Category: Business

December Payroll Employment Rises (+155,000); Unemployment Rate Unchanged (7.8%)

December payroll employment rises (+155,000); unemployment rate unchanged (7.8%) …. Establishment Survey Data Total nonfarm payroll employment increased by 155,000 in December. In 2012, employment growth averaged 153,000 per month, the same as the average monthly gain for 2011. In December, employment increased in health care, food services and drinking places, construction, and manufacturing. (See…

Avis Buying Zipcar In $500 Million All-Cash Deal

Car rental company Avis says it will buy car-sharing company Zipcar for about $500 million in cash. Car sharing has become a popular alternative to traditional rentals in cities and on college campuses, allowing people to use vehicles for quick trips. Avis Chairman and CEO Ronald Nelson says combining with Zipcar will significantly increase the…

U.S. Pending Home Sales Hit 2-1/2 Year High In November

Contracts to buy previously owned U.S. homes rose in November to their highest level in 2-1/2 years, an industry group said on Friday, further evidence of a strengthening housing market recovery. The National Association of Realtors said its Pending Home Sales Index, based on contracts signed last month, increased 1.7 percent to 106.4 – the…

$1 Billion Deal Major Step in Toyota Legal Trouble

With a proposed payout of more than $1 billion, one major chapter of a nearly four-year legal saga that left Toyota Motor Corp. fighting hundreds of lawsuits and struggling with a tarnished image has ended, though another remains. The settlement — unprecedented in its size according to a plaintiff’s attorney — brings an end to…

Ford To Add 2,350 New Jobs As Part Of Investment Plan

Car major Ford Motor Company on Thursday said it would spend more than $773 million on expanding its manufacturing facilities and create 2,350 new jobs in its home state of Michigan as part of a plan to invest $6.2 billion and add 12,000 new positions by 2015. “Even as we wrap up an incredibly busy…

Online Shopping On Black Friday Tops $1 Billion

In a positive sign for the U.S. economy, shoppers took advantage of deep discounts both online and in stores over the Thanksgiving holiday weekend. Black Friday online sales topped $1 billion for the first time, according to comScore, which measures online behavior. Amazon.com was the most-visited retail website on Black Friday. Wal-Mart’s website was second,…

National Retail Federation: 147 Million To Shop Black Friday Weekend

As many are preparing for big meals and finalizing Thanksgiving plans, retailers are getting ready for the biggest shopping day of the year. Some 147 million people are expected to shop during Black Friday weekend, News 14 Carolina reports, citing figures from the National Retail Federation. That’s a slight decrease from 2011, according to the…

Task Force Says Global Shadow Banking Hits $67 Trillion

The system of so-called “shadow banking,” blamed by some for aggravating the global financial crisis, grew to a new high of $67 trillion globally last year, a top regulatory group said, calling for tighter control of the sector. A report by the Financial Stability Board (FSB) on Sunday appeared to confirm fears among policymakers that…

Average US Credit Card Debt Per Borrower Up In 3Q

Americans cranked up their use of credit cards in the third quarter, racking up more debt than a year ago, while also being less diligent about making payments on time, an analysis of consumer-credit data shows. The average credit card debt per borrower in the U.S. grew 4.9 percent in the July-to-September period from a…

Euro Area Slips Into Recession Second Time in Four Years

The euro-area economy slipped into a recession for the second time in four years as governments imposed tougher budget cuts and leaders struggled to contain the debt crisis that broke out in October 2009. Gross domestic product in the 17-nation single-currency bloc slipped 0.1 percent in the third quarter after a 0.2 percent decline in…

HSBC Fears Criminal Charges For Rule Breaches

A U.S. fine for anti-money laundering rule breaches could cost HSBC significantly more than $1.5 billion (£939 million) and is likely to lead to criminal charges, Europe’s biggest bank said on Monday. HSBC said the U.S. investigation had caused “considerable reputational damage” and had forced it to set aside a further $800 million to cover…

US Jobs Report Better-Than-Expected Despite Uptick In Unemployment Rate

The US economy gained a better-than-expected 171,000 jobs in October and more people were hired in the prior two months than previously believed, but the unemployment rate ticked up to 7.9% from 7.8%, the government said Friday. Economists surveyed by Market Watch expected a 120,000 increase in jobs, with an unemployment rate of 7.9%. Employment…

UPDATE: Donald Trump to reveal ‘Michelle and Barack Obama’s divorce papers’ / Trump Promise of ‘Very Big’ Political Bombshell is a Fail

UPDATE: Donald Trump to reveal ‘Michelle and Barack Obama’s divorce papers’ claims respected financial pundit / Trump Promise of ‘Very Big’ Political Bombshell is a Fail Donald Trump is to claim that he has unearthed divorce papers of Michelle Obama and the President, according to a respected financial pundit with links to the tycoon. It…

Update: Apple Unveils New iPad Mini, New iMacs

Update: Apple Unveils New iPad Mini, New iMacs

Updated at 2:05 pm ET: Apple officially announced its iPad Mini. The new tablets sports a 7.9-inch display, is 7.2mm thick, and weighs 0.68 pounds. Other specs include a front-facing FaceTime HD camera. Apple also unveiled thin new iMacs today. The new computer is the thinnest desktop Apple has made to date, Phil Schiller said,…

Bad Day For Google! Google Filing Error Shocks Investors, Exposes Process

Google has officially released their Q3 earnings report, adding that the initial report was erroneously released early and “financial results reported in the prior Form 8-K have not changed.” Quote from Larry Page: “We had a strong quarter. Revenue was up 45 percent year-on-year, and, at just fourteen years old, we cleared our first $14…

Walmart U.S. Layaway Sales Strong Before Holiday Season

Wal-Mart Stores Inc (WMT.N) has lined up $400 million in U.S. layaway sales in less than a month, half of the amount shoppers put on hold for all of the 2011 holiday season, as the world’s largest retailer makes a concerted push to entice shoppers before the typical start of the holiday season. Shares of…

Nokia Mulls Selling Its Headquarters

Struggling cellphone maker Nokia is seeking to sell its headquarters in Espoo, Finland as part of a drive to dispose of non-core assets. “We are evaluating different options for non-core parts, such as real estate holdings, and that includes the headquarters,” spokeswoman Maija Taimi told Reuters. The glass and steel building by the Baltic Sea…

Google, Apple CEOs In Secret Patent Talks

Google Inc Chief Executive Larry Page and Apple CEO Tim Cook have been conducting behind-the-scenes talks about a range of intellectual property matters, including the mobile patent disputes between the companies, people familiar with the matter said. The two executives had a phone conversation last week, the sources said. Discussions involving lower-level officials of the…

Thiel Sells Facebook Shares

At least someone’s still making money off of Facebook. Facebook Inc. director Peter Thiel sold most of his shares in the social-networking website, after restrictions on insider sales ended. He sold roughly 20.1 million shares Aug. 16–17, raising about $395.8 million. But he had already taken in some $640.1 million during the company’s initial public…