Sunday, June 7, 2009

Daily News Digest: Business News

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Sunday, June 7, 2009 12:01 AM PDT
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Today's Business News:
Supreme Court asked to block Chrysler sale to Fiat
Sat, 6 Jun 2009 11:01 pm PDT
AP - Opponents of Chrysler's sale to Fiat are asking the Supreme Court to block the deal. Three Indiana state pension and construction funds filed emergency papers at the high court early Sunday to put the sale on hold so they can pursue an appeal. Full Story
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ALL BUSINESS: Bond-market rout lifts mortgage cost
Sat, 6 Jun 2009 05:39 am PDT
AP - The Federal Reserve announced a $1.2 trillion plan three months ago designed to push down mortgage rates and breathe life into the housing market. Full Story
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Timberland staying in Stratham, NH
Sat, 6 Jun 2009 09:53 am PDT
AP - After searching 18 months for a possible new home, the outdoor apparel maker Timberland Co. is staying in Stratham, N.H. Full Story
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Foreign brands gain US entry with GM's dismantling
Sat, 6 Jun 2009 06:44 am PDT
AP - More foreign car brands could find their way into American garages under a plan by auto racing magnate Roger Penske's dealership group to snap up Saturn from the ruins of General Motors Corp. Full Story
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Obama team plans more active role on health care
Sat, 6 Jun 2009 06:40 pm PDT
AP - The White House, backing away from President Barack Obama's "it's-all-on-the-table" approach initially advocated, prepared to get louder and more involved in the details of a health care overhaul that officials once were content to leave to Congress, administration officials said Saturday. Full Story
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Summary Box: Mozilo accused of civil fraud
Thu, 4 Jun 2009 03:30 pm PDT
AP - FORMER COUNTRYWIDE CEO CHARGED: The government has accused Angelo Mozilo and two other former executives of the fallen mortgage lender of civil fraud and insider trading. The three dispute the civil charges by the Securities and Exchange Commission. Full Story
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U.S. job losses slow in May, fueling recovery hope
Fri, 5 Jun 2009 01:50 pm PDT
Reuters - The pace of U.S. job losses slowed sharply last month, the strongest sign to date that the recession is diminishing, even as the unemployment rate hit its highest in nearly 26 years. Full Story
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Hhgregg Q4 profit up; FY view misses estimates
Tue, 2 Jun 2009 05:03 am PDT
Reuters - Electronics and appliance retailer hhgregg Inc (HGG.N) posted a 34 percent jump in quarterly profit, but forecast full-year earnings below market estimates, fearing weak sales. Full Story
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EU election marathon enters final straight
Sat, 6 Jun 2009 10:28 pm PDT
AFP - Voters in 19 nations go the polls to elect a new European Parliament amid fears of record low turnout and gains for fringe parties in protest at the economic recession blighting the continent. Full Story
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Countrywide exec often warned about mortgage risks
Fri, 5 Jun 2009 06:57 pm PDT
Reuters - John P. McMurray made it clear to his Countrywide Financial Corp bosses that they were playing a dangerous game with risk. But they didn't listen. Full Story
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Texas co. buys Filene's Basement at bankruptcy bid
Sat, 6 Jun 2009 05:37 am PDT
AP - An affiliate of the Houston-based Men's Wearhouse was the successful bidder for the 100-year-old Filene's Basement chain after bidding $67 million for the off-price retailer at a bankruptcy auction. Full Story
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CORRECTED: Angelo Mozilo, mortgage risk-taker charged with fraud
Fri, 5 Jun 2009 05:43 pm PDT
Reuters - (Corrects paragraph 13 to show the salary information given is historical data, not originating from the Center on Executive Compensation) Full Story
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Peru says 9 more police killed in Amazon protest
Sat, 6 Jun 2009 01:17 pm PDT
AP - At least nine Peruvian police officers were killed Saturday as soldiers stormed an oil pumping station in the Amazon where Indian protesters were holding police hostage, the country's defense minister said. Full Story
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Can't refinance? Try your congressman
Fri, 5 Jun 2009 12:13 pm PDT
AP - Can't afford your mortgage payment? If the bank won't take your call, your member of Congress just might. Full Story
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Bonds sell off amid better-than-expected jobs data
Fri, 5 Jun 2009 03:45 pm PDT
AP - Bond yields jumped again on Friday as a sell-off in Treasurys continued, an ominous sign for anyone looking to buy a home or refinance their loans. Full Story
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Genentech's Cloud Cover
Fri, 5 Jun 2009 05:08 am PDT
BusinessWeek Online - When Michael Roh, a sales representative for Genentech (DNA.), calls on physicians, he's never really on his own. The cloud is shadowing him. Full Story
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India Asks Why Its Students Must Study Abroad
Fri, 5 Jun 2009 05:08 am PDT
BusinessWeek Online - You know India-Australia relations have reached a nadir when Bollywood superstar Amitabh Bacchan, who has ruled over India's film industry since the 1970s, turns down an honorary degree from an Australian university. "My conscience is profoundly unsettled at the moment," he wrote to Queensland University of Technology in a letter he posted to his blog on May 30. Full Story
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