Memble

Freddie Mac to ask for billions more in funds

Mortgage finance company Freddie Mac said Friday it will need an additional $30 billion to $35 billion in government aid as it copes with losses on loans the company backed during the U.S. housing bubble.

The company disclosed in a Securities and Exchange Commission filing late Friday that it expects its government regulator, the Federal Housing Finance Agency, to make the request from the Treasury Department.

It comes on top of the $13.8 billion the company received last year after it was seized by the government. Sibling company Fannie Mae has yet to request any such aid but has warned it may need to do so. [AP]

Harley to cut 1,100 jobs as 4Q profit falls

Harley-Davidson Inc. said Friday it will cut 1,100 jobs over two years, close some facilities and consolidate others as it grapples with a slowdown in motorcycle sales.

The Milwaukee-based company also reported its fourth-quarter profit fell nearly 60 percent, and said it is slashing motorcycle shipments in 2009 to cope with reduced demand.

The iconic motorcycle maker said it will consolidate two engine and transmission plants in Milwaukee into its facility in Menomonee Falls, Wis. It will shrink its paint and frame operations in its York, Pa., plant and close its distribution facility in Franklin, Wis., whose duties will be handled by a third party. [AP]

Oil prices baffle traders; soar 6 pct to end week

The government reported by midweek that oil inventories had soared, suggesting a serious dent in demand; there were horrible housing and jobless numbers Thursday and to end the week there was talk that OPEC couldn't cut production fast enough. Over the same three days, oil prices jumped 11 percent.

Traders searched for logic in a market that seemed to defy it, and by Friday had largely given up.

Light, sweet crude for March delivery soared more than 6 percent Friday, or $2.80, to settle at $46.47 a barrel on the New York Mercantile Exchange. In the volatile hours between market open and close, prices swung as low as $41.40 and as high as $47.

The Importance of Logo Design

When we start a business, it's an important thing to define the identity of our company. A corporate identity can be defined as the name and the company logo. Company name should reflect the kind of product or service that you offer. For example, if you are running an auto rental service, you can pick names such as AutoRent, FastCarRent, or RentACar as well as Nursing Center or Health Media for medical companies. These terms of word can instantly define your field of business as soon as people recognize your company name.

Logo is a visual representation from the compay name. Some research shown that most people react more intensive to pictoral or photo figures rather than a group of words. By designing your company logo with the proper style of your company expertise, the mix between your company name and the logo can build certain image to your customer/audience. As your logo exposed to public in a certain time, your company soon started to recognize as a unique identity that differ from other company which serves similar field of business.

Google exceeds 4Q forecasts, though earnings drop

Google Inc.'s profit slipped for the first time in the fourth quarter, but the Internet search leader is still weathering the economic storm better than analysts anticipated.

The results released Thursday indicated the Mountain View-based company was able to rein in its free-spending ways enough to offset a slowdown in the online ad market that generates most of Google's revenue. That contrasted with a missed forecast and 5,000 layoffs announced earlier in the day by rival Microsoft Corp.

Even so, there were signs the recession is starting to bear down on Google. (AP)

Microsoft resorts to first layoffs, cutting 5,000

Microsoft Corp. will make the first mass layoffs in its 34-year history, cutting 5,000 jobs as demand for personal computers falls and even one of the world's richest companies gets burned by the recession.

The company announced the cuts Thursday as it reported an 11 percent drop in second-quarter profit, which fell short of Wall Street's expectations. Microsoft shares fell more than 11 percent. (AP)

Layoffs spike, housing tumbles; outlook worsens

The number of newly laid-off Americans filing jobless claims and the pace of home construction both posted worse-than-expected results in government data released Thursday, lending urgency to the economic recovery plan President Barack Obama and Congress are scrambling to advance.

The latest batch of economic news cemented fears that the recession, already in its second year, will drag on through much of 2009.

And the furious pace of layoffs continued Thursday, with Microsoft Corp. saying it will slash up to 5,000 jobs over the next 18 months. Chemical maker Huntsman Corp. will ax 1,175 jobs this year and will get rid of an additional 490 contractors. Those -- as well as other employers -- have seen customer demand wane and are cutting costs to survive the fallout. [AP]

Crude markets grow volatile with inventory buildup

Oil prices rose in volatile trading Thursday after the government reported an enormous buildup of oil and gasoline at U.S. storage facilities, another manifestation of how badly the deteriorating economy has cut into energy demand.

With the latest report from the Department of Energy, crude inventory levels have risen by 14 million barrels since the week ended Jan. 2, pushing operational capacity at key storage sites to the limit.

Prices tumbled 7 percent before a late day rally, with light, sweet crude for March delivery settling up 12 cents at $43.67 on the New York Mercantile Exchange. (AP)

Apple's Jobs has hormone imbalance, will stay CEO

Apple Inc. founder Steve Jobs, a survivor of pancreatic cancer whose gaunt appearance in the past year has alarmed the Mac and iPod lovers who look to him as an oracle, said Monday he has an easily treated hormone imbalance and will remain in charge of the company.

The news sent Apple stock up more than 4 percent on a down day for much of the market. But Jobs did not say whether the problem was related to the cancer.

At Apple, Jobs has presided over a decade of huge success. His mix of secrecy and high-design principles, seen in the rollouts of new Mac computers, the iPod music player and the iPhone, has become a trademark. [AP]

Chrysler sales drop 53 pct; others not much better

Chrysler LLC's December U.S. sales plunged by more than half and it sold 30 percent fewer vehicles in 2008, dwarfing the steep declines at the other major automakers as consumers remained uncertain about the economy and their jobs.

Chrysler said Monday its December sales dropped 53 percent because of the recession and fewer fleet sales, while Toyota Motor Corp. reported a 37 percent slide and Honda Motor Co. said its sales tumbled 35 percent.

Ford Motor Co.'s U.S. sales fell 32 percent in December. General Motors Corp. and Nissan Motor Co. both posted 31 percent declines. [AP]

Construction spending shows gains but outlook grim

Construction spending fell less than expected in November as record activity on nonresidential projects helped offset another steep decline in housing. But the outlook remains bleak as credit is tight for builders trying to stay afloat amid a recession entering its second year.

Construction spending fell 0.6 percent in November, the Commerce Department reported Monday, less than half of the 1.3 percent decline economists had expected.

While housing took another sharp tumble, dropping 4.2 percent, this was partially offset by a surprisingly strong 0.7 percent rise in nonresidential activity.

But the pickup in nonresidential construction -- which includes office buildings, shopping centers and hotels -- was seen as a temporary blip.[AP]