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Updated: 4 hours 55 min ago Congressional Operating Costs Balloon To $6.5MThe government estimates it will spend $6.5 million by the end of January in salaries and other administrative costs for the $700 billion financial rescue program.
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Stocks Turn Mixed On Service Sector NewsStocks pared their earlier gains Tuesday following disappointing readings on pending home sales and factory orders.
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Factory Orders Slide For Record 4th Straight MonthOrders to factories fell for a record fourth straight month in November, and analysts believe manufacturing will continue to suffer in coming months as the country slogs through a recession entering its second year.
Categories: Pittsburgh Business News, Pittsburgh News
Toyota's Japan Plants To Shut Down For 11 DaysToyota is suspending production at all 12 of its Japan plants for 11 days over February and March, a stoppage of unprecedented scale for the nation's top automaker as it grapples with shrinking global demand.
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Russia Cuts Gas Supply To EuropeUkraine's gas company Naftogaz said Tuesday that Russia's Gazprom slashed natural gas shipments to Europe by about two-thirds, while Balkan nations reported a complete shut off of Russian gas, in a sharp escalation of a struggle over energy that threatens Europe as winter sets in.
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Tough Economy Has More People Choosing CremationNever have urns looked more attractive to consumers than now. Many Americans strapped for cash are looking for a cheaper way to go. The Casket and Funeral Supply Association of America says sales of caskets are down, and the sales of urns are up.
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Treasury Provides $15B From Bailout Pot To 7 BanksThe government says it has supplied another $15 billion to seven banks
in the latest round of payments from the $700 billion rescue fund.
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U.S. Govt To N.Y. Judge: Jail Madoff Without BailProsecutors on Monday said disgraced financier Bernard Madoff violated
bail conditions by mailing about $1 million worth of jewelry and other
assets to relatives and should be jailed without bail.
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Automaker Sales Continue Dismal SlideBy every measure, 2008 was one of Detroit's worst years on record,
reports CBS News business correspondent Anthony Mason. Chrysler's sales
went off a cliff, plunging by 30 percent in 2008. Ford and General
Motors were each down more than 20 percent.
Categories: Pittsburgh Business News, Pittsburgh News
Ford's U.S. Sales Drop 32 Percent In DecemberFord Motor Co.'s U.S. sales plummeted 32 percent in December and Toyota
Motor Corp.'s fell 37 percent as car and truck buyers continued to
steer clear of showrooms due to the dismal economy. Ford's sales
for 2008 fell 21 percent from a year earlier, keeping the Dearborn
automaker in third place in the U.S. auto sales race, falling behind
Japan's Toyota for the second straight year.
Categories: Pittsburgh Business News, Pittsburgh News
NY Times Debuts Front-Page Ad; New Revenue SourceThe New York Times, facing falling ad revenue like other newspapers,
became the latest paper Monday to run graphical advertising on its
front page. The Times already has been selling such ads on the front pages of its
business and other sections since 2006, and it has run tiny classified
text ads on the front of its main section before.
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DTV Subsidy Program About To Run Out Of MoneyThe Feb. 17 transition from analog to digital television broadcasts looms and as many as 8 million households are still unprepared, but the government program that subsidizes crucial TV converter boxes is about to run out of money. To subsidize the converter boxes, the government has been letting consumers request up to two $40 coupons per home. But any day now, the National Telecommunications and Information Administration expects to hit a $1.34 billion funding ceiling set by Congress. Categories: Pittsburgh Business News, Pittsburgh News
Apple's Steve Jobs Says He Has A Hormone ImbalanceApple Inc. founder and Chief Executive Steve Jobs, a survivor of pancreatic cancer, said Monday that a hormone imbalance is to blame for the weight loss that has prompted worries about his health.
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Stocks Mixed After Last Week's RallyWall Street gave back some of last week's huge gains Monday but found encouragement from a government report that construction spending fell less than forecast.
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House To Grill SEC About Madoff OversightAn investigation of the Security and Exchange Commission's failure to
uncover the alleged $50 billion fraud involving Wall Street figure
Bernard Madoff will extend broadly to its enforcement operations, the
SEC inspector general said Monday.
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Many Stores Continuing Holiday SalesThe holidays may be over but the sales around the holidays are still
lingering in many stores, especially as some struggle to stay open.
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Wall Street Braces For 2009's First Full WeekWall Street will open for trading Monday at a two-month high as
investors have grown more optimistic that the worst of the market's
rout might be over. But, analysts contend, the real test is still to
come.
Categories: Pittsburgh Business News, Pittsburgh News
Wall Street Gears Up For 2009's First Full WeekWall Street will open for trading Monday at a two-month high as
investors have grown more optimistic that the worst of the market's
rout might be over. But, analysts contend, the real test is still to
come.
Categories: Pittsburgh Business News, Pittsburgh News
Madoff Victims Selling Memorabilia On eBayDid you get fleeced by Bernard Madoff? Or did you buy that Madoff Securities fleece jacket on eBay? Madoff,
who was arrested last month after allegedly telling investigators he
lost as much as $50 billion of investors' money in a giant Ponzi
scheme, promoted his firm by putting its name on everything from
T-shirts to beach towels, tote bags and umbrellas.
Categories: Pittsburgh Business News, Pittsburgh News
Recession To Steal Some Glitz From Gadget ShowThe International Consumer Electronics Show, the largest trade show in
the U.S., opens this week in Las Vegas with a full slate of giant TVs
and inventive gadgets, despite the pall of a recession hanging over the
industry.
Categories: Pittsburgh Business News, Pittsburgh News
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