Saturday, January 17, 2009

Presspass - Business Edition

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Circuit City closing

Circuit City has pulled the plug on its hopes for a turnaround. The ailing retailer, the nation's second-largest seller of consumer electronics, said Friday it will begin liquidating all of its 567 U.S. stores, sending as many as 34,000 workers to unemployment lines by March.

Optimism fades about Maersk

With no agreement in place to keep Maersk Line from leaving, optimism is waning about efforts to retain the Port of Charleston's biggest customer. State Sen. Larry Grooms, R-Bonneau, said he expects by next week a final decision on whether the world's largest steamship line will depart South Carolina. "It's not over, but I'm not as hopeful as I was last week," Grooms said Friday.

Bank of America posts $2.39B loss in quarter

CHARLOTTE â€" Bank of America Corp. posted a fourth-quarter loss of $2.39 billion Friday as it suffered rising loan losses, soured investments and trading losses. Citing weak economic conditions, the bank's board slashed the quarterly dividend paid to stockholders to 1 cent a share.

Head of trade group optimistic for future

As acting executive director of the South Carolina World Trade Center, an organization that has seen a rough couple of years, Andres Grimes makes a familiar promise. "It's tough to be out seeking to grow a business now," he said. "We're going to do it." Last year, officials with the non-profit, which is designed to promote international trade for the state, heralded growth to come.

Business Briefs

Stocks rebound as bank losses mount NEW YORK â€" Wall Street managed its second straight comeback Friday, but the rebound was more a sign of the market's turmoil than strength. Stocks closed moderately higher after an erratic session that had investors tussling with concerns about the ongoing problems in the banking industry in response to more losses at Citigroup and Bank of America.










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