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US Economy Expands by 2.8%

admin — Fri, 27 Jan 2012 15:41:15 +0000

In the final quarter of 2011, the US economy grew by 2.8% as the consumers ramped up their spending and businesses boosted their production.
The first reading of GDP growth of the commerce department in the fourth quarter was slightly below economists’ expectations of a 3% annualised pace. However, it was an acceleration from the third quarter’s tepid increase of 1.8%.
Growth was lifted by a 2% rise in consumer spending, compared with 1.7% in the third quarter. Even though, it was still lower than the forecast of 2.4%.

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Intel Succession Clues in Reshuffle

admin — Mon, 23 Jan 2012 10:11:07 +0000

Intel has just announced a management reshuffle to provide fresh clues to the eventual successor to Paul Otellini as chief executive.
Head of manufacturing—Brian Krzanich, is also taking on a chief operating officer role.

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Renault and Nissan Eye US Output Boost

admin — Mon, 09 Jan 2012 20:02:06 +0000

According to Carlos Ghosn, it was announced that Renault and Nissan might think about adding further capacity in the US as the two car plants there were almosting reaching their full production capacity.
According to chief executive of Renault and Nissan, it is also said that the companies were scaling back inventory, limiting investment and cutting costs in preparation for a forecast of 3% drop in the European auto market this year.

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US Starts Black Friday Shopping Early

admin — Fri, 25 Nov 2011 10:53:25 +0000

Shops in the US are opening earlier than usualy in an effort to secure sales on Black Friday, one of the biggest shopping date of the year. As a result, millions of Americans cut short their Thanksgiving to head to shops.
According to the National Retail Federation, it is revealed that up to 152 million people are looking to shop over the three days after Thanksgiving, with many queueing during nights in order to secure “doorbuster” discounts unveiled on the day.

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Caterpillar to buy China Mining Machinery Group

admin — Fri, 11 Nov 2011 11:46:18 +0000

The world’s biggest maker of earth-moving equipment–Caterpillar, has strengthened its presence in the market of mining machinery via proposing an acquisition deal of $886m to purchase the Chinese ERA Mining Machinery, which is a manufacturer of underground coal-mining equipment.
The deal was built on Caterpillar’ $7.6bn purchase of another maker of mining machinery–Bucyrus International last year, which managed to transform Caterpillar into the world’s biggest supplier of large mining equipment.
Buying ERA would enable Caterpillar to make further expansion into China.

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US Urged to Stop Taiwan Arms Sales

admin — Fri, 28 Oct 2011 12:13:28 +0000

In late September, the US government announced the decision to sell weapons which is worth $5.85 billion to Taiwan. A Chinese Defense Ministry spokesman just urged the US to stop selling weapons to Taiwan in order to ensure the steady development of Sino-US military relations.
According to Yang Yujun, it is said at a monthly press briefing in Beijing that the US promised to cut down its weapon sales to Taiwan in accordance with the Sino-US “August 17 Communique” signed in 1982. However, US has actually done the opposite to its commitment is spite of China’s solemn representation.
The wrongdoing by the US side has negatively influence China’s key interests and undermined bilateral military relations between the two nations.

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AOL Independence Rules over Deals

admin — Sun, 02 Oct 2011 18:58:34 +0000

About 250 million users across the world are visiting AOL’s sites every month. However, journalists, bankers as well as the tech-savvy have shown little love to AOL.
Following the disappointing earnings, comes the tumultuous exit of the founder from TechCrunch news site and speculation over whether the AOL will sell itself to Yahoo, go private or splite into two parts.
Stock of the $1.3bn company has halved in a year and stayed at $12 last Friday.

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U.S. to Close 800 Computer Data Centers

admin — Wed, 20 Jul 2011 09:51:53 +0000

The US government, who spent around $80 billion on IT a year, is the largest buyer in the world. However, the US government is now planning to close 40% of its computer centers, which is 800 of its sprawling collection of 2000 data centers, over the next 4 years in order to cut down its hefty technology budget and modernize the way it uses computers to manage data and provide services to the US citizens.
Typically, computer centers do not hire a lot of people to operate the machines. But according to the analysts, it is till estimated that tens of thousands of jobs will most likely be cut. Analysts said that the savings will translate into billions of dollars every year and acres of freed-up real estate.

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Republicans Pull out of US Budget Talks

admin — Sun, 10 Jul 2011 09:31:56 +0000

Republicans in Congress pulled out of talks over an ambitious plan to cut down the nation’s deficits by $4,000bn over 10 years due to the party’s opposition to new tax rises sought by Democrats. The development indicates that congressional leaders will look to strike a smaller deal of $2,000bn to shrink US debt and increase its borrowing limit, thereby avoiding a possible default.
It is suggested that although good faith efforts to find common ground, the White House will not pursue a bigger debt reduction agreement without tax hikes.

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Jobless Claims and Home Sales Reflect Slowdown in Economy

admin — Thu, 23 Jun 2011 18:13:45 +0000

Last week, more Americans than forecast were filing applications for first-time unemployment benefits. Claims for jobless benefits increased from 9,000, to 429,000. Besides, according to figures from the Commerce Department and Census Bureau, it is revealed that new-home sales dropped by 2.1% in May.
These news highlighted the concern of Federal Reserve chairman Ben S. Bernanke that the slowdown in the economy might persist.

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