Archive for October, 2009
Royal Dutch Shell cuts jobs amidst a disastrous Q3
Yesterday Royal Dutch Shell announced an abysmal 73% drop in profits for the third-quarter. Shell then followed up the unfortunate news with some more unfortunate news — job cuts; 5,000 to be exact. Details below:
Royal Dutch Shell plans to cut 5,000 jobs as part of cost-cutting to mitigate the impact of the falling oil price.
Shell [...]
Timothy Geithner reveals tax credit plan in Chicago
(AP) — Treasury Secretary Timothy Geithner is in Chicago to announce plans for $5 billion in investment for struggling communities nationwide.
He’s scheduled to tour a job training on the city’s West Side with Mayor Richard Daley.
After that, Geithner is expected to announce that three Chicago-area institutions will receive awards under the New Markets Tax Credit [...]
CIT $1 billion from Carl Icahn, Icahn Capital LP
As a part of their restructuring plan, CIT has entered an agreement with Carl Icahn to secure a $1 billion line of credit from Icahn Capital LP to provide themselves with supplemental liquidity as they go through with the plan.
Icahn Capital has given CIT up until the new year to draw the new line of [...]
GDP rises in the 3rd Quarter — Is our recession ending?
The numbers are in, in reference to the impact of the economic stimulus. Pretty promising if you ask me.
“The U.S. economy expanded at an annual rate of 3.5 percent in the third quarter, unofficially marking the end of the worst recession since World War II.
The growth reported today by the Commerce Department for the three [...]
Wall Street Journal’s Boston Bureau to close for good
Reporters at the Boston location of the Wall Street Journal recieved some very unfortunate news in an email today from their editor Robert Thompson:
“Colleagues,
Today we told our team in Boston that we are closing the bureau in its present form. The economic background to the closure is painfully obvious to us all. An investigative function [...]
Ford Motor Co: Geely is the leading bidder
In a press release from Ford Motor Co., the world’s fourth-largest automaker announced that Geely has emerged as a front runner. Ford has had Volvo on the market for some time now, beginning last year when it began to unravel its global empire.
Aston Martin went to Kuwaiti financiers, Jaguar and Land Rover to Tata (India), [...]
When the pursuit of retail domination goes too far – Walmart will now sell caskets
This is no spoof. Walmart really is going to begin selling discount caskets.
From the Huffingon Post:
“Beginning at $999 for lower-end models, all 27 caskets in the Walmart online inventory cost less than $2,000, except the “Sienna Bronze Casket,” which sells for $3,199. The caskets come from Star Legacy Funeral Network, Inc., of McHenry, Ill., and [...]
