Business News

Business News

• Sun, 20 May 2012 05:02:13 +0000: What's In The News: May 18, 2012 - Business
  This is what's in the news for Friday May 18, 2012. The Wall Street Journal reports bad debts held by Spanish banks jumped to a 17-year high in March, according to the country's central bank, as 8.37% of the loans held by banks, or EUR147.97B, were over three months overdue for repayment in March. Reuters reports market turmoil over the euro zone crisis could last another 12-24 months, says German Finance Minister Schaeuble, adding that it was up to the Greeks to decide if they wanted to stay in the single currency. Bloomberg reports the U.S. yesterday imposed tariffs of as much as 250% on Chinese-made solar cells to aid domestic manufacturers, but critics say the decision may end up raising prices and hurting the U.S. renewable energy industry. Finally Bloomberg also reports Chinese auto dealerships, including Honda (HMC), Chery, BYD and Geely, are struggling with the rising number of unsold cars that's threatening to deepen price cuts, according to the state-backed China Automobile Dealers Association
• Sun, 20 May 2012 03:15:11 +0000: Hewlett-Packard Could Cut Up To 30,000 Jobs - Business
  Hewlett-Packard is planning on making some big changes to its personnel. According to the New York Times, HP's CEO Meg Whitman announced the company will be cutting 30,000 or more jobs next week. The move is in an effort to save money and spend it on increasing the efficiency of the company's sales force. HP will also use the left over cash to start creating new products.The job cuts will happen globally across the company. Most likely, the job cuts will not cause HP to abandon any of its businesses. Ms. Whitman's plan is another addition to the initiatives she has started since taking over the company after Leo Apohteker. Already she has raised the company's stock dividend and announced a corporate reorganization intended to consolidate operational efficiency.It still remains to be seen whether these job cuts are the thing to get HP back on track.
• Sun, 20 May 2012 00:47:11 +0000: World's leaders discuss Europe's economic woes - Business
  U.S. President Obama says "stable, growing European economy is in everybody's best interest" at meeting of world leaders outside of Washington. Deborah Gembara reports.
• Sat, 19 May 2012 17:42:13 +0000: G8 Class photo - Business
  Members of the G8 meeting at the presidential retreat in Camp David, gather for photo as world leaders address Europe's economic woes. Rough Cut (no reporter narration)
• Sat, 19 May 2012 16:13:11 +0000: El Paso Pipeline Acquires Remaining 14% Interest In Colorado Interstate Gas (EP) - Business
  El Paso Pipeline (NYSE:EP) announced it would acquire the remaining 14% interest in Colorado Interstate Gas and all of Cheyenne Plains Investment, which owns Cheyenne Plains Gas Pipeline from El Paso Corp for $635 million and assume about $242 million in debt. El Paso Corporation operates natural gas pipeline and storage facilities, transports natural gas, and imports liquefied natural gas. El Paso also explores for and produces natural gas. The Company has operations in the United States, Brazil, and Egypt. SmarTrend is bullish on shares of El Paso and our subscribers were alerted to buy on October 10, 2011 at $18.98. The stock has risen 51.6% since the alert was issued.
• Sat, 19 May 2012 14:52:12 +0000: JP Morgan Chase Had No Treasurer As CIO Places Trade (JPM) - Business
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• Sat, 19 May 2012 14:32:24 +0000: Merkel's "referendum comment" irks Greeks - Business
  Greeks are upset with a report that German Chancellor Angela Merkel suggested the country hold a referendum on euro zone membership. Andrew Raven reports.
• Sat, 19 May 2012 02:20:12 +0000: Weekly Market Wrap: May 18, 2012 - Business
  This twentieth trading week of 2012 comes to a close with investors assessing the deteriorating situation in Greece and closely monitoring the IPO of Facebook (FB). Hi.
• Sat, 19 May 2012 02:00:12 +0000: Analyst Moves: ADSK, CRM - Business
  Autodesk (ADSK) today had its numbers lowered by Jefferies (JEF) due to poor guidance issued by the company. A $43 price target was issued with a buy rating on the stock.
• Sat, 19 May 2012 00:40:12 +0000: Analyst Moves: CP, MS - Business
  Canadian Pacific (CP) was upgraded today by Citigroup (C) from neutral to buy with a price target of $90, as the end of the proxy battle should mark a turnaround at the company. Shares are lower by about 2.4 percent.