.....Advertisement.....
.....Advertisement.....

Business/Economy

  • Use financial windfalls wisely

    If you’re lucky enough to win a multimillion-dollar lottery, you don’t need this column; you need a team of legal and financial experts to make sure you don’t blow your chance for lifetime financial security. But if you receive a considerably smaller monetary windfall, whether a tax refund, divorce settlement, inheritance or work bonus, there are actions you can take to positively impact on your current financial situation.
    First, take a breath. Before going on a spending spree, stash the money in a savings account until you’ve examined your total financial picture. Weigh existing debts, upcoming expenses and future needs to make sure you apply the money where it’s needed most.

  • Advocacy offices help businesses

    One of the first initiatives of Governor Susana Martinez and Cabinet Secretary-designate Jon Barela was to create the Office of Business Advocacy, a place where business owners and entrepreneurs can get help navigating the state’s inherent bureaucracies. The office opened on January 10, 2011, just days after Barela began his job as Secretary of the New Mexico’s Economic Development Department.

  • Unemployment rate climbs to 9.1 percent

    WASHINGTON (AP) — Employers hired only 54,000 new workers in May, the fewest in eight months, and the unemployment rate rose to 9.1 percent.

    The Labor Department report offered startling evidence that the U.S. economy is slowing, hampered by high gas prices and natural disasters in Japan that have hurt U.S. manufacturers.

    The pace of hiring has weakened dramatically from the previous three months, when the economy added an average of 220,000 new jobs. Private companies hired only 83,000 new workers in May — the fewest in nearly a year.

    Stock futures plunged after the report was released.

    Local governments cut 28,000 jobs last month, the most since November. Nearly 18,000 of those jobs were in education.

  • Stocks sink on worries about economic recovery

    NEW YORK (AP) — The job market's already slow recovery looks to be losing momentum, and so is the manufacturing industry. New doubts about the economic recovery's strength on Wednesday knocked the Dow Jones industrial average down more than 100 points.

    Private employers added just 38,000 jobs in May, down from 177,000 in April, according to payroll processor ADP. It's the weakest result since September. The report may offer a preview of Friday's more comprehensive job report from the Labor Department, which includes hiring by both private employers and the government.

  • WH: Obama-GOP meeting productive without progress

    WASHINGTON (AP) — The White House says a meeting between President Barack Obama and House Republicans was worthwhile even if it didn't bridge the partisan divide that exists over how to reduce the deficit.

    Press Secretary Jay Carney said it's useful for Republicans and Democrats to sit down and talk in a non-confrontational environment. But also he said that a large meeting like the one between Obama and dozens of House Republicans Wednesday isn't the right forum for specific advances in negotiations.

  • Mixed economic news keeps stock gains in check

    NEW YORK (AP) — Conflicting signs about the economic recovery caused stock indexes to pare early gains Thursday even after LinkedIn became the biggest Internet IPO since Google went public in 2004.

    Stocks opened higher after the Department of Labor reported that applications for unemployment dropped 29,000 last week, more than expected, to 409,000. Indexes gave up those early gains after three negative reports on the economy came out at midmorning.

  • Microsoft agrees to buy Skype for $8.5B--video extra

    NEW YORK (AP) — Microsoft Corp. said Tuesday that it has agreed to buy the popular Internet telephone service Skype SA for $8.5 billion in the biggest deal in the software maker's 36-year history.

    Buying Skype gives Microsoft access to a user base of about 170 million people who log in to Skype every month, using the Internet and Skype usernames as a complement to the traditional phone network and its phone numbers.

    Microsoft said it will marry Skype's functions to its Xbox game console, Outlook email program and Windows smartphones. All of these platforms already have other options for Internet calling, but the addition of Skype users would expand their reach, making them more useful.

  • Economy adds 244k jobs, rate ticks up to 9 pct.

    WASHINGTON (AP) — Employers added more than 200,000 jobs in April for the third straight month, the biggest hiring spree in five years. But the unemployment rate rose to 9 percent in part because some people resumed looking for work.

    The Labor Department says the economy added 244,000 jobs last month. Private employers shrugged off high gas prices and created 268,000 jobs — the most since February 2006.

    The gains were widespread. Retailers, factories, financial companies, education and health care and even construction companies all added jobs. Federal, state and local governments cut jobs.

    The data suggests businesses are confidence in the economy despite weak growth earlier this year.

  • CEO pay exceeds pre-recession level

    NEW YORK (AP) — In the boardroom, it's as if the Great Recession never happened.

    CEOs at the nation's largest companies were paid better last year than they were in 2007, when the economy was booming, the stock market set a record high and unemployment was roughly half what it is today.

    The typical pay package for the head of a company in the Standard & Poor's 500 was $9 million in 2010, according to an analysis by The Associated Press using data provided by Equilar, an executive compensation research firm. That was 24 percent higher than a year earlier, reversing two years of declines.

  • Oil price plunge continues ahead of US jobs data

    Oil prices continued to plunge on Friday, slipping to near $97 a barrel as investors worried that a weakening U.S. jobs market may undermine demand for crude in the world's largest economy.

    By early afternoon in Europe, benchmark crude for June delivery was down $2.60 at $97.20 a barrel in electronic trading on the New York Mercantile Exchange. Earlier, it fell as low as $94.63.

    On Thursday, the contract plunged $9.44 to settle at $99.80 — the biggest one-day percentage decline since April 2009 — because of signs U.S. economic growth is slowing. The Labor Department said that first-time claims for unemployment benefits rose to 474,000 last week, the highest level in eight months.