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Business News Archive - March 07, 2009

The U.S. financial crisis may have had its origins in mortgage foreclosures in just a few parts of the country, analysts said. More than half of foreclosures in 2008 were recorded in 35 U.S. counties in 12 states, USA Today reported Friday.

Hybrid vehicles are losing their appeal among U.S.

WASHINGTON, March 7 /PRNewswire-USNewswire/ -- The Trust for Public Land (TPL) and the National Association of Counties (NACo) today announced three winning programs for the fifth annual County Leadership in Conservation Awards, which recognizes leadership, innovation, and excellence on local land conservation and park creation initiatives by county leaders across America. Large County Category, Winner: Environmental Lands Acquisition and Protection Program, Hillsborough County, Florida Medium County Category, Winner: Regional Open Space and Natural Resource Management Plan, Washoe County, Nevada Small County Category, Winner: Beaufort County Rural and Critical Land Preservation Program, Beaufort County, South Carolina For detailed descriptions of the winning programs, visit www.tpl.org/awards. The winning county programs were honored today at the annual NACo Legislative Conference in Washington D.C.

The British government says it is increasing its stake in Lloyds Banking Group from 43 percent to 63 percent, giving it control of the company. Treasury Minister Stephen Timms told the BBC the deal means the banking group will be mandated to hand out $20 billion in lending this year, of which $15 billion would go to companies and $4.2 billion for home mortgages. It's a very important announcement, Timms said.

British Prime Minister Gordon Brown says he wants international standards to limit the pay of bankers and an end to a culture of short-term bonuses.

Residential housing experts say they're afraid this spring's U.S. home-buying season will be even grimmer than last year's disappointing showing.

- Baltimore/Washington Travelers Can Now Enjoy Nonstop Flights to South of the Border - ORLANDO, Fla., March 7 /PRNewswire-FirstCall/ -- AirTran Airways, a subsidiary of AirTran Holdings, Inc.

The government has seized Freedom Bank of Georgia -- the seventh bank in Georgia to fail in the last seven months, federal and state regulators say. Freedom Bank was seized Friday and is to reopen Monday as Northeast Georgia Bank, The Atlanta Journal-Constitution reported. The bank failure will cost the taxpayer-funded Federal Deposit Insurance Corp.

SEATTLE, March 7 /PRNewswire-FirstCall/ -- Alaska Airlines today announced it has reached an agreement in concept with the Air Line Pilots Association (ALPA) on the terms of a new, four-year contract for the airline's 1,500 pilots.

Word of the Day
grass-comber
  • A landsman who is making his first voyage at sea; a novice who enters naval service from rural life.
According to the OED, a grass-comber is also 'a sailor's term for one who has been a farm-labourer.'