473,000 Jobs shed in the private sector
Layoffs for the month of June exceeded the expected 400,000 forecast amount with 473,000 private-sector employees losing their jobs in June according to a national employment report published Wednesday by payroll giant Automatic Data Processing Inc. and consultancy Macroeconomic Advisers.
China's sensor software rule delayed', not confirmed for how long
Facing strong resistance at home and abroad, China on Tuesday delayed implementation of a controversial rule that requires all manufacturers to install Internet filtering software on all new computers that are shipped and sold in China.
California left with no option but to issue IOU's
California state resorts to issuing IOU's after the governor and lawmakers failed to reach a budget agreement on ways to tackle the $24.3 billion budget deficit. This is the first time in 17 years that the state was forced to take such an unusual measure.
U.S. auto sales fall 27.7 pct in June
Total U.S. new light vehicle sales in June were down 27.7 percent to 859,847, according to Autodata Corp, which compiled results released today by automakers. Ford Motor Corp fell the least with a 10.7 pct decline.
Here are percentage drops for selected automakers: GM -33.4 pct; Ford -10.7; Toyota -31.9; Honda -29.5; Nissan -23.1, Chrysler -41.9, Volkswagen -15.8; Mitsubishi -41.8; Mazda -42.2; Hyundai -24.2; BMW -20.3; Daimler AG -26.5; Subaru +3.4; Kia -5.1, Suzuki -78.0, Jaguar Land Rover -19.2; Porsche -66.0; Ferrari -10.7; Maserati -47.9.
U.S. announces $408 fund for clean coal technologies
The U.S. Department of Energy announced a federal fund of $408 million for two carbon capture and sequestration projects, aimed at developing technologies that reduce carbon dioxide emissions from coal-fired electricity plants which generate nearly half the electricity needed in the country.
GM asks court to approve sale, seeks IPO in 2001
A U.S. Treasury official argued in bankruptcy court today that a judge should allow an asset sale of General Motors Corp. to a new company which could make an initial public offering by 2010, according to Reuters.
No reasons found to charge Ruth Madoff
Federal investigators today concluded that they found no evidence that Ruth Madoff either participated or knew about her swindler - husband's fraud. The New York Post and the Wall Street Journal each cited two sources familiar with the probe as saying federal investigators did not have evidence of involvement by 68-year-old Ruth Madoff in the multibillion-dollar, decades-long fraud.
Facebook to revise its privacy controls
Facebook on Wednesday announced it will simplify the settings that allow users to control who sees what content they share on the site, acknowledging that its existing privacy tools have grown unwieldy. The changes follow the recent announcement of new settings for publishing content that allow you to choose to post items that everyone, not just your friends, can see. Many see both moves in part as Facebook's attempt to blunt the rapid rise of microblogging service Twitter.
Lear Corp to file for bankruptcy
Auto parts supplier Lear Corp. said on Wednesday it reached a deal with secured lenders and bondholders and will file for Chapter 11 bankruptcy. The company also secured $500 million in financing from J.P. Morgan and Citigroup to survive and emerge through the financing.
U.S. gasoline inventories rise
The U.S. Energy Information Administration reported gasoline stockpiles rose by 2.3 million barrels last week, surpassing analysts' forecasts and showing the economic crisis has hit fuel demand hard. Distillate inventories jumped by 2.9 million barrels and crude stockpiles fell by 3.7 million barrels.
India increases gasoline, diesel prices
India raised gasoline and diesel prices for the first time this year by as much as 10 percent. Petrol will increase by 4 rupees a liter and diesel rose by 2 rupees a liter. Prices were last raised in June 2008.
Rules released for distribution of broadband stimulus funds
The Obama administration on Wednesday published the criteria it will use to hand out billions of dollars in stimulus funds aimed at developing the infrastructure to deliver broadband Internet access to areas that are underserved or without access.