Electric has announced plans to reduce its dependence on government financial assistance and guarantees.
Merchandising, The Real Money Spinner
Move over Hannah Montana, Camp Rock, High School Musical or even Tinkerbell, Michael Jackson merchandise is here to take over all shelf space.
Lights Dim At Philips
Royal Philips Electronics, NV, the world’s biggest lighting manufacturer reported a 94% drop in net profits for the second quarter. This despite the company having embarked on a cost cutting mission which led to 11,800 jobs being axed.
Oil, Slithering And Sliding Away
Oil prices slid to close to $59 a barrel in Asian markets on Monday. Oil prices have dropped $14 a barrel since June 30th, the day weak US economic data on unemployment and consumer spending for June was put out.
Intel Moves Up
Intel results declared this week seemed to suggest that the computer business is getting back on its feet. Analysts’ expectations were low, and the company having topped those was greeted with good cheer on Wall Street. The company’s shares rose 7%.
CIT Rescue Talks Fail, Bankruptcy Looms
Lending firm CIT Group has failed to convince the federal officials for provision of further financial assistance to it to resolve its worsening liquidity crisis.
US Foreclosures Continue To Rise
Mounting unemployment levels and the continued decline in the home values has resulted in a continued sharp increase in the overall foreclosure filings in the US, according to the latest report from RealtyTrac.
US Lenders Lean On Investment Banking For Profits
Some of the biggest lending giants in the US such as JP Morgan, Banc of America and Citigroup have reported better than expected second quarter profits totaling around $10.2 billion.
Housing Construction Rises In June
Construction of new houses and apartments increased by an unexpected 3.6% in June this year, according to the figures released by the Commerce Department.
Now The ‘Beige Book Survey’
The recession has seen growth in at least one industry – the research industry. Economic indicators are being mapped month after month, year after year to show the smallest indication that all could be well again.
US Program Aims To Stem Foreclosures
The US Department of Treasury’s Home Affordable Plan is expected to allow nine million borrowers to stay in their homes.
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