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GMAC says it's made progress in reshaping ResCap - WSJM
The financing arm of General Motors says that it has made process in restructuring its ailing home mortgage subsidiary, but didn't go as far as to guarantee its future. GMAC says Residential Capital, which has posted billions in losses this year ...

Rudd in 'quantum of stimulus' calculation call - Australian Broadcasting Corp.
Prime Minister Kevin Rudd has warned of "grave" consequences without "unprecedented" policy cooperation between governments to lift the world out of the global financial crisis. In an opinion piece in the UK's Financial Times , Mr Rudd says the ...

Speaking of sports - Memphis Business Journal
Mike Bullard started 'Memphis Sport' magazine with a home equity loan. After three years in business, Memphis Sport, a local sports and entertainment magazine, is almost out of the small business wilderness, but the magazine’s owner isn’t leaving ...

Plan B for retirees who counted on home equity - Buffalo News
The safety net is almost gone, the nest egg is cracking. Many Americans have recently found themselves changing retirement plans after losing a substantial amount of home equity as the housing market and the overall U.S. economy struggle. These folks ...

GMAC transition reduces control for GM, Cerberus - Associated Press
GMAC Financial Services' transition into a bank holding company should buy the troubled lender some time to turn itself around, but the cost is a loss of control for its owners General Motors Corp. and Cerberus Capital Management. It also raises a ...

WRAPUP 1-US private job private losses mount in December - FXStreet.com
NEW YORK, Jan 7 (Reuters) - Job losses and plans to lay off workers hammered the struggling U.S. economy in the final month of 2008, according to private reports that foreshadow grim labor market data from the government on Friday. U.S. private ...

US private job private losses mount in December - Forbes
ABA says Q3 late payments on consumer loans highest since 1980 By Burton Frierson NEW YORK (Reuters) - Job losses and plans to lay off workers hammered the struggling U.S. economy in the final month of 2008, according to private reports that ...

Fashion chain behind high street brand Karen Millen holds talks with ... - Guardian Unlimited
Mosaic, the company behind fashion chains Oasis, Warehouse, Karen Millen and Principles, is facing crunch talks with its lenders to thrash out how the retail group can secure its future after a dire trading spell. Chief executive Derek Lovelock has ...

On Front Lines of Debt Crisis, Luggage Maker Fights for Life - Wall Street Journal
ST. PAUL, Minn. -- When Chuck Bidwell and Jennifer Guarino took over J.W. Hulme Co. a few years ago, their plan was to transform the tiny maker of duck-hunting gear and fishing-rod bags into a luxury luggage company. They applied the modern American ...

The Shore's economy is expected to slump in 2009 - Asbury Park Press
Janet Concepcion doesn't have to travel far from her Middletown home to bear witness to an economy that's in a nosedive. A local restaurant closed before she could use a gift card she had. The strip mall vacancies seem to be rising. Her hours as a ...