Day Trading » business

Cannes Fashion Show to feature Alexander Wang, Roberto Cavalli

admin — Tue, 22 May 2012 13:38:14 +0000

Some of the fabled and iconic designers to be featured at the upcoming amfAR’s Cinema Against Aids gala during the Cannes Film Festival are the legendary Alexander Wang, Balenciaga, Roberto Cavalli and many other celebrated names in the industry.

Economy, Business And Finance Stories

Eaton buys Cooper Industries for $11.8 billion

admin — Mon, 21 May 2012 19:39:14 +0000

Eaton, a U.S. industrial equipment manufacturer, agreed Monday to buy Cooper Industries, an Irish maker of electrical equipment, in a $ 11.8 billion deal.

Economy, Business And Finance Stories

U.S. adds anti-dumping tariffs to Chinese solar panels

admin — Fri, 18 May 2012 19:38:22 +0000

The U.S. Commerce Department has taken action against China’s communist government illegally dumping its products on America’s markets by imposing a 31 percent tariff on solar panels.

Economy, Business And Finance Stories

Clinton urges Americans to invest in Myanmar, names ambassador

admin — Fri, 18 May 2012 13:38:32 +0000

Secretary of State Hillary Clinton on Thursday urged Americans to invest in Myanmar and named Derek Mitchell ambassador to the Southeast Asian country as part of the continuing warming of relations between the two countries.

Economy, Business And Finance Stories

Verizon ending unlimited data for phone upgrade

admin — Fri, 18 May 2012 01:38:23 +0000

Verizon Wireless announced it would begin phasing out unlimited data plans for customers as they upgrade their plans.

Economy, Business And Finance Stories

Senate confirms Federal Reserve nominees

admin — Thu, 17 May 2012 19:38:14 +0000

The Federal Reserve will soon have a full roster, the first time in six years, as the Senate confirmed Thursday two of President Obama’s nominees to the central bank.

Economy, Business And Finance Stories

Bret Michaels settles lawsuit over Tony awards injury

admin — Thu, 17 May 2012 01:38:13 +0000

Poison front man Bret Michaels agreed for a settlement reported Tuesday regarding his lawsuit against Tony Awards and CBS following a serious injury during a performance in 2009.

Economy, Business And Finance Stories

Skechers to pay $40 million to settle false ad claims

admin — Wed, 16 May 2012 19:38:24 +0000

Skechers will pay $ 40 million to settle charges that the company made false claims that its Shape Up shoes would work wonders for wearers.

Economy, Business And Finance Stories

LightSquared Technologies files Chapter 11

admin — Tue, 15 May 2012 13:38:39 +0000

LightSquared Technologies, as widely expected, filed for bankruptcy late Monday.

Economy, Business And Finance Stories

Ally mortgage unit files bankruptcy

admin — Mon, 14 May 2012 15:32:40 +0000

Diane Alter – Fourth Estate Cooperative Reporter

Midvale, Utah, United States (4E) – Ally Financial ResCap mortgage on Monday filed for prepackaged bankruptcy protection.

The bank, owned by taxpayers, said the filing will allow the bank to take another step to repay the U.S. treasury.

Ally’s ResCap unit operates under the GMAC Mortgage brand. At one time, it was the nation’s leading subprime lender. Problems with those home loans for risker borrowers, and the steep drop in the company’s core auto finance business, forced the Treasury to shell out some $ 15.8 billion in bailout funds in 2009 in an effort to rescue the ailing auto industry and bubble-bursting housing market.

ResCap began as the finance unit of automaker General Motors under the GMAC name. It changed its name to Ally after the bailout. In addition to its auto finance business, Ally also operates as an online commercial bank.

The struggling bank said it is seeking strategic alternatives for its international businesses, a euphemism that the overseas arm is up for sale.

Ally said it expects GMAC to continue to make and service mortgage loans during the bankruptcy process. Its portfolio of home loans, currently valued at less than half its original value, will be auctioned off as part of the bankruptcy process.

GMAC said it will make a so-called “stalking horse” bid of $ 1.6 billion for those loans, adding that it anticipates them to attract higher bids from investors.

In a statement, Ally CEO Michael A. Carpenter said, “The action by ResCap will enable Ally to achieve a permanent solution to its legacy mortgage risks and put these issues behind us. This action, along with pursuing alternatives for the international businesses, will allow Ally to focus 100 percent of its energies on further strengthening its already leading U.S. auto finance and direct bank franchises.”

At present, the U.S. Treasury owns about 74 percent of Ally’s outstanding stock. To date, Ally has repaid, through dividends and loan repayments, about $ 5.5 billion of the bailout funds it received.

The company also said Monday that upon successful completion of the bankruptcy auction and disposal of its international business, it should be able to pay back roughly two-thirds of the government bailout.

Economy, Business And Finance Stories