Elastic Tapes: September 2008 Archives

. The settlement was reached Thursday, just days before a trial was to begin in Delaware in the case that challenged commissions AIG paid to C.V. Starr & Co. That's a privately held affiliate controlled by former AIG chairman Maurice "Hank" Greenberg and three other AIG directors.

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Attorneys representing the Teachers Retirement System of Louisiana say the settlement includes a $29.5 million payment from Greenberg and three other individual defendants. The plaintiffs alleged AIG could have done the work for which it paid Starr, and that the commissions were simply a mechanism for Greenberg and other Starr directors to line their pockets.

Full Story: Settlement reached in AIG shareholder lawsuit (AP)

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rose unexpectedly last week, largely due to Hurricane Gustav, the government said Thursday, adding further strain to the economy.

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Layoffs can worsen the nation's economic woes as newly unemployed workers and those that fear for their jobs cut back on their spending and fall behind on their debts. "The key to consumers' ability to meet their obligations is whether they have a job," Chessen said.

Full Story: Jobless claims rise due to Hurricane Gustav (AP)

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WASHINGTON - Banks and Wall Street firms ramped up borrowing from the Federal Reserve's emergency lending facility over the past week, a fresh sign of the credit stresses plaguing the country.

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A Fed report released Thursday says commercial banks averaged $21.6 billion in daily borrowing over the past week. That compared with a daily average of $19.8 billion in the previous week. For the week ending Sept. 17, Wall Street firms drew such loans averaging $20.3 billion. That step-up comes after six straight weeks where they didn't draw any loans. Their borrowing averaged as high as $38.1 billion a day over the course of a week in early April.

Full Story: Banks, Wall Street firms borrow more from Fed (AP)

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WASHINGTON - Construction of new homes and apartments fell to the weakest pace in 17 years in August, far more than expected, but lower mortgage rates and tax credits have given builders some glimmer of hope of a possible rebound.

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Housing construction dropped a surprising 6.2 percent last month, the Commerce Department reported Wednesday, far larger than the 1.6 percent decline analysts had been expecting. It was the slowest building pace since January 1991, but that should help clear out bloated inventories of unsold homes. Building activity is on track to slide below the 1 million-mark for the whole year, the first time that has happened in more than six decades.

Full Story: Housing construction plunges 6.2 pct. in August (AP)

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WASHINGTON - Construction of new homes and apartments fell to the lowest level in 17 years last month, showing the country is still gripped by a severe housing downturn that has triggered billions of dollars of losses and is reshaping the structure of U.S. finance.

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The Commerce Department reported Wednesday that housing construction dropped a surprise 6.2 percent last month to a seasonally adjusted annual rate of 895,000 units. That's the slowest building pace since January 1991, another period when housing was going through a painful correction. The decline is larger than the 1.6 percent drop analysts expected and showed weakness in all the country except the West.

Full Story: Housing construction plummets 6.2 pct. in August (AP)

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kept a key interest rate unchanged Tuesday, saying that strains in financial markets have "increased significantly" but that it would keep an eye on them and act, if needed.

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Some investors had hoped the Fed would cut rates after financial markets were stunned by investment bank Lehman Brothers ' failure over the weekend to find financing or a buyer. Stocks initially slumped on the Fed announcement with the Dow Jones industrial average dropping by about 100 points. However, in late afternoon trading the Dow was up nearly 84 points as investors took heart that the central bank did not believe the economy was in as much trouble as many had feared.

Full Story: Fed leaves key rate unchanged (AP)

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WASHINGTON - Consumer prices in August posted the first monthly decline in nearly two years as Americans finally get a break from surging energy prices.

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The Labor Department reported Tuesday that consumer prices edged down 0.1 percent last month, a significant improvement from a 1.1 percent price spike in June and a 0.8 percent rise in July. The cost of gasoline and other fuels have plunged, reflecting big drops in crude oil prices . The decline, which was in line with expectations, may give the Federal Reserve the room it needs to cut interest rates if Fed officials feel a rate reduction could help stabilize turbulent financial markets .

Full Story: Big fall in energy pushes consumer prices down (AP)

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The Federal Reserve reported Monday that industrial output dropped 1.1 percent last month, far worse than the 0.3 percent decline that economists had been expecting.

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The weakness was led by an 11.9 percent drop in production of motor vehicles and parts, reflecting the hard times facing the U.S. auto industry. Copyright © 2008 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press.

Full Story: Output drops worse-than-expected 1.1 percent (AP)

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WASHINGTON - The largest drop in wholesale prices in nearly two years in August failed to spur consumers to spend more at the shopping malls, raising new worries about a possible recession as the temporary boost from tax rebate checks becomes a distant memory.

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The Labor Department reported Friday that wholesale prices declined 0.9 percent last month, nearly double the 0.5 percent drop that economists had expected, as the price of all types of energy from gasoline to natural gas fell sharply. The August slump followed an even bigger 0.5 percent decline in July, the weakest performance in five months and much worse than the 0.1 percent decline originally reported.

Full Story: Sales slide in August while price pressures abate (AP)

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WASHINGTON - The Agriculture Department on Friday reduced its forecast for this year's corn and soybean harvests due to drier weather, potentially leading to higher commodity prices.

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U.S. corn production will be 12.1 billion bushels, down from its 12.3 billion estimate last month, the USDA said. The soybean crop is projected to be slightly lower, at 2.93 billion bushels, down from its earlier estimate of 2.97 billion. While the predicted corn crop will be 8 percent below last year's, it would still be the second largest on record. The soybean crop would be 13 percent higher than last year's and the fourth largest ever.

Full Story: USDA cuts estimates for corn, soybean harvests (AP)

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TOKYO - Japan's economy shrank at a 3 percent annual rate in the April-June quarter, the government said Friday in a lowered revision of an already pessimistic reading for the world's second biggest economy.

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Fears about a global downturn have been growing amid soaring prices of gas, steel, food and other goods. Signs of a slowdown in the U.S., Japan 's major trading partner, have added to the worries. The economy was expected to stay sluggish for the next few months, staying flat at best, and may continue to contract, Shikano said.

Full Story: Japan reports economy shrank 3 percent April-June (AP)

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spending in Japan fell for the second consecutive month in July, suggesting that manufacturers are bracing for slower demand in the months ahead.

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electric power companies and those for ships, fell 3.9 percent to 1.04 trillion yen ($9.67 billion) in July from the previous month. Led by declines in demand from chemical and oil-product makers, the figure follows a 2.6 percent decline in June and a 10.4 percent jump in May.

Full Story: Japan's core machinery orders fall in July (AP)

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Bush administration announced Sunday it was seizing troubled mortgage giants Fannie Mae and Freddie Mac in a bid to help reverse a prolonged housing and credit crisis.

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But private analysts worried that it may not be enough to stabilize the slumping housing market given the glut of vacant homes for sale, rising foreclosures, rising unemployment and weak consumer confidence. predicted that 30-year mortgage rates, currently averaging 6.35 percent nationwide, could dip to close to 5.5 percent. That's because investors will be more willing to buy the debt issued by Fannie and Freddie — and at lower rates — since the federal government is now explicitly standing behind that debt.

Full Story: US government takes on big role in mortgage market (AP)

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's wholesale inflation remained near a 27-year high in August, the government said Wednesday, as the soaring costs of energy and raw materials continued to pressure businesses.

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The index for domestic corporate goods prices rose 7.2 percent from a year ago, the Bank of Japan said. The result was largely in line with market forecasts and fell just below a revised 7.3 percent increase in July, which marked the steepest climb since an 8.1 percent gain in January 1981. Then, as now, high oil prices drove inflation.

Full Story: Japan wholesale prices rise 7.2 percent in August (AP)

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The central bank on Tuesday released the results of its most recent auction. It's part of an ongoing program started in December that seeks to ease financial turmoil and credit stresses. Those programs — along with the depressed housing market — have badly pounded the economy, forcing companies and people to clamp down.

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In the latest auction, commercial banks paid an interest rate of 2.670 percent for the 84-day loans. There were 38 bidders. The Fed received bids for $31.64 billion worth of the loans. The auction was conducted on Monday with the results made public on Tuesday. The Fed in mid-December announced it was creating an auction program that would give banks a new way to get short-term loans from the central bank and help them over the credit hump. In late July, the Fed expanded the program, making the longer 84-day loans available, besides the existing 28-day loans.

Full Story: Fed auctions another $25 billion in loans to banks (AP)

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WASHINGTON - Borrowing by consumers slipped in July to the weakest pace in seven months, reflecting a big slowdown in demand for car loans.

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The Federal Reserve reported Monday that consumer borrowing grew at an annual rate of just 2.1 percent in July, the slowest pace since a 1.9 percent rise last December. The slowdown reflects a tiny 0.5 percent rate of growth in the category that includes auto loans, down from a 6.1 percent surge in this category in June. Automakers reported that demand for cars fell in July to the lowest level in 16 years.

Full Story: Consumer borrowing slows to weakest in 7 months (AP)

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bolted above the psychologically important 6 percent level last month for the first time in five years — and it's likely to go even higher in the months ahead, possibly throwing the economy into a tailspin as Americans pick a new president.

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A blizzard of pink slips propelled the jobless rate from 5.7 percent in July to 6.1 percent in August, the Labor Department reported Friday. Such a sharp increase is usually a strong recession warning, and it dashed investors' hopes for a late-year recovery. Worried about the economy and their own business prospects, employers cut payrolls by 84,000 in August, marking the eighth straight month of losses.

Full Story: Unemployment climbs to 5-year high of 6.1 percent (AP)

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zoomed to a five-year high of 6.1 percent August and employers slashed jobs for the eighth month in a row.

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WHAT IT MEANS: With jobs harder to find, there's growing fears that consumers will pull back on their spending, throwing the economy into a tailspin later this year. Copyright © 2008 The Associated Press. All rights reserved. The information contained in the AP News report may not be published, broadcast, rewritten or redistributed without the prior written authority of The Associated Press.

Full Story: Summary Box: Unemployment hits 5-year high (AP)

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zoomed to a five-year high of 6.1 percent in August as employers slashed 84,000 jobs, dramatic proof of the mounting damage a deeply troubled economy is inflicting on workers and businesses alike.

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The Labor Department's report, released Friday, showed the increasing toll the housing, credit and financial crises are taking on the economy. The report rattled Wall Street again. The Dow Jones industrial average was down nearly 100 points in morning trading. All the major stock indexes tumbled into bear territory Thursday as investors lost hope of a late-year recovery. With the employment situation deteriorating, there's growing worry that consumers will recoil, throwing the economy into a tailspin later this year or early next year.

Full Story: Jobless rate jumps to 5-year high of 6.1 percent (AP)

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rose unexpectedly last week, the government said Thursday, while companies responded to the slowing economy by producing more with fewer workers.

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It was not great news for American workers, who have seen jobs decline and wages erode, but it may signal less inflation worries for the Federal Reserve . The Labor Department reported that new applications for unemployment insurance rose to a seasonally adjusted 444,000, up 15,000 from the previous week. Economists had expected claims to drop to 420,000.

Full Story: Jobless claims jump is bad omen for economy (AP)

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The ECB in July moved to cool inflation by increasing borrowing costs for the first time in a year to 4.25 percent for the 15 countries that use the euro.

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The Bank of England has left rates unchanged at 5 percent since April, when it reduced its benchmark figure by a quarter of a percentage point . "Upon leaving rates at 4.25 percent this Thursday, the ECB will probably refute market hopes for a rate cut in the near future," Bank of America Economist Holger Schmieding said in a research note.

Full Story: ECB, BoE expected to leave interest rates steady (AP)

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WASHINGTON - The government says orders to U.S. factories rose by a larger-than-expected amount in July as demand for commercial aircraft, heavy machinery and iron and steel all posted solid gains.

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The Commerce Department reported Wednesday that new orders increased by 1.3 percent in July, much stronger than the 0.8 percent increase economists had been expecting. The July advance follows an even bigger 2.1 percent increase in June and represents the fifth straight rise. Manufacturers have been seeing a sharp slowdown in the U.S. economy offset by strong gains in foreign demand, helped by a weaker dollar which makes their products more competitive overseas.

Full Story: Factory orders see wide gains led by aircraft (AP)

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WASHINGTON - Construction spending took a bigger-than-expected tumble in July as housing activity dropped to the lowest level in seven years and nonresidential activity fell for the first time in seven months.

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The Commerce Department reported Tuesday that construction spending declined 0.6 percent in July, double the 0.3 percent decrease analysts had been expecting. Housing activity fell for a 16th consecutive month, declining 2.3 percent to a seasonally adjusted annual rate of $357.8 billion. That was the lowest level since March 2001 , the start of the last recession.

Full Story: Construction spending fell 0.6 percent in July (AP)

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Even as 110 mph winds raked refineries that line the coast and rushed over the deep-water rigs off the shores of Texas and Louisiana, the price for a barrel of oil plummeted by more than $4 a barrel amid a broad sell-off in European and Asian markets.

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The storm's impact on production platforms, drilling rigs and other equipment will not likely be fully known for another day or so. Assuming no damage, it typically takes two to four days to restart a refinery, depending on its size. It can take a day or two to get offshore oil and natural-gas production going again. In 2005, hurricanes Katrina and Rita knocked out the region's offshore energy infrastructure for several weeks.

Full Story: Gustav loses stranglehold on energy prices (AP)

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, utilities along the Gulf of Mexico were buffeted by 110 mph plus winds from Gustav with customer outages topping 500,000 and growing.

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Burns said about 500,000 of Entergy's 1.2 million customers in Louisiana have lost power, and the number continues to grow. Cleco Corp ., which has 273,000 customers in the state, said the number of customers without power was at 50,000 and growing.

Full Story: Hundreds of thousands lose power in the Gulf (AP)

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WASHINGTON - U.S. home prices fell 4.8 percent in the second quarter compared with a year ago, a new record low, according to a government report.

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The government index for the April-June period, released Tuesday by the Office of Federal Housing Enterprise Oversight focuses on less expensive properties and includes fewer houses bought with risky home loans that have gone sour over the past year. The previous record annual drop in the index's 17-year history was 3 percent and was set from January through march of this year.

Full Story: Gov't home price index posts largest-ever drop (AP)

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