Want to have an hour-long massage session for only $30? How about a 37-inch HDTV for a mere $289? These deals are attracting customers to a new wave of web sites that use group action to sell products and services for a percentage of their original price. These discount sites have found a way to profit in an economy in which most retailers are struggling.
After a century in the business, JC Penney finally made its move to Manhattan with the grand opening of a three story store in Herald Square today. While other big retailers like Macy's and Bloomingdales have been hit by the recession, Penney is relying on the struggling economy to generate its success.
Peter Smith was browsing Facebook a couple of weeks ago when he stumbled upon an ad for hot singles. That's not unusual on social networking sites like Facebook, but what was unusual was the picture of the woman in the ad. It was his wife, Cheryl.
With the tally of unsold luxury homes in the Hamptons increasing in the second quarter, even the rich are feeling the bite of the recession. It will be another four years until the 584 high-end homes on the market are sold if the present sale trends continue.
JPMorgan Chase had impressive earnings for the quarter and is on track to continue those results in the quarters to come according to CFO Michael Cavanagh.
The Federal Deposit Insurance Corporation has seized banks on 20 out of 28 Fridays this year, bringing the total to 52 bank failures in 2009, nearly double the amount in 2007 and 2008 combined.
Third Avenue Management is betting heavily on investments in Hong Kong according to President and CEO David Barse. Forty percent of the firm's main fund are located in Hong Kong companies because some of the best and least known blue chips are there.