Find more about Weather in Escanaba, MI
Click for weather forecast

Welcome to Upper Peninsula Business Today

Current issue

Current Issue

Click to view the current issue.

In This Issue

  • U.P. Health System
  • EAA - Experimental Aircraft Association
  • Housing and New Real Estate Growth
  • The Future of the House of Ludington in Escanaba

Yahoo! Finance: Top Stories

Asian shares fall for third day on global growth concerns
Asian shares fell for a third straight day on Wednesday as weak manufacturing reports from China, the United States and Europe fueled worries about slowing global growth, while the dollar took back some ground lost in the previous session to the safe-haven Japanese yen. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.4 percent, though off session lows, taking its losses to 3 percent so far this week as investors dumped emerging market assets. Japan's Nikkei was down 0.5 percent.

Factory slowdown puts wrinkle in U.S. growth outlook
U.S. factory activity braked to a more than two-year low in August, but sturdy gains in automobile sales and construction spending suggested the economy remained on solid footing. The sharp slowdown in manufacturing, which has been hurt by a strong dollar and deep spending cuts in the energy sector, was probably an early indication of fallout from the recent turmoil in stock markets, economists said. "It suggests that the recent eruption in uncertainty toward Chinese and global growth is beginning to affect U.S. business decisions," said Millan Mulraine, deputy chief economist at TD Securities in New York.

Oil prices extend losses on U.S. oil inventory, manufacturing data
Oil prices fell 2 percent in Asian trade on Wednesday, as a stronger-than-expected build in U.S. crude oil stocks and weaker U.S. manufacturing data fueled a rout in prices that started in the previous session. Brent and U.S. crude finished around 8 percent lower on Tuesday to end a 25 percent three-session surge, the largest three-day gain since 1990. This roller-coaster volatility could continue especially if there are similar wild swings in the equity markets, said Ric Spooner, chief market analyst at Sydney's CMC Markets.

IMF's Lagarde warns of spillover risks from recent volatility
Recent volatility in global financial markets shows how rapidly risks can spill over from one economy to the next, the managing director of the International Monetary Fund (IMF) said in Jakarta on Wednesday. "What has been demonstrated in the last few weeks is how much Asia is at the core of the global economy, and how much disruption in one market in Asia can actually spill over to the rest of the world," Christine Lagarde told a conference in Indonesia's capital. World stock markets and the currencies of many emerging markets have seen large swings since China's decision last month to devalue its currency.

U.S. auto sales stronger than expected in August on trucks, SUVs
The U.S. auto industry powered ahead in August, topping sales estimates and shrugging off gyrating stock markets as consumers continued to show their penchant for pickup trucks and SUVs. U.S. auto sales ...

Japan lawmakers urge bourse, regulators to be tough on Toshiba
Toshiba Corp's second postponement of its annual results due to newfound accounting errors should be met with a tough response from regulators, Japanese lawmakers urged on Wednesday. The Tokyo Stock Exchange would consider putting Toshiba's shares on a watchlist for possible delisting if there were further delays, Masahiko Shibayama, head of the Liberal Democratic Party's treasury and finance division, quoted a bourse official as saying in a meeting of lawmakers and regulators. Sources familiar with the matter have previously said that regulators are studying the case to weigh possible fines.

Kmart pays $1.4 million to settle U.S. charges over Medicare inducements
WASHINGTON/NEW YORK (Reuters) - Kmart Corp has paid $1.4 million to settle U.S. allegations that it violated the federal False Claims Act by inducing Medicare beneficiaries to fill prescriptions at its pharmacies, the Department of Justice said on Tuesday. The government said the accord resolves allegations that Kmart, a unit of Sears Holdings Corp (SHLD.O), let beneficiaries use drug manufacturers' coupons to reduce or eliminate prescription co-payments. Kmart was also accused of improperly offering discounts on gasoline purchases at participating gas stations based on the number of prescriptions filled.

Pilots' union threatens renewed strikes at Lufthansa
Pilots union Vereinigung Cockpit (VC) threatened renewed strike action at Lufthansa, saying the German flag carrier had rejected its offer of concessions in a long-running dispute that has cost the airline hundreds of millions of euros. Walkouts could start any time and could hit Lufthansa, its cargo arm Lufthansa Cargo and its budget carrier Germanwings, VC said in a statement on Wednesday. Lufthansa denied it had turned down the offer and said it regretted that VC had declared the negotiations a failure.

Hit by cheap oil, Canada's economy falls into recession
The Canadian economy shrank again in the second quarter, putting the country in recession for the first time since the financial crisis, with a plunge in oil prices spurring companies to chop business investment. The confirmation on Tuesday of a modest recession will figure heavily into the election campaign as Canadians head to the polls Oct. 19 and poses a challenge to Conservative Prime Minister Stephen Harper, who is seeking a rare fourth consecutive term. Harper was quick to downplay what some supporters and economists have dismissed as a "technical" recession, pointing to the upbeat June figures during a campaign stop.

Google redesigns iconic logo for the fifth time
The revamped logo, displayed as a Google Doodle on its homepage, spells 'Google' in a sans-serif typeface, similar to the one being used by Google's newly created holding company, Alphabet. The new brand identity "aims to make Google more accessible and useful to our users", the company said in a blog post explaining the logo. The new logo comes three weeks after the company's surprise move to create a holding company called Alphabet to pool its many subsidiaries and separate the core web advertising business from newer ventures like driverless cars.