Warren Buffett, the Omaha billionaire investor who has the ear of President Barack Obama, said the U.S. economy is improving, but that the financial price of the stimulus and other big spending bills are looming as a new threat.
Elizabeth Blackwell writes in TheStreet.com that Americans might have cut back on frothy cappuccino drinks, but coffee consumption has remained remarkably stable in the past year. That’s good news for the companies fighting for their share of the caffeine-addicted public.
Banks across the nation made fewer business loans in the second quarter, largely because of weaker loan demand and deteriorating creditworthiness, according to a quarterly Federal Reserve survey of senior loan officers released on Monday.
Adam Sichko of The Business Review (Albany) reports that Timothy McCann has six business plans ready to go to expand his dry cleaning company, and there’s one factor dictating when he will carry them out. “The recession’s length in New York impacts where and when we decide to start new things,” said McCann, co-owner of Loudonville-based Best Cleaners.
Tim McLaughlin reports in the Boston Business Journal that delinquencies in Citizens Financial Group’s home equity and mortgage portfolio are steadily rising, forcing the parent of Citizens Bank to pump a significant amount of money into operations that manage problem debts.
Fast Company Magazine reports that GoMobo, the latest option in ordering and receiving food as quickly as possible, lets users order and pay for fast food via text, allowing them to pick up their order without the hassle of a line.
“Today’s consumers have more mature tastes than ever before,” Chancey says. “When they want a fast, easy meal, they don’t feel limited to burger and fries anymore. They’re choosing brands like Subway with healthier options, and the moves by Dunkin’ Donuts and Starbucks mean Americans might finally be catching up with the rest of the world in terms of embracing cafe culture.”
Ninety-eight of the nation’s 100 largest labor markets lost jobs between the midpoints of 2008 and 2009, according to a report issued Wednesday by the U.S. Bureau of Labor Statistics. The biggest losses occurred in the nation’s three largest markets — New York City, Los Angeles and Chicago — each of which lost in excess of 200,000 jobs from June 2008 to the same month this year.
Emily Maltby reports at CNNMoney that struggling small businesses got their first shot at debt relief this week, through a long-anticipated emergency loans program. The Small Business Administration says that in the first week of the program, which kicked off last Monday, lenders approved 72 loans totaling $2.4 million. While the SBA is pleased with the numbers, business owners who have been waiting months for the loans remain discouraged.