Daily Archives: July 2, 2009

Dow Chemical Co. announced on Thursday that the company will be closing three of its Louisiana plants as part of a shift away from basic chemicals toward the more profitable specialty chemicals. The closing of the plants was undertaken as a part of the company’ major cost cutting program after Dow bought rival Rohm...

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Citigroup has decided to raise interest rates on credit card accounts in a move which is expected to affect as many as 15 million US customers, according to a report in Financial Times. The hike is interest rates on credit cards is being seen as part of a strategy to raise revenues before a...

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After a year of nationwide slump in the US auto market, there were reports that the decline of sales had slowed in June and the auto industry may have put its worst phase behind. Auto makers sold a total of 849,857 vehicles in the month of June which was a 7.9% drop from the...

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Crabtree & Evelyn Ltd filed for bankruptcy in the US on Wednesday as the personal care products retailer became the latest victim of the recession crippling consumer markets. The company filed for bankruptcy protection under Chapter 11 after sales slumped and revenue fell in the aftermath of the recession. Crabtree & Evelyn Acting president,...

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Caribbean warmth and azure-blue seas make Cuba a tourist’s dream island. There is plenty to do in Cuba – luxuriate on the sun-kissed beaches, sail on luxury cruise liners, dance to mesmerizing Afro-Latin beats or discover the grandeur of old colonial heritage. In recent times, Cuba has also emerged as a favored destination for...

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The US government has enabled a larger number of troubled home loan borrowers to take advantage of a refinancing program offered by mortgage companies, Freddie Mac and Fannie Mae. The Federal Housing Finance Agency announced on Wednesday that under the Home Affordable Refinance Program, Freddie Mac and Fannie Mae will be allowed to refinance...

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