Archive for June 11th, 2009

ATLANTA, (Reuters) — The state of Mississippi settled an anti-trust suit with Microsoft for 100 million Thursday and said businesses, individuals, schools and local government were eligible for a share of the money. “They (Microsoft) were over-charging customers and creating a monopoly …. Anyone who made a purchase from Jan 1, 1996, to today… »

NEW YORK: Ah, summer: Time to enjoy a quiet vacation. Kick back with a good book. Walk on the beach.Not Douglas Elmendorf. He’ll spend the next two months suffering voodoo-eyes from powerful people on Capitol Hill.Elmendorf is director of the Congressional Budget Office, the ordinarily low-profile federal agency that will estimate how much money health… »

NEW YORK: Yahoo on Thursday announced it has appointed longtime General Electric veteran Tim Morse as its new chief financial officer.Morse currently serves as the CFO of semiconductor company Altera Corp. (ALTR), a position he’s held since January 2007. Prior to Altera, Morse was at GE (GE, Fortune 500) for 15 years, including a stint… »

NEW YORK (Fortune) — Ally Bank, the lending arm of struggling auto financier GMAC, has cut the rates it offers depositors after a friendly chat with regulators. The Utah-based bank trimmed the rate it offers on a one-year certificate of deposit to 2.49% from 2.8% in the past week. The move came after the Federal… »

WASHINGTON (Reuters) — The U.S. Senate Thursday backed a plan giving the Food and Drug Administration power to regulate cigarettes and other tobacco products, allowing the agency to curb advertisements, require stronger package warnings and inspect manufacturers.Supporters said the bill, which passed in a bipartisan 79-17 vote, would help rein in the tobacco industry… »

NEW YORK: In the auto business, timing really is everything. Even as Chrysler embarks on its path to resurgence, its short-term survival is threatened by rising gas prices and a product line still dominated by trucks and SUVs.Fiat of Italy, stands ready to assist with its fuel-efficient small cars. But those won’t be ready for… »

STOCKHOLM (Reuters) — Swedish luxury carmaker Koenigsegg and Norwegian investors have struck a preliminary deal to buy General Motors’ Swedish unit Saab, a source familiar with the matter said on Thursday.The source told Reuters a letter of intent had been signed between the parties and said the financing of the deal had been agreed, leaving… »

NEW YORK: Gas prices have been on a tear, with the national average climbing more than 28% since late April, motorist group AAA said Thursday. The national average price for a gallon of gasoline now stands at 2.632, up from the previous day’s price of 2.627, according to a daily survey by AAA. Gas prices… »

NEW YORK: Home mortgage rates jumped in the most recent week, pulled higher by skyrocketing Treasury yields.The average 30-year fixed rate soared to 5.95% from 5.45% last week, according to a weekly national survey from Bankrate.com.The 30-year rate moves in tandem with the benchmark 10-year bond, which has increased steadily to hover around 4% recently… »

NEW YORK: Detroit’s housing market is heating up. The city’s median home price has fallen 32% to 77,700, and these cheap houses have got sales jumping, with volume up 23% in April compared with April 2008.”The good news is that sales are up all across the board,” said John North, Coldwell Banker Schweitzer in Birmingham,… »