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U.S. trade deficit dropped in May

Inderjit Singh — Fri, 10 Jul 2009 13:32:34 +0000

Exports in May totaled $123.3 billion, while imports totaled $149.3 billion, leaving a trade deficit of $26 billion. April's revised figure puts that month's trade deficit at $28.8 billion.

Both exports and imports have dropped sharply from a year ago. Exports in May 2008 were nearly $160 billion, while imports stood at nearly $220 billion.

But, the gap has shrunk. In May 2008, the budget deficit stood at close to $60 billion.

In Friday's report, the deficit in goods shrank by $2.6 billion from April to $37.3 billion. The surplus in services increased $200 million to $11.4 billion.

Beckinsale awarded $32K in libel damages

Inderjit Singh — Fri, 10 Jul 2009 13:21:54 +0000

Beckinsale, 35, is best known for her work in the films "Pearl Harbor," "Underworld" and "Van Helsing."

The BBC said she was awarded $32,400 in libel damages for an erroneous Daily Express report claiming she had been booted from a big-screen remake of "Barbarella" in favor of another actress, and wrongly giving the impression the actress' career was in a slump.

Beckinsale's lawyer described the story as false and embarrassing, and insisted the actress was never in discussions to star in the film.

Crude oil prices drop Friday morning

Inderjit Singh — Fri, 10 Jul 2009 13:16:50 +0000

A month ago, crude oil prices peaked for the year above $72 per barrel. On Friday, prices fell $1.39 to $59.02 per barrel. Heating oil prices fell 0.0259 cents to $1.5085 per gallon. Reformulated blendstock gasoline dropped 0.0183 cents to $1.6455 per gallon. Natural gas prices lost 0.052 cents to $3.356 per million British thermal units.

At the pump, the average price for a gallon of regular unleaded gasoline was $2.565 Friday, down from Thursday's $2.58 a gallon, AAA said.

GM emerges from bankruptcy, sells assets

Inderjit Singh — Fri, 10 Jul 2009 13:12:54 +0000

Papers were signed at 6:30 a.m. at the offices of Weil, Gotshal & Manges that give the government 61 percent of the company with lesser portions owned by the Canadian government and the United Auto Workers union. Bondholders will also own a share, The New York Times reported.

The company will be temporarily named the Vehicle Acquisition Co., but soon will be renamed General Motors Co.

The plan for the company includes significant shrinkage. GM will no longer produce Saturn, Hummer, Opel or Pontiac brands. The assets that remain include Chevrolet, Cadillac and GMC.

Ads on social networking sites to resume in 2010: Report

Jaspreet Virk — Fri, 10 Jul 2009 12:15:02 +0000

The report, titled "Social Network Ad Spending: A Brighter Outlook Next Year", states that marketers are cutting costs due to slump in the market.

Further, the report envisages market to resume growth in 2010 when ad spending is expected to rise 13.2 percent to $1.3 billion.

Debra Aho Williamson, eMarketer senior analyst, stated, "The expected rebound in spending will come as more companies focus on creating and implementing an overall social marketing strategy."

Facebook witnessing rise in revenue despite slowdown

Low calorie diet may extend lifespan: Research

Neka Sehgal — Fri, 10 Jul 2009 10:49:12 +0000

Researchers at the University of Wisconsin-Madison, the Wisconsin National Primate Research Center and the William S. Middleton Memorial Veterans Hospital have been studying Rhesus monkeys for twenty years.

They found that monkeys on normal diets were three times more likely to develop age-related disease such as cancer, diabetes, or cardiovascular disease than those on restricted diets.

Michael Jackson's father suspects "Foul Play" in his death

Natalie James — Fri, 10 Jul 2009 09:46:02 +0000

The King of Pop Michael Jackson was found unconscious and not breathing on June 25 in his $100,000-a-month rented mansion in Holmby Hills. The singer died later that day at the Ronald Reagan UCLA Medical Center in Los Angeles following cardiac arrest, aged 50.

Joe fears foul play in Michael’s death
On Thursday, Joe Jackson exclusively told ABC News’ Chris Connelly that he wants to know why Michael died so suddenly and why a second autopsy on his late son commissioned by the Jackson family has not revealed any answers so far.

Best Buy and TiVo Get Cozier

Rick Aristotle Munarriz — Fri, 10 Jul 2009 07:18:52 +0000

Now, of course you know that press releases are peppered with
hyperbole and promises of free ponies. Best Buy has been selling TiVo
DVRs for years, so what's the point of some "strategic alliance" when
the two are already in commercial cahoots?

Can This Stock Be Gr-r-reat?

Mike Pienciak — Fri, 10 Jul 2009 07:17:17 +0000

As any cash-strapped college student can tell you, cereal is a
relatively cheap and easy breakfast. When necessary, it can also double
as lunch, dinner, and midnight snack. With many consumers feeling exactly that kind of pinch, Kellogg's status as the world's leading cereal maker looks like a decoder ring for profits.

Netflix Sleeps With the Frenemy

Rick Aristotle Munarriz — Fri, 10 Jul 2009 07:15:49 +0000

Netflix announced Thursday morning that it will team up with Sony (NYSE: SNE)
to offer owners of Sony BRAVIA HDTVs with Internet video the ability to
watch any movies in the Netflix catalog that are accessible digitally.
The service is available at no additional cost to subscribers of any of
Netflix's unlimited rental plans.