Archive for June 16th, 2009
Zicam may damage sense of smell - FDA
Consumers should discontinue use of Zicam Cold Remedy nasal gel and related products because they can can permanently damage users’ sense of smell, the government said Tuesday.
Starbucks recalls 530,000 coffee grinders
Starbucks is recalling about 530,000 coffee grinders because of a laceration hazard, a government agency said Tuesday.
More auto industry bankruptcies loom
A plea by struggling auto parts makers for $8 billion to $10 billion in additional federal loan guarantees was turned down by the Obama administration’s auto task force last week.
Stocks slide for 2nd day
Stocks tumbled Tuesday, falling for a second session in a row on continued worries that the pace of the recession is not waning as much as has been hoped.
Why REITs may be right
The notion that real estate could be a safe haven may seem like investing lunacy right now. After all, the words “real estate” conjure nightmares of the nation’s decimated housing industry and the downward spiral of commercial real estate. And yet, as often happens, the wreckage of the sector is creating opportunities: a group of dependable real estate investment trusts (REITs) whose prices have been pummeled so badly that their yields are nearing double digits.
Report card: Obama’s plan to fix financial rules
Tomorrow President Obama will present his plan to fix the way the U.S. regulates finance. The “white paper” his Treasury Department will release at the same time will contain the specifics. But already the administration is publicizing its overarching themes, particularly through official if unnamed leaks to the Wall Street Journal and an opinion piece Monday in the Washington Post by Treasury Secretary Tim Geithner and White House economics chief Larry Summers.
Credit card defaults keep climbing
Banks continue to write off credit card debt as consumers hurt by record high unemployment default at an increasing rate.
British Airways asks staff to work for free
British Airways is asking thousands of its staff to work for free for up to four weeks, spokeswoman Kirsten Millard said Tuesday.
Treasury prices rebound
Government bonds rebounded from early lows Tuesday after the Federal Reserve bought $6.5 billion in debt as part of its $300 billion buyback campaign.
MySpace to cut 30% of workforce
Social networking site MySpace said Tuesday that it plans to slash nearly 30% of its workforce, leaving it with 1,000 employees.
