Business and Finance news

U.S. household wealth fell by a record $5.1 trillion from October to December, almost twice the decrease in the previous quarter, as home values and stock prices plunged, Federal Reserve figures showed.
Net worth for households and non-profit groups decreased to $51.5 trillion, the lowest level in four years, from $56.6 trillion in the […]

OTTAWA–The parliamentary budget officer says the Canadian economy is doing even worse than published figures would suggest.
Kevin Page says in a new assessment of the economy that last quarter’s 3.4 per cent contraction in gross domestic product doesn’t begin to reflect how far Canada’s performance has fallen.
He says an even better indicator […]

Malaysia may unveil tax cuts, public spending and other measures totaling more than 30 billion ringgit ($8 billion) tomorrow, more than four times an earlier plan, as it seeks to avoid a recession this year.
Malaysia needs a second stimulus of at least 33 billion ringgit, according to AmResearch Sdn. economist Manokaran Mottain. Deputy […]

Bernard Madoff, accused mastermind of a $50 billion investment fraud, is expected to plead guilty to criminal charges next week, three months after his arrest shocked his customers worldwide.
A court document signed on Friday by prosecutors and Madoff’s lead attorney indicated the once-respected Wall Street trader and investment manager would waive an indictment and […]

Struggling recreational vehicle manufacturer Monaco Coach Corp. on Thursday said it has voluntarily filed for Chapter 11 bankruptcy protection.
The Coburg-based company, which earlier this week laid off the majority of its employees and was delisted from the New York Stock Exchange, said it will continue operating as a debtor-in-possession as it awaits the sale of […]

Chinese Premier Wen Jiabao is considering new stimulus measures, adding to a 4 trillion yuan ($585 billion) spending plan as the government tries to revive growth in the world’s third-biggest economy.
Wen will announce “a new stimulus package” in his annual address to the nation’s legislature tomorrow, former statistics bureau head Li Deshui told […]

Pacific Investment Management has been hired to advise the U.S. government on the value of $118 billion of assets guaranteed in the bailout of Bank of America Corp, Bloomberg said, citing two people with knowledge of the decision.
Pimco, the world’s biggest bond investment manager, will evaluate Bank of America’s holdings, including securities backed by […]

area incubators
— St. Louis Enterprise
Centers
Four locations, in midtown St. Louis, Chesterfield, Wellston, and Lemay 314-534-1818
— Economic Development Center of St. Charles County
Two locations, in St. Charles and St. Peters
636-441-6880
— St. Patrick Center’s BEGIN New Venture Center
St. Louis
314-802-0696
— Habitat for Neighborhood Business […]