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Cold March Keeps Shoppers’ Spending Tepid

NEW YORK — So much for new spring shorts and T-shirts. As cold weather lingered across most of the country, Americans shopped modestly in March. U.S. retailers reported a key revenue figure rose slightly during the month, as shoppers held back on spending because of the cold weather across the nation, particularly the Midwest and East Coast, and continued fears about the economy. Economists monitor consumer spending because it accounts for more than 70 percent of economic activity. According to a preliminary tally of 15 retailers by the International Council of Shopping Centers, revenue in stores open at least a year rose 1.6 percent, or 2.5 percent excluding drugstores. That was below expectations, said Michael Niemira, chief economist at the ICSC. Weather was a factor, with March being the coldest in seven years. The comparison with last March was especially tough. Last year saw the warmest March on record, according to weather research firm Planalytics Inc. “Wintry weather conditions ...

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Found 1 month ago on channel TIME Moneyland

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Report: Google Fiber Heading to Austin as Cities Race to Boost Web Speeds

America’s weirdest city is about to get wired. Google Fiber is heading to Austin, Texas, according to multiple reports. If true, Austin, home of the South by Southwest festival, will become the largest city to receive Google’s superfast, 1-gigabit Internet-and-TV service after Google Fiber’s initial launch in Kansas City last year. In a tantalizing clue, Google Fiber’s news website briefly flashed a message over the weekend reading: “Google Fiber’s Next Stop: Austin, Texas.” Google may have inadvertently managed to scoop its own announcement, because the message was quickly removed. “It’s no longer a question,” Austin-based blogger and telecom expert Stacey Higginbotham wrote on Saturday. “Google is bringing its Google Fiber network to Austin. I’ve confirmed it with sources, and the brief publication of a post in the middle of the night by Google should assuage anyone else’s doubts.” Google Fiber’s arrival in Austin would be the clearest signal yet that ...

america american announcement austin austin-based blair business city commission communications community experiment fcc federal genachowski google government higginbotham innovation internet service internet-and-tv internet-service julius kans kansas leadership levin nation national olathe publication questions science south southwest stacey technology texas warner web

Found 1 month ago on channel TIME Moneyland

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AIG files to dismiss part of Greenberg suit over bailout

Insurer American International Group Inc has asked a court to block Maurice "Hank" Greenberg's efforts to sue the government on AIG's behalf, saying its former CEO has not proven he should have the right to do so.

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Found 1 month ago on channel Reuters

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Google Fiber Reportedly Coming to Austin, TX, as Cities Race to Boost Web Speeds

America’s weirdest city is about to get wired. Google Fiber is coming to Austin, Texas, according to multiple reports. If true, Austin, home of the South By Southwest festival, will become the largest city to receive Google’s super-fast, one gigabit Internet and TV service after Google Fiber’s initial launch in Kansas City last fall. In a tantalizing clue, Google Fiber’s news website briefly flashed a message over the weekend reading: “Google Fiber’s Next Stop: Austin, Texas.” Google may have inadvertently managed to scoop its own announcement, because the message was quickly removed. “It’s no longer a question,” Austin-based blogger and telecom expert Stacey Higginbotham wrote on Saturday. “Google is bringing its Google Fiber network to Austin. I’ve confirmed it with sources and the brief publication of a post in the middle of the night by Google should assuage anyone else’s doubts.” Google Fiber’s arrival in Austin would be the clearest signal yet that ...

america american announcement austin austin-based blair business city commission communications community experiment fcc federal genachowski google government higginbotham innovation internet service julius kansas leadership levin nation national olathe publication questions science south southwest stacey technology texas warner web

Found 1 month ago on channel TIME Business

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S&P 500 Closes at a Record High, Beating ’07 Mark

(NEW YORK) — For the second time in less than a month, the American stock market marched past another milepost on its long, turbulent journey back from the Great Recession, toppling another record left over from the days before government bailouts and failing investment banks. The Standard & Poor’s 500 closed at a new high Thursday, three weeks after another popular market gauge, the Dow Jones industrial average, obliterated its own closing record. The reaction on Wall Street was muted — more of a dull buzz than a victory cry. Investors warned clients not to get overly excited. “Getting back to where we were is an important step,” said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. But he cautioned in a note to investors: “Markets are volatile, and if you are a long-term investor you should expect declines.” The S&P rose six points to 1,569, a gain of 0.4 percent, beating by four points its previous record of 1,565.15 set on Oct. 9, 2007. The index is still ...

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Found 1 month ago on channel TIME Moneyland

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