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Latest Articles: United States News
Recalls add to Toyota's US overcapacity woes (6,880 Jobs "suspended")
Post Date: 2010-02-20 18:22:23 by Nebuchadnezzar
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Recalls add to Toyota's US overcapacity woes 19 Feb 2010, 1438 hrs IST, AGENCIES NEW YORK: Toyota's massive recalls are adding to the Japanese automaker's overcapacity problems in the United States, where it plans to halt production at two plants and may need to take additional cuts. "Toyota has too much manufacturing capacity in the United States," said David Cole, chairman of the Center for Automotive Research. Toyota, which owns manufacturing operations at 14 US sites, employs a workforce of 33,400 in the country and indirectly generates about 163,000 jobs. The global auto industry leader announced this week that it would suspend output on February 26 at a ...
Median Home Prices In Orlando Area Plunge 14% In January; Orange County Has 13 Months of Unlisted Foreclosures
Post Date: 2010-02-20 18:11:47 by Nebuchadnezzar
3 Comments
Median Home Prices In Orlando Area Plunge 14% In January; Orange County Has 13 Months of Unlisted Foreclosures Those who thought things are so bad they can't get worse are wrong yet again as central Florida median prices for existing homes drop the most in at least 15 years. The raw numbers look ominous, but the figures are distorted by foreclosures and short sales. Not counting distress sales, prices declined 3%. That is still a big drop. The Orlando Sentinel discusses the situation in Orlando-area home prices plunge 14% in January. President Barack Obama announced plans to funnel $1.5 billion of foreclosure relief to Florida and four other states. But the Orlando Regional Realtors ...
Study: Mods just Delay Foreclosures, 6.1 Million to Lose Homes
Post Date: 2010-02-20 18:06:58 by Nebuchadnezzar
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Study: Mods just Delay Foreclosures, 6.1 Million to Lose Homes by CalculatedRisk on 2/20/2010 07:46:00 AM Jeff Collins, at the O.C. Register, has a Q&A with Wayne Yamano, vice president at John Burns Real Estate Consulting: Loan mods won’t halt foreclosures, study shows Register: Your study says that five million of the 7.7 million delinquent homes will go through foreclosure or a “foreclosure-related procedure.” How is this likely to occur? Wayne: Most shadow inventory will get out onto the market as an REO or short sale. In any event, it results in the homeowner losing their home, and that home being added to the supply of homes available for sale. Register: Do the ...
A math problem at the Labor Department? (Obama's BLS lies through their teeth)
Post Date: 2010-02-20 17:51:55 by Nebuchadnezzar
4 Comments
A math problem at the Labor Department? Friday, February 19, 2010 This morning's inflation report is generating all sorts of headlines about core consumer prices falling for the first time since 1982. In looking at the screen shot of the detailed data from the Labor Department below, there is clearly some sort of a math problem associated with changes that were recently made to category weightings (note that only the relevant data is included below from a much larger table). IMAGE Looking at the weighting (Relative importance) and the indentation on the left to determine which categories are sub-categories of others it becomes clear that you can't get the large negative number of ...
CPI Number Reported INTENTIONALLY INCORRECT? (Soc. Sec. Recipients take it in the behind)
Post Date: 2010-02-20 17:47:54 by Nebuchadnezzar
1 Comments
Remember the market's "cheering" of the "-0.1%" CPI-U reading (core) yesterday? There's a problem - it was wrong. Look at the highlighted numbers. Let's multiply them up. (5.966 x 0) + (.769 x -2.1) + (25.206 x -0.1) + (.347 x 0.4) / 32.288 = -0.12%, or -0.1%. But it was reported as -0.5% in the line directly above (inverted tone.) Oops. I didn't re-run the weightings for the entire series but a quick "eyeball" of the table shows that this should result in a CORE reading of 0.1% (positive), not the negative number reported. Will the BLS admit to this error? Who the hell knows, but if you have a calculator, you can verify that yet ...
GE's work force fell by 6 percent in 2009 (19,000 lost jobs)
Post Date: 2010-02-20 17:20:51 by Nebuchadnezzar
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GE's work force fell by 6 percent in 2009 By STEPHEN MANNING General Electric's overall work force fell by about 6 percent worldwide as it struggled to deal with the deep recession and financial crisis, company regulatory filings out today reveal. GE's annual report shows the company reduced its employee head count by about 19,000 jobs to 304,000 workers. It's the second year in a row that jobs have fallen at one of the world's largest companies after several years of job growth earlier in the decade. A company spokeswoman says much of the reductions came from jobs left unfilled after retirements or other voluntary separations. But a large portion came from layoffs. ...
Oil Prices Climb 12% in 2 Weeks
Post Date: 2010-02-20 13:18:59 by Nebuchadnezzar
20 Comments
Oil prices up 12 percent in 2 weeks Oil rises to near $80 a barrel; crude has surged 12 percent in 2 weeks ap y Chris Kahn, AP Energy Writer , On Friday February 19, 2010, 5:28 pm EST NEW YORK (AP) -- Oil prices are again flirting with $80 a barrel after a two-week rally fueled by promising economic reports and worries that troubles in Europe and the Middle East could eventually tighten supplies. Benchmark crude for March delivery added 75 cents to settle at $79.81 a barrel on the New York Mercantile Exchange. The price of the March contract, which ends Monday, has increased by 12 percent since Feb. 5. Most of the trading already has moved to the April contract, which added 64 cents ...
Five Million Workers to Exhaust Unemployment Benefits by June (Calculated Risk Blog)
Post Date: 2010-02-20 13:17:40 by Nebuchadnezzar
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Five Million Workers to Exhaust Unemployment Benefits by June by CalculatedRisk on 2/14/2010 08:48:00 PM Back in December, the qualification dates for existing tiers of unemployment benefits were extended for an additional two months. Time is up at the end of February. Now another extension is needed or millions of workers will lose benefits over the next few months. The National Employment Law Project (NELP) released a new report last week showing that ... 1.2 million jobless workers will become ineligible for federal unemployment benefits in March unless Congress extends the unemployment safety net programs from the American Recovery and Reinvestment Act (ARRA). By June, this number ...
Jewel Osco to lay off 110 management positions
Post Date: 2010-02-20 13:13:12 by Nebuchadnezzar
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Jewel Osco eliminating 110 store management positions By Associated Press 9:38 PM EST, February 19, 2010 CHICAGO (AP) — Jewel Osco, the Chicago area's largest grocery chain, says it will eliminate 110 store management jobs in an effort to be more competitive. The layoffs announced Friday affect facilities where the chain operates Jewel supermarkets and Osco drug stores under one roof. Jewel has traditionally operated such stores with two managers, one for the Jewel food business, the other for the Osco pharmacy operation. The company said in Friday's statement that in the future it will have just one manager for each store, leading to 110 lost store director jobs. All of ...
Consol Energy Fola Coal Op to eliminate 157 jobs
Post Date: 2010-02-20 13:11:48 by Nebuchadnezzar
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February 19, 2010 Consol to lay off 157 in Clay County; 300 will keep jobs By Ken Ward Jr. Staff writer Advertiser CHARLESTON, W.Va. -- About 300 of the workers at Consol Energy's Fola Coal operations in Clay County will keep their jobs, but another 157 will be put out of work under a "restructuring plan" announced by the Pittsburgh-based company Friday evening. The changes take effect Monday, following a weekend idling of the operations to make "workforce adjustments," including the moving of most of the mining equipment at the Fola surface operations to the Ike's Fork portions of the mine site. "We have a plan and our tonnages have been sold, but in an ...
Double Digit Losses Per Square Foot Over the Last 2 years on The Westside
Post Date: 2010-02-19 21:02:12 by Nebuchadnezzar
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Double Digit Losses Per Square Foot Over the Last 2 years on The Westside Finally, we have some Price Per Square Foot Numbers on the Westside, over the the last 2 years. They are for Median Priced Single Family Residences taken over the entire year, from 2007 through 2009. These are the best numbers yet, for averaging out seasonal variations and market mixes, providing you with a better picture of sales value. Also, it's an overall snapshot of your neighborhood and a way to ballpark figure your average house. Let's take a look at the 2009 Price Per Square Foot Numbers and their relative losses, ranked from highest to lowest :
1) West Hollywood 90038 ($370/sqft) -36.6%
2) Malibu 90265 ...
Highmark to "voluntarily" resign 300
Post Date: 2010-02-19 20:52:59 by Nebuchadnezzar
3 Comments
Highmark wants to buy out 300 positions Friday, February 19, 2010 Pittsburgh Post-Gazette Highmark Inc., Pittsburgh's largest health insurer, is offering buyouts - "voluntary resignation programs" - to its employees in hopes of cutting its workforce by 300 positions. The buyout packages - being offered to management, business operations support, claims processing, and administrative and clerical staff -- are part of a larger plan to reduce operating expenses by approximately $20 million in 2010. When asked if layoffs would be an option if Highmark couldn't find 300 people to resign, a company spokesman said "Highmark cannot say what the company's next steps will ...
Time to leave Citi bank...Citi requires 7 day notice of closing accounts!
Post Date: 2010-02-19 17:51:17 by Nebuchadnezzar
2 Comments
Seeking Alpha (and Business Insider) report: Seen on a recent Citibank (C) statement: "Effective April 1, 2010, we reserve the right to require (7) days advance notice before permitting a withdrawal from all checking accounts. While we do not currently exercise this right and have not exercised it in the past, we are required by law to notify you of this change." The writer there says that he called Citi (as did the other author over on the other site) and was told this applied "only to accounts in Texas." Huh? Folks, the formal name for a checking account is a demand account. It is called a demand account for the very reason that you have a right to all your ...
Ky. Man Charged With Threatening President By Posting 'Sniper' Poem On Supremacist Web Site
Post Date: 2010-02-19 17:10:32 by Brian S
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U.S. Secret Service Special Agent Stephan M. Pazenzia said Johnny Logan Spencer Jr., 27, of Louisville wrote and posted the poem, titled "The Sniper," on a page called NewSaxon.org. The site is described as an "Online Community for Whites by Whites." The poem was posted in August 2007, according to an arrest affidavit. U.S. Magistrate Judge Dave Whalin on Friday ordered Spencer released on $25,000 bond, but kept under house arrest at a family member's home. He's charged with making threats against the president and threatening to kill or injure a major candidate for the office of the president. The poem describes a gunman shooting and killing a ...
FBI, Laying Out Evidence, Closes Anthrax Letters Case
Post Date: 2010-02-19 15:35:09 by Brian S
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WASHINGTON — More than eight years after anthrax-laced letters killed five people and terrorized the country, the F.B.I. finally closed its investigation of the matter on Friday. The bureau released a 92-page report adding eerie new details to its case that the attacks were carried out by Bruce E. Ivins, an Army biodefense expert who killed himself in 2008. The report describes the evidence against Dr. Ivins in far greater detail than before, revealing his equivocal answers when a friend asked him in a recorded conversation whether he was the anthrax mailer. “If I found out I was involved in some way.” Dr. Ivins said. “I do not have any recollection of ever doing ...
Tiger Woods Apologizes for Infidelity, Unsure When He Will Return to Golf
Post Date: 2010-02-19 15:23:03 by Brian S
6 Comments
Feb. 19 (Bloomberg) -- Tiger Woods said he had no idea when he would return to golf as he apologized for his marital infidelity and “my repeated irresponsible behavior.” Golf’s 14-time major-tournament winner spoke at the TPC Sawgrass clubhouse in Ponte Vedra Beach, Florida, the headquarters of the U.S. PGA Tour. He didn’t take questions from media members who were among those present, and hugged his mother, Kultida, after the 13 1/2-minute address, Woods’s first public appearance since a one-car accident outside his home on Nov. 27. Woods said he would return to therapy tomorrow. There was no sign of Woods’s wife, Elin. PGA Commissioner Tim Finchem and ...
Alexander Haig, Top Adviser To 3 Presidents, Hospitalized At Age 85
Post Date: 2010-02-19 15:17:57 by Brian S
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(02-19) 11:59 PST BALTIMORE, (AP) -- Former secretary of state and presidential adviser Alexander Haig is in critical condition at Johns Hopkins Hospital in Baltimore. Hospital spokesman Gary Stephenson said Friday that the 85-year-old was admitted Jan. 28 and remains in critical condition. Stephenson says he cannot say why Haig is hospitalized. The four-star general served as a top adviser to three presidents and had presidential ambitions of his own. President Richard Nixon appointed him White House chief of staff in 1973. In that role, Haig helped the president prepare his impeachment defense and handled many of the day-to-day decisions normally made by the chief executive. Haig ...
Hosing, I Mean Housing...10.5% of ALL homes in forclosure..Prime Mortgages Delinq rate skyrockets!
Post Date: 2010-02-19 15:02:13 by Nebuchadnezzar
1 Comments
Hosing, I Mean Housing... Well this isn't getting any better... from the wire: *(US) Q4 MORTGAGE DELINQUENCIES: 9.47% V 9.64% PRIOR; first decline in 8 quarters Yeah, but.... - Mortgages in foreclosure at 4.58% v 4.47% q/q Oops. Wrong way there. - percentage of loans on which foreclosure actions were started at 1.20% v 1.42% q/q A loan on which the bank refuses to foreclose gathers no loss. - Prime mortgage delinquency rate 7.01% v 6.26% q/q But it's still delinquent, and getting more delinquent. This jump, by the way, now pegs the prime delinquency rate at some seven times normal. Were those loans really prime? I think not. - Mortgage Bankers Association: 15% of US ...
Paper-making products maker closing Ga. plant- 39 lay offs
Post Date: 2010-02-19 14:40:22 by Nebuchadnezzar
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Paper-making products maker closing Ga. plant The Associated Press JONESBORO, Ga. -- AstenJohnson, a Charleston, S.C.- based company that makes products used in paper-making, says it will close its Jonesboro plant in July. Spokeswoman Rebecca Harper says the paper industry’s continued decline has forced the company to cut production. * Link: http://www.ajc.com She says most of the 39 employees that will lose their jobs at the press fabric plant are manufacturing workers. AstenJohnson built its first Jonesboro factory in 1958. Harper says one plant closed in 2000 and another in 2003. Harper says AstenJohnson still has seven factories in North America, two in Europe and one in ...
Hudson Valley Resort files for bankruptcy (150 jobs in jepordy)
Post Date: 2010-02-19 14:37:17 by Nebuchadnezzar
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Hudson Valley Resort files for bankruptcy Text Size: A | A | A Print this ArticlePrint this Article Email this ArticleEmail this Article ShareThis Photo 1 of 1 | Zoom Photo + Top Photo The Hudson Valley Resort in Kerhonkson has filed for bankruptcy in an effort to avoid foreclosure.THR/Steve Borland Adam Bosch By Adam Bosch Times Herald-Record Posted: February 18, 2010 - 12:30 PM KERHONKSON — Suffocating under more than $26 million of debt, the Hudson Valley Resort & Spa has declared bankruptcy in a last-ditch effort to avoid foreclosure. Owners of the resort filed Chapter 11 bankruptcy in January, just as the holder of their largest mortgage finished a foreclosure case against ...
Salem Hospital lays off 43 full-time workers
Post Date: 2010-02-19 14:35:48 by Nebuchadnezzar
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Salem Hospital laying off workers Officials say cuts target managers, in an effort to keep staff for patient care Download a PDF of this story By Ruth Liao • Statesman Journal • February 19, 2010 Previous Page Salem Health and its Salem Hospital have eliminated at least 43 full-time equivalent positions, and more employees are working shorter weeks. For the first time in nine years, Salem's largest private employer is facing cutbacks to avoid a budget deficit, but the hospital does not expect to cut any more jobs. "We believe we can complete the year with the budget balanced and without needing to make more reductions," Salem Health spokeswoman Julie Howard ...
Sears to close 8 stores
Post Date: 2010-02-19 14:34:26 by Nebuchadnezzar
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Sears to close 8 stores Sears Holdings to close four Sears Essentials and four traditional department stores Sears plans to close eight of its namesake stores by early April as parent Sears Holdings Corp.continues efforts to trim underperforming locations from its ranks. The retailer intends to shutter four full-line department stores in Waycross, Ga., Columbia, Tenn., Wilson, N.C., and Houston. Another four Sears Essentials stores--a freestanding, big-box format that once had been pegged as Sears' growth vehicle--will close in Plainfield, N.J., Carlton, N.J., West Bend, Wis., and London, N.H. All the stores will close May 9, except for the London store which will shut down April ...
Endicott Interconnect lays off 55 today
Post Date: 2010-02-19 14:33:17 by Nebuchadnezzar
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E-I Annonces Job Reduction Tools Endicott, NY (WBNG Binghamton) Endicott Interconnect cut 55 positions today.The company says the cuts were across the board... Some were temporary, engineers, tech, professional and support workers. E-I says the reason for reducing the workforce is because current contracts continue to be delayed. So the company is re-sizing its job levels to the work they have now. The company is still notifying employees at this hour
Engineering firm URS lays off 134
Post Date: 2010-02-19 14:22:47 by Nebuchadnezzar
1 Comments
Engineering firm URS Corp. lays off 134 Birmingham Business Journal - by Lauren B. Cooper Staff Enter words from the security image above: Get new image | Image verificationAudio verification | reCAPTCHA™ Related News * SEC charges World Fuel execs with insider trading * Mercedes-Benz dealership breaks ground * URS profit, sales fall Global engineering firm URS Corp. has informed the state it intends to lay off 134 employees in Birmingham starting mid-March, according to the Alabama State Dislocated Worker Unit. California-based URS entered the Birmingham market in 2007 when it purchased Washington Group International and its locally founded general contractor subsidiary Rust ...
family Healthcare Networks lays off 60
Post Date: 2010-02-19 14:21:38 by Nebuchadnezzar
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Family Healthcare Network cuts 60 positions Comments 0 | Recommend 4 February 19, 2010 6:55 AM THE RECORDER The largest primary healthcare provider in Tulare and Kings counties is laying off 60 employees as a result of state cutbacks. In a press release issued Thursday afternoon, Family Healthcare Network administration stated that none of the reductions will directly involve professional providers employed by the organization. It does not state when the layoffs will take effect. “We have tried to avoid taking this kind of action which has been taken by so many other health care organizations across [California], but the state cuts have just been too much for us to overcome,” ...
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