Black Friday came and went, and though there were hopes for a comeback in the retail sector, consumers spent less per person on the notoriously busy sales day. And who could blame them with unemployment high and credit hard to come by? While consumers came out in large numbers on Black Friday, they mostly went for the best bargains and walked away, according to the National Retail Federation.
General Electric (GE) and Vivendi reportedly drafted a deal Monday on their NBC Universal stake, beginning a week full of news surrounding the media company’s future. Sources told the Wall Street Journal that GE plans to buy Vivendi’s 20% stake for $5.8 billion, a move that would bring GE one step closer to giving control over NBC Universal to Comcast (CMCSA).
Shaming Into Mortgage Modification
Cyber Monday: A Hoax
Holiday Sales Are the Deal
Real-Life Blood Suckers
Nationwide Average
$2.64 a gallonTuesday
General Motors mad a surprise announcement Tuesday that CEO Fritz Henderson is stepping down from his position. Though he only held the spot for nine months, GM Chairman Ed Whitacre said he is taking over as interim CEO immediately, while the company searches for a replacement.
Google (GOOG) will allow publishers who charge for content to set a limit on how many articles online readers can view for free through the search engine, the company announced Tuesday. Publishers will be able to limit readers to five free articles per day. This comes as media companies have complained that Google is making billions in profit by publishing free content that the media companies produced, while they struggle with dwindling ad revenue.
GE-Vivendi Deal Paves Way for Comcast
Building Boom That Led to Dubai's Debt
GM CEO Henderson Departing
Dubai Crisis' Impact on $8.5B CityCenterWednesday
TARP Repayment Dept.: Bank of America (BAC) said it plans to pay back the $45 billion in loans the government provided through the Troubled Asset Relief Program during the financial crisis. The bank will use $26.2 billion in excess liquidity and sell securities for another $18.8 billion to come up with the cash for the transaction.
In other BofA news, at least two candidates for the bank’s CEO position reportedly suggested breaking up the company to the board of directors. However, the board rejected the idea, making it even more difficult for the company to find a successor for retiring CEO Ken Lewis.
GM Begins Search for New CEO
BofA Candidates Want to Break Up Bank
McDonald's CEO Heir to Retire
Will the Jobs Summit Produce Results?Thursday
General Electric and Comcast announced a deal that will let GE unload NBC Universal to the cable company in a $30 billion deal. This comes after Vivendi agreed to sell its NBC Universal stake to GE for $5.8 billion. This will allow GE to exit the media business.
Meanwhile, FOX Business Network’s Liz Claman had the opportunity to interview Treasury Secretary Tim Geithner Thursday. Geithner told FBN taxpayers will earn over $2 billion in profit from interest on the money the government lent to Bank of America through TARP, as the bank is set to pay back the loan. He added that the government stands to profit from many of these rescue deals made to struggling financial institutions.
Questioned on the idea of a stock trade tax, Geithner told Claman that he does not support such a tax, saying “I don't think that specific thing is the way to go.”
Job Summit Focuses on Private-Sector Jobs
Geithner: Getting Business to Invest
Geithner on the Dollar, Jobs
Geithner on Keeping TARP Around
Friday
Unemployment fell back down to 10%, according to the Labor Department, as the nation lost only 11,000 jobs in November. This was the smallest loss we’ve had since the recession started in December of 2007 and was much better than the 130,000 jobs economists forecasted would be lost.
In light of GM’s CEO Fritz Henderson stepping down, interim CEO Ed Whitacre announced several management changes at the auto maker Friday. Mark Reuss was named president of GM North America. Reporting to him will be Susan Docherty, who is taking the VP of Vehicle Sales spot. Meanwhile, Bob Lutz, a former executive from Ford, will remain vice chairman of GM.
Labor Secretary on Unemployment
Spotlight: Antique Car Extraordinaire
Citigroup: Last Bank to Owe Uncle Sam
Unemployment Falls to 10% in November
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Geithner: Bailout program extended to OctoberBank of America, Stimulus Jobs - Week in Review: November 16-20, 2009
