Citigroup posts $8.29B loss, separates traditional banking business from riskier ventures. Citigroup says it is splitting up into two businesses as it sustains its fifth straight quarterly loss. One business, Citicorp, will do traditional banking, and the other, Citi Holdings, will hold the company’s riskier assets.
Citigroup posts loss, splits up the bank. Citi also spent [...]
Circuit City to close 567 remaining US stores and cut more jobs: Bankrupt Circuit City Stores Inc., unable to work out a sale of the company, said Friday it will go out of business — closing its 567 U.S. stores and cutting 30,000 jobs. Circuit City became the largest retailer to fall victim to the [...]
Intel issues another revenue warning and Now Says Revenues Slid 23 Percent. The chip maker revised its fourth quarter sales forecast downward for the second time.
Intel revenue warning: News from NEW YORK – Intel issued another revenue warning Wednesday, blaming the weak demand for its technology products, and said that it expects to lose more [...]
Job Loss: Lost: 1.9 million jobs. November: Most jobs lost since 1974. The 2008 tally soars after payrolls shrink by 533,000 in November, biggest one-month decline in nearly 34 years. Unemployment soars to 6.7%. Wall Street weakens on jobs report: Stocks retreat as economy sheds 533,000 jobs in November – the worst monthly decline in [...]
Discussion: President-elect Obama needs to hands-on economic approach? Who knows?
Democrats: President-elect Obama should take measures for economic crisis
President-ELECT Obama is a consitutional lawyer and knows he doesn’t wield any power until he is lawfully sworn in January 20th, 2009 people. Barney Frank and Christopher Dodd are directly responsible for the calamatous events they are now [...]
Democrats: President-elect Obama needs hands-on economic approach. News from WASHINGTON – Democrats are growing impatient with President-elect Barack Obama’s refusal to inject himself in the major economic crises confronting the country. Obama has sidestepped some policy questions by saying there is only one president at a time. But the dodge is wearing thin. “He’s going [...]
Bush says Citigroup deal needed to protect system. Bush says Citigroup rescue may not be the last one – President Bush argued Monday that the government’s dramatic rescue of Citigroup was necessary…
WASHINGTON – President Bush argued Monday that the government’s dramatic rescue of Citigroup was necessary to “safeguard the financial system” and help the economy [...]
Citigroup rescue includes $20B cash injection, guarantee on billions in assets. Citigroup rescue: U.S. Government plans great Citigroup rescue effort. News from WASHINGTON (AP) — Rushing to rescue Citigroup, the government agreed to shoulder hundreds of billions of dollars in possible losses at the stricken bank and to plow a fresh $20 billion into the [...]
Big 3 automakers beg Congress for $25 billion, talk of national economic peril as aid stalls. WASHINGTON — Detroit’s Big Three automakers pleaded with a reluctant Congress Tuesday for a $25 billion lifeline to save the once-proud titans of U.S. industry, pointedly warning of a national economic catastrophe should they collapse.
Millions of layoffs would follow [...]
Why Circuit City Busted, While Best Buy Boomed: There is no mystery as to why the No. 2 electronics retailer in the U.S., Circuit City, filed for bankruptcy on Nov. 10. You could blame it on the bad economy or decreased consumer spending — which played no small role — but the real culprit is [...]