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Unemployment
Planned firings fell 72 percent in November to 50,349 from 181,671 during the same month last year, a Chicago-based placement firm said. Challenger, Gray & Christmas Inc. said planning firings were also down 9.6 percent from October.
The firm's CEO said that "barring any unexpected shocks to the economy, we appear to be coming out of the woods when it comes to downsizing.
Dec 2 · 1:30:00 PM
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by Larry Etter
Unemployment
Private sector non-farm employment decreased by 169,000 in November,according to the ADP National Employment Report.
The report, though, shows that the pace of job losses is slowing.
Dec 2 · 1:26:00 PM · Source: ADP
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by Larry Etter
AIG (AIG)
American International Group, the insurance giant bailed out by the federal government, Tuesday said it had completed a deal to reduce its debt to the Federal Reserve by $25 billion. To do this, AIG gave the Federal Reserve Bank of New York preferred stakes in two of the company's crown jewels -- Asian-based American International Assurance, or AIA, and American Life Insurance Co., or Alico, which operates in more than 50 countries. The deal had been announced earlier this year.
Dec 1 · 2:16:00 PM · Source: Company News Release
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by Larry Etter
Housing
Pending home sales have risen for nine months in a row, a first for the series of the index since its inception in 2001, according to the National Association of Realtors®. The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in October, increased 3.7 percent to 114.1 from 110.0 in September, and is 31.8 percent above October 2008 when it was 86.6. The rise from a year ago is the biggest annual increase ever recorded for the index, which is at the highest level since March 2006 when it was 115.2.
NAR's chief economist gives much of the credit for increased sales to the homebuyer's tax credit, which first-time homebuyers could claim to reduce their taxes by up to $8,000.
Dec 1 · 12:54:00 PM · Source: National Association of Realtors
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by Larry Etter
State Street (STT)
State Street Corp. Tuesday said it has agreed to acquire Mourant International Finance Administration. Mourant, based in the Channel Islands, has about $170 billion of assets under administration and 650 employees. It is called a leading provider of fund-administration services, particularly for alternative investments such as private equity, real estate and hedge funds.
The purchase prices is not being disclosed.
The deal would increase State Street's alternative-investment presence.
Dec 1 · 12:42:00 PM
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by Larry Etter
State Street (STT)
State Street Corporation, one of the world’s leading providers of financial services to institutional investors, said it has been appointed by Morgan Stanley Investment Management to provide investment manager operations outsourcing services for approximately $300 billion in assets.
Dec 1 · 12:36:00 PM · Source: Company News Release
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by Larry Etter
Pfizer (PFE)
Pfizer said Tuesday it had reached an agreement to license the worldwide rights to a treatment for Gaucher disease, a rare genetic disorder, from Protalix, an Israeli biotechnology company.
This deal would put Pfizer into competition with Cerezyme, Genzyme’s biggest-selling product.
Dec 1 · 12:32:00 PM · Source: Company News Release
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by Larry Etter
Gartner, Inc. (IT)
Gartner, Inc., the leading provider of research and analysis on the global information technology industry, Tuesday announced that it has agreed to acquire AMR Research, Inc. for approximately $64 million in cash, subject to certain closing adjustments. With projected full year 2009 revenues of approximately $40 million, AMR Research is a leading research and advisory services firm serving supply chain management and IT professionals.
Dec 1 · 12:07:00 PM · Source: Company News Release
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by Larry Etter
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