The incoming city controller said a consultant’s report makes it clear that Harrisburg must be declared a distressed city under state law. “It seems like Act 47 is imminent,” said Dan Miller, city controller-elect Read the original: Official predicts distressed label (The Patriot-News)
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Industry News- Bollard Says New Zealand Central Bank to Keep Rates Steady Until Mid Year March 10, 2010By Tracy Withers March 11 (Bloomberg) -- New Zealand’s central bank said it will wait until the middle of the year before raising interest rates as falling house prices and weak consumer spending are contributing to a slow economic recovery. “Households are still cautious with house sales and credit growth remaining subdued,” Reserve Bank Governor Alan Bolla […]
- Smartphones Eclipse PCs by 2012 as IPhone, Android Take Off: Chart of Day March 10, 2010By Ian King March 10 (Bloomberg) -- Demand for Apple Inc. ’s iPhone and Google Inc.’s Nexus One will help propel smartphone sales past those of personal computers in two years, Gartner Inc. forecasts. The CHART OF THE DAY shows that smartphone sales will more than triple to 491.9 million units by 2012 from 139.3 million in 2008, according to the Stamford, Co […]
- House Democrats Will Ban Earmarks for Companies in Election-Year Crackdown March 10, 2010By Brian Faler March 10 (Bloomberg) -- House Democrats announced they are banning so-called earmarks for defense contractors, energy firms and other private companies in an election-year attempt to crack down on the much-criticized funding process. Lawmakers will also direct federal auditors to inspect five percent of projects awarded to nonprofit groups to […]
- Jobless Aid Passed by U.S. Senate, Sending $138 Billion Measure to House March 10, 2010By Brian Faler March 10 (Bloomberg) -- The U.S. Senate approved a $138 billion measure that would extend unemployment benefits and provide additional aid to states in the second major effort this year by lawmakers to boost the economy. The chamber voted 62-36 to approve the legislation, which would also extend dozens of expiring tax cuts, ease corporate- pen […]
- Oaktree Set to Take Control of Almatis Under $1 Billion Debt Restructuring March 10, 2010By Patricia Kuo March 10 (Bloomberg) -- Oaktree Capital Management LLC , a Los Angeles-based investment fund, is poised to take control of alumina products-maker Almatis under the terms of the company’s $1 billion debt restructuring. Oaktree will take 86.5 percent of Almatis’s equity under the plan, which has been approved by two thirds of the Frankfurt-base […]
- Wal-Mart Brings Back 300 Items to U.S. Stores After Losing Shopper Traffic March 10, 2010By Chris Burritt March 10 (Bloomberg) -- Wal-Mart Stores Inc., the world’s largest retailer, returned about 300 items to U.S. stores after their removal last year hurt shopper traffic, said Bill Simon, chief operating officer of U.S. stores. Wal-Mart returned some flavors and package sizes of food products and other consumable goods, even though they didn’t […]
- Google Rivals Asked for Statements as FTC Probes Company’s AdMob Purchase March 10, 2010By Todd Shields and Dina Bass March 10 (Bloomberg) -- U.S. regulators are seeking sworn declarations from Google Inc. competitors and advertisers as part of their probe of the Internet company’s bid to buy AdMob Inc., indicating the government may challenge the deal, said people with direct knowledge of the matter. The Federal Trade Commission is investigati […]
- Unemployment Eased in Nine U.S. States in January, Labor Department Says March 10, 2010By Timothy R. Homan March 10 (Bloomberg) -- Unemployment decreased in nine U.S. states in January, led by an improvement in Michigan that demonstrates factories are driving the economic rebound. Michigan’s jobless rate fell to 14.3 percent, still the highest in the nation, from 14.5 percent in December, according to figures issued today by the Labor Departme […]
- U.S. Budget Gap Rises to Record $221 Billion on Spending to Revive Economy March 10, 2010By Vincent Del Giudice March 10 (Bloomberg) -- The U.S. posted its largest budget deficit on record in February as the government boosted spending to help revive the economy. The excess of spending over revenue increased to $221 billion last month, compared with a deficit of $194 billion in February 2009, according to Treasury Department figures released tod […]
- `Madmen, Fools’ Would Scuttle a Recovery: David G. Blanchflower March 10, 2010Commentary by David G. Blanchflower March 10 (Bloomberg) -- John Maynard Keynes wrote during the Great Depression that only “fools and madmen” will tell you “the path of escape is to be found in strict economy.” Several countries have now started “strict economy,” or fiscal tightening, after the biggest financial crisis since World War II. The most obvious e […]
- Bollard Says New Zealand Central Bank to Keep Rates Steady Until Mid Year March 10, 2010