In the latest sign of lower financial-industry profits on the way, FOX Business Network learned Morgan Stanley (NYSE:MS) has put a hiring freeze in place. Further, people working there are bracing for layoffs that could come later in the year. This comes after Bank of America (NYSE:BAC) emerged as the first bank to institute layoffs by cutting its capital markets group staff by as much as 5%.
Latest iPad â€śKillerâ€ť Dept.: Research in Motion (NASDAQ:RIMM) unveiled a potential rival to Appleâ€™s (NASDAQ:AAPL) iPad tablet Monday. The upcoming BlackBerry PlayBook is aimed at being a â€śprofessional-grade tablet,â€ť said RIM CEO Mike Lazaridis. One immediately apparent advantage of the device is its support of Adobe Flash, a Web technology Apple has essentially shut out from its mobile devices, despite its ubiquity on the Internet.
Educate for a Better Economy
The U.S. Secretary of Education breaks down his plans to improve the education system.
Hall of Fame Golfer Annika Sorenstam on how she launched her own business.
Company Hiring! (Albeit Temporarily) Dept.: Toy store Toys R Us announced plans to hire about 45,000 workers for the holiday-shopping season. Thatâ€™s 10,000 more people than itâ€™s hired in the last three years. The company is also opening 600 temporary stores.
Meanwhile, the Congressional Budget Office said that although extending the Bush tax cuts temporarily through 2011 would boost economic growth, it wouldnâ€™t be the best method of doing so. So what is? According to CBO Director Douglas Elmendorf, to get the most â€śbang for the buck,â€ť the U.S. should extend unemployment benefits, reduce payroll taxes, increase tax credits for business investments, and provide more aid to states for infrastructure investments.
In the latest drama between outspoken critic and financial analyst Mike Mayo and Citigroup (NYSE:C), Mayo says the bank is not spending enough. Mayo met with the management of the financial firm, but it apparently has not swayed his view that the company faces massive obstacles that leadership is not doing enough to be able to overcome. He said executives are not spending enough money on basic things like the upkeep of ATMs and physical infrastructure of its buildings.
Senator Judd Gregg, the top Republican of the Senate Budget Committee, said Wednesday his party has blocked about $20 billion of additional spending requested by the White House in a continuing-budget resolution Congress must pass to keep the federal government running through the rest of the year, as the governmentâ€™s fiscal year ends at the end of September. The legislation covers over $1 trillion in discretionary spending.
Jobs 'R' Us?
Toys 'R' Us CEO Jerry Storch on how his company is hiring 45,000 seasonal workers.
The president of Triumph Bank discusses why he has no interest in bailout money.
Hewlett-Packard finally named a successor to ousted CEO Mark Hurd Thursday. Former SAP CEO Leo Apotheker will be taking his place. Also named to an executive spot was Ray Lane, former Oracle COO, as the companyâ€™s new non-executive chairman of the board. Apotheker worked as CEO of SAP for 20 years.
Bailout Exit Plan Dept.: AIG and the U.S. Treasury Department worked out a plan to repay taxpayers their investment in the bailed-out insurer. This could happen in 18 months at the earliest and will take several months to complete.
Scoring the TARP Program
TARP Special Inspector General Neil Barofsky grades the government's bailout program.
Elizabeth Hurley and Evelyn Lauder discuss their efforts to fight breast cancer.
United Airlines and Continental Airlines were brought under the same parent company, United Continental Holdings (NYSE:UAL), Friday, marking the completion of their merger. Each company will continue operating independently for several months. Officials expect in 12 to 18 months that the company will use a single brand called United.
Sources at the nationâ€™s big banks and the Fed told FOX Business the central bank is completing a broader crackdown on Wall Street pay practices. The Fed drilled deeper into the ranks, not just the top executives, among bank employees. And these firms could see further scrutiny over their behavior which officials call risky and say contributed to the financial meltdown.