CIT files for Chapter 11 bankruptcy protection
WASHINGTON - After struggling for months to avert bankruptcy, lender CIT Group has filed for Chapter 11 protection in an attempt to restructure its debt while trying to keep badly needed loans flowing to thousands of mid-sized and small businesses.
People:Carl Icahn Activities:2009 CIT Group Crisis Source:(AP)
2009-11-01
Ford taps China's Geely as favored bidder for Volvo
WASHINGTON (AFP) - Ford Motor Co., the number-two US automaker, said Wednesday it had tapped Chinese peer Geely as preferred bidder for Volvo Cars, its premium Swedish nameplate.
Nations:Sweden U.S. Activities:2009 Geely Bidding Volvo Source:(AFP)
2009-10-28
Feds: Leader of radical Islam group killed in raid
DETROIT - Federal authorities on Wednesday arrested several members of a radical Sunni Islam group in the U.S., killing one of its leaders at a shootout in a Michigan warehouse, the U.S. attorney's office said.
Nations:U.S. Activities:U.S. War on Terror Source:(AP)
2009-10-28
FAA revokes licenses of wayward Northwest pilots
WASHINGTON - The Federal Aviation Administration on Tuesday revoked the licenses of the two Northwest Airlines pilots who overshot their Minneapolis destination by 150 miles.
Nations:U.S. Source:(AP)
2009-10-27
Wayward pilots say they were busy using laptops
WASHINGTON - Not sleeping, the pilots say. They were engrossed in a complicated new crew-scheduling program on their laptop computers as their plane flew past its Minneapolis landing by 150 miles - a cockpit violation of airline policy that could cost them their licenses.
Nations:U.S. Source:(AP)
2009-10-26
U.S. cuts pay at bailed out firms, BofA hits back
WASHINGTON (Reuters) - The U.S. pay czar on Thursday slashed compensation for top earners at seven bailed-out companies for the final two months of the year, and was immediately slammed by the country's largest bank which claimed the cuts could send talent fleeing.
People:Barack Obama Activities:2008 U.S. Financial Rescue
2009-10-22
Administration plans big pay cuts at bailout firms
WASHINGTON - The Obama administration will order companies that received huge government bailouts last year to slash the base salaries of their top executives by an average of 90 percent and cut their total compensation in half, a person familiar with the decision said Wednesday.
Activities:2008 U.S. Financial Rescue Source:(AP)
2009-10-21
Even as layoffs persist, some good jobs go begging
In a brutal job market, here's a task that might sound easy: Fill jobs in nursing, engineering and energy research that pay $55,000 to $60,000, plus benefits.
Nations:U.S. Activities:2008 U.S. Layoff Crisis Source:(AP)
2009-10-04
Trade, jobless claims figures show recession fades
WASHINGTON - The U.S. trade deficit in July hit the highest level in six months as a record rise in imports outpaced a third straight increase in foreign demand for American products, according to government data released Thursday. Both gains provided more evidence that the most worst recession since the 1930s was losing its grip on the global economy.
Nations:U.S. Activities:2008 U.S. Recession Source:(AP)
2009-09-10
Bernanke says US economy on cusp of recovery
JACKSON, Wyo. - Federal Reserve Chairman Ben Bernanke declared Friday that the U.S. economy is on the verge of a long-awaited recovery after enduring a brutal recession and the worst financial crisis since the Great Depression.
People:Ben Bernanke Barack Obama Activities:2008 U.S. Recession
2009-08-21
'Clunker' sales nearing quarter-million; what now?
WASHINGTON - The White House warned Monday that the "cash for clunkers" program, already zooming toward a quarter-million trade-ins with the initial $1 billion in rebates, could sputter to a stop by Friday unless the Senate quickly approves $2 billion more.
Nations:U.S. People:Mitch McConnell Dianne Feinstein Jon Kyl Dick Durbin Barack Obama Charles Schumer Activities:2009 US Clunkers Program
2009-08-03
New jobless claims rise to 554K, total rolls fall
WASHINGTON - The number of newly laid-off workers seeking jobless benefits rose last week, though the government said its report again was distorted by the timing of auto plant shutdowns.
Nations:U.S. Activities:2008 U.S. Layoff Crisis Source:(AP)
2009-07-23
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