April 28 Biz Minute

The Federal Reserve opens a two-day meeting today with policymakers expected to keep boosting the supply of cheap credit to support a struggling economy showing only tentative recovery signs... BUT Hopeful signs that the worst may be over for the economy boosted Americans' moods in April. The Consumer Confidence Index rose more than 12 points to 39, up from a revised 26 in March. The reading marks the highest level since November's 44 and well surpasses economists' expectations.
ON THE AUTO FRONT The Treasury Department has reached a tentative agreement with four of Chrysler's major debt holders in a bid to keep the automaker out of bankruptcy protection, while General Motors. says it will force 1,000 to 1,200 underperforming dealerships to close their doors as the automaker tries to thin dealer ranks to make the remaining outlets stronger.
U.S. regulators are talking to Citigroup Inc about its capital levels after stress testing the bank, while The Wall Street Journal reported that Bank of America Corp may need billions in new capital. Both banks have been wracked by loan losses and writedowns on complex debt securities since the financial crisis began almost two years ago.
The Press-Enterprise reported that Residents of western Riverside County would pay about $12 more per month for water under a proposed rate hike by Western Municipal Water District. The agency's board of directors will hold a public hearing May 6 on a 20.7 percent rate increase to take effect May 11.

Category:

News & Politics

Tags:

• federal Reserve
• Consumer confidence
• treasury
• Chrysler
• General Motors
• CitiGroup
• Bank of America
• Riverside