Archive for August 29th, 2008

State regulators shuttered a Georgia bank late Friday, marking the tenth bank failure this year.

Stocks slumped Friday at the end of an upbeat August as Dell's earnings miss, a big drop in personal income and worries about the threat of Hurricane Gustav rattled investors ahead of a long weekend.

Three years after Hurricane Katrina exploded through floodwalls and inundated New Orleans, local businesses again find themselves threatened as a storm named Gustav heads their way.

Gas prices jumped overnight - and are expected to keep rising - in states along the Gulf of Mexico as offshore oil rigs prepare to abandon ship ahead of Tropical Storm Gustav on Friday.

Overall, dealmaking may be in a slump, but Big Pharma has been buying up biotech firms at a record pace - it's now the fastest-growing M&A sector, with deal value up 87% this year.

General Motors is recalling 944,000 vehicles, 850,000 of them in the United States, because of the potential for a fire in the vehicles' heated windshield washer fluid system.

Read full story for latest details.

Surprise! It appears that the death of the American consumer, just like Steve Jobs, has been greatly exaggerated.

Profits sink as Dell abandons its direct-sales model and targets consumers..