General Motors’ October U.S. sales plunged 45 percent, and Ford’s and Chrysler’s weren’t far behind, as low consumer confidence and tight credit combined to bring the industry’s sales to an “unsustainably weak level” that is the worst in 25 years.
Automakers sold 838,156 vehicles in October, 32 percent fewer than the same month last year and [...]
Circuit City Stores announced Monday it plans to close 155 stores and lay off 17 percent of its workforce in the U.S., as it aims to restructure its business amid a tightening credit market and downturn in business.
Over the past few weeks, the retailer’s financial health has become more dire and, according to a report [...]
WHY PAULSON MUST STOP WALL ST., BANK EXCESS
Secretary Henry Paulson came up with a $700 billion emergency plan to pour government money into the Wall Street firms to save them from collapsing - not to fund a bonus pool for the billionaire boys’ clubs of the investment banking firms. It is the economy that is [...]
The largest U.S. oil company surges past analysts’ estimates with a posted net income of $14.83 billion and sets a national record for quarterly profit.
Exxon Mobil Corp. set a quarterly profit record for a U.S. company Thursday, surging past analyst estimates.
Exxon Mobil (XOM, Fortune 500), the leading U.S. oil company, said its third-quarter net profit [...]
American International Group Inc. agreed Wednesday to freeze some $19 million in payments to its former chief executive, Martin Sullivan, while New York Attorney General Andrew Cuomo reviews executive compensation and other expenditures paid out as the company neared collapse earlier this year.
The insurance giant also has agreed not to distribute any funds from [...]
While the $700 billion bailout and presidential election have dominated the news, the U.S. House passed a major piece of credit card reform legislation. The Credit Cardholders’ Bill of Rights Act of 2008 passed the House on Sept. 23 by a vote of 312-112 (with nine members not voting).
The bill, which still needs to pass [...]
STERLING will continue to slide against the dollar as long as financial turbulence persists, analysts say, as international investors dump the pound and euro.
The pound fell to a five-year low against the dollar last week, briefly dropping below $1.70 before closing the week at $1.71. The Bank of England, in common with other central banks, [...]
Three weeks after an $85 billion bailout, AIG is turning to the New York Fed for additional funding.
The New York Federal Reserve is lending up to $37.8 billion to American International Group to give the troubled insurer access to much-needed cash.
In exchange, AIG is giving the New York Fed investment-grade, fixed-income securities that it had [...]
American International Group Inc., castigated by the White House, Congress and Barack Obama for hosting a $440,000 conference days after an $85 billion federal bailout, plans to hold another gathering for brokers next week.
The event, at the Ritz-Carlton in California’s Half Moon Bay, aims to “motivate and educate” about 150 independent agents who sell AIG [...]
Personal details of more than 1 million customers of Royal Bank of Scotland, American Express and NatWest are found on a computer sold on auction site eBay. RBS said the information included historical data related to credit card applications and data from other banks, but would not disclose further details.The information was being held by [...]