BUSINESS
By William Neikirk | December 8, 2007
WASHINGTON -- The economy added a modest 94,000 jobs last month, the government said yesterday in a mixed employment report that only slightly eased fears of a recession. The national unemployment rate remained steady at 4.7 percent despite job losses in the construction, financial services and factory sectors. Private job creation was tepid at 60,000 as federal, state and local governments increased payrolls by 34,000. Many economists said the report was reassuring in light of strong bearish sentiment expressed by many in the financial markets.
BUSINESS
December 2, 2007
Local lender in Chapter 11 Fieldstone Mortgage Co., the Columbia subprime lender that largely shut down in the midst of the nationwide credit crunch, has filed for bankruptcy protection. The company had more than $100 million in liabilities and less than that in assets, according to its Chapter 11 filing with the U.S. Bankruptcy Court in Baltimore. Cordish takes a partner Baltimore developer Cordish Co. is teaming up with Dennis Gomes, a prominent gaming industry executive, to run gaming projects in the United States and internationally.
BUSINESS
By GAIL MARKSJARVIS | September 9, 2007
According to Wall Street folklore, investors can expect results for September to turn out like the first trading day of the month. It is not clear if that will happen this time. But if you'd like it to be true, you had better hope it applies only to the first trading day. Tuesday - the first trading session of the month - was a pleasant day as the Dow Jones industrial average climbed just over 91 points and investors held onto the courage they mustered just before Labor Day, when they began imagining the Federal Reserve would soon wave a magic wand and sprinkle the economy with the life-giving power of lower interest rates.
BUSINESS
By LOS ANGELES TIMES | October 13, 1998
The days of easy money for many consumers with bad credit may be about to end.In a sign that an emerging global credit crunch may soon affect more U.S. consumers, companies that specialize in so-called "sub-prime" lending to people with blotched credit records -- often via high-interest home equity loans -- are quickly running out of money as banks and investors cut off their funds.The result is that many of the consumers who rely on such loans, frequently as a way to consolidate other debts, may be forced to pay even higher interest rates -- if they can get the money at all.While that could be a hardship for individual consumers, many financial counselors would cheer a trend away from the aggressive marketing of loans they say ultimately will get too many borrowers in trouble.
BUSINESS
By BLOOMBERG NEWS | September 29, 1998
WASHINGTON -- Federal Reserve policy-makers are likely to cut borrowing costs today for the first time in 32 months in an attempt to forestall a global credit crunch that could push the U.S. economy into recession, analysts said yesterday.Economies showed stress the world over in recent weeks.Russia devalued its currency and defaulted on its debt; concern arose that Brazil might devalue; and Japan is mired in recession.In the United States, the near-collapse of hedge fund Long-Term Capital Management LP -- which resulted in a Fed-brokered $3.5 billion rescue by its lenders -- raised doubts about the health of the financial system.
BUSINESS
By Jay Hancock and Bill Atkinson | April 6, 1997
THE DOW JONES industrial average closed Friday at 6,526.07. That's a 3.2 percent haircut for the week and 7.9 percent below the Dow's all-time high of 7,085.16, reached March 11.The Dow's dive can be traced pretty much to one thing: inflation fears. Stock investors are afraid that the strong U.S. economy will spark higher consumer prices, which will prompt the Federal Reserve and the bond markets to drive interest rates higherHigher rates can hurt stock prices by boosting corporate costs, by depressing demand for products and by making bonds more attractive as investments.
BUSINESS
By Gilbert A. Lewthwaite | March 10, 1993
WASHINGTON -- Maryland businessman Richard Tworek has a profitable company with a steady cash flow and a good credit record, but he can't get a new line of credit from the bank he has used for seven years.He is a victim of a credit crunch that has been hampering small business expansion across the nation for the past three years, undermining vital job creation in a period of dramatically increasing unemployment.Today, President Clinton will try to do something about it. Eager to foster economic growth in general and small business activity in particular, he will ease federal bank lending regulations that he and the industry claim have been restricting the flow of credit.
BUSINESS
By Gilbert A. Lewthwaite | March 11, 1993
WASHINGTON -- President Bill Clinton put another piece of his economic jigsaw puzzle in place yesterday, easing bank lending regulations to spur the flow of credit to small and medium-sized businesses, the main source of new jobs."
BUSINESS
By David Conn | January 7, 1993
2 venture capitalists work to ease creditAlmost a decade ago, venture capitalists Harvey Branch and Bill Gust went out and raised $19 million for what they called Chesapeake Ventures. Now that Chesapeake is winding down, the partners are looking around for something new. They believe they've found an opportunity in the credit crunch for small, low-tech businesses.Last year, Mr. Branch and Mr. Gust tried to raise about $40 million from some public pension funds. Their plan: to invest the money in conservative securities and use the nest egg to provide credit guaranties for small businesses to borrow money from banks.
BUSINESS
By New York Times News Service | August 28, 1993
WASHINGTON -- In a strong sign that the credit crunch might be easing, banks have become noticeably more willing to lend to businesses, including small companies, the Federal Reserve reported yesterday.Bank executives surveyed by the Fed said they had relaxed their terms and requirements for a wide variety of loans. Even as standards for commercial real estate loans stayed restrictive, the bank executives reported what the Fed called a "fairly significant net easing" of standards and terms for commercial loans.