| Middle-class, upscale consumers slow down spending
More signs that a declining economy has begun to hit middle-class and upscale consumers surfaced Thursday amid a new batch of weak retail earnings reports and sour financial news from the Nashville-based J. Alexander's restaurant chain. "Perception is reality when it comes to spending," said Robert Derrington, an analyst with Morgan Keegan & Co. "If the perception that the valuation of your wealth is deteriorating, whether it comes from the fall off of a 401(k) fund, weaker home prices or a perception that your job might be at risk, consumers are going to cut back whenever uncertainty is in the air." .
Plane flies five passengers from US to London
A major airline is under fire from environmentalists for flying an aircraft across the Atlantic with only five passengers on board. Stunning pictures: Crocodile attacks backpacker in Australia Obesity epidemic spreads to Britain's dog populationScreen Break: Funniest viral videos, games and stories The flight from Chicago to London meant that the plane, a Boeing 777, used 22,000 gallons of fuel. .
A Liberal Arts College Marks Five Years in Ghana
Tell me about Ashesi, your mission and your focus. If you had the ear of a potential donor at a cocktail party for just two minutes, what would you most want them to know? A. Well, I would want them to know that Ashesi is about educating a new generation of leaders in Africa who think ethically and who are problem solvers and have the ability and the desire to confront problems on the continent. Q. And it has a liberal arts focus? A. Yes, I think that the liberal arts focus is probably the most important thing that we're doing at Ashesi and it's driven in part by my experiences at Swarthmore, but also comparing that with the experiences of my colleagues who were educated in Ghana for college. In Ghana the educational system is very heavily dependent on rote learning, just memorizing facts and repeating them to faculty.
Obama makes inroads among superdelegates
As the Obama campaign has advanced the notion that the superdelegates should follow the popular vote, the Clinton campaign has countered that the superdelegates have a responsibility to do what they think is best for the Democratic Party and the nation. It even has a Web site - www.delegatehub.com - that notes none of the superdelegates is "required to cast a vote on the basis of anything other than his or her best judgment about who is the most qualified to be president." The Clinton campaign notes that it has its own defectors. It announced Thursday that Veronica Escobar, an El Paso county commissioner in Texas, was switching her support from Obama to Clinton. However, Escobar is not a superdelegate. Megan Thee contributed reporting. The discussion for this article is now closed.
Wickes Furniture gives up hope of reorganizing
It appears the 20 Wickes Furniture stores in the Chicago area may have a short future. The Wheeling-based Wickes Furniture Co. announced Tuesday it has abandoned hopes of reorganization and agreed to put itself on the bankruptcy auction block before the end of the month, according to court papers. Citing ''operating losses and liquidity concerns,'' Wickes said Monday it would seek bankruptcy court approval to sell all its assets by Feb. 29. The company said it would be sold either as an operating business or piecemeal in a liquidation. Wickes Furniture stores are currently selling merchandise in the store and in the warehouse, but taking only credit-card payments. Back orders may be subject to a refund. Merchandise was still being delivered and serviced on Tuesday, a service representative said.
Viewing all entries for: January 2008
I THINK it's safe to say that some aspects of global trade and finance may be in the process of readjusting, perhaps as a result of some sizable imbalances. Not swiftly enough for Atlantic correspondent James Fallows, however, whose latest missive on China misses the mark. It's very fair to harbour concern over China's yuan policy, its massive accrued reserves, and the resulting effects on American consumers, but Mr Fallows mistreats the economics involved in order to spin a potential disaster scenario--a rather nasty hypothetical meltdown, if not outright war. The economic misunderstandings are bothersome. Mr Fallows writes, for example that: For China, [currency manipulation] has helped the regime guide development in the way it would like—and keep the domestic economy’s growth rate from crossing the thin line that separates "unbelievably fast" from "uncontrollably inflationary." This is not at all the case.
Some more posturing in a fascinating, nasty case
As we know, it's a nasty case. But, at least from this perspective, it's also fascinating. For instance, Rodriguez's lawyer Marv Robon said in order for the school to win the full $4 million the coach would have to lose every element of his arguments. Interesting. My understanding was the school simply had to show it was damaged by $4 million. (Heck, the school might have lost that in ticket and television revenue when blue-chip recruit Terrelle Pryor said adios.) I'll also be interested to see what part, if any, Shredder-gate plays in this case. When reached Tuesday afternoon, WVU athletic director Ed Pastilong said the investigation still hasn't concluded. He said the school's legal department and the Department of Public Safety have been handling the affair and there's "nothing to report at this time." What about Rodriguez's claim he had a secret deal with WVU president Mike Garrison? Will we have a "he-said; he-said'' showdown? Will it be a "push?'' Or will the light be cast poorly on one? What reaction will we see if that's Garrison? .
MFS admits debt blowout
BANKERS were circling property financier MFS yesterday after the company revealed debt had nearly quadrupled to almost $1.7 billion over the past six months. MFS told the stock exchange it had total debt of $1.69 billion compared with about $426 million as shown in the group's 2007 annual report, released in September. The debt -- held in a complex series of subsidiary companies and funds -- has escalated out of control since the end of the financial year. The company has yet to explain the blowout and yesterday requested trade in its scrip be suspended. Property development spin-off MFS Diversified sought to distance itself from the mess yesterday, dumping former MFS director Michael Hiscock as chairman. Hopes that the Commonwealth Bank would refinance a $150 million debt to US hedge fund Fortress were also dashed yesterday, with the bank telling the ASX it "has not agreed to refinance this or any other MFS debt facility".
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