Showing posts with label third. Show all posts
Showing posts with label third. Show all posts

Thursday, September 12

Recession now? A third of Americans thinks so

Recession now? A third of Americans thinks so
| By Peter Coy, Bloomberg Businessweek

The National Bureau of Economic Research has declared that the US pulled out of recession more than four years ago, but a lot of people apparently didn’t get the memo.

A third of Americans think the US economy is in a recession or a depression and only one in six think it's growing, says a new survey that also finds "deep-seated pessimism about the medium term."

Americans are highly critical of policymakers, unwilling to take risks with their savings, planning to reduce their indebtedness over the next year, suspicious of the stock market, and more worried about inflation than unemployment, according to the survey released today.

It was sponsored by Absolute Strategy Research, a London firm that does macroeconomic research for institutional clients such as banks. The firm has done surveys with a panel of online respondents each six months since 2009.

The National Bureau of Economic Research has declared that the US pulled out of recession more than four years ago -- in June 2009 -- but a lot of people apparently didn't get the memo.

The survey found that 85% of the 1,000-plus adults worry to some degree about their financial situation, compared with 90% three years ago. People who say they're worse off than they were a year ago outnumber those who say they're better off, 28% to 22%.

Inflation has been well below historical averages and unemployment well above it for the past several years. Nonetheless, "a rise in the cost of living" was respondents' top worry, cited by 26% of respondents, vs. 12% citing unemployment, 11% a drop in income, and 8% taxes.

Who's to blame? The survey asked people about how well unspecified "policymakers" had managed the economy over the past year. Four percent said they'd done a very good job and 11% credited them with a fairly good job. In contrast, 27% said they'd done a "fairly poor" job and 49% -- just under half -- said policymakers had done a "very bad job."

One of the few bits of optimism was on housing. Forty percent of respondents expected housing prices to rise over the next year, vs. only 17% who said so a year ago.

As a cross-section of America, the respondents were far from wealthy on average -- only 52% said they had personal income of more than $40,000, and only 31% said they had more than $40,000 in personal wealth.

Monday, January 21

Boeing 787 suffers third mishap in as many days

Boeing 787 suffers third mishap in as many days

NBC News staff and wire reports

Boeing Co's 787 Dreamliner jet suffered a third mishap in as many days on Wednesday, heightening safety concerns after a string of setbacks for the new aircraft.

Japan's All Nippon Airways said it was forced to cancel a 787 Dreamliner flight scheduled to from fly from Yamaguchi prefecture in western Japan to Tokyo due to brake problems.

That followed a fuel leak on Tuesday that forced a 787 operated by Japan Airlines to cancel take-off at Boston's Logan International Airport, a day after an electrical fire on another 787 after a JAL flight to Boston from Tokyo.

Asian customers rallied behind the U.S. planemaker, however, saying such teething troubles were not uncommon on new planes and confirming they had no plans to scale back or cancel orders for the aircraft, which has a list price of $207 million.

Japan is by far the biggest customer for the Dreamliner to date, with JAL and All Nippon Airways (ANA) operating a total of 24 of the 49 new planes delivered to end-December. The aircraft entered commercial service in November 2011, more than three years behind schedule after a series of production delays. Boeing has sold 848 of the planes.

JAL spokesman Kazunori Kidosaki said the carrier, which operates seven Dreamliners, had no plans to change orders it has placed for another 38 aircraft. ANA, which has 17 Dreamliners flying its colors, will also stick with its orders for another 49, spokesman Etsuya Uchiyama said.

State-owned Air India, which on Monday took delivery of the sixth of the 27 Dreamliners it has ordered, said precautionary measures were already in place and its planes were flying smoothly. "It's a new plane, and some minor glitches do happen. It's not a cause of concern," said spokesman G.Prasada Rao.

There was no immediate suggestion that the 787 Dreamliner, the world's first passenger jet built mainly from carbon-plastic lightweight materials to save fuel, was likely to be grounded as investigators looked into the fire incident.

Air China, which sees the 787 as a way to expand its international routes, and Hainan Airlines also said they were keeping their orders for 15 and 10 of the planes.

"New airplanes more or less will need adjustments, and currently we have no plans to swap or cancel orders," said an executive at future 787 operator Hainan Airlines, who was not authorized to talk to the media and did not want to be named.

Qatar Airways Chief Executive Akbar Al Baker, who has previously criticized technical problems or delays with Boeing or Airbus jets, said there were no technical problems with the five 787s currently in use by the Gulf carrier.

"It doesn't mean we are going to cancel our orders. It's a revolutionary airplane," he said.

Other carriers already flying the Dreamliner are Ethiopian Airlines , LAN Airlines, LOT Polish Airlines and United Airlines .

40 gallon spill

The fuel leak on Tuesday was noticed at about 12:25 p.m. ET after the plane had left the gate in preparation for take-off to Tokyo. About 40 gallons spilled, and the jet was towed back to the gate, where passengers disembarked, said Richard Walsh, a spokesman for the transportation authority.

The plane departed about four hours behind schedule and was due to arrive in Tokyo on Wednesday evening.

No passengers or crew were injured in either incident, though firefighters were called out on both occasions.

Boeing shares fell nearly 2.7 percent on Tuesday, following a 2 percent drop on Monday - wiping around $2.8 billion off its market value, or more than a dozen Dreamliners at list price.

While many Wall Street analysts rate Boeing stock a 'buy' or 'outperform' - the manufacturer has delivered jets faster than the market predicted - some noted the potential for the combination of a fire and a fuel leak to affect public perception of Boeing and the new aircraft.

People working at OG Travel and Eurex, travel agents in Tokyo, said they had not seen any impact on reservations on flights using the 787 aircraft. "I've not heard of any cancellations following these incidents," Eurex staffer Yasuhiro Hirashiki told Reuters.

Carter Leake, an analyst at BB&T Capital Markets in Virginia, downgraded Boeing shares, noting that fires are potentially lethal and electrical issues are tough to solve, though he and others stopped short of calling it a game changer for the Seattle-based manufacturer.

"We're getting to a tipping point where they go from needing to rectify problems to doing major damage control to the image of the company and the plane," said Richard Aboulafia, a defense and aerospace analyst with Teal Group, a consulting firm based in Fairfax, Virginia.

"While they delivered a large and unexpected number of 787s last year, it's possible that they should have instead focused on identifying glitches and flaws, rather than pushing ahead with volume production," he said.

Battery fire

Monday's fire occurred on a 787 plane that had just arrived from Tokyo and whose 183 passengers and crew had disembarked.

The National Transportation Safety Board said on Tuesday a battery in the auxiliary power unit aboard the plane jet had suffered "severe fire damage" and that surrounding damage was limited to components and structures within about 20 inches. It said the power unit was operating when the fire was discovered.

Shares in GS Yuasa Corp, the Japanese firm that makes the Dreamliner batteries, fell around 5 percent in Tokyo on Wednesday after dropping 4 percent a day earlier.

Boeing said it was cooperating with the investigations, but it would be premature to go into detail.

"However, nothing we've seen in this case indicates a relationship to any previous 787 power system events, which involved power panel faults elsewhere in the aft electrical equipment bay (where the fire occurred)," the company said.

The Wall Street Journal, citing a source, reported that United Airlines found improperly installed wiring in 787 electrical components associated with the auxiliary power unit, the same electrical system that caused Monday's fire.

United spokeswoman Christen David said the carrier inspected its 787s after the Boston fire, but she declined to discuss the findings, or to confirm the Journal report.

The Federal Aviation Administration last month ordered all 787s to be inspected after fuel leaks were found on two aircraft, due, it said, to incorrectly assembled fuel line couplings that could result in power loss or an engine fire.

Mechanical problems are not uncommon when new planes enter service and they often disrupt airline schedules, experts said.

"I think we're dealing here with a situation where this aircraft is over-scrutinized for a number of reasons, including the birth difficulties," said Michel Merluzeau, managing partner at defense and aerospace consulting firm G2 Solutions.

"Don't get me wrong. A battery fire is a very, very serious event. Especially a lithium-ion battery," he added. "And we don't know what the problem is. But the 787s is still a very safe aircraft to fly."

Reuters contributed to this report.

Monday, September 24

The manufacturing sector shrinks for third straight month

Production shrank at its sharpest clip in more than three years in August, the third month of contraction in a row, and companies hired the fewest workers since the end of 2009 a survey showed on Tuesday.

For supply management said, on that its index of national factory activity 49,6 in August fell Institute by 49,8 in July.

The reading fell shy of 50.0 average estimate in a Reuters poll of economists. A reading below 50 indicates contraction in the sector.

The index component employment fell its lowest level since November 2009 from 52,0 in July on 51,6.

"It is that the index of new orders again deteriorate without question a soft report on production and what is particularly worrying,", said Tom Porcelli, Chief U.S. economist for RBC capital markets. "It has become increasingly clear that the manufacturing sector is losing momentum." "This soft report payrolls leads in Friday will solidify when we see an other soft order report only additional measures the Fed."

New orders, a forward-looking sub-index fell to 47.1 in August, the worst result since April 2009. It amounted to 48 in July.

The exports index ticked up to 47 remained last month of 46.5 in July but in contraction, as recession in parts of Europe and slower growth in Asia to undermine demand U.S. were.

"Since everything we is international in terms of the demand by our label, a little slowdown expected tracks, especially with the euro zone still under pressure and emerging relatively experiencing growth, slowly", said Patrick O'Keefe, Director of economic research at j.j Cohn O'. "The domestic new orders for the production were a bit, but not robust so it is not unexpected somewhat more cautiously to see something."

Reuters contributed to this report.

Tuesday, May 15

Yahoo pushes back third point to oust CEO


Phil Mccarten / Reuters

Daniel Loeb, CEO of the third point LLC, has again Board of Directors, CEO Scott Thompson called for Yahoo on what he says, to oust ethical violations.

Say that "we no joy take in witnesses this slaughter," repeated activist investor Daniel Loeb its call that Yahoo CEO Scott Thompson about inconsistencies in his academic career dump for Wednesday, and replace it with an interim CEO.

"" It seems quite clear for us - and for many corporate governance experts, Yahoo! employees and colleagues Yahoo! shareholders-, that is not "unintentional error,' Mr. Thompson's imagination was degrees", Loeb said Board of Directors in a letter from his third point LLC hedge fund at Yahoo set.

"Third point invested more than $1 billion in Yahoo!, and we take no joy in witnessing this carnage," the letter said.

Third point, which has 5.8 percent of Yahoo shares, setting off a firestorm last week by the revelation that Thompson, who only a few months is in his term of Office, had pressed his academic credentials on securities filings, say that he had a degree in computer science, if he did not.

Since then, Thompson has caused apologises for the crash itself, what the company called "innocent mistake", and announced that Director Patti S. Hart, Committee, the Thompson place landed led the search, candidate for re-election.

The Board is also an internal review of the matter.

But Loeb had none of it.

"It seems farcical to us who probably spend more time the Board discussions about whether Mr.. Thompson was to be released, as it did correct security audits, whether he should have hired." The required investigation, if certain officers and directors from Mr. knew Thompson's illusions before setting should delay him not decisive action about his ethical violations, "said Loeb in writing."

Graduation's reported claims of the third point of Yahoo CEO Scott Thompson CNBCS Jon Fortt. Discuss CNBCS Herb Greenberg, Brian Sullivan and Mandy Drury.

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