Amid downturn, discount grocers see business grow
By Jim Downing | Sacramento Bee
Sandra Henderson has shopped for groceries at Raley's for 30 years. So what was she doing wheeling a cart into the West Sacramento Wal-Mart Supercenter on Tuesday?
"It's the economy," she said.Wal-Mart's giant discount stores posted by far the biggest gain in market share of any grocery chain in the four-county capital region through the first half of the year, according to new data from Trade Dimensions Inc., a market research firm. » read more
Posted on Wed, August 27, 2008
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Exxon agrees to make payments in Alaska oil spill case
By Wesley Loy and Tom Kizzia | Anchorage Daily News
Lawyers in the epic Exxon Valdez court case have negotiated a settlement to pay out most of the $507.5 million the U.S. Supreme Court awarded in June, the lead attorney for the plaintiffs confirmed today.
Under the deal, Exxon will release about $383 million for distribution to the nearly 33,000 commercial fishermen and others who sued Exxon after the disastrous 1989 oil spill in Prince William Sound.Lawyers for the plaintiffs and Exxon will continue to battle over another $70 million, as well as potential interest of $488 million on the Supreme Court judgment. Exxon has argued the interest isn't owed. » read more
Posted on Wed, August 27, 2008
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Charlotte's United Way fires its president over pay flap
By Eric Frazier | Charlotte Observer
The United Way of the Central Carolinas today asked for the resignation of President and CEO Gloria Pace King and named former Wachovia executive Mac Everett as interim president.
The United Way's board reached the decision during a meeting this morning and made the announcement during a midday news conference."The community's reaction has led us to only one conclusion — we made a serious mistake," said United Way board chairman Graham Denton. » read more
Posted on Tue, August 26, 2008
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Thrifts warned not to change terms of home equity loans
By Kevin G. Hall | McClatchy Newspapers
WASHINGTON — After a rash of consumer complaints, the federal agency charged with regulating savings and loan institutions issued guidance Tuesday warning lenders they could not arbitrarily change the terms of home equity loans.
The Office of Thrift Supervision (OTS) issued a six-page letter of guidance to the institutions, called thrifts, spelling out their obligations on home equity lines of credit, better known as HELOCs.These revolving lines of credit were popular during the housing boom of 2001 to 2005, when people could easily borrow against the equity in their homes to pay for college tuition, to build a garage or to remodel a kitchen. Equity is the home's market value minus the outstanding loan balance. » read more
Posted on Tue, August 26, 2008
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As costs climb in China, manufacturers look elsewhere
By Rick Montgomery | Kansas City Star
If Americans watching the Beijing Games were stunned by China's changing economy, wait until they see price tags on Chinese-made goods this Christmas and beyond.
What's bad news for consumers may be good news, experts say, for humanity: China is losing its distinction as the world champion of cheap manufacturing.With pressures building against sweatshops and pollution in China, however, "Indonesia and Vietnam are just waiting to take their turns," said Chris Kuehl of the Kansas City business consultant Armada Corporate Intelligence. » read more
Posted on Tue, August 26, 2008
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Recent Economics Headlines
- · Construction jobs hard to come by this summer
- · Another United Way controversy, this one in Charlotte
- · Cost of home heat to spike; utilities warn consumers to caulk, insulate now
- · Power bills to jolt some in North Carolina
- · 2 noted economists outline ways to avoid another housing crisis
- · As the economy slumps, plastic surgeons' practices sag
- · What's next for Calif. auto, gas, food, medicine prices?
- · Tough summer forces resorts to additional efforts
- · Calif. home sales rose in July, but prices still on way down
- · Duke Energy makes pitch for new energy program
- · U.S. natural gas production surges
- · Using credit cards to pay loans, bills attracts interest
- · Researchers hunt for energy in strange places
- · How low will gasoline prices go? Higher than they used to be
- · FAA wants to fine American Airlines for safety lapses
Q&A: THE HOUSING CRISIS
Mark Zandi, the chief economist for Moody's Economy.com, is taking questions from McClatchy readers about the nation's deep housing crisis through Sept. 5. His new book, "Financial Shock," offers a 360-degree look at what caused the crisis, what mistakes were made and who made them. It offers a way forward to prevent future crises.
ECONOMY QUESTIONS & ANSWERS
McClatchy correspondents Kevin G. Hall (left) and Tony Pugh are available to answer your questions about the shaky economy at home and abroad, and what's in store for ordinary Americans in the face of gathering economic storm clouds
Q&A: TERMINAL CHAOS
U.S. air travel these days is about as fun as a trip to the dentist. Departure delays are rampant, bags often miss the flight you've caught and rising jet fuel prices have major airlines charging to check a bag. In his new book "Terminal Chaos," George Donohue, a professor and former high-level Federal Aviation Administration official, explains why our system of air travel is broken and what can be done to fix it. Read the responses.
Q&A: THE THREE TRILLION DOLLAR WAR
For two weeks, Nobel Prize-winning economist Joseph Stiglitz and Harvard professor Linda Bilmes, authors of "The Three Trillion Dollar War," fielded questions about the cost of the Iraq war and its impact on the U.S. economy. They're not taking new questions, but they're still posting answers to ones they've already received. Read their responses.
