Thread: Business News

UnitedHealth cuts 4,000 jobs and 2008 outlook
UnitedHealth Group Inc. cleared its decks of bad news today, announcing a lower profit outlook, a restructuring that will trim 4,000 jobs and a $900 million payout to settle a class-action lawsuit over options backdating. The company has been wrestling since 2006 with the backdating scandal, which led to the forced departure of CEO Bill McGuire. Shares in UnitedHealth Group fell 51 cents, or 2 percent, to close at $25.12 today after sliding to $25.04 earlier in the session, a level not reached since 2003.
http://news.yahoo.com/s/ap/20080702/...lC0DzO3Ydv24cA

Brazilian textiles company building plant in Texas
Texas Gov. Rick Perry said a Brazilian textiles company will open a denim manufacturing plant in Edinburg that will create 800 jobs. Perry made the announcement today that the state is giving $1.65 million to Santana Textiles to make its $170 million investment. It will be the first plant in the U.S. for the world's fifth-largest denim producer.
http://news.moneycentral.msn.com/pro...702&id=8857197

Someone In The Government Actually Sees And Speaks The Truth!

Originally Posted by fivetears

brokerage-firm Failure Has To Be An Option: Paulson
Paulson Said, "for Market Discipline To Constrain Risk Effectively, Financial Institutions Must Be Allowed To Fail. It Is Clear That Some Institutions, If They Fail, Can Have A Systemic Impact, So We Must Give Regulators The Authorities To Limit That Impact And Facilitate An Orderly Failure. In My View, Looking Beyond The Immediate Market Challenges Of Today, We Need To Create A Resolution Process That Ensures The Financial System Can Withstand The Failure Of A Large Complex Financial Firm. The Bear Stearns Episode And Market Turmoil More Generally Have Placed In Stark Relief The Outdated Nature Of Our Financial Regulatory System. In My View, Looking Beyond The Immediate Market Challenges Of Today, We Need To Create A Resolution Process That Ensures The Financial System Can Withstand The Failure Of A Large Complex Financial Firm."
http://www.marketwatch.com/news/stor...70ca564e64c%7d
this Appears To Be A Warning Of Things Yet To Come, Imho.

Great post, thanks!

Guess he forgot he said this when Fannie and Freddie cried "Uncle!"

Originally Posted by Fivetears

Brokerage-firm failure has to be an option: Paulson
Paulson said, "For market discipline to constrain risk effectively, financial institutions must be allowed to fail. It is clear that some institutions, if they fail, can have a systemic impact, so we must give regulators the authorities to limit that impact and facilitate an orderly failure. In my view, looking beyond the immediate market challenges of today, we need to create a resolution process that ensures the financial system can withstand the failure of a large complex financial firm. The Bear Stearns episode and market turmoil more generally have placed in stark relief the outdated nature of our financial regulatory system. In my view, looking beyond the immediate market challenges of today, we need to create a resolution process that ensures the financial system can withstand the failure of a large complex financial firm."
http://www.marketwatch.com/news/stor...70CA564E64C%7D
This appears to be a warning of things yet to come, IMHO.

FTC: Kids target of $1.6 billion in food ads
The nation's largest food and beverage companies spent about $1.6 billion in 2006 marketing their products -- especially carbonated drinks -- to children, according to a Federal Trade Commission report. The report, to be released Tuesday [today], stems from lawmakers' concern about growing obesity rates in children. It gives researchers new insight into how much companies are spending to attract youth to their products, and what venues the companies are using for their marketing. To come up with its estimate, the FTC used confidential financial data that it required the companies to turn over. An executive summary of the report was obtained by The Associated Press.
http://biz.yahoo.com/ap/080729/child...ting_food.html