Economy - The Salt Lake Tribune

Utah is tops for 2013 economic outlook, ALEC says

Thu, 23 May 2013 12:22:15 MDT

Utah is tops for 2013 economic outlook, ALEC says

the Salt Lake Tribune

Published May 23, 2013 12:22PM MDT

Utah holds the No. 1 spot for states with the best economic outlook in 2013, according to a report released Thursday by the conservative American Legislative Exchange Council. “Utah’s economic policies have remained strong, and because of [its] firm commitment to economic growth and competitiveness, [the state has] ranked first in all [five previous] editions of our report,” said Jonathan Williams, director of ALEC’s Center for State Fiscal Reform and co-author of “Rich States, Poor States: ALEC...

Copyright 2013 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Apple a victim, not a tax dodger, CEO says

Tue, 21 May 2013 18:28:03 MDT

Apple a victim, not a tax dodger, CEO says

combined News Services

Published May 21, 2013 06:28PM MDT

Washington • Facing down blistering criticism on Capitol Hill that Apple sidestepped billions of dollars in taxes, CEO Tim Cook carefully defended Apple’s record Tuesday, rejecting any suggestion of misconduct but avoiding clashes with skeptical legislators. “It’s important to tell our story, and I’d like people to hear directly from me,” Cook told a Senate panel during questioning by Sen. John McCain, R-Ariz. Apple, he said, pays “all the taxes we owe — every single dollar.” Rather than taking...

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Jamie Dimon under pressure ahead of JPMorgan Chase vote

Sun, 19 May 2013 13:59:02 MDT

Jamie Dimon under pressure ahead of JPMorgan Chase vote

by Christina Rexrode The Associated Press

Published May 19, 2013 01:59PM MDT

New York • Jamie Dimon, chairman and CEO of the country’s biggest bank, faces a key test this week: His shareholders are voting on whether to let him keep both jobs. It’s been just more than a year since his bank, JPMorgan Chase, revealed a surprise trading loss that tarnished its usually stellar reputation in Washington and on Wall Street, and what a difference it has made. Shareholder groups are calling for the bank to strip him of his chairman job, a move that would be a bruising referendum a...

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Buybacks are a big factor behind stock market boom

Sun, 19 May 2013 12:14:02 MDT

Buybacks are a big factor behind stock market boom

by Bernard Condon The Associated Press

Published May 19, 2013 12:14PM MDT

New York • It’s the narcissist rally. Sure, there are plenty of forces pushing stocks higher — record corporate earnings, small investors finally buying again, signs the U.S. economy may be strengthening, central banks flooding the financial system with money. But you may want to spare a thought, and a healthy dose of worry, for what is one of the biggest, and least appreciated, reasons for the rally: buybacks. Flush with cash and a world of opportunity at their doorstep, companies have decided ...

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Tame consumer prices in U.S. keeping inflation low

Fri, 17 May 2013 11:11:10 MDT

Tame consumer prices in U.S. keeping inflation low

by Christopher S. Rugaber The Associated Press

Published May 17, 2013 11:11AM MDT

Washington • A plunge in the cost of gas drove down a measure of U.S. consumer prices last month by the most since December 2008. Excluding the drop in fuel costs, prices were largely unchanged. The consumer price index fell 0.4 percent in April from March, the Labor Department said Thursday. The main reason was that gas prices plunged 8.1 percent on average nationally. For the 12 months that ended in April, overall prices rose 1.1 percent — the smallest year-over-year increase in 2½ years. Exc...

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Eurozone’s recession now its lengthiest

Wed, 15 May 2013 17:27:02 MDT

Eurozone’s recession now its lengthiest

by Pan Pylas and Sarah Dilorenzo The Associated Press

Published May 15, 2013 05:27PM MDT

Paris • The eurozone is now in its longest ever recession — a stubborn slump that has surpassed even the calamity that hit the region in the financial crisis of 2008-2009. The European Union statistics office said Wednesday that nine of the 17 EU countries that use the euro are in recession, with France a notable addition to the list. Overall, the eurozone’s economy contracted for the sixth straight quarter, shrinking by 0.2 percent in the January-March period from the previous three months. Th...

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

2012 was year of the business deal in Utah

Tue, 14 May 2013 09:28:24 MDT

2012 was year of the business deal in Utah

by Vince Horiuchi The Salt Lake Tribune

Published May 14, 2013 09:28AM MDT

It seems Utah has mastered the art of the deal. Last year was one of the biggest for the number of business deals made in the state, with transactions totaling $11.04 billion, according to a report by Salt Lake City-based MountainWest Capital Network (MWCN). In 2012, there were 292 business deals, ranging from mergers and acquisitions to investments from venture capitalists to secondary public offerings. That marked a 59 percent increase from 2011, according to the report. One reason for the up...

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Now official: Ogden, Provo airport towers get reprieve

Fri, 10 May 2013 21:40:53 MDT

Now official: Ogden, Provo airport towers get reprieve

by Lee Davidson The Salt Lake Tribune

Published May 10, 2013 09:40PM MDT

U.S. Transportation Secretary Ray LaHood officially rescinded on Friday what had been death warrants for airport towers in Ogden, Provo and 147 other cities nationally. He issued a statement that he determined a bill passed by Congress last month to stop what had been disruptive furloughs for air traffic controllers also included enough money to save the 149 federal contract control towers through the Sept. 30 end of the fiscal year. Those towers had been scheduled to close on June 15 — part of ...

Copyright 2013 The Salt Lake Tribune. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

New rankings: Utah 12th for business; Salt Lake City 3rd for jobs

Wed, 08 May 2013 09:27:56 MDT

New rankings: Utah 12th for business; Salt Lake City 3rd for jobs

the Salt Lake Tribune

Published May 8, 2013 09:27AM MDT

Utah is the nation’s 12st best state for business, according to a new Chief Executive Magazine ranking. The ranking measures the sentiments of CEOs on a range of issues, including regulations, tax policies, workforce quality, educational resources, quality of living and infrastructure, according to a news release. For the 2013 survey, 736 CEOs from across the country evaluated the states between Jan. 16 and Feb. 14, 2013. The magazine ranked Texas first for the ninth consecutive year, followed ...

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Magazine touts Salt Lake County’s innovation

Mon, 06 May 2013 12:29:02 MDT

Magazine touts Salt Lake County’s innovation

the Salt Lake Tribune

Published May 6, 2013 12:29PM MDT

Salt Lake County’s economic development agency is one of the country’s top performers in “supporting innovation and entrepreneurship in the community,” according to the May edition of Site Selection, a magazine about real estate strategy and area economic development. Run by Dale Carpenter, the agency finished among the magazine’s Top 10 “Best of Invest” groups. Other recognized organizations promote economic development in Austin, Texas; Baton Rouge, La.; Greenville-Spartanburg, S.C.; Houston;...

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Stocks are little changed after record week

Mon, 06 May 2013 08:32:02 MDT

Stocks are little changed after record week

by Matthew Craft The Associated Press

Published May 6, 2013 08:32AM MDT

NEW YORK • Bank of America led a rally in big-bank stocks Monday in a mostly quiet trading day. Stock indexes were little changed following a record-setting week. News that Bank of America and MBIA, a bond-insurance company, had reached a settlement over a long-running dispute sent both companies’ stocks up. The Wall Street Journal reported that BofA will pay $1.7 billion to MBIA and also extend the troubled company a credit line. MBIA soared 40 percent, or $4, to $13.82. Bank of America gained ...

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

China’s bad air prompting many expats to rethink career moves

Sat, 04 May 2013 20:58:11 MDT

China’s bad air prompting many expats to rethink career moves

by Louise Watt The Associated Press

Published May 4, 2013 08:58PM MDT

Beijing • Whitney Foard Small loved China and her job as a regional director of communications for a top automaker. But after air pollution led to several stays in the hospital and finally a written warning from her doctor telling her she needed to leave, Small packed up and left for Thailand. In doing so, the Ford Motor Co. executive became another expatriate to leave China because of the country’s notoriously bad air. Other top executives whose careers would be boosted by a stint in the world’...

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Solid job gains in April ease fears about economy

Fri, 03 May 2013 22:00:04 MDT

Solid job gains in April ease fears about economy

the Associated Press

Published May 3, 2013 10:00PM MDT

Washington • The U.S. economy showed last month why it remains the envy of industrialized nations: In the face of tax increases and federal spending cuts, employers added a solid 165,000 jobs in April — and far more in February and March than anyone thought. The hiring in April drove down the unemployment rate to a four-year low of 7.5 percent and sent a reassuring sign that the U.S. job market is improving. The economy is benefiting from a resurgent housing market, rising consumer confidence an...

Fed keeps stimulus, says taxes and cuts have hurt

Wed, 01 May 2013 16:51:02 MDT

Fed keeps stimulus, says taxes and cuts have hurt

by Martin Crutsinger The Associated Press

Published May 1, 2013 04:51PM MDT

Washington • The Federal Reserve cautioned America’s political leaders Wednesday that their policies are hurting the economy. The Fed stood by its aggressive efforts to stimulate the economy and reduce unemployment. But it sent its clearest signal to date that tax increases and spending cuts that kicked in this year are slowing the economy. “Fiscal policy is restraining economic growth,” the Fed said in a statement after a two-day policy meeting. The Fed maintained its plan to keep short-term in...

Threatened FAA towers, including 2 in Utah, said to remain open

Wed, 01 May 2013 09:42:53 MDT

Threatened FAA towers, including 2 in Utah, said to remain open

staff And News Services

Published May 1, 2013 09:42AM MDT

Transportation Secretary Ray LaHood has assured lawmakers the Obama administration will prevent the closure of 149 small airport towers — including two in Utah — as well as end furloughs of air traffic controllers nationwide. The actions are the result of legislation passed by Congress, according to officials involved in negotiations on the bill. The disclosure came as senators sought signatures on a letter to LaHood saying that their support of the legislation “was based on the understanding th...

Under sequester’s gloom, Utahns’ confidence wanes

Tue, 30 Apr 2013 21:54:57 MDT

Under sequester’s gloom, Utahns’ confidence wanes

by Paul Beebe The Salt Lake Tribune

Published Apr 30, 2013 09:54PM MDT

In a tale of two outlooks, the confidence of Utah consumers faltered in April on worries about the impact of automatic federal budget cuts, while U.S. confidence in the economy jumped as the prospects for jobs improved. Zions Bank on Tuesday said its Consumer Attitude Index fell to 76.5 in April from 78.9 in March, possibly on “ambiguity” surrounding the impact on Utah of the sequester, a set of $85 billion in automatic spending cuts. The index is at its lowest level this year. Also Tuesday, th...

U.S. economy’s jump in Q1 may be fleeting

Fri, 26 Apr 2013 20:35:51 MDT

U.S. economy’s jump in Q1 may be fleeting

by Martin Crutsinger and Christopher S. Rugaber The Associated Press

Published Apr 26, 2013 08:35PM MDT

Washington • After nearly stalling in late 2012, the American economy quickened its pace early this year despite deep government cutbacks. The strongest consumer spending in two years fueled a 2.5 percent annual growth rate in the January-March quarter. The question is, can it last? Federal spending cuts, higher Social Security taxes and cautious businesses are very likely to weigh on the economy in coming months. Most economists say they think growth, as measured by the gross domestic product,...

Bellwether UPS sees 1Q profit rise 7 percent

Thu, 25 Apr 2013 19:23:03 MDT

Bellwether UPS sees 1Q profit rise 7 percent

by David Koenig The Associated Press

Published Apr 25, 2013 07:23PM MDT

Dallas • Consumers who kept spending after the holidays ended helped boost profit at UPS. United Parcel Service Co. said Thursday that first-quarter profit rose 7 percent to $1.04 billion. Its adjusted profit beat analysts’ expectations and shares rose more than 2 percent. Daily package volume in the U.S. increased and company revenue rose 2.3 percent to $13.43 billion. But international revenue was flat as some customers switched to cheaper shipping options. Big delivery companies, including UP...