January 31st, 2012 by InvestorPoint
ANN ARBOR, Mich., Jan. 31 (UPI) — New light-duty automobiles entering the U.S. market are more fuel-efficient and give motorists up to 1.7 miles per gallon more on the road than vehicles bought before 2008, a University of Michigan study indicated. “Recent Fuel Economy Trends for New Vehicles in the U.S.” reported on gains made as a result of automobile design and manufacture changes made in the past five years. The report by Brandon Schoettle and Michael Sivak from the university’s Transportation …continued
January 31st, 2012 by InvestorPoint
CHICAGO, Jan. 31 (UPI) — The Chicago Business Barometer showed slower gains in January than December, the Institute for Supply Management said Tuesday. With numbers above 50 indicating expansion, the Chicago association’s headline business barometer for December, compiled by Kingsbury International Ltd., slipped from December’s 58.8 to 54.9 in January. January marked the 28th month of expansion for manufacturing activity in the area. The indexes for production and new orders also “softened” the r…continued
January 31st, 2012 by InvestorPoint
WASHINGTON, Jan. 31 (UPI) — A U.S. Navy program to upgrade electronic warfare systems has brought together Lockheed Martin and Raytheon in a bid for the contract. “Technology is rapidly advancing around the world and we understand the threats our Navy faces are not simplified by today’s fiscal challenges,” said Carl Bannar, vice president of Lockheed Martin’s Integrated Warfare and Surveillance Systems business. “By teaming with Raytheon, the original developer of the legacy AN/SLQ-32 program, we w…continued
January 31st, 2012 by InvestorPoint
WASHINGTON, Jan. 31 (UPI) — U.S. President Barack Obama said Tuesday it’s time to follow through on promises to help small businesses. The president presided at his first full Cabinet meeting since the State of the Union address. “I mentioned at the State of the Union that there have been discussions, bipartisan discussions between Republicans and Democrats, about a whole set of measures that can accelerate financing to startup companies; can provide tax breaks to startups and small businesses that…continued
January 31st, 2012 by InvestorPoint
NEW YORK, Jan. 31 (UPI) — Consumer confidence in the United States retreated in January after two months of gains, the Conference Board said Tuesday. The index hit a two-year low in August, then posted gains in September, November and December, sliding a touch in October. In January, the index dropped from 64.8 to 61.1, the Conference Board said. The index uses 1985 as a base year, assigning it a value of 100. The monthly Consumer Confidence Index is based on a survey of 5,000 households. “C…continued
January 31st, 2012 by InvestorPoint
WASHINGTON, Jan. 31 (UPI) — U.S. sales receipts at chain stores rose slightly in the week ending Saturday, the International Council of Shopping Centers said Tuesday. Sales rose 0.1 percent in the week, but came in 3.9 percent higher than the same week of 2011, the trade group said. Consumer trends shifted “towards staples and value goods” in the week as the price of gasoline cut deeper into discretionary spending by rising 5 cents in the week. The Energy Information Agency said gasoline reached …continued
January 31st, 2012 by InvestorPoint
NEW YORK, Jan. 31 (UPI) — U.S. home prices declined in both 10-city and 20-city composite indexes in November, the closely watched S&P/Case-Shiller home index report said. Considered a base line economic indicator showing consumers are confident enough to invest in a home, prices are will well off the April 2006 peak, the report shows. In November, the 10-city index dropped from 151.98 in October to 150.89, a low unseen since July 2003. The 20-city index dropped from 138.49 to 137.52, a low uns…continued
January 31st, 2012 by InvestorPoint
BRUSSELS, Jan. 31 (UPI) — The unemployment rate in the eurozone was unchanged in December compared to November, holding at 10.4 percent, the European Union’s data office said Tuesday. The rate is a modest tick higher than the 10 percent rate of December 2010 but shows a clear lack of an economic recovery. The gross domestic product in Europe has trended lower. In Britain and Germany in the fourth quarter, the GDP contracted about 0.2 percent. In the 17-member region that shares the euro as currency…continued
January 31st, 2012 by InvestorPoint
NEW YORK, Jan. 31 (UPI) — U.S. markets were flat Tuesday as Statistics Canada said the Canadian gross domestic product declined in November. The GDP fell 0.1 percent in November, after coming in flat in October, Statistics Canada said. Equities were higher in Asia and Europe, but a pact or fiscal discipline measures agreed to by 25 of 27 European Union countries did not provide a strong boost. The summit in Brussels did not reach a conclusion on the next bailout disbursement for Greece. In mid…continued
January 31st, 2012 by InvestorPoint
European Union leaders in Brussels agreed to new fiscal discipline measures Monday with only two holdout nations turning the proposals down. Britain and the Czech Republic decided not to join with 25 other European Union countries that adopted the tougher rules in a summit that was as anti-climatic as a flashlight in broad daylight. The nations, seemingly on the same page, also agreed to work on the issue of jobs in a declaration that had little teeth, if any. The pledge to create jobs was quickly d…continued
January 31st, 2012 by InvestorPoint
OTTAWA, Jan. 31 (UPI) — Canada’s gross domestic product dipped by 0.1 percent in November, largely because of decreased energy output, Statistics Canada said Tuesday. Oil and gas extraction declined 2.5 percent in November, particularly in the output of crude petroleum, the report said. “Decreases were also recorded in wholesale trade, finance and insurance and construction,” StatsCan said. “Gains were posted in manufacturing, retail trade, accommodation and food services, professional services, an…continued
January 31st, 2012 by InvestorPoint
BRUSSELS, Jan. 30 (UPI) — Twenty-five European Union governments agreed on a fiscal pact requiring strict budget discipline in the eurozone, days ahead of an expected Greek debt deal. All 27 EU leaders agreed to create a permanent eurozone rescue fund, officials said. The Monday night announcement, which German Chancellor Angela Merkel called historic, empowers Europe’s Court of Justice, the highest EU court, for the first time to be the enforcer of eurozone fiscal integrity. It imposes quasi-autom…continued
January 30th, 2012 by InvestorPoint
INDIANAPOLIS, Jan. 30 (UPI) — An Indiana Senate committee Monday approved a so-called right-to-work bill, and Gov. Mitch Daniels said he will sign it as soon it the legislature enacts it. With three Senate Democrats boycotting to protest the speed with which the measure was moving toward passage, GOP lawmakers approved it 6-1, setting the stage for the bill to move to the full Senate — and likely to Daniels — Wednesday, The Indianapolis Star reported. The legislation would prohibit companies and …continued
January 30th, 2012 by InvestorPoint
UNITED NATIONS, Jan. 30 (UPI) — A new United Nations online database showcases successful strategies by U.S. and world businesses and communities to adapt to climate change, officials said. The database on the Web site of the U.N. Framework Convention on Climate Change features more than 100 examples from companies such as Coca-Cola Co., Levi Strauss & Co., Microsoft Corp. and Starbucks Coffee Co., sharing the details of their business-friendly adaptation practices, they said. “By showcasing pr…continued
January 30th, 2012 by InvestorPoint
GENEVA, Switzerland, Jan. 30 (UPI) — The World Trade Organization said China needs to drop its export restrictions and taxes for nine raw materials used by industries around the world. U.S. Trade Representative Ronald Kirk said the ruling that applies to bauxite, zinc, yellow phosphorus and six other materials, was “a tremendous victory,” for the United States, Mexico and the European Union, which filed the complaint. The ruling Monday was made by the WTO’s highest appeals panel, The New York Times…continued
January 30th, 2012 by InvestorPoint
BRUSSELS, Jan. 30 (UPI) — Conventional and nuclear weapons pose continuing threats but the real arms race now on is in cyberspace, a new cyber defense report said. The report by Brussels think tank Security and Defense Agenda received input from Intel Corp. subsidiary McAfee technology security company and leading global security experts. The findings indicated that smaller states Finland, Israel and Sweden surged ahead of larger countries in readiness for cybersecurity and fighting cyber warfare. …continued
January 30th, 2012 by InvestorPoint
PHILADELPHIA, Jan. 30 (UPI) — U.S. auto parts and repair chain Pep Boys said Monday it had agreed to sell itself to Gores Group for about $1 billion. The Gores Group, an investment firm based in Los Angeles, will pay $15 per common share, a 24 percent premium above Pep Boys’ closing price Friday and a premium of 36 percent above the Philadelphia company’s average closing price over the past 30 trading days. “Partnering with The Gores Group delivers a significant premium for Pep Boys’ shareholders a…continued
January 30th, 2012 by InvestorPoint
WASHINGTON, Jan. 30 (UPI) — Consumer incomes rose in December, while consumer spending was flat, the U.S. Commerce Department’s Bureau of Economic Analysis said Monday. Incomes rose by $61.3 billion or 0.5 percent, while spending fell by $2 billion or less than 0.1 percent. Disposable incomes rose by $47.1 billion or 0.4 percent, the agency said. For the year, incomes rose at 0.9 percent with a figure adjusted for inflation, the Commerce Department said. Private wages and salaries rose by $29.1 b…continued
January 30th, 2012 by InvestorPoint
BAGHDAD, Jan. 30 (UPI) — After more than a month of boycotting Parliament in a fractious Iraq, the Sunni-backed political bloc Iraqia said it has ended the boycott. The move, announced Sunday by Iraqia, is seen as a positive development for Prime Minister Nouri al-Maliki, a Shiite, as he attempts to consolidate power after the departure of U.S. troops six weeks ago, The Washington Post reported. But the newspaper noted key members of the secular Iraqia, which also includes Shiites, are still …continued
January 30th, 2012 by InvestorPoint
NEW YORK, Jan. 30 (UPI) — U.S. markets faltered early Monday, with debt concerns in Europe outweighing a 0.5 percent rise in personal income. Germany warned during the weekend that Greece needed to act on the fiscal discipline measures it has endorsed. Leaders in Europe were meeting to discuss tighter fiscal controls and the fate of a bailout program for Greece. In Washington, the Commerce Department said incomes rose in December, but consumer spending was flat, falling less than 0.1 percent from N…continued
January 30th, 2012 by InvestorPoint
For a few months, a new edge in the debates in Europe on fiscal and economic reform has begun to emerge. It isn’t particularly radical or new; in point of fact, it is genuinely old school. But the lessens in this case are akin to someone shooting himself in the foot and then wondering why he’s limping. It started as the dimmest of concepts and seems to be gaining some momentum. This is the idea that gutting an economy is not a particularly great idea for long-term growth. The only economic dynami…continued
January 30th, 2012 by InvestorPoint
ZURICH, Switzerland, Jan. 30 (UPI) — What a difference a week makes. Had the latest downgrades by Fitch or the leak of the latest German plan to impose discipline on the Greek economy come as the Davos elite were gathering, the mood in the Alps would have been much colder. The tone for Davos was set by some temporary and probably mistaken signs of good news: The U.S. economy seemed to be recovering and consumer confidence was rising. China seemed to be avoiding a hard landing. The eurozone remained i…continued
January 29th, 2012 by InvestorPoint
TALLAHASSEE, Fla., Jan. 29 (UPI) — Conservatives are getting more involved in the Republican U.S. presidential nomination race but they aren’t flocking to Mitt Romney, rival Newt Gingrich said. “The conservatives clearly are rejecting Romney. He is nowhere near getting a majority,” Gingrich said Sunday on ABC News’ “This Week with George Stephanopoulos.” “And the fact is, once you get beyond Florida, these are all proportional representation states, and he’s not going to be anywhere near a majority b…continued
January 29th, 2012 by InvestorPoint
BURBANK, Calif., Jan. 29 (UPI) — A West Coast NBC executive said he thought the Peacock Network paid too much in the 2010 long-term deal to keep the Golden Globes show airing on the network. Marc Graboff, who was NBC’s president of West Coast business operations, testified Friday he told higher-ups the average $21.5 million per show license fee they paid out for the Golden Globes was too much, the Los Angeles Times reported. “This is the kind of deal we shouldn’t rush to make,” Graboff e-mailed the…continued
January 29th, 2012 by InvestorPoint
The good news from the Detroit auto show was there was good news. Attendance at the event officially known as the North American International Auto Show was up this year, but it didn’t set any records. More good news coming during the show was that General Motors Co., which emerged from the ashes of the GM Corp. bankruptcy three years ago, sold more than 9 million vehicles worldwide in 2011, a 7.6 percent increase that helped GM reclaim the title of the world’s largest automaker. Toyota fell to thir…continued