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Recession woes: senior citizens back to work
Published on 3 Nov, 2009 at 19:45 in Business | Viewed 102 views times | No Comments
The worst U.S. economic recession in 70 years is forcing many senior citizens out of retirement to fight for jobs in a weak labor market, or otherwise risk homelessness, according to a recent private study. Released on Tuesday, the study by Experience Works, a non-profit service provider for elders, showed that 46 percent of Americans
BofA CEO Ken Lewis to retire by end of the year
Published on 3 Nov, 2009 at 19:37 in Business | Viewed 82 views times | No Comments
Bank of America CEO and President Ken Lewis announced Wednesday his plans to retire at year end. Lewis will end a 40-year career with the company, succumbing to nearly a year of strife that followed his company’s acquisition of Merrill Lynch&Co., by Dec. 31. The bank said its board plans “to ensure his successor is
Sears to pay record $6.2 million in bias case settlement
Published on 3 Nov, 2009 at 19:31 in Business | Viewed 69 views times | No Comments
Sears Holdings Corp has agreed to pay a record $6.2 million lawsuit settlement to the U.S. Equal Employment Opportunity Commission, which accused the department store retailer of illegally firing disabled workers. Chicago U.S. District Court Judge Wayne Anderson approved the settlement Tuesday of the nearly five-year-old case, calling the terms “adequate, fair, reasonable, equitable, and
September’s auto sales plunge; GM, Chrysler hit hard
Published on 3 Nov, 2009 at 19:19 in Business | Viewed 86 views times | No Comments
Following a government-funded summer sales boom, the U.S. auto industry took a staggering hit in September with sales plummeting 20 percent from the previous month, according to sales figures released Thursday. Hit especially hard were previously-bankrupt General Motors Co and Chrysler; both company’s sales tumbled to the deepest margin in September. GM sales dropped 45
`Cleantech’ could be “next big thing”
With the U.S. economy in shambles and record unemployment, many Americans are increasingly hoping for the emergence of a large-scale breakthrough that will help build industries, create jobs and generate capital. As a candidate for the Next Big Boom, Silicon Valley investors are pointing to something called cleantech – alternative energy, more efficient power distribution
Economists predict low holiday spending, US retailers brace for critical season
U.S. retailers are bracing for a difficult upcoming holiday shopping season, according to experts, who say that tight lending coupled with cautious consumer spending could be detrimental to the approaching period critical to economic recovery. Many early projections suggests retail spending in the final two months of 2009 — a season that accounts for a
US services sector sees first growth in a year: ISM
The US services sector grew in September for the first time in a year, according to a survey by purchasing managers released Monday. The Institute of Supply Management said its nonmanufacturing index rose to 50.9 percent from 48.4 percent in August. Any figure above 50 percent indicates growth. The services sector makes up the majority
Burger King aims at “upscale” makeover
As part of a plan to be revealed Wednesday in Amsterdam, the company will announce a massive effort to overhaul its 12,000 locations worldwide. The sleek interior will include rotating red flame chandeliers, brilliant TV-screen menus and industrial-inspired corrugated metal and brick walls. “I’d call it more contemporary, edgy, futuristic,” Chairman and CEO John Chidsey
Yahoo! cost-cutting yields 244 pct net profit increase
Due to aggressive cost-cutting measures, internet giant Yahoo! more than tripled its net profit for the third quarter of 2009 despite a 12-percent decline in revenue, the company reported Tuesday. Yahoo! said its net profit soared more than 244 percent to 186 million dollars (13 cents per share), from 54 million dollars (four cents per
Sun Microsystems cutting 3,000 jobs, blames Oracle takeover delay
Sun Microsystems said Tuesday it is cutting 3,000 jobs over the next 12 months because of the delay in its takeover by US business software giant Oracle. In a filing with the US Securities and Exchange Commission (SEC), Sun said the layoffs were part of a restructuring plan brought about by the delay in its
