GeoFeed helps you identify
"geographical references" from all
types of content.
Business News: CBSNews.com (GeoFeed.net)
Thu, 20 Nov 2008 04:34:38 +0100
Lawmakers Grill Bailout's Architects
Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke waged a stout defense on Capitol Hill of their management of a $700 billion bailout just one week after the administration abandoned the original strategy behind the rescue.
Detroit's Big 3 Make $25 Billion Plea
Detroit's Big Three automakers pleaded with Congress for a $25 billion lifeline to save their once-proud companies from collapse, warning of broader peril for the national economy as well.
Jobless N.Y. Man Dons Sandwich Board
Geographical References: New York / New York, New York
After nine fruitless months of looking for work, Paul Nawrocki turned to a Depression-era tactic to find a job. The 59-year-old has been walking the sidewalks of Manhattan wearing a suit, a tie, and a large signs that reads, "Almost homeless."
Checkmate For King Of Beers
InBev SA formed the world's largest brewer when it finalized its $52 billion (euro41 billion) takeover of Anheuser-Busch Cos. Inc.
With Homeowners In The Red, Some See Green
Geographical References: California / Stockton, California
In Stockton, Calif. one out of every 31 homes is now in foreclosure. That has some folks seeing green. Ben Tracy reports.
Citigroup To Axe 53,000 Jobs Globally
Citigroup Inc. is cutting approximately 53,000 more jobs in the coming quarters as the banking giant struggles to steady itself after suffering massive losses from deteriorating debt.
CNET: Yahoo! Founder To Step Down As CEO
Yahoo! founder Jerry Yang is to resign his position as the company's CEO, as pressure builds amid gloomy financial news and the fallout of an attempted takeover by Microsoft.
Top Goldman Execs Refuse Year-End Bonuses
Goldman Sachs Group Inc. CEO Lloyd Blankfein and six other top executives at the bank will not be receiving cash or stock bonuses for 2008, a spokesman said.
White House, Dems Clash Over Auto Bailout
Senate Democrats are proposing to deny bonuses to U.S. auto executives making more than $250,000 a year in exchange for giving the firms and their suppliers $25 billion in loans from the $700 billion Wall Street bailout.
Japan's Economy Slumps Into Recession
Japan's economy has slid into a recession for the first time since 2001, the government says, as companies sharply cut back on spending in the third quarter amid the unfolding global financial crisis.
TiVo To Make Dominos On Demand
Digital video recording company TiVo Inc. said it is teaming up with Domino's Pizza Inc. to allow subscribers to order pizza for delivery or pick-up from their TV sets.
Postal Head Investigated For Mortgage Deal
The Postal Service is investigating whether the nation's postmaster general improperly received a sweetheart deal on a mortgage from Countrywide Financial Corp., the chairman of the service's governing board said.
Summit Heavy On Promises, Light On Details
World leaders battling a dire and deepening economic crisis vowed to cooperate more closely, keep a sharper eye out for problems and give bigger roles to growing nations - but kicked many hard details down the road for their next summit.
Sharp Drop Ends Volatile Week On Wall St.
Wall St. ended a turbulent week with another astonishing show of volatility Friday, with stocks plunging, recovering and then plunging again as investors absorbed another wave of downbeat economic news. The Dow closed down nearly 340 points.
U.S. Retail Sales Take Record Plunge
Retail sales plunged by the largest amount on record in October as the financial crisis and the slumping economy caused consumers to sharply cut back on their spending.
Pelosi Outlines Auto Bailout Package
House Speaker Nancy Pelosi said the House would provide aid to the ailing U.S. auto industry, requiring that the industry meet new fuel-efficiency standards, produce advanced vehicles and restructure "to ensure their long-term economic viability."
Job Cuts Loom At Citi, Sun Microsystems
Citigroup is expected to cut at least an additional 10,000 jobs in its investment bank and other divisions worldwide, according to a report in The Wall Street Journal. Meanwhile, Sun Microsystems Inc. plans to cut up to 6,000 jobs.
Global Financial Summit Underway In D.C.
Geographical References: Washington
World leaders prepared to adopt an early warning system for financial calamities, a commitment to tougher accounting rules and other modest steps to try to prevent future economic crises from threatening the livelihoods of billions around the globe.
Bargain Hunters Shoot Stocks Up 550
Wall Street launched a massive rebound, sending the Dow Jones industrial average up more than 500 points at closing after driving it below the 8,000 mark, as investors decided they did not want to miss out on buying stocks at cheap prices.
Dems Muster Votes For Big Three Bailout
Congressional Democrats are marshaling support for a rescue package to pump $25 billion in emergency loans to U.S. automakers in exchange for a government ownership stake in Detroit's car companies.
World Markets Steady Amid More Grim News
European stock markets were little changed Thursday while Wall Street moved higher as stocks struggled to find direction following hefty losses in the first part of the week. Asian shares closely sharply lower.
Senators, Bankers Clash Over Bailout
While the Bush administration shifts course on its $700 billion rescue plan, Congress is examining whether even bigger changes should be made in the program in light of the deteriorating economy and soaring mortgage foreclosures.
Bush Defends Free Market Amidst Crisis
President Bush asserted that the global financial crisis is "not a failure of the free market" and urged world leaders to adopt modest financial reforms that stop short of the tighter regulations Europeans favor.
German Economy, EU's Biggest, In Recession
The German economy, Europe's biggest, has tipped into recession in the third quarter as weakening exports fueled a bigger-than-expected fall in national output, government figures show.
Stocks Plummet For Third Straight Day
The Dow fell more than 400 points Wednesday - it's third straight day of big losses - after Treasury Secretary Henry Paulson talked about the need to rework the governmnet's bailout plan and retailer Best Buy issued a gloomy outlook.
Administration Cool To Automaker Bailout
Treasury Secretary Henry Paulson called autos a "critical industry" Wednesday but said a $700 billion financial rescue program wasn't designed for them. The White House was noncommital, but said it was open to new ideas.
Hard Times, But Big Wall Street Bonuses
Mystery shrouds how much of that money will come from the $700 government bailout, as Priya David reported on The Early Show.
Big Three Bailout? Not So Fast
The Democrats are pressing for a bailout package for the Big Three. But Declan McCullagh says letting the automakers declare bankruptcy is a better solution.
Macy's Swings To Third Quarter Loss
Department store operator Macy's Inc. swung to a loss in the third quarter as sales dropped 7 percent amid a slowdown in consumer spending and a deteriorating economy.
Holiday Jobseekers Overwhelm Retailers
The odds of landing a part-time job at department store operator Bealls Outlet Stores Inc. this holiday season are slimmer than getting into Harvard: It's one out of every 45.
Strained Economy Even Reaches Harvard Yard
Harvard - America's oldest university and the world's wealthiest - is feeling the pain of the economic meltdown. School President Drew Gilpin Faust warned students, faculty and staff of "unprecedented endowment losses."
Foreclosure Rescue Plan "Falls Short"
The head of the FDIC says a new joint government-industry effort to help struggling homeowners is insufficient to bring widespread changes in home loans.
A New Way To Avoid Bankruptcy
These days, more people are finding themselves smothered by credit card debt. But, as Priya David reports, there's a new way to work with a counselor to avoid filing for bankruptcy.
Buddy, Can You Spare A Billion?
The controversial $700 billion bailout legislation has invited a chorus of financial rescue pleas from industries nationwide and sparked controversy over which companies, if any, deserve a government lifeline.
Bush Moves To Shut Down Web Gambling
The Bush administration is moving in its last weeks to complete regulations to enforce a controversial law that seeks to block Internet gambling. The move is drawing hot protests from Democratic lawmakers and supporters of online betting.
Low-Cost Airlines Top Quality Rankings
Hawaiian, AirTran, Southwest and JetBlue topped the rankings of U.S. airlines for being on-time, uniting bags with passengers, and were lowest in customer complaints, while big carriers brought up the rear, according to a new study.
Citi Gives Lifeline To At-Risk Homeowners
Geographical References: Michigan
Citigroup says it is imposing a moratorium on most foreclosures as part of a series of initiatives aimed at helping at-risk borrowers in states including Michigan remain in their homes.
Pelosi Pushes Aid For Auto Industry
House Speaker Nancy Pelosi called for "emergency and limited financial assistance" for the battered auto industry on Tuesday and urged the outgoing Bush administration to join lawmakers in reaching a quick compromise.
Whatever Happened To Google $1,000?
Geographical References: California
Computer scientists at the University of California at San Diego have developed software that can make a duplicate of a key from just a distant photo of it using technology available to almost anyone.
A Tale Of Two Food Giants
The troubled economy left way fewer bucks for Starbucks, but sent sales up at McDonald's, as consumers curbed discretionary spending. Hattie Kauffman reports.
Volvo Job Cuts Include 100 In N. America
Swedish truck and bus maker Volvo AB says it will lay off 1,000 staff at its powertrain units worldwide, including 100 in North America.
World Markets Cool Off On Economic Fears
Europe's stock markets opened lower following losses in Asia amid mounting concerns about the world economy following downbeat corporate news in the U.S.
Feds Dip Into Bailout Package To Help AIG
The government provided new financial assistance to troubled insurance giant American International Group, including pouring $40 billion into the company in return for partial ownership.
Circuit City Files For Bankruptcy
Circuit City Stores, the nation's second-biggest electronics retailer, filed for bankruptcy protection but will stay open for business as the holidays approach.
China $586B Stimulus Boosts Stock Markets
European stock markets have opened higher after Asia's markets were boosted by China's $586 billion plan to stimulate its economy, a main driver of global growth.
DHL Cutting 9,500 Jobs In U.S.
Deutsche Post AG will close all of its DHL Express service centers, cut 9,500 jobs in the United States and eliminate U.S.-only domestic shipping by land and air, the company said, citing heavy losses and fierce competition.
Greenspan Sees Steep Decline In U.S. GDP
Former Federal Reserve Chairman Alan Greenspan said Friday there is no doubt the world economy is in a very severe recession and that U.S. gross domestic product will decline significantly in the last three months of the year.
Ford, GM Report Massive Losses
Ford Motor Co. said it lost $129 million in the third quarter as the struggling automaker burned through $7.7 billion in cash. Meanwhile, General Motors Corp. says it lost $2.5 billion in the third quarter.
Automakers Seek Their Own Federal Bailout
The heads of Detroit's automakers asked congressional leaders Thursday for "immediate and necessary funding" to help the troubled auto industry weather an economic crisis.
Finding Recession-Proof Jobs
It seems like every day you hear about a new round of layoffs. Yet, there are some industries where help is still wanted. Mark Strassman has a guide to careers that just might be recession-proof.
Markets Plummet After Grim Economic News
Long-term jobless claims reached 3.84 million, a 25-year high, according to the U.S. Labor Department. Prior to this report, government data showed that retail sales in October sank to it's worst showing since 1969.
Big Rate Cuts As Stock Markets Sink
World stock markets slumped despite interest rate cuts across in Europe, including a much bigger than anticipated reduction from the Bank of England, as investors continued to fret about the outlook for the global economy.
Bush Goes Full Speed Ahead On Bailout
At a time when most administrations are slowing down, the Bush White House appears to be speeding up - at least when it comes to getting the $700 billion financial rescue program up and running.
Without Google's Aid, Yahoo's Fate Unclear
Without Google's muscle behind it, Yahoo's chances for digging out of a long slump are looking even poorer, making it appear more likely that the company will turn to Microsoft or AOL to help weather the economic downturn.
Post-Election Blues Sink Wall Street
Stocks fell sharply Wednesay, a day after posting strong Election Day gains. The Dow, Nasdaq, and S&P 500 all lost more than 5 percent on the day.
Companies Halt Diet Drug Research
French drugmaker Sanofi-Aventis said it is halting all research on a diet drug sold in Europe, Acomplia, and rival Pfizer Inc. hours later said it is ending research on an experimental weight-loss drug in the same class.
Goldman Sacked: Bank Slashes 10% Of Staff
Goldman Sachs Group Inc. has begun notifying about 3,200 employees globally that they have lost their jobs, as the world's biggest investment bank slashes expenses to ride out the financial crisis, a person familiar with the situation said.
FCC: Are You Paying Too Much For Cable?
The Federal Communications Commission has opened an investigation into the pricing policies of major cable operators and Verizon Communications Inc.
Stocks Close Up On Election Day
Wall Street posted a big Election Day rally as investors looked forward to putting the uncertainty of the presidential voting behind them. The Dow Jones Industrials gained more than 300 points.
Circuit City To Close 155 Stores, Cut Jobs
Geographical References: Virginia
The Va.-based electronics chian said it is closing about 20 percent of its U.S. stores and cutting thousands of jobs, as it finds consumers reluctant to spend and its vendors less eager to give it credit.
Wall Street Puts Brakes On Momentum
Wall Street started November with a cautious advance, as investors largely overlooked a weak reading on the manufacturing sector in quiet trading ahead of the U.S. presidential election.
Sales For GM, Ford Take Big Dip
General Motors and Ford both reported big drops in U.S. sales in October as low consumer confidence and tight credit combined to scare customers away from its showrooms.
A Transatlantic Flight For Twelve Bucks?
Budget airline Ryanair is drawing up plans to offer trans-Atlantic flights as cheap as 10 euros ($12.70) before taxes to several U.S. cities from Britain and Ireland.
MySpace Deal Allows Copyrighted Video Use
Instead of trying to take down all copyright-protected videos that its members post, MySpace will let certain clips stay - and give the creators of the original content a cut of the revenue from advertising.
Banks Aim To Help Struggling Homeowners
JPMorgan and Bank of America have stepped up efforts to modify mortgages for some borrowers to stave off foreclosures. JPMorgan's program would help avoid foreclosures on an estimated $70 billion in loans.
Big Gain Ends Wall St.'s Nightmare October
The stock market closed out a horrendous October, its worst month in 21 years, with a big advance Friday as more investors took chances on stocks turned into bargains by waves of intense selling.
Consumer Spending Sinks To 4-Year Low
The Commerce Department reported that personal spending fell by 0.3 percent last month, the biggest decline since June of 2004. That followed flat readings in both July and August, contributing to the worst quarterly performance in 28 years.
Dell Slapped With New Discrimination Suit
A former human resources manager at Dell has filed a federal gender discrimination lawsuit against the computer company, the second such complaint this week.
Exxon Mobil Gusher: $14.8B Profit
Exxon Mobil Corp. reported income that shattered its own record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter.
Credit Crunch Takes New Face
In an ailing economy that's seen a wave of credit card defaults, credit card companies are taking drastic steps to protect themselves - even if it means hurting good customers. Randall Pinkston reports.
Latest Consumer Squeeze: Cable TV Prices
The Federal Communications Commission is concerned as several cable companies said they will raise their rates for next year, including Cablevision Systems Corp., which announced an average hike for cable TV service of 3.5 percent.
100,000 Sony Laptop Battery Packs Recalled
Computer makers are recalling 100,000 laptop battery packs made by Sony Corp. after 40 reports of overheating, according to a U.S. Consumer Product Safety Commission notice Thursday.
Special Thanks to Google for their wonderful mapping api.