Archive for the ‘cc’ Category
Friday, May 11th, 2012
Sony Corp. racked up a record annual loss of 457 billion yen ($5.7 billion) in its fourth straight year of red ink as the once-glorious maker of the Walkman and PlayStation struggles toward a turnaround under a new president.
The electronics and entertainment company, which also makes "Spider-Man" movies, reported Thursday ...
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Friday, May 11th, 2012
A Fort Worth medical institute found by a state agency to have misled students about training and job prospects has filed for bankruptcy, leaving students with dim prospects of getting refunds.
The institute is run by a woman describing herself as a medical doctor who has spent time in prison for ...
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Friday, May 11th, 2012
For years, digital music start-ups have faced two persistent, and frequently intertwined, dangers: record company lawsuits and bankruptcy.
The latest casualty is MP3tunes, a cloud-music service that has been engaged in a long and costly lawsuit with EMI. On Thursday, the company announced that it had filed for bankruptcy in federal ...
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Friday, May 11th, 2012
Cox Enterprises has filed paperwork with the Georgia Department of Labor indicating that it will lay off 102 employees from its Atlanta Journal Constitution home delivery distribution center in Smyrna.
In a letter sent to GDOL, a representative from Cox Enterprises said it “plans to outsource its home delivery distribution” beginning ...
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Friday, May 11th, 2012
49% of Americans say they aren't contributing to any retirement plan, according to a new survey conducted by LIMRA, a trade association for the financial services industry.
"The findings from this survey were disturbing, given that people will increasingly need to rely on their personal savings to make ends meet in ...
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Friday, May 11th, 2012
Eduardo Saverin, the billionaire co- founder of Facebook Inc. (FB), renounced his U.S. citizenship before an initial public offering that values the social network at as much as $96 billion, a move that may reduce his tax bill.
Facebook plans to raise as much as $11.8 billion through the IPO, the ...
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Friday, May 11th, 2012
About 22 percent of California’s eighth-graders tested on a national science test passed, ranking the Golden State among the worst in the nation, according to figures released Thursday.
Scores from the 2011 National Assessment of Educational Progress, also known as the Nation’s Report Card, show that too few students have the ...
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Friday, May 11th, 2012
"It was a house of cards and it collapsed in the most destructive, worst crisis that we’ve seen since the Great Depression," Obama said. "And sometimes people forget the magnitude of it. You know, you saw some of that in the video that was shown. Sometimes I forget."
Mitt Romney's press ...
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Thursday, May 10th, 2012
Procter & Gamble will move its beauty, skin, cosmetics and personal-care unit from Cincinnati to Singapore, the Wall Street Journal reports, citing an internal memo. The division is departing U.S. shores because Asia is the fastest-growing beauty market in the world, the newspaper noted. Beauty products made up roughly one-quarter ...
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Thursday, May 10th, 2012
The Labor Department every month publishes the nation's unemployment rate, which is now hovering at roughly 8 percent after peaking at more than 10 percent in 2009.
But is that decline a result of thousands of Americans going back to work -- or thousands throwing in the towel on the ...
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Thursday, May 10th, 2012
A cash-strapped New York town has had to cancel Fourth of July fireworks and is appealing for donations to save its celebration of America's birthday.
New Rochelle town officials say the Independence Day display costs $75,000, and was eliminated from the city's 2012 budget, along with the Memorial Day parade and ...
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Thursday, May 10th, 2012
324,000 women dropped out of the nation’s civilian labor force in March and April as the number of women not in the labor force hit an all-time historical high of 53,321,000, according to the Bureau of Labor Statistics.
The civilian labor force consists of all people in the United States 16 ...
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Thursday, May 10th, 2012
A Troy life-jacket business, backed by key local investors, has filed for bankruptcy—but also says it will be acquired by the sister of the CEO.
Float-Tech Inc., located in downtown Troy, seeks to remain open and operating while seeing the acquisition through and paying off debt, according to court papers filed ...
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Thursday, May 10th, 2012
The applause has died for the San Antonio Opera, which this week filed its expected liquidation bankruptcy filing. The move came several months after the organization canceled its last two performances for the current season.
The 16-year-old opera listed assets of just $1,500 in office equipment and furniture and debts of ...
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Thursday, May 10th, 2012
Jobs in London's finance sector will slump to their lowest level for 16 years as the euro zone crisis is predicted to cause over 25,000 layoffs in 2012.
That would push the number of jobs lost in the City of London since the top of the financial boom in 2007 to ...
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Thursday, May 10th, 2012
The Federal Reserve gave three state-owned Chinese banks its stamp of approval Thursday to expand their presence in the United States.
The central bank accepted an application from Industrial and Commerce Bank of China Ltd. (IDCBY) (ICBC), along with China Investment Corporation and Central Huijin Investment, to become bank holding companies ...
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Thursday, May 10th, 2012
The United States on Wednesday opened its banking market to ICBC, China's biggest bank, for the first time clearing a takeover of a US bank by a Chinese state-controlled company.
Just days after high-level US-China economic talks in Beijing, the Federal Reserve approved an application from Industrial and Commercial Bank of ...
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Wednesday, May 9th, 2012
CleanPower Inc., a Wauwatosa-based janitorial services provider for workplaces, has notified state of Wisconsin officials that it may have to lay off up to 48 employees if the company does not win an extension of a state contract to provide cleaning services for state buildings.
CleanPower said in a mass layoff ...
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Wednesday, May 9th, 2012
Two Maryland employers have warned state labor officials of layoffs that could affect nearly 400 workers.
Saks Fifth Avenue said it would terminate a third of its workforce, or 223 employees, at its Aberdeen distribution and order fulfillment center starting in late May, the state Department of Labor, Licensing and Regulation ...
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Wednesday, May 9th, 2012
More than 100 workers at the Norwood call center for Cincinnati Bell learned today that they are losing their jobs.
The locally owned telecommunications company sent out a press release just after noon on Wednesday which reads, "Cincinnati Bell today announced its intent to expand an existing relationship with its customer ...
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Tuesday, May 8th, 2012
Yacht-maker Silverton Marine Corp. filed for Chapter 11 bankruptcy protection this week in Trenton, months after suspending its boat-building operations in February.
The company made powerboats along the Maurice River but had suffered from poor sales during the recession, said the company’s New York bankruptcy lawyer, Robert Hirsh.
Filing for Chapter 11 ...
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Tuesday, May 8th, 2012
Danish airline Cimber Sterling said on Thursday it has declared bankruptcy after its owners decided not to continue their financial support of the company.
"Because of this the board of directors has decided to declare the company bankrupt," the company said in a statement.
In August last year, Mansvell Enterprises Ltd, an ...
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Tuesday, May 8th, 2012
Hawker Beechcraft Inc., the private- jet maker owned by Goldman Sachs Group Inc. and Onex Corp., sought bankruptcy protection after agreeing to a restructuring plan that will reduce debt by about $2.5 billion.
Hawker, bought for $3.3 billion in 2007, listed more than $1 billion in assets and debt in Chapter ...
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Tuesday, May 8th, 2012
The Tennessee Valley Authority announced Friday that it lost $94 million in the last quarter as electricity sales slumped during an unusually warm winter and it faces an over-budget project to finish building a nuclear reactor in Tennessee.
TVA officials said they would seek to cut fewer than 1,000 positions in ...
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Tuesday, May 8th, 2012
Brandon Thomas has worked as a custodian at Runnells Specialized Hospital for the past three years. But in less than a month, he and the entire housekeeping, laundry and dietary staffs are to be laid off and their departments privatized, according to county plans.
The layoffs at the hospital will ...
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Tuesday, May 8th, 2012
Hostess Brands Inc. on Friday sent out letters notifying its more-than 18,000 workers that they could be laid off in the next two months.
The maker of Twinkies and Wonder Bread on Friday mailed out WARN Act notices to all of its employees, a Hostess spokeswoman confirmed to Bankruptcy Beat Monday. ...
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Tuesday, May 8th, 2012
While the headline number for joblessness fell to 8.1 percent on Friday for the month of April, there are some crueler numbers behind it.
News last week out of California suggests trouble is brewing. The report worth noting comes from Standard & Poor’s, and was confirmed by Gov. Jerry Brown’s office ...
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Monday, May 7th, 2012
This year, hundreds of thousands of Americans are expected to be too broke to file for bankruptcy.
The average cost to file for Chapter 7 bankruptcy protection, the most common form of consumer bankruptcy, is more than $1,500, according to recent research submitted to the National Bureau of Economic Research.
As a ...
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Friday, May 4th, 2012
US President Barack Obama on Friday shrugged off a disappointing Labor Department report on jobs growth, and said he would press Congress to pass "common sense" measures to create employment.
Obama chose to focus on the fact that the rate of unemployment dropped from 8.2 percent from 8.1 percent, not the ...
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Friday, May 4th, 2012
Medtronic is eliminating about 220 jobs in its division for heart rhythm devices.
The business unit, which is headquartered in Mounds View, makes pacemakers and implantable cardiac defibrillators, which shock failing hearts back into rhythm.
Sales of the heart devices have been sluggish for years. In previous years, Medtronic also has announced ...
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Friday, May 4th, 2012
Kodak will lay off another 141 employees, according to a filing with the New York State Department of Labor.
Most of the employees who were notified will work through July 15.
Two employees will work through late 2012.
The layoffs impact five locations in Rochester.
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Friday, May 4th, 2012
Deutsche Lufthansa AG (LHA) will scrap 3,500 administrative positions, or about 20 percent of the clerical total, as the German airline seeks to improve profitability with a 1.5 billion-euro ($2 billion) cost-reduction program.
The job cuts, 2,500 of them in Germany, will help deliver one-third of the savings Lufthansa is seeking ...
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Friday, May 4th, 2012
Spirit Airlines will raise its fee for carry-on bags to up to $100, becoming the first U.S. airline to charge so much for a service that most other airlines offer for free.
Spirit said on its website that the new fees apply to carry-on bags registered at the gate and will ...
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