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Friday, May 30

Fred Business News -Consumer sentiment lowest since 1980

by maba on Fri 30 May 2008 06:11 PM EDT

Fred Business News - Rising food and gas prices dragged down a consumer sentiment measure to its lowest level in nearly 28 years, according to a survey released Friday.

The Reuters/University of Michigan Surveys of Consumers index of fell to 59.8 in May, down from 62.6 in April. Economists had expected the index to decline to 59.5, according to a consensus compiled by Briefing.com.

The index has plummeted from a reading of 88.3 a year ago, and the current level is the index's lowest since June 1980.

... more »

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Thursday, May 29

Fred Business News - High food prices here to stay

by maba on Thu 29 May 2008 06:22 PM EDT

Fred Business News - World food prices will fall from current peaks in the coming years but will remain "substantially above" average levels from the past decade, a report said Thursday.

The world's poorest nations are most vulnerable - particularly the urban poor in food-importing countries - and will require increased humanitarian aid to stave off hunger and undernourishment, a joint agricultural outlook by the Organization for Economic Cooperation and Development and the U.N. Food and Agriculture Organization said.

High oil prices, changing diets, urbanization, expanding populations, ...   more »

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Wednesday, May 28

Fred Business News - Consumer confidence: Worst since '92

by maba on Wed 28 May 2008 06:00 PM EDT

Fred Business News - A key measure of consumer confidence dropped in May to the lowest level in 16 years, as Americans grew more concerned about their jobs and more pessimistic about business conditions.

The New York-based Conference Board said Tuesday that its Consumer Confidence Index dropped to 57.2, the lowest level since October 1992, from a revised 62.8 in April. Economists had expected the index to decline to 61, according to a consensus compiled by Briefing.com.

With gas and food prices on the rise, home values declining ...   more »

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Tuesday, May 27

Fred Business News -'Indiana Jones' makes $311 million

by maba on Tue 27 May 2008 06:00 PM EDT

Fred Business News - The most recent Indiana Jones film more than recouped its big budget with an estimated $311 million in global box office sales through the long weekend, according to studio estimates Monday.

Families went in droves to catch "Indiana Jones and the Kingdom of the Crystal Skull," a PG-13 adventure starring Harrison Ford as the whip-cracking archaeologist who took 19 years to return to the big screen.

Viacom Inc. (VIA)-owned Paramount Pictures estimated the action sequel made $151.1 million in the U.S. and Canada from ...   more »

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Monday, May 26

Fred Business News - Ford's trouble: $4 gas is here to stay

by maba on Mon 26 May 2008 11:30 AM EDT

Fred Business News - Ford Motor Co. executives say they believe that $4 gas is here to stay, resulting in a fundamental consumer shift away from gas-guzzling SUVs and pickups and causing continued losses at its core North American auto unit.

The company said it expects gas prices to remain in the range of $3.75 to $4.25 a gallon through the end of 2009. And that expectation prompted the nation's No. 3 automaker to announce deep production cuts for what has been its best selling and most profitable vehicles ...   more »

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Sunday, May 25

Fred Business News- Home prices post record decline

by maba on Sun 25 May 2008 12:27 AM EDT

Fred Business News - The prices of homes sold in the first quarter of 2008 posted a record decline, according to a new report from the Office of Federal Housing Enterprise Oversight.

Home prices fell 3.1% from the first quarter of 2007, the largest decline in the purchase-only index, which excludes refinancings, since the agency began keeping records 17 years ago.

First-quarter prices dropped 1.7% from the fourth quarter, the largest quarterly dip ever.

"It's not going to be the largest decline on record for long," said ...   more »

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Friday, May 23

Fred Business News - Burger King doubles tomato pickers pay

by maba on Fri 23 May 2008 06:08 PM EDT

Fred Business News - A farm worker advocacy group and Burger King are said to have agreed on a deal to help improve wages and conditions for Florida tomato pickers.

An aide to U.S. Senator Bernie Sanders who held a hearing on the case announced the deal Friday. The aide, Michael Briggs, said the two sides planned to announce the deal later today.

Briggs says the Miami-based fast-food chain will pay 1.5 cents more per pound of tomatoes it buys from Florida growers, with the money passed ...   more »

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