What’s in Business News This Week? This Week’s Top Line News Summary – 12/7/09
Now that Thanksgiving is officially behind us, Manhattan has started to hustle and bustle in anticipation of the Holiday Season. Having trouble getting in the spirit? Our weekly preview of this week’s headlines in the B2B sectors we work in the most might help. This week our public relations professionals highlight management, personal finance and banking. Happy reading!
Management: General Motors’ new Chairman Edward Whitacre took the bull by its horns this weekend with a management overhaul that moved a new generation of executives into senior positions. According to coverage in the Wall Street Journal, Mr. Whitacre is looking to accelerate decision-making and turn GM into a leaner, more nimble company. Past headlines have indicated concerns about GM directors’ ability to change the company’s culture. It will be interesting to see how things change now that Whitacre has a set of keys to the car.
Personal Finance: In an article in this weekend’s Wall Street Journal, readers are cautioned against hitting the malls for holiday shopping over the next few weeks. Readers are challenged to consider who really benefits from the sweater set from Neiman Marcus— your sister-in-law or the store’s balance sheet? Joel Waldfogel, author of “Scroogenomics: Why You Shouldn’t Buy Presents for the Holidays,” argues that 20% of the money we spend on gifts is pure waste. Instead of buying the latest gaming system for your children, how about opening a 529 tax-sheltered college savings plan, letting family and friends know that contributions of any size would be terrific gifts. And an added bonus, money invested in a college plan should double—in real terms—over 18 years.
What could you be doing with the average $600 spent per household on holiday shopping this year?
Banking: The New York Times reported this morning that losses from the TARP fund are less than actually first estimated. A new Treasury Report shows that the Government expects to recover all but $42 billion of the $370 billion it has lent to failing companies since the financial crisis started last year. In fact the portion lent to banks actually shows a slight profit. ReRepoirt
What will YOU be looking out for in business news this week?
To reach Gretchen: