Biz.PeanutButterNews.com

Full Story at money.cnn.com

NEW YORK (CNNMoney.com) — First it was Hurricane Katrina, then it was the BP oil spill. Now the Louisiana coastal region faces a third economic crisis: Northrop Grumman Corp. will close the shipyard in Avondale, eliminating 5,000 jobs.

Northrop Grumman (NOC, Fortune 500) said late Tuesday that it will “wind down” the shipyard, located in the immediate vicinity of New Orleans, by 2013. First it must finish building two LPD-class Navy ships, which are used to transport Marines.

Full Story at msnbc.com

Real estate agents are working seven days a week, builders are staying open late and homebuyers are scrambling to get their offers in as they rush to take advantage of tax credits that expire at midnight Friday.

To qualify, buyers must have a signed contract in hand by the deadline and must complete the deal by June 30.

Full Story atmoney.cnn.com

NEW YORK (CNNMoney.com) — Cablevision Systems, a New York-area cable provider, said Friday it was no longer carrying The Food Channel and HGTV, two channels operated by Scripps Networks Interactive, in a dispute over distribution rights fees.

“We are sorry that Scripps’ current financial difficulties are making it impossible for them to continue our relationship on terms that are reasonable for Cablevision and our customers,” Cablevision (CVC, Fortune 500) said in a statement. “We wish Scripps well and have no expectation of carrying their programming again, given the dramatic changes in their approach to working with distributors to reach television viewers.”

Full Story atmoney.cnn.com

NEW YORK (CNNMoney.com) — Five banks failed late Friday, bringing the 2009 tally to 120.

The biggest to fall was United Commercial Bank of San Francisco, which had 63 U.S. branches as well as operations in Hong Kong and Shanghai. The bank held deposits totaling $7.5 billion.

East West Bank of Pasadena, Calif., agreed to assume all of United Commercial’s domestic branches, as well as its international subsidiaries.

United Security Bank of Sparta, Ga., closed its doors for the last time on Friday. Moultrie, Ga.-based Ameris Bank will assume control of all United Security’s deposits.

Full Story at money.cnn.com

NEW YORK (CNNMoney.com) — Computer maker Dell announced on Wednesday that it will close a plant in Winston-Salem, N.C., and will cut 905 jobs as a result.

Dell said that 600 plant workers will be laid off in November, and the remaining 305 employees will be cut by January 2010, when the plant is scheduled to close. The cuts represent about 1% of the company’s 78,900 employees.

“This is a difficult decision, especially for our North Carolina colleagues, but a necessary one for Dell customers and our company,” said Frank Miller, vice president of Dell, in a statement. “The efforts of our team members there have been significant and we’re committed to helping them through their transition.”

Full Story at money.cnn.com

NEW YORK (CNNMoney.com) — Regulators closed subsidiaries of Irwin Financial Corporation in Kentucky and Indiana Friday, bringing the total number of bank failures this year to 94, according to the Federal Deposit Insurance Corp.

Customers of the bank, however, are protected. The FDIC, which has insured bank deposits since the Great Depression, currently covers customer accounts up to $250,000.

Irwin Union Bank and Trust Company and Irwin Union Bank, F.S.B. operated a combined 27 branches in nine U.S. states. Both banks were run by Columbus, Ind.-based Irwin Financial Corp.

First Financial Bank, NA, which is based in Hamilton, Ohio, will assume all of the deposits of the two banks.

Full Story atmoney.cnn.com

NEW YORK (CNNMoney.com) — Five small regional banks were closed by regulators on Friday evening, pushing 2009’s tally so far to 89 institutions. Of the five failures, two were in Illinois, and there was one each in Arizona, Iowa and Missouri.

Customers of the banks, however, are protected. The Federal Deposit Insurance Company, which has insured bank deposits since the Great Depression, covers each customer account up to $250,000.

In Illinois, Platinum Community Bank, in Rolling Meadows, and InBank, in Oak Forest, were the latest institutions to be cosed by regulators. This makes for a total of 15 failed Illinois banks this year. The last one to go under was Mutual Bank, in Harvey, on July 31, 2009.

Full Story at money.cnn.com

NEW YORK (CNNMoney.com) — As yet another bank faces collapse, consumers are worried about their cash.

So far this year, 72 banks have failed, according to the Federal Deposit Insurance Corporation. Struggling southern regional bank Colonial Bank could be the 73rd.

But individuals with deposits at Colonial, or any other troubled bank, are insured by the FDIC for up to $250,000. And in the FDIC’s 75-year history, no customer has ever lost an insured deposit.

“When your money is in a bank that is FDIC insured it is backed by the full force of the United States government, and it doesn’t get any better than that,” said Carol Kaplan, a spokeswoman with the American Bankers Association.

Full Story at msnbc.com

WASHINGTON – A pillar of U.S. communities since the nation’s founding, the post office is facing the prospect of closings or consolidation of services at hundreds of locations amid a sharp decline in business due to e-mail.

The Postal Service may register a loss of nearly $7 billion this fiscal year in spite of a 2-cent increase in the price of stamps in May, cuts in staff and removal of collection boxes.

Post officials sent a list of nearly 700 potential candidates for closing or consolidation to the independent Postal Regulatory Commission for review.
Story continues below ↓advertisement | your ad here

More may be added, but the current list of candidates can be viewed at the commission’s Web site.

Full Story At money.cnn.com

NEW YORK (CNNMoney.com) — These are hard times for car dealers. Across the nation, General Motors and Chrysler dealerships are pulling down their big roadside signs and closing their doors.

The companies say they have no choice but to cut the cord and save money. The dealers, who say they are being scapegoated for the epic problems at GM and Chrysler, are hopping mad.

So are lawmakers.

On Friday, top executives of General Motors and Chrysler as well as several dealers appeared at a congressional hearing. It marked the second Capitol Hill hearing on the issue this week.

Full Story At Michigan shuts 8 prison facilities to save $120B – Jun. 5, 2009

NEW YORK (CNNMoney.com) — Michigan officials said Friday that the state is closing three prisons and five prison camps in hopes of narrowing a $1.4 billion budget gap for fiscal 2010.

The state, which has been hammered by the auto industry meltdown, estimates that it will save $120 million by shuttering the eight facilities. None of the 4,149 prisoners in the facilities will be released early, but up to 1,000 workers may lose their jobs.

Michigan is not alone in turning to its prison system for savings. Some 25 states cut spending on corrections in fiscal 2009 and another 25 are proposing to do so in fiscal 2010, as they struggle to address massive budget shortfalls.

Full Story At money.cnn.com

NEW YORK (CNNMoney.com) — The Manfredis were among the fortunate ones Thursday, avoiding Chrysler’s ax as it struck down nearly 800 dealerships across the nation.

“I’m one of those lucky dealers … who will remain a dealer,” said Corrado Joe Manfredi, who owns 11 dealerships with his son Nick in the Staten Island borough of New York City.

Joe believes that his prominence on the island has allowed him to survive. But it’s hard to feel lucky these days. Over the last year, the Manfredis and other dealers have weathered the toughest sales environment since the Great Depression.