New York governor cuts his own pay 5%
In yet another example of a cash-strapped state seeking to alleviate a crushing budget deficit, the newly-elected governor of New York, Andrew Cuomo, has slashed his salary by 5 percent and may seek to freeze salaries across the state for one year.
NVIDIA shares soaring
Shares of chip designer NVIDIA Corp. (Nasdaq: NVDA) are surging today, in what appears to be a delayed reaction to a series of good news surrounding the company.
Illinois passes huge tax hikes to cut deficit
The state of Illinois has passed measures to raise the personal income tax rate by 67 percent and business income tax rate by 46 percent in order to get a handle on the state’s huge budget deficit.
U.S. economy showing signs of moderate strength, but unemployment and housing remain weak: Fed Beige Book
The American economy closed out 2010 on a relatively strong note, suggesting an improving economy for this year, according to the Federal Reserve’s “Beige Book” report, a nationwide survey of economic conditions.
Full-Text: Summary of Fed Beige Book, January 12, 2011
Summary of Fed Beige Book, January 12, 2011
Wal-Mart faces stiff opposition to setting up shop in New York City
Wal-Mart’s (NYSE: WMT) efforts to establish its first footprint in the vast New York City market promises to be long and bumpy ride, as forces opposed to the discount retailing giant’s presence gather their resolve. Meanwhile, the company seems equally determined to build a store in the city.
Lord Green emphasizes China’s “vital importance” to UK economy
In his first speech as Britain’s new Minister of Trade and Investment, Stephen Green (The Baron Green of Hurstpierpoint) emphasized the vital importance of China to British UK economy.
Whitney forecasts 'indiscriminate selling” in muni bonds, reiterates default warnings
Analyst Meredith Whitney, who has faced enormous criticism over her dire warnings about the likelihood of up to 100 U.S. municipalities defaulting this year, reiterated her call. She further warned that when the defaults commence, the muni bond market will witness a massive exodus.
Tunisian riots highlight festering economic/social problems hidden beneath placid surface
Deadly rioting in the North African nations of Tunisia and Algeria underscore a clash between peoples’ anger over harsh economic realities and totalitarian governments’ clampdown on any dissent.
Sizing up the economic impact of Australian floods
The devastating floods that have inundated Queensland may significantly reduce Australia’s overall economic growth this year, according to an array of economists and analysts.
Stocks climb on strong earnings results; oil surges
Stocks pushed modestly higher, buoyed by some better-than-expected earnings results from prominent companies like Alcoa Inc. (NYSE: AA).
Full-Text: Speech by Agriculture Secretary Vilsack to American Farm Bureau
Remarks by Agriculture Secretary Tom Vilsack to the American Farm Bureau on January 10, 2011.
Prominent trader laments rise of high-frequency trading
Some market observers are extremely concerned about the impact of high-frequency trading upon the overall stock market.
2010 best year ever for donations to nonprofits: Fidelity
Despite a still-fragile U.S. economy and persistently high unemployment, The Fidelity Charitable Gift Fund, the nation's largest donor-advised fund program, said its donors supported charities in record numbers in 2010.
Sturm Ruger shares up on rising handgun sales following Arizona massacre
Shares of gunmaker Sturm, Ruger & Co. (NYSE:RGR) are trading higher today apparently boosted by a surge in sales of handguns in Arizona following the weekend massacre in Tucson by Jared Lee Loughner.
Q&A: Douglas Clayton on investing in Laos, one of the final frontiers
Douglas Clayton, chief executive officer of investment fund manager Leopard Capital, is one of the premier investors of the frontier markets. Based in Phnom Penh, Cambodia, Clayton speaks to IB Times about the ramifications of Laos opening a stock exchange.
AMD plunging after CEO forced out; reverses positive momentum
Shares of Advanced Micro Devices (NYSE: AMD) are plunging after the unexpected departure of the company chief executive officer, Dirk Meyer.
Supervalu’s woes deepen
Shares of Supervalu (NYSE: SVU) are plunging this morning after the retail grocer posted a loss for the third quarter and slashed its full year profit outlook.
Frontier market Laos opens stock exchange
While the recent volatility in the Bangladesh stock market raises worries about investing in the so-called “frontier markets,” another developing country, Laos, has opened its own new stock marke
Banks should not be bailed out by taxpayers: Barclay’s boss
The new chief executive of Barclays plc, Bob Diamond, has told a Treasury Select Committee at the House of Commons that banks should not be bailed out by taxpayers and banks should be permitted to fail should they get into trouble.
7-11 convenience stores plan to expand in Manhattan
The “suburbanization” of Manhattan will continue -- the 7-Eleven convenience store franchise plans to operate an astounding 100 stores in the borough by the year 2015, according to a report in Crain’s New York Business.
Stocks mixed, weighed down by Portugal debt worries, despite slew of mergers
Stocks finished mixed, following a sell-off in Europe, on worries over Portugal possibly needing a financial bailout, ahead of the kick-off of the fourth-quarter earnings season.
California governor Brown proposes stark budget to cope with deficit
California’s governor Jerry Brown has unveiled a budget plan for the state which will cut welfare spending in half, reduce the state university’s systems coffers by 20 percent and slash healthcare coverage for the poor.
Facebook hoax recalls other similar corporate hijinks
The shocking (and highly ludicrous) news over the weekend that Mark Zuckerberg was going to shut down Facebook because it was causing him too much “stress” was only the latest in a long line of corporation-related hoaxes that have long amused, annoyed and bedeviled the public.
Education stocks plunging on weak enrollment data
Education-related stocks are getting hammered this morning after a prominent company in the field, Strayer Education (Nasdaq: STRA) reported a 20 percent drop in poor enrollment for its latest winter term.
Investors again riot in Bangladesh over stock market plunge
In a repeat of a similar scenario from last month, thousands of Bangladeshi investors rioted on the streets of Dhaka, angry after incurring huge losses on the stock market.
Stocks fall on mixed jobs report, court ruling on banks
The Dow Jones Industrial Average fell 22.55 points, or 0.19 percent, to finish at 11.674.76. At one point the Dow was down as much as 100 points. The S&P 500 dropped 2.35 points, or 0.18 percent, to 1271.50; while the Nasdaq shed 6.72 points, or 0.25 percent, to 2703.17.
Is Robert DeNiro overrated?
Robert DeNiro is widely regarded as one of the greatest – perhaps the greatest – living film actor. However, what exactly has DeNiro really accomplished in the last fifteen years?
More than 2-mln Britons use credit cards to pay mortgage, rent
More than 2-million people in the United Kingdom have used their credit cards to pay their mortgage or rent in the last twelve months, a 50 percent increase from the prior year, according to Shelter, the British housing and homelessness charity.
Bank shares falling on Mass. Court ruling on foreclosures
Bank shares are weakening after the Massachusetts State Supreme Judicial Court upheld a decision that two foreclosures from U.S. Bancorp (NYSE: USB) and Wells Fargo (NYSE: WFC) were not valid because the banks did not properly show they held the mortgages at the time of the foreclosure.