CEO Pay Up Twice the Inflation Rate
Morning Business Memo: While most U.S. households struggled to keep pace with inflation last year, the guy in the corner office did just fine. Profits at big U.S. companies broke records in 2011, and so did pay for CEOs. The head of a typical public… Read More »
EmailMortgage Rates Fall Again
Right now could be the best time to buy a home – if you qualify. Prices are close to 10-year lows in most markets, and rates for 30-year fixed mortgages are at their cheapest ever. Mortgage buyer Freddie Mac says the average rate on a… Read More »
Bank Error Sends Pa. Man on $70K Spree
There are no free lunches. Money doesn’t fall from trees. And sadly, the Bank Fairy doesn’t mysteriously deposit cash into random customer accounts. So one has to wonder what Joseph Bucci, a Trevose, Pa., resident was thinking when he went to a local Wells Fargo Bank… Read More »
More Gasoline Price Cuts Coming
Morning Business Memo: Remember all those dire forecasts about $5 gas for the summer? It’s not likely to happen. Gas prices are likely to fall more as the world price of oil continues to drop. West Texas crude is under $90.50 a barrel, while Brent… Read More »
HP Announces 27,000 Job Cuts
Tech giant Hewlett-Packard Co. plans to cut 27,000 employees after revealing that third-quarter results will be lower than expected. The company outlined plans after the close of the stock market for a “multi-year productivity initiative designed to simplify business processes, advance innovation and deliver better… Read More »
Software Exec Charged In Lego Bar Code Scam
A Silicon Valley executive was charged with four felony counts of second degree burglary after allegedly creating his own barcodes and placing them on Lego toys at Target stores to get major discounts. Thomas Langenbach, 47, was arraigned Tuesday in Santa Clara County Court, but… Read More »
More Facebook IPO Questions
Morning Business Memo: A flurry of questions about that fumbled Facebook IPO as the share price continues to tumble. Did Facebook executives urge bankers to boost the number of shares to be sold to the public? What did big banks tell select investors about negative… Read More »
Home Sales Jump 3.4 Percent in April
The long-suffering housing market is showing new signs of life, with Americans buying more previously owned homes in April. The report is another hopeful sign the housing market is at long last improving. “Prices rose strongly. The improvement in sales and prices is broad-based across… Read More »
Apple Shines, Facebook Falls
Morning Business Memo: Forget Facebook. The stock market still belongs to Apple, the world’s most valuable company. Apple shares rose nearly 6 percent yesterday as stocks rallied after weeks of losses because of the debt crisis in Europe. Apple’s bounce was the firm’s second-largest gain… Read More »
Manhattan’s Million-Dollar Parking Spot
It used to be that $1 million could buy you a healthy chunk of real estate–a mansion, maybe, or a few acres of land. But in Manhattan’s tony Greenwich Village, it will buy a parking spot. That’s right: A garage space at 66 E.11th Street… Read More »
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