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Business News Archive - June 06, 2009

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The sale of bankrupt US automaker Chrysler to Fiat can go ahead pending a Supreme Court hearing, an appeals court panel says.

An Illinois bank has become the 37th such U.S.

U.S. toymaker Mattel Inc. and its Fisher-Price unit will pay a $2.3 million fine over lead paint allegations, officials say. The U.S.

Fox Interactive Media has abandoned plans to occupy 420,000 square feet of office space in Los Angeles County, officials say. A year after making real estate news by announcing plans to anchor the splashy Horizon at Playa Vista development near Marina Del Rey, Calif., building owner Lincoln Property Co.

News Media Invited to Attend NEW ORLEANS, June 6 /PRNewswire-USNewswire/ -- Catholic health ministry leaders will gather June 7-9 in New Orleans for the 2009 Catholic Health Assembly, "In Our Hands: Changing Ourselves, Our Communities, Our Nation." The assembly, hosted by the Catholic Health Association of the United States (CHA), is the largest annual gathering of Catholic health care leaders from across the nation.

The chief executive of Italian fashion house Gianni Versace SpA has resigned, the firm says, after apparently running afoul of designer Donatella Versace. The company announced Friday that Giancarlo Di Risio was leaving in a mutual decision to close their professional relationship, The Wall Street Journal reported. But quoting an unnamed person familiar with the matter, the Journal said Di Risio left after unsuccessfully trying to convince Donatella Versace to rein in costs by spending less on promotional events and designing lower-priced clothing in the face of declining sales. Di Risio was hired in 2004 to rescue Versace from a financial downturn that struck in the aftermath of the 1997 slaying of founder Gianni Versace, the newspaper said.

Wal-Mart Stores Inc.'s new chief executive officer says the giant discounter will retain its recession momentum even after the economy improves. CEO Mike Duke said Friday at the company's annual shareholder meeting in Fayetteville, Ark., that even though its stock his dipped 9 percent this year on fears that consumers will eventually return to higher-end stores, the chain will retain those buyers, The Wall Street Journal reported. Pointing out that new customers make up 17 percent of Wal-Mart's first quarter sales -- just months after logging record 2008 revenues of $401 billion -- Duke told shareholders he believes those new customers will turn into permanent ones, recession or not. Our customers will stay with us when this economy turns around and they have more discretionary spending, I promise, said Duke, addressing his first Wal-Mart meeting after becoming only the fifth CEO in company history, the Journal reported. There is a 'new normal' in which people want to save money and ar

Car dealers in Canada are calling on the government to provide consumers financial incentives to buy new cars that run cleaner and safer than older models. If Ottawa introduces a program to get older cars off the road as a way to stimulate the sluggish economy, Canada would follow similar moves by Germany, France and Britain. Canada would see immediate economic, environmental and safety benefits from a program that encourages drivers to replace older vehicles with new ones, said Canadian Automobile Dealers Association President and CEO Richard Gauthier.

The rate of decline regarding Las Vegas tourism is slowing, offering hope for businesses in the city facing financial struggles, an expert says. Jeremy Aguero, a principal at the Applied Analysis business advisory firm, said while April tourism figures represented a 2.9 percent drop compared with April 2008, the overall rate of tourism decline is slowing, the Las Vegas Review-Journal said Saturday. The rate at which we're declining is slowing, which is encouraging on all fronts, Aguero said.

Word of the Day
siliqua
  • A Roman unit of weight, 1⁄1728 of a pound.
  • A weight of four grains used in weighing gold and precious stones; a carat.
  • In anatomy, a formation suggesting a husk or pod.
  • The lowest unit in the Roman coinage, the twenty-fourth part of a solidus.
  • A coin of base silver of the Gothic and Lombard kings of Italy.
'Siliqua' comes from a Latin word meaning 'a pod.'
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