Unexpected Increase in UK Retail Sales
A survey of 143 British retailers indicates that 44 percent of the retailers saw an increase in retail sales over the same period last year. Despite the increase, retailers do not expect the trend to continue into May when retail sales are predicted to drop by as much as fifteen percent. More
US Treasury Set to Offer New Mortgage Incentives
A US Treasury Department official said that the Obama administration would announce a new mortgage incentive plan committing $50 billion to create a fund that pays off mortgage investors in a bid to reduce the monthly payments for millions of mortgage holders. The senior official described the plan as a “shared effort with lenders, investors, borrowers and the government to ease or extinguish second-lien mortgage payments”. More
Oil Prices Remain Under $50
Oil futures in New York this morning fell $1.01 to $49.13 a barrel as everything from turmoil in the US auto industry and now an outbreak of Swine Flu have all conspired to depress markets and limit the outlook for future demand for energy. More
UAW Urges Members to Accept Chrysler Deal
Just days after Chrysler reached an agreement with the Canadian Auto Workers union to trim employee benefits by the equivalent of $19 an hour, the United Auto Workers leadership – which represents US Chrysler employees – has reached a similar cost-saving deal. In return for a host of concessions, the UAW will own 55 percent of a restructured Chrysler LLC and its retiree health care trust will get a seat on the board if union members approve the deal. More
