Archive for September, 2009
GM kills Saturn after Penske ends deal
Car dealership operator Penske Automotive Group announced on Wednesday that it has cancelled plans to acquire General Motors’ Saturn unit. As a result, GM said it will wind down the brand and dealer network, potentially putting 13,000 Saturn dealership jobs at risk.
Bank of America CEO Ken Lewis to retire
Ken Lewis, the beleaguered CEO of Bank of America, announced Wednesday that he will retire at year’s end.
Dollar falls despite struggling stocks
The dollar fell against the euro and the yen Wednesday despite downbeat economic data that sparked a selloff on Wall Street.
Small business ARC loans pick up, but frustrations remain
A government effort to get badly needed cash into the hands of struggling small business owners is slowly gaining momentum, but entrepreneurs seeking the scarce loans are still in for a frustrating ride.
Treasury launches first toxic asset funds
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Treasurys mixed on manufacturing data
Treasurys were mixed Wednesday after a weaker-than-expected regional manufacturing report raised concerns about the strength of the economic recovery ahead of a closely watched report on the job market due later this week.
AmEx ends annoying gift card fees
American Express will stop deducting monthly fees on gift cards that go unused after a push from complaining customers, the company announced Wednesday.
CIT shares plummet 45%
Shares of CIT Group, one of the nation’s largest lenders to small businesses, plummeted 45% Wednesday after a newspaper article said the company will hand control to bondholders or file for bankruptcy.
Stocks struggle at quarter end
Stocks inched lower Wednesday, following weaker-than-expected readings on manufacturing and the labor market, but the declines were minimal at the end of an upbeat month and quarter on Wall Street.
Chevron picks Watson for CEO
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