CIT gets emergency loans
CIT Group Inc. has managed to get together $3 billion of emergency financing from bondholders enough to keep the struggling lender out of bankruptcy, a person close to the matter said, Reuters reported. The rescue has helped the troubled lender get time to restructure its debt. The loan however according to analysts is merely a delay of bankruptcy.
Lockhart: The US economy ‘appears to be in stabilization mode'
Federal Reserve Bank of Atlanta President Dennis Lockhart in a speech today in Tennessee said the U.S. economy appears to be in stabilization mode. He described the economic recovery as anemic with weak growth taking place over the next few years. The Fed has a number of tools being readied to unwind the policies used to fight the recession, and it will be some time before their use is appropriate, said Lockhart.
U.S. DOE allocates $57.5M for smart grid tech
The U.S. Energy Department announced a total of $57.5 million in funding from the stimulus package to continue eight projects to advance smart grid technologies.
Expectations high for Apple's quarterly results
Expectations are high for Apple Inc's quarterly results on Tuesday, in the wake of strong early sales for its new iPhone and improved sentiment on the personal computer market after Intel Corp's earnings.
EU sets hearing over Google books deal
The European Commission is to hold a hearing on September 7 for interested parties to comment on Google's deal with publishers to make millions of books available online and its impact on EU writers' rights. Read Full Article here.
Halliburton 2Q profit drops
Halliburton Co., the world’s second largest oil services firm, reported its second quarter net profit fell $262 million or 29 cents per share, from $504 million or 55 cents per share a year earlier. Its earnings results were affected by weak demand and lower prices but they surpassed analysts' forecasts.
TARP money used for lending
The U.S. regulatory authority today released a report detailing how banks who received the TARP funds are using the money and according to the report Banks are using that money to fuel residential mortgage lending but are also holding onto some of it through the recession. A total of 260 banks nationwide have received TARP funds and 83 percent of them are using a portion or all of it to make loans.
China and Ecuador in talks for 2-year oil supply
Ecuador continued in talks with China on Monday, to supply oil to the Asian country under a two-year contract. China would give Ecuador a $1 billion down payment for oil sales, according to Ecuador's Economic Policy Minister Diego Borja, Reuters noted.
Microsoft updates Mac Office 2008
Microsoft Corp. is updating its Office 2008 for Mac by offering a service pack that promises increased stability and performance along with new capabilities for PowerPoint presentations and document collaboration. Read Full Article here.