Deficit-reduction measures presented by the leaders of a Congressional commission would support the country’s Aaa rating but implementation of the full plan looks unlikely, Moody’s said on Monday. Get the full story »
Filed under: Economy
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Execs return to private planes as economy improves
Private planes at Teterboro Airport in Teterboro, N.J. (AP Photo/Jeff Zelevansky)
U.S. executives, including those at government-owned General Motors, are getting back on corporate planes as the economy slowly recovers.
While airlines still account for the majority of corporate travel, many businesses are gradually returning to private planes. They are eager to avoid airport hassles, flight delays and other potential logistical snags associated with commercial flying. For some companies, corporate jets are also a better value.
“We appear to be off the bottom,” said Dan Hubbard of the National Business Aviation Association trade group that represents companies that own and charter planes. “We seem to be seeing things stabilize at this point.” Get the full story »
U.S. retail sales jump 1.2% in October
Sales at U.S. retailers rose more than expected in October to post their largest gain in seven months, boosted by purchases of motor vehicles and building materials, according to a government report on Monday that was further evidence the economy was regaining strength.
The Commerce Department said total retail sales increased 1.2 percent, the biggest rise since March, after advancing by an upwardly revised 0.7 percent in September. Get the full story »
Ireland in aid talks with EU, rescue likely
Ireland is in talks to receive emergency funding from the European Union and is likely to become the second euro zone country after Greece to obtain an international rescue, official sources said on Friday.
Irish borrowing costs have shot to record highs this week because of concern about the country’s ability to reduce a public debt burden swollen by bank bailouts, and worries that private bond holders could be forced to shoulder part of the costs of any bailout by taking “haircuts” on their holdings. Get the full story »
Post office wants card makers to include postage
The Postal Service wants to test the idea of letting greeting card companies preprint postage on the envelopes they include with their cards, hoping that by making it easier to send cards it will win back some of the business it has been losing to the Internet.
Near record income expected for Indiana farmers
Many Indiana farmers who had been worrying about a late summer drought are now looking forward to some extra spending money thanks to high grain prices, which a Purdue University farm analyst expects will boost the state’s farm income about 25 percent this year.
Ill. gambling revenue lowest in 10 years
Revenue from legalized gambling in Illinois is the lowest it’s been in 10 years. A report from the Legislature’s Commission on Government Forecasting and Accountability found gambling revenue totaled just over $1 billion in the last fiscal year. That’s a 4.5 percent drop from the previous year.
Precious metals steady; CME raises trading costs
(Reuters/Shannon Stapleton)
Precious metals steadied on Wednesday after futures of gold, and particularly silver, plunged in the previous session’s after-hours trade, although the dollar’s strength limited any immediate recovery.
The price of spot gold, which tracks trades in bullion, was up about half percent. Futures of the precious metal in New York showed a loss of up to 1.4 percent during the session, adjusting to Tuesday’s post-settlement trade. Get the full story »
U.S. budget deficit stands at $140B in October
The United States posted a $140 billion budget deficit last month, the third largest shortfall for any October, Treasury Department data showed Wednesday. Get the full story »
Google giving 10% raises to workers
Moving to staunch the defection of staff to competitors, Google Inc. is giving a 10 percent raise to all of its 23,000 employees, according to people familiar with the matter. The raise, which will be given to executives and staff across the globe, is effective in January. Get the full story »
Wealthy pull back on charitable donations
Charitable giving by wealthy Americans dropped by more than a third between 2007 and 2009 as the worst U.S. recession in decades put pressure on the nonprofit sector, according to a study released Tuesday. Get the full story »
Gold passes $1,400 amid economic fears
Investors looking for safer places to stow their assets pushed gold to a record price above $1,400 an ounce Monday as they become more worried about the global economy.
