Thursday, October 30, 2008

Business: Ga. in running for new military center

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A new era begins for Delta
MARTA officials lobby feds for chunk of bailout
MARTA could be on the hook for nearly $400 million after the collapse of a series of highly complex financial deals involving AIG. So, transit officials were in Washington Wednesday trying to convince the feds to include MARTA in the government's massive economic relief package.

Atlanta home sales down 40 percent from last year
In the north Atlanta market, starts were off 65.7 percent year to year, according to a new quarterly report from Metrostudy, the real estate research company. The supply of finished houses is more than eight months, about twice what it would be in a healthy market. The supply of developed lots exceeds 100 months.

S&P lowers Coke, CCE credit rating outlook
The New York credit rating agency cited weak economic conditions in some Coca-Cola markets, higher commodity costs and weaker-than-expected credit measures.

Ga. in running for new military center
Five Georgia lawmakers and Gov. Sonny Perdue have asked the Defense Department to make Georgia the home base for the military's new U.S. Africa Command. The center is expected to have 1,300 personnel, about half of them civilian.

Hawks ownership lawsuit hits key point
Lawyers for Texas businessman David McDavid are expected to finish making their case today in his $450 million breach-of-contract lawsuit against Turner Broadcasting System, leaving several questions to be addressed in the second half of the trial.

Delta-Northwest merger OK'd
The merger, announced in April, is essentially an acquisition of Northwest by Delta. The combined carrier is called Delta and is based in Atlanta. Eagan, Minn.-based Northwest becomes a Delta subsidiary. The combined airline has about 75,000 employees, serves 375 cities in 66 countries and about 170 million passengers a year.
FAQ | Memo | What's next?

DSW shoe chain to open Norcross store
The $1.4 billion discount shoe chain based in Columbus, Ohio, is opening its 13th store in metro Atlanta today and the second store in Georgia this month.

Lottery sales strong in weak economy
Georgia Lottery officials said Wednesday that sales for the first quarter of fiscal 2009, which began July 1, rose from $842 million to $871 million.

Stocks open sharply higher after GDP report
Wall Street is feeling more upbeat after a government report showing that the economy contracted in the third quarter by less than expected and after the Federal Reserve's second interest rate cut in a month. Stocks are up sharply in early trading.

Sources: Feds prepare loan modification plan
A final deal had not been reached as of Wednesday afternoon and negotiations could still fall apart, but government agencies were contemplating using around $50 billion from the recently passed financial industry bailout to guarantee about $500 billion in home mortgages.

Have you seen cost of college lately?
As the economy walloped their finances, students and families saw little relief this fall from rising college costs, which jumped 6.4 percent at state universities, according to new figures. Next year is already looking bad, too.

As gas prices go down, driving goes up
But with auto companies closing factories that produce sport utility vehicles in favor of smaller, gas-efficient cars, it may be hard to veer back to the gas-guzzling days very quickly.
Exxon Mobil posts biggest US quarterly profit ever

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