James Dicks Daily Digest - February 16, 2009
The stock market is closed today in observance of President’s Day.
Finance chiefs from the Group of Seven nations joined the chorus of U.S. investors and lawmakers pushing Treasury Secretary Timothy Geithner to move faster to fix the banking system. Stung by domestic criticism for failing to provide details last week on just how he plans to clean up banks’ toxic assets and revive lending; Geithner was told by foreign policy makers at weekend talks in Rome that speed was of the essence.
President Obama has decided to form a government task force for restructuring the struggling U.S. auto industry instead of naming a "car czar" with sweeping powers. Obama is appointing Treasury Secretary Timothy Geithner as his "designee" for overseeing auto bailout loans and as co-head of the new high-level panel along with White House economic adviser Lawrence Summers.
General Motors Corp. (GM) will offer the government the choice of giving it billions more in bailout money or seeing it file for bankruptcy when it presents a restructuring plan next week. The government has already committed $13.4 billion to GM as part of a federally-funded bailout.
Microsoft Corp. (MSFT) voiced its determination to make Windows a more powerful brand in the mobile space as it unveiled a new version of its Windows Mobile operating system and launched new services including an application store to rival that of Apple's iPhone. Microsoft also launched an online store that will let users find and buy applications to run on their Windows Mobile phones.
California lawmakers failed to pass a $40 billion budget by a narrow margin over the weekend. Senators in Sacramento adjourned for the day after attempts to generate the one Republican vote needed to ensure passage of a mix of tax hikes and spending cuts failed.
Japan's economy contracted at its sharpest pace since 1974 in its fiscal third quarter, falling 12.7% on an annualized basis, raising the prospect the Bank of Japan may unveil additional stimulus measures this week to combat a darkening economic outlook in the world's second-biggest economy.
BMW laid off 850 workers and scaled down production at its British factory which builds the Mini car, in an effort to adjust to weaker demand. The job cuts follow a review of operations at the factory in Cowley, near Oxford, where production will be suspended throughout this week and staff who currently work weekend shifts will be moved to weekday work, effective March 2nd.
Shares in Lloyds Banking Group took another hit amid a fresh storm over its plans to pay around 120 million pounds ($173 million) in bonuses and a report that shareholders may demand boardroom changes.
Scheduled U.S. Economic Reports (Tuesday)
Empire State Index (Feb), Home Builder’s Index (Feb)
In Earnings News
No earnings due to the President’s Day Holiday
Scheduled Earnings Reports (Tuesday)
Wal-Mart, Burger King Holdings, DaimlerChrysler, Genuine Parts, Agilent Technologies, Holly Corp, La Z Boy, Teva Pharmaceuticals
Stocks in the News
Stock Markets were closed today for President’s Day.
Finance chiefs from the Group of Seven nations joined the chorus of U.S. investors and lawmakers pushing Treasury Secretary Timothy Geithner to move faster to fix the banking system. Stung by domestic criticism for failing to provide details last week on just how he plans to clean up banks’ toxic assets and revive lending; Geithner was told by foreign policy makers at weekend talks in Rome that speed was of the essence.
President Obama has decided to form a government task force for restructuring the struggling U.S. auto industry instead of naming a "car czar" with sweeping powers. Obama is appointing Treasury Secretary Timothy Geithner as his "designee" for overseeing auto bailout loans and as co-head of the new high-level panel along with White House economic adviser Lawrence Summers.
General Motors Corp. (GM) will offer the government the choice of giving it billions more in bailout money or seeing it file for bankruptcy when it presents a restructuring plan next week. The government has already committed $13.4 billion to GM as part of a federally-funded bailout.
Microsoft Corp. (MSFT) voiced its determination to make Windows a more powerful brand in the mobile space as it unveiled a new version of its Windows Mobile operating system and launched new services including an application store to rival that of Apple's iPhone. Microsoft also launched an online store that will let users find and buy applications to run on their Windows Mobile phones.
California lawmakers failed to pass a $40 billion budget by a narrow margin over the weekend. Senators in Sacramento adjourned for the day after attempts to generate the one Republican vote needed to ensure passage of a mix of tax hikes and spending cuts failed.
Japan's economy contracted at its sharpest pace since 1974 in its fiscal third quarter, falling 12.7% on an annualized basis, raising the prospect the Bank of Japan may unveil additional stimulus measures this week to combat a darkening economic outlook in the world's second-biggest economy.
BMW laid off 850 workers and scaled down production at its British factory which builds the Mini car, in an effort to adjust to weaker demand. The job cuts follow a review of operations at the factory in Cowley, near Oxford, where production will be suspended throughout this week and staff who currently work weekend shifts will be moved to weekday work, effective March 2nd.
Shares in Lloyds Banking Group took another hit amid a fresh storm over its plans to pay around 120 million pounds ($173 million) in bonuses and a report that shareholders may demand boardroom changes.
Scheduled U.S. Economic Reports (Tuesday)
Empire State Index (Feb), Home Builder’s Index (Feb)
In Earnings News
No earnings due to the President’s Day Holiday
Scheduled Earnings Reports (Tuesday)
Wal-Mart, Burger King Holdings, DaimlerChrysler, Genuine Parts, Agilent Technologies, Holly Corp, La Z Boy, Teva Pharmaceuticals
Stocks in the News
Stock Markets were closed today for President’s Day.
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