Chrysler, GM dealers ready to fight for resurrection
15.12.09
As Chrysler and General Motors get ready to sit down and talk with owners of some of the nearly 2,000 dealerships given death sentences, dealers are rolling up their sleeves and preparing to fight for their businesses' lives.
The Obama administration plans to release updated details in the coming weeks to guide Congress on the best way to reshape the nation's financial regulatory system and prevent future collapses. Microsoft has beat out Google to become the default search provider on all phones on the Verizon Wireless network.
As the author of such business classics as "Built to Last" and "Good to Great," management guru Jim Collins has made a career out of understanding why companies succeed. Yet for the past several years he's been deep at work with partner Morten Hansen on how companies manage to negotiate through turbulent times. It was a prescient choice, deeply relevant to today's environment, and a likely topic of a future book. Collins recently sat down with Fortune senior writer Jennifer Reingold to share some of what he's learned to far. Excerpts:
Read full story for latest details. Exxon Mobil said Monday it will buy natural gas producer XTO Energy Inc. for $41 billion in a stock and debt transaction.
The days of cheap gas are retreating into the rearview mirror, as prices continue to roll uphill, flirting with the $2-per-gallon mark.
Mortgage rates fell over the past week, benefiting from the Federal Reserve's pledge to take all necessary action to stimulate the economy.
The May jobs report, which showed the lowest level of cuts since September, sent stocks slightly higher Friday on more hopes that the economy may soon be on the upswing. After initially vowing to unveil a new financial rescue package this coming week, senior officials in President Obama's administration now say the rollout date is being pushed back an extra week.
Bank of Lincolnwood was shuttered by Illinois regulators Friday, bringing the number of failed banks this year to 37 and costing the Federal Federal Deposit Insurance Corp.'s deposit insurance fund $83 million.
Four banks folded Friday, bringing the total number of banks to fail this year to 13.
Though not quite as generous as first envisioned, the federal stimulus package funnels a nice chuck of change to states to help them deal with their yawning budget gaps.
Three regional banks were closed Friday, bringing the total number of failed banks this month to six, as the financial crisis continues to take a toll on small banks nationwide. Constant news of layoffs, pay cuts, and stock declines has all of us tightening our belts: A recent Money poll found that in light of the financial crisis, 89% of us are changing the way we manage our finances, and 88% plan to be more frugal.
Michigan officials said Friday that the state is closing three prisons and five prison camps in hopes of narrowing a $1.4 billion budget gap for fiscal 2010.
Playing the China boom
15.12.09
It happens every weekday: A group of ladies gathers at the cavernous, badly lit stock-brokerage office on Shanghai's Xiangyang Lu in what was once, when China was colonized by European powers last century, known as the French Concession. There are usually at least four, and sometimes as many as eight.
With ads off the air, Tiger takes leave from golf
15.12.09
Tiger Woods is all over the TV, but his ads haven't been.
Get your 401(k) above pre-crash levels
15.12.09
With stocks up more than 60% since hitting bottom last March, the red ink is finally fading on the typical 401(k) account.
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Want to create jobs? Import entrepreneurs
15.12.09
A five-foot robot sits in Jon Wheatley's chair during most U.S. investor presentations, listening, speaking, and watching the meeting as Wheatley maneuvers it from a laptop in London. The shtick draws attention to Wheatley and his company, social media Web site DailyBooth.com, but the robot (provided by one of his investors) serves a purpose: Wheatley cannot set foot in the United States.
High court rejects challenge to Chrysler's sale
15.12.09
The Supreme Court again Monday turned away the latest challenge to Chrysler's bankruptcy and sale to Italian automaker Fiat.
Housing outlook for 2010
15.12.09
In a dour year for the economy, the housing market has offered some glimmers of hope. Home sales have improved, recently hitting their highest level in more than two years. There's been talk of bidding wars resuming in places like Silicon Valley and New York City. And cocktail party chatter everywhere has started to turn to talk of a bottom. So at least where housing's concerned, things are looking not so bad -- right?
Chrysler, GM dealers ready to fight for resurrection
15.12.09
As Chrysler and General Motors get ready to sit down and talk with owners of some of the nearly 2,000 dealerships given death sentences, dealers are rolling up their sleeves and preparing to fight for their businesses' lives.
Exxon to buy XTO in $41 billion deal
15.12.09
Exxon Mobil said Monday it will buy natural gas producer XTO Energy Inc. for $41 billion in a stock and debt transaction.
Turn on the home-equity tap again
15.12.09
The home-equity line of credit fueled thousands of extreme kitchen makeovers during the real estate boom. But the housing bust and the credit crisis stopped the HELOC party with a vengeance: Tens of thousands of homeowners had their lines cut or frozen, and most lenders stopped issuing new ones altogether.