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May
14th
Airlines Collect Record Baggage Fees in 2012
By Dave Simmons
Airlines Collect Record Baggage Fees in 2012
In a bid to offset the climbing price they pay for jet fuel, airlines have been increasing some fees while introducing new ones. The practice is paying off, according to a government report issued Tuesday, as US airlines took in a staggering $3.5 billion in checked baggage fees alone in 2012. The total represents a 3.8 percent increase over bag fees the previous year and is a new record high. While the existence of many of these fees sparks ire in passengers, the widespread implementation of them across the airline industry gives them no choice but to pay. Tuesday's report buoyed airline investors, with many major US carriers seeing their shares gain more than 1 percent during the day's trading session.
In a bid to offset the climbing price they pay for jet fuel, airlines have been increasing some fees while introducing new ones. The practice is paying off, according to a government report issued Tuesday, as US airlines took in a staggering $3.5 billion in checked baggage fees alone in 2012. The total represents a 3.8 percent increase over bag fees the previous year and is a new record high. While the existence of many of these fees sparks ire in passengers, the widespread implementation of them across the airline industry gives them no choice but to pay. Tuesday's report buoyed airline investors, with many major US carriers seeing their shares gain more than 1 percent during the day's trading session.
May
14th
Small Business Confidence Ticks Up, Still on the Cautious Side
By Mike Goldman
Small Business Confidence Ticks Up, Still on the Cautious
Side
According to a trade group, confidence among US small business owners continued to creep up in April, though they are still somewhat cautious about the long term business environment as the economy continues to recover from its biggest slowdown since the 1930s. According to a report from the National Federation of Independent Business, the group's Index of Small Business Optimism rose 2.6 points in April to a fresh reading of 92.1, reversing a decline of 1.3 in the index's reading for March. The index is compiled from responses collected from some 1,870 business members of the organization.
According to a trade group, confidence among US small business owners continued to creep up in April, though they are still somewhat cautious about the long term business environment as the economy continues to recover from its biggest slowdown since the 1930s. According to a report from the National Federation of Independent Business, the group's Index of Small Business Optimism rose 2.6 points in April to a fresh reading of 92.1, reversing a decline of 1.3 in the index's reading for March. The index is compiled from responses collected from some 1,870 business members of the organization.
May
14th
US Import Prices Slip 0.5 Percent
By Frank Galvano
US Import Prices Slip 0.5 Percent
The US Labor Department reported Tuesday that the nations import prices subsided in April, easing inflation concerns for American households, thanks mainly to a decline in oil prices. According to the report, import prices fell by 0.5 percent from the prior month, marking the largest such decline since last December. The agency also revised its data for March, showing a 0.2 percent dip in prices instead of the originally reported 0.5 percent drop. With April's decline, and the March revision, import prices have now fallen 2.6 percent over the last 12 months through April. In a recent poll conducted by Reuters, economists projected the 0.5 percent slip in April, on average, as oil prices drove the decline. If oil prices were taken out of the equation, import prices would only have slipped 0.1 percent.
The US Labor Department reported Tuesday that the nations import prices subsided in April, easing inflation concerns for American households, thanks mainly to a decline in oil prices. According to the report, import prices fell by 0.5 percent from the prior month, marking the largest such decline since last December. The agency also revised its data for March, showing a 0.2 percent dip in prices instead of the originally reported 0.5 percent drop. With April's decline, and the March revision, import prices have now fallen 2.6 percent over the last 12 months through April. In a recent poll conducted by Reuters, economists projected the 0.5 percent slip in April, on average, as oil prices drove the decline. If oil prices were taken out of the equation, import prices would only have slipped 0.1 percent.
May
14th
EU Launches Probe Into Suspected Oil Price Fixing Scheme
By Kelly Curtis
EU Launches Probe Into Suspected Oil Price Fixing
Scheme
According to multiple sources, officials from the European Union have launched a probe into allegations that several major oil companies such as Shell and Norway's Statoil participated in a scheme to fix oil prices. A spokesman for the EU acknowledged the investigation on Tuesday, saying inspections have been undertaken in three countries. "The commission has concerns that the companies may have colluded in reporting distorted prices to a price reporting agency to manipulate the published prices for a number of oil and biofuel products,” read the statement, adding that the Commission “has concerns that the companies may have prevented others from participating in the price assessment process, with a view to distorting published prices."
According to multiple sources, officials from the European Union have launched a probe into allegations that several major oil companies such as Shell and Norway's Statoil participated in a scheme to fix oil prices. A spokesman for the EU acknowledged the investigation on Tuesday, saying inspections have been undertaken in three countries. "The commission has concerns that the companies may have colluded in reporting distorted prices to a price reporting agency to manipulate the published prices for a number of oil and biofuel products,” read the statement, adding that the Commission “has concerns that the companies may have prevented others from participating in the price assessment process, with a view to distorting published prices."
May
14th
Major Sony Investor Calls for Sale of Entertainment Business
By Betty
Major Sony Investor Calls for Sale of Entertainment
Business
Sony Corporation has come under pressure to sell off part of its entertainment business in order to strengthen its struggling electronics unit. Daniel Loeb, the billionaire activist investor and CEO of hedge fund Third Point, a major Sony shareholder, wrote a letter to Sony top executive Kazuo Hirai on Tuesday suggesting the move. Loeb said that Sony should put a 20 percent stake in its entertainment unit up for sale and use the proceeds to pump cash into the electronics division, which has struggled over the last few years. Hirai, meanwhile, published a reply to Loeb's letter later on Tuesday, indicating in no uncertain terms that no part of Sony is for sale, and the company will continue to take steps to strengthen both segments of its business.
Sony Corporation has come under pressure to sell off part of its entertainment business in order to strengthen its struggling electronics unit. Daniel Loeb, the billionaire activist investor and CEO of hedge fund Third Point, a major Sony shareholder, wrote a letter to Sony top executive Kazuo Hirai on Tuesday suggesting the move. Loeb said that Sony should put a 20 percent stake in its entertainment unit up for sale and use the proceeds to pump cash into the electronics division, which has struggled over the last few years. Hirai, meanwhile, published a reply to Loeb's letter later on Tuesday, indicating in no uncertain terms that no part of Sony is for sale, and the company will continue to take steps to strengthen both segments of its business.
May
3rd
Recall Issued for Select California Pizza Kitchen And DiGiorno Pies
By Ronnie
Recall Issued for Select California Pizza Kitchen And
DiGiorno Pies
Swedish foodmaker Nestle revealed Friday it is recalling tens of thousands of DiGiorno and California Pizza Kitchen frozen pizzas after finding very small pieces of plastic in spinach used on several varieties. According to a statement the company posted on the US Food and Drug Administration website, a handful of customers complained about finding the plastic as well. While the recall was posted on the FDA's website, the recall was voluntary, and there have been no reports that the plastic pieces can be hazardous. Nonetheless, Nestle recommends that consumers not eat the pizzas and call Nestle customer service at 1-800-456-4394. The company is offering free coupons for replacement pizzas for customers who purchased the affected pies.
Swedish foodmaker Nestle revealed Friday it is recalling tens of thousands of DiGiorno and California Pizza Kitchen frozen pizzas after finding very small pieces of plastic in spinach used on several varieties. According to a statement the company posted on the US Food and Drug Administration website, a handful of customers complained about finding the plastic as well. While the recall was posted on the FDA's website, the recall was voluntary, and there have been no reports that the plastic pieces can be hazardous. Nonetheless, Nestle recommends that consumers not eat the pizzas and call Nestle customer service at 1-800-456-4394. The company is offering free coupons for replacement pizzas for customers who purchased the affected pies.
May
3rd
Gun Sales Still Strong, Yet Gun Maker Stocks Show Weakness
By Frank Galvano
Gun Sales Still Strong, Yet Gun Maker Stocks Show
Weakness
Ever since the shooting at Sandy Hook Elementary School last December, business has been good for manufacturers of firearms and ammo, though somebody forgot to tell investors, as shares in companies like Sturm Ruger, Smith and Wesson and others are starting to level off. Sales are up drastically, as there were 44 percent more background checks conducted during the first quarter than in the same period a year earlier. Though not all background checks end in a gun purchase, the upswing suggests high demand in response to political rhetoric about gun control legislation. Gun stocks have risen as, well, though not at the same pace. Sturm Ruger has been the best performer among major gun makers, with shares gaining 10 percent so far this year, while Smith & Wesson stock has improved about 3 percent.
Ever since the shooting at Sandy Hook Elementary School last December, business has been good for manufacturers of firearms and ammo, though somebody forgot to tell investors, as shares in companies like Sturm Ruger, Smith and Wesson and others are starting to level off. Sales are up drastically, as there were 44 percent more background checks conducted during the first quarter than in the same period a year earlier. Though not all background checks end in a gun purchase, the upswing suggests high demand in response to political rhetoric about gun control legislation. Gun stocks have risen as, well, though not at the same pace. Sturm Ruger has been the best performer among major gun makers, with shares gaining 10 percent so far this year, while Smith & Wesson stock has improved about 3 percent.
May
3rd
April Jobs Report Boosts Stock Markets
By Dave Simmons
April Jobs Report Boosts Stock Markets
The US Labor Department issued its Jobs Report for April Friday, prompting excitement among investors that pushed the Dow Jones industrial average above 15,000 for the first time ever. According to the report, the economy gained a healthy 165,000 jobs last month, easily ahead of the 140,000 projected by a group of economists in a recent Bloomberg survey. But the good news didn't stop with April job creation, as the Labor Dept. also revised its figures for March and February. The agency said that 138,000 jobs were created in March, instead of the originally reported 88,000; and that February brought a whopping 332,000 jobs, making it the best month for US job creation since 2010 when the US Census Bureau boosted the figures with temporary hires.
The US Labor Department issued its Jobs Report for April Friday, prompting excitement among investors that pushed the Dow Jones industrial average above 15,000 for the first time ever. According to the report, the economy gained a healthy 165,000 jobs last month, easily ahead of the 140,000 projected by a group of economists in a recent Bloomberg survey. But the good news didn't stop with April job creation, as the Labor Dept. also revised its figures for March and February. The agency said that 138,000 jobs were created in March, instead of the originally reported 88,000; and that February brought a whopping 332,000 jobs, making it the best month for US job creation since 2010 when the US Census Bureau boosted the figures with temporary hires.
May
1st
April Sales Strong for Detroit's Big 3
By Mike Goldman
April Sales Strong for Detroit's Big 3
Things were looking up in April for America's Big 3 automakers as each posted sales numbers up dramatically on a year-over-year basis. With an 11 percent increase in sales over the same month a year ago, Chrysler enjoyed its best monthly performance in six years, while General Motors matched the 11 percent gain and Ford enjoyed a stunning 18 percent gain in deliveries thanks in part to the popularity of its revamped Escape sports utility vehicle. The lucrative sales figures offer evidence that Americans feel positive about long term economic conditions despite the nation's continued struggle with unemployment and an unsure overall economic picture.
Things were looking up in April for America's Big 3 automakers as each posted sales numbers up dramatically on a year-over-year basis. With an 11 percent increase in sales over the same month a year ago, Chrysler enjoyed its best monthly performance in six years, while General Motors matched the 11 percent gain and Ford enjoyed a stunning 18 percent gain in deliveries thanks in part to the popularity of its revamped Escape sports utility vehicle. The lucrative sales figures offer evidence that Americans feel positive about long term economic conditions despite the nation's continued struggle with unemployment and an unsure overall economic picture.
May
1st
Manufacturing Growth Slows to a Trickle
By Betty
Manufacturing Growth Slows to a Trickle
The Institute for Supply Management reported Wednesday that manufacturing growth slowed to a trickle in April while a separate report showed a slowdown in construction spending, leading some economists to lower their guesses for first-quarter US economic growth. The group's index of manufacturing activity fell from March's reading of 51.3 to 50.7, just below the average projection from economists in a recent Reuters survey. The reading does still indicate growth however, as the index is calculated on a 1-100 basis, with any reading over 50 indicating growth.
The Institute for Supply Management reported Wednesday that manufacturing growth slowed to a trickle in April while a separate report showed a slowdown in construction spending, leading some economists to lower their guesses for first-quarter US economic growth. The group's index of manufacturing activity fell from March's reading of 51.3 to 50.7, just below the average projection from economists in a recent Reuters survey. The reading does still indicate growth however, as the index is calculated on a 1-100 basis, with any reading over 50 indicating growth.
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