In Focus: Top Business and Economic Headlines from NASDAQ.com

SEC: California IOUs covered under securities law

Fri, 10 Jul 2009 13:37:35 GMT

The Securities and Exchange Commission has determined that the IOUs currently being issued by the state of California should be treated as securities and regulated as such under federal law. California has been issuing the IOUs to creditors in recent days as it tries to deal with a $26 billion...

Jobless claims fell significantly last week

Thu, 9 Jul 2009 20:11:19 GMT

The number of Americans filing for first-time unemployment benefits fell more than expected last week, potentially providing a small hint of good news for the economy. The Department of Labor reported that 565,000 workers filed for first-time unemployment benefits last week, down from the 617,000...

Consumers remain focused on paying down debts

Thu, 9 Jul 2009 14:10:32 GMT

One positive long-term effect of the recession may be a newfound tendency among consumers to focus on paying down debt and saving their money. New figures from the Federal Reserve show that total consumer debt declined 1.5 percent in the month of May. Revolving debt, which includes credit cards,...

Google announces new operating system

Wed, 8 Jul 2009 22:11:45 GMT

Google (NASDAQ: GOOG) is reportedly working on a new operating system for less expensive computers that is aimed at taking market share from rival Microsoft (NASDAQ: MSFT) in the coming years. The search engine giant announced this week that it will be unveiling the Google Chrome Operating...

Lawmakers divided over second stimulus plan

Wed, 8 Jul 2009 14:02:25 GMT

Some members of Congress are starting to raise the prospect of a second federal stimulus package, despite the massive deficits that have been piling up in recent months. A Reuters report quoted House Majority Leader Steny Hoyer this week as saying that "we need to be open to whether we need...

Delinquencies rise along with unemployment rate

Tue, 7 Jul 2009 22:17:06 GMT

The nation''s jobless rate is said to be pushing credit card delinquency rates to new heights. In statistics released this week by the American Bankers Association, 3.23 percent of all consumer loans are now 30 or more days overdue. The numbers were more substantial when broken down among...

Budget crisis brings down California''s credit rating

Tue, 7 Jul 2009 13:28:31 GMT

California suffered its latest financial setback on Monday when its credit rating was downgraded to almost junk status. According to Fitch Ratings, California''s long-term general obligation bond rating now stands at BBB, down from A-, with a Rating Watch Negative distinction. The credit rating...

More Americans altering retirement planning

Mon, 6 Jul 2009 22:07:11 GMT

The recession has led a growing number of older Americans to alter their retirement plans and consider returning to the workforce on at least a part-time basis. A recent survey from Charles Schwab finds that as many as 9.5 million Americans may be considering going back to work to help them make...

Service sector shows slight improvement

Mon, 6 Jul 2009 22:05:48 GMT

The economy got mixed news on Monday in the form of a report showing that job losses in the U.S. services sector seem to be slowing. According to the Institute for Supply Management (ISM), its index of non-manufacturing businesses now stands at 47, up from 44 in May. Since the reading remains...

GM announces step forward in bankruptcy process

Mon, 6 Jul 2009 14:09:29 GMT

On Monday, General Motors (GM) announced a significant step forward in its bankruptcy process. According to the company, a federal bankruptcy judge has approved the sale of many of its assets to NGMCO, Inc., which is described as an entity funded by the U.S. Treasury Department. The entity is...