U.S. President Barack Obama yesterday (Wednesday) released a proposed housing program designed to prevent up to 9 million “at risk” Americans from losing their homes.
Liberty Media Corp. (LCAPA) will acquire two board seats and as much as 40% of Sirius XM Radio Inc. (SIRI) in exchange for $530 million in loans. The deal creates a satellite-media juggernaut combining DirectTV Group Inc. (DTV), the largest satellite-TV provider, and the sole U.S. satellite-radio operator.
While congressional leaders this week excoriated the leaders of banks that have received billions of dollars in government bailout money for not doing enough to end the credit crisis, it may actually be consumer fear of borrowing that’s blunting banks’ efforts to lend.
At a time when U.S. employers are laying off workers in record numbers, Intel Corp. (INTC) announced yesterday (Tuesday) that it would spend $7 billion over the next two years to build advanced manufacturing facilities while safeguarding 7,000 high-wage jobs.
As Senate Republicans and Democrats continue to bicker over the details of President Barack Obama’s stimulus plan, Treasury Secretary Timothy Geithner waits in the wings ready to unveil yet another bank bailout bill.
When Pfizer Inc. (PFE) unveiled a $68 billion buyout offer for U.S. rival Wyeth (WYE) last week, it sparked hopes that the deal might re-ignite the moribund merger market. But when the Wall Street dealmakers take a closer look, those flames will likely be doused in cold water.
Ford Motor Co. (F) insists it can survive through 2009 without federal loans despite a $5.9 billion fourth quarter loss and burning through over 40% of its cash on hand.
The unemployment picture took on an even more ominous tone this week as new layoffs emphatically underscored a worsening global economy. Now, fear is rising that the losses represent a major restructuring in the business world and that some, if not most, of the jobs are gone forever.
Caterpillar Inc., (CAT) predicted zero economic growth worldwide in 2009 and announced it will shed 20,000 jobs over the next few months. The world’s largest maker of construction and mining machines issued its gloomy forecast after a downturn that began in the United States grew into a full-blown global recession, gutting orders for its equipment.
A massive slump in oil exploration spending pummeled Schlumberger Ltd. (SLB), the world’s largest oilfield services corporation, as profit fell 17% in the fourth quarter. But the company said curtailed spending could be setting the stage for a rebound in oil and gas prices as supplies dwindle.
