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U.S. Retail Sales Slide Week-To-Week

WASHINGTON, Sept. 20 (UPI) — U.S. retail receipts dropped in the week ending Saturday, a national trade group said Tuesday. The International Council of Shipping Centers said sales dropped 1.2 percent from the previous week but rose 3.4 percent from the same week of 2010. “The retail landscape turned more volatile over the past four […]

SEC’s Becker Case Goes To Justice Dept.

WASHINGTON, Sept. 20 (UPI) — The Securities and Exchange Commission’s inspector general is referring a possible conflict of interest case to the U.S. Justice Department, a report said. The case involves SEC general counsel David Becker, who helped with decisions on how much victims of Bernard Madoff’s massive Ponzi scheme could recover, The New York […]

Local UAW Presidents Approve GM Deal

DETROIT, Sept. 20 (UPI) — Local United Auto Workers presidents in Detroit approved a contract proposal from General Motors, sending it to a vote among 48,500 rank-and-file workers. More details on the contract emerged Tuesday as UAW President Bob King briefed local presidents on the proposal, The Detroit News reported. If ratified, the contract commits […]

Democrats, Auto Groups, Oppose Funding Cut

WASHINGTON, Sept. 20 (UPI) — An alliance of trade groups and 77 U.S. congressmen are appealing to House Speaker John Boehner, R-Ohio, to maintain funding for a fuel-efficiency program. House Republicans have proposed cutting $1.5 billion from a federal loan program administered by the Environmental Protection Agency that is designed to help automobile manufactures with […]

In Poland, Geithner Finds Cool Reception

WROCLAW, Poland, Sept. 17 (UPI) — European leaders snubbed U.S. Treasury Secretary Timothy Geithner at a financial summit in Poland that included agreement to postpone a decision on Greece. Geithner told the gathered financial ministers to increase the size of its $610 billion European Financial Stability Facility, designed to help struggling countries including Greece, which […]

UBS Probes $2.3 Billion In Trader Loses

ZURICH, Switzerland, Sept. 18 (UPI) — Swiss bank UBS said Sunday it was raising the estimate of losses from unauthorized trading by an alleged rogue employee to $2.3 billion. The losses were allegedly the work of a London trader who was charged with fraud and false accounting this weekend. An earlier estimate was $2 billion. […]

Builder Confidence Steady, But Low

WASHINGTON, Sept. 19 (UPI) — Builder confidence in the U.S. market for newly built, single-family homes has been steady and low for the year, a national housing market index indicated. The National Association of Home Builders/Wells Fargo Housing Market Index rose 2 points to 15 in July, held even in August and dropped to 14 […]

Orders Up For Luxury Fleets

DETROIT, Sept. 17 (UPI) — U.S. businesses owners that cater to wealthy customers said new orders are coming in and some of those orders are larger than ever. Dunkin Aviation of Battle Creek, Mich., and Lincoln, Neb., a specialist in plane maintenance and a rebuilder of plane interiors, said business got to the point in […]

Court Gives Saab More Time

VANERSBORG, Sweden, Sept. 19 (UPI) — A court of appeals in Sweden gave the struggling automaker Saab some breathing room Monday, saying it would review a reorganization application. The first application was rejected by a lower court on the judgment that “there is not enough reason to believe that a company reorganization would be successful,” […]

Ford Retires Crown Victoria

DEARBORN, Mich., Sept. 16 (UPI) — Ford Motor Co. said it has produced its last Crown Victoria, a middle-class icon that was prominent in fleets of corporations and police departments. Ford said over the past year it only produced 80,000 of the Crown Vic cars, which were made with a body-on-frame design as opposed to […]

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