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Obama Says Economy Improving Despite High Unemployment Rate

July 3, 2009 | Category: US Business News

Even if the labor market shed more than 467,000 jobs last month, pushing the unemployment rate to 9.5 percent, President Barack Obama said he is confident that the US economy is experiencing slight recovery.

Meanwhile, the President also urged CEOs and economic leaders to create innovative ways, including alternative source of energy that will lift the economy.

Rising Protectionism Prompts WTO to Cut Trade Forecast

July 3, 2009 | Category: World Business News

The WTO has cited a significant increase in member countries protectionism especially during time of economic crisis, says it will cut it trade volume forecast starting this month

The organization also said that the economy in the global scale appears to be slowing down.

Financial Ratings Used by Investors

July 3, 2009 | Category: Stock Market News

Financial ratings may be done on retail companies, utilities, toll roads, insurance companies, and financial institutions. It’s an indication of organization’s risk profile and it would help bankers and investors judge the risk extent that they’re taking.

Financial ratings would enable investors to save their funds and know what types of risks are involved when they invest in a company.

Hazardous Toys and Cribs Pulled Out

July 3, 2009 | Category: World Business News

To prevent possible accidents and serious injuries, the US federal safety regulators announced a massive recall to more than four million inflatable baby floats and 400,000 Simplicity cribs following reports that these products have faulty designs and defective materials which may cause serious injuries.

Meanwhile, three babies have already died after their defective cribs collapsed, suffocating them.

Chilling out Bank Bidders with New Policies from FDIC

July 3, 2009 | Category: Corporate News

The FDIC is trying to deal with continuous bank failures without draining money to be used in paying back depositors when these institutions collapse. This means that it needs to attract much capital into the banking sector from private investors. However, their new policies may hinder this goal.

On Thursday, Federal Deposit Insurance Corporation proposed new policies that might chill the interest of private investors to buy failed or struggling banks.

Authorities Probe Google’s $125M Settlement for Copyright Infringement Case

July 3, 2009 | Category: Corporate News

US anti-trust regulators said they will conduct further investigation on Google’s $125 million settlement over copyright infringement lawsuit filed by publishers and authors who claim that the Internet giant has published their books without their consent.

Meanwhile, Google expressed confidence that all their decisions have not violated any US law and reiterated that it is pro-consumer.

Anti-Consumer Practices Charged to Bank of America

July 2, 2009 | Category: US Business News

People claiming to be Bank of America’s former employees have alleged that their supervisors forced them to fatten paychecks and bank’s earning of senior executives, burden customer with needles fees and debts, and threatened them if they complained. On the other hand, some of them said that their salaries are too low and they need to hit their quotas to earn the bonuses.

As part of Obama administration’s overhaul on financial regulation, a whistleblowing campaign was announced as U.S. Treasury Department unveiled a legislation that will create an agency for consumer financial protection.

US auto industry welcomes below 30 drop, fall slowing down

July 2, 2009 | Category: US Business News

A recent study showed that US auto sales are showing some signs resistance from the falling vehicle market as it registered a 28 percent drop. It is the first time that the auto sales market breaks the 30 percent drop since it crashed down in September 2008.

Auto industry, meanwhile, welcomes the result as they expect to surge upwards in the coming months.

Lenders Offset Losses and Bank Fees Rise

July 2, 2009 | Category: World Business News

Despite the tough economic times as well as increased scrutiny from Washington; most bank fees are now at record highs, even an increase on overdraft charges. This step rarely happens during recession. And while these are relatively small increases, it illustrates how banks look for even the smallest income.

Americans are paying more to spend and save their money.

473,000 People Add To Number of Jobless In June

July 2, 2009 | Category: Corporate News

Some 473,000 people lost their jobs in June, an ADP survey said on Wednesday.

The survey also showed that the US private sector continues to look for remedy as recession push through, the longest since the great recession.

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