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Credit issuer says data lost for 650,000 customers
A computer tape containing personal data of 650,000 customers of about 230 retailers including J.C. Penney Co (JCP.N) is missing, credit card issuer GE Money said on Friday. Richard Jones, a spokesman for the General Electric Co unit, said a backup computer tape being stored at a facility operated by Iron Mountain Inc, an information protection and storage company, had been lost. Jones added that Social Security numbers of about 150,000 people were also included on the tape.
http://news.yahoo.com/s/nm/20080118/bs_nm/gemoney_credit_dc_2;_ylt=AqXGRliDwOhp24ulDX56RioE1vAI
 
Earnings won't bail out market this time
With investors worried that the credit crisis is worsening and that a recession is all but likely, the Standard & Poor's 500 index fell nearly 10 percent in the first 18 days of 2008. This month is shaping up to be the worst January on record for the well-tracked index since 1970, when blue chips shed 7.65 percent. And Wall Street analysts warn investors not to expect corporate earnings to bail out stocks. About 60 members of the S&P 500 have reported results, most of them failing to surpass Wall Street projections.
http://news.yahoo.com/s/ap/20080119/ap_on_bi_ge/wall___main;_ylt=AjCJFS2AYEg6wF8ndHps5Yab.HQA
 
GM Offers Buyouts to 46,000 Employees
General Motors Corp said on Thursday it sees significantly improved operating earnings and cash flow in the next two to three years, but expects high fuel prices and declining consumer confidence to be a drag on U.S. sales this year. Detroit Auto ShowGM said in a presentation to Wall Street analysts that it plans to reduce its annual U.S. labor costs by about $5 billion by 2011, mainly through the labor agreement reached with the United Auto Workers union last year. The new UAW contract allows the U.S. automaker to shift hourly retiree health-care liabilities to a union-run trust fund and hire new workers at lower pay.
http://abcnews.go.com/Business/IndustryInfo/story?id=4153867&page=1
 
H2 Uh-Oh: Bottled Water Scrambles to Go Green
Even as bottled water companies continue to see increased sales, the recent raft of negative media coverage and activist campaigns against the industry has caused a product once seen as fundamentally green and healthy to lose some of its luster. Now, brand-name bottlers are scrambling to reposition their products by upping their green credentials to fend off further consumer backlash fermenting in churches, college campuses, and city halls across the country. By now, most Americans have heard reports that point to the amount of oil it takes to produce and transport bottled water, in addition to the masses of plastic bottles that are used once and not recycled. But most American consumers don't seem to be changing their habits. Since 2002, the U.S. market has seen an increase in bottled water production of more than 9 percent per year, according to the Beverage Marketing Corporation. After soft drinks, water has been the second-largest commercial beverage by volume since 2003. Production for 2007 is projected to be more than 9 billion gallons, with revenues clocking in just under $12 billion. Despite buoyant profits, critics say it is only a matter of time before the tide turns against the bottle. Meanwhile, a chorus of state and local governments, social justice groups, and college students are turning up the heat on Big Water. In response to their detractors, some water brands are attempting to revive their green images. For example, FIJI Water, the second-largest imported bottled water brand in the United States, recently announced plans to become carbon-negative by 2010 by using renewable energies and offsetting emissions through land-preservation projects.
http://abcnews.go.com/Business/IndustryInfo/story?id=4155079&page=1
http://abcnews.go.com/WN/GlobalWarming/story?id=3351812&page=1
http://abcnews.go.com/2020/Health/story?id=728070&page=1
 
Sears to break into several companies
Sears Holdings Corp. plans to reorganize into several companies in another bid to pull the ailing 121-year-old retailer out the doldrums. The restructuring could create separate units to manage Sears real-estate holdings and run brands such as Diehard and Craftsman. Edward Lampert, the hedge fund kingpin and Sears Holdings chairman, sees the move as a way to revitalize the company in the face of tough competition from companies like Wal-Mart Stores Inc., the newspaper said, citing unnamed people familiar with the situation. Details, including which units might run the Hoffman Estates, Ill.-based company's 3,800 Sears and Kmart stores in the United States and Canada, weren't clear.
http://money.cnn.com/2008/01/19/new...anization.ap/index.htm?postversion=2008011917
 
Stock markets plunge worldwide
Britain's benchmark FTSE-100 slumped 5.5 percent.
France's CAC-40 Index tumbled 6.8 percent.
Germany's blue-chip DAX 30 plunged 7.2 percent.
India's benchmark stock index tumbled 7.4 percent.
Hong Kong's blue-chip Hang Seng index plummeted 5.5 percent.
Canada's S&P/TSX composite index on the Toronto Stock Exchange fell 4.8 percent.
Brazilian stocks plunged 6.6 percent.
Argentina's benchmark Merval index fell 6.3 percent.

Investors dumped shares because they were skeptical that an economic stimulus plan President Bush announced Friday would shore up the economy that has been battered by problems in its housing and credit markets. The plan, which requires approval by Congress, calls for about $145 billion worth of tax relief to encourage consumer spending.
http://news.yahoo.com/s/ap/20080121/ap_on_bi_ge/world_markets;_ylt=Aiodw7jUuOeh2kZZRPXUmhub.HQA
 
Fivetears said:
Stock markets plunge worldwide
Britain's benchmark FTSE-100 slumped 5.5 percent.
France's CAC-40 Index tumbled 6.8 percent.
Germany's blue-chip DAX 30 plunged 7.2 percent.
India's benchmark stock index tumbled 7.4 percent.
Hong Kong's blue-chip Hang Seng index plummeted 5.5 percent.
Canada's S&P/TSX composite index on the Toronto Stock Exchange fell 4.8 percent.
Brazilian stocks plunged 6.6 percent.
Argentina's benchmark Merval index fell 6.3 percent.

Investors dumped shares because they were skeptical that an economic stimulus plan President Bush announced Friday would shore up the economy that has been battered by problems in its housing and credit markets. The plan, which requires approval by Congress, calls for about $145 billion worth of tax relief to encourage consumer spending.
http://news.yahoo.com/s/ap/20080121/ap_on_bi_ge/world_markets;_ylt=Aiodw7jUuOeh2kZZRPXUmhub.HQA
Click to expand...
I was listening to the radio this weekend and somebody called one of these talk shows and asked where the money for this relief package was going to come from.

I just caught the tail end, but I heard the host say that it would probably be borrowed from social security and the government employee pension plan.

Does this sound probable?
 
I really couldn't say. Ultimately... it comes from the taxpayers pockets.

Have you seen the commercial where the boss says "we're sticking it to the man," and the confused worker say's, "But..., you are the man. So aren't you sticking it to yourself?"

The US turkey is cooked, and it looks like the "Christmas Vacation" turkey.
http://www.youtube.com/watch?v=Spmqbs8YCW8
 
Yahoo plans to cut several hundred jobs
Yahoo Inc is planning to announce cutbacks later this month that will likely lead to hundreds of job losses at the nearly 14,000 employee company, a source familiar with the plan said on Monday. Yahoo spokeswoman Diana Wong declined to comment on a report published on the Silicon Alley Insider blog, which on Saturday said Yahoo has created a list of "1,500-2,500 jobs that may be eliminated in the next two weeks."
http://news.yahoo.com/s/nm/20080122/bs_nm/yahoo_jobs_dc_1;_ylt=AjIj8_Jca4BEsj4meeM51CgE1vAI
 
Apple shares drop after missed forecast
Apple Inc on Tuesday forecast a quarterly profit below analysts' expectations and posted disappointing holiday-season iPod shipments, sending its shares down 11 percent in after hours trade on concern consumers were cutting spending. Stock market futures and shares of technology giants including Google Inc and Microsoft Corp fell in Apple's wake, after a frenzied day that saw the Dow Jones industrial average fall 1 percent and Nasdaq drop 2 percent amid mounting fears for the U.S. economy.
http://news.yahoo.com/s/nm/20080123/bs_nm/apple_dc_3;_ylt=AmORgAP0rBbrAVgc12_ouvcE1vAI
 
Profits plunge at BofA, Wachovia
The credit crisis all but wiped out fourth-quarter earnings at Bank of America Corp. and Wachovia Corp., but the banks did make some money — something that can't be said for Citigroup and some other Wall Street financial firms. Profits fell 95 percent at Bank of America and 98 percent at Wachovia. The numbers, worse than analysts expected, show that the global credit squeeze is still causing more customers to fall behind on their bills and banks to lose money on securities they own.
http://news.yahoo.com/s/ap/20080122/ap_on_bi_ge/earns_banks;_ylt=Akgs41kWoBWkm9AJP4X3eGyb.HQA
 
Apple earnings climb 58%, but outlook disappoints
Chief Financial Officer Peter Oppenheimer said that Apple expects to earn 94 cents a share on $6.8 billion in sales for its second quarter. The forecast fell below analysts' consensus estimates for earnings of $1.09 a share on revenue of $6.99 billion.
The outlook (still) helped send Apple's shares down more than $17 a share, or 11%, to $138.49 in after-hours trading.
http://www.marketwatch.com/news/sto...5-4AD5-BEB4-C4AF4EF6F672&dist=SecEditorsPicks
 
Chrysler CEO says Fed rate cut to boost auto sales
Chrysler Chief Executive Bob Nardelli on Tuesday said the Federal Reserve's rate cut would help ease consumer confidence and boost auto sales in 2008. It gives the auto financing companies the ability to really bring some more credit into the marketplace...it's going to help consumer confidence." Nardelli, who has predicted industrywide sales of 15.5 million to 16 million vehicles for 2008, said the move could help U.S. auto sales climb above the 16 million mark this year.
http://news.yahoo.com/s/nm/20080123/bs_nm/chrysler_nardelli_dc_1;_ylt=An4YdWVq73h6id4wKVXqiq_qxQcB
 
CSX Soars On Strong Sales
Despite higher fuel prices, railroad operator CSX reported a better than expected 5% rise in fourth-quarter profit on strong sales growth and productivity improvements. For the year, the Jacksonville, Fla.-based company reported a 26% increase in operating income from surface transportation to a record $2.2 billion, adjusting for insurance gains and other items. Sales exceeded $10 billion for the first time in the company's history. CSX's rail network spans 21,000 miles in 23 eastern states and the District of Columbia. It connects to more than 70 ocean, river and lake ports.
http://www.forbes.com/2008/01/22/cs...s-equity-cx-ra-0122markets28.html?partner=msn
 
Whole Foods Chain to Stop Use of Plastic Bags
The Whole Foods Market chain said Tuesday that it would stop offering plastic grocery bags, giving customers instead a choice between recycled paper or reusable bags. A rising number of governments and retailers are banning plastic bags, or discouraging their use, because of concerns about their environmental impact. San Francisco banned plastic bags last year unless they are of a type that breaks down easily. China announced a crackdown on plastic bags a few weeks ago, while other governments, including New York City’s, are making sure retailers offer plastic bag recycling. Whole Foods officials said they had hoped to eliminate plastic bags for some time but had to decide how to make it work in the chain’s 270 stores. Whole Foods was given a test run of sorts when San Francisco banned plastic bags last year. The number of paper bags used in the San Francisco stores increased a mere 10 percent, suggesting that some customers switched to reusable bags. Two other trial runs, in Toronto and in Austin, Tex., also went well enough that Whole Foods executives felt confident broadening the plastic bag ban to all its stores. It will take effect by April 22, Earth Day.
http://www.nytimes.com/2008/01/23/business/23bags.html?em&ex=1201237200&en=fd01814a2e8f9421&ei=5087
 
Mortgage Application Volume Rises 8.3%
Mortgage application volume rose 8.3% during the week ending Jan. 18, according to the trade group Mortgage Bankers Association's weekly application survey. The MBA's application index rose to 981.5 from 906.4 the previous week. Refinance volume spurred the growth, increasing 16.9%. Purchase volume fell 4.6% during the week ending Jan. 18. Refinance volume accounted for 66% of all applications.
http://www.foxbusiness.com/article/mortgage-application-volume-rises-83_447113_1.html
 
Rate Cut Opens Window for Those Looking to Refinance
The Federal Reserve’s Open Market Committee’s decision to cut a key interest rate by three-quarters of a percentage point to 3.5% could provide an attractive reason for credit-worthy consumers to look into refinancing their homes. In a financial world where the phrase “subprime mess” is repeated over and over again, credit-worthy borrowers now are seeing the most attractive mortgage rates in quite some time – with the possibility interest rates could fall even more.
http://www.foxbusiness.com/markets/article/rate-cut-opens-window-looking-refinance_447474_2.html
 
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