reportergary.com » Economy/Business/Labor

POPE SLAMS NATIONS FOR NOT DOING MORE FOR THE POOR

Gary — Fri, 17 May 2013 14:57:32 +0000

In his first address about the global financial crisis since becoming pope, Pope Francis decries what he calls the “cult of money” and admonishes governments around the world to do more for the poor. Read more here.

FEDERAL DEFICIT SHRINKING

Gary — Wed, 15 May 2013 17:57:43 +0000

The CBO says the federal budget deficit this year will shrink to $642 billion – the smallest since before President Obama took office and $200 billion less than CBO projected in February . The deficit in fiscal 2012, ended September 30, was $1.1 trillion. The improvement this year is due to higher tax revenue than expected and payments from government-backed mortgage giants Fannie Mae and Freddie Mac.

Over the next 10 years CBO predicts the government will add $6.3 trillion in new deficits – $618 billion less than predicted in February and due primarily to lower healthcare and Social Security costs.

DEATH TOLL IN BANGLADESH NOW TOPS 900

Gary — Thu, 09 May 2013 14:59:04 +0000

Reuters is reporting that more than 900 people are now dead from the building collapse in Bangladesh. The news comes as eight more people die in a fire in another clothing factory in the country.

RECORD CLOSE FOR THE DOW, SURPASSES 15K FOR 1ST TIME EVER

Gary — Tue, 07 May 2013 20:32:00 +0000

The Dow Jones industrial average closed above 15,000 for the first time Tuesday, hitting a new all-time high on strong economic news overseas. The average finished at 15,056.20, up about 87 points or 0.6 percent.

SENATE APPROVES ONLINE SALES TAX, WILL THE HOUSE FOLLOW SUIT?

Gary — Tue, 07 May 2013 14:50:07 +0000

The Senate Monday voted 69-27 to allow, for the first time, states to collect billions of dollars in online sales tax revenue from out-of-state purchases. It’s a major victory for retail groups and state govternments who say as much as $23 billion in annual taxes from online sales go uncollected.

Supporters hope the overwhelming vote will give the bill momentum as it heads to the House where it faces opposition from House Judiciary chair Bob Goodlatte (R-Virginia) who says the Senate bill’s too complex and would force businesses to comply with too many different tax rates and systems.

WOULD YOU PAY TO YOUTUBE?

Gary — Mon, 06 May 2013 14:59:00 +0000

You may soon have to pay to watch videos on YouTube. The video site, owned by Google, is set to launch a paid-for subscription service later this week that will charge users to access content on some of its specialist channels.

DOW, S&P CLOSE AT RECORD HIGHS

Gary — Fri, 03 May 2013 20:37:14 +0000

he Dow and S&P 500 finished at record highs as investors cheered the latest report on the U.S. job market. The Dow Jones industrial average rose more than 140 points for the day and closed below the 15,000 level that was crossed for the first time earlier Friday. The S&P closed above 1,600.

UNEMPLOYMENT RATE DOWN

Gary — Fri, 03 May 2013 14:00:39 +0000

The unemployment rate has dipped to 7.5 percent, the Labor Department says. That after a couple of months of stalled rebounding of the economy. But that only represents 165,000 new jobs nationwide. And doesn’t take into consideration people out of work who no longer qualify for unemployment benefits.

CONSUMER CONFIDENCE RISING AT A HIGHER PACE THAN EXPECTED

Gary — Tue, 30 Apr 2013 14:19:40 +0000

Consumer confidence in the U.S. was expected to rise in April. But it shot up to a five-month high. Much greater than had been anticipated.

HOME PRICES RISE, SIGN OF IMPROVING ECONOMY

Gary — Tue, 30 Apr 2013 14:16:27 +0000