Fill out this form to email this article to a friend
5 Big Stories: The Week in Business
A look back the week's top business stories
By Scott Long, Times Staff Writer
Published December 30, 2007
1. Stores not so jolly about holiday shopping Scrambling to salvage the biggest shopping season of the year, many retailers discounted heavily late and kept stores open longer. What it means: Expectations weren't optimistic to begin with, as shoppers struggled with higher housing and gasoline prices all year. Stores will continue to slash prices, hoping to turn those gift card presents into last-minute profits. 2. Housing trifecta spins more gloom for 2008 Floridians are spending a higher percentage of their income on rent, Tampa has the second-highest home price drop in the nation and new Florida condo projects are struggling. What it means: Roll it all together and the housing morass that defined 2007 looks like it has no intention of improving in 2008. We'll have to pay more to rent, wait longer to sell our house - or accept less money. 3. Buffett spends big Warren Buffett's Berkshire Hathaway Inc. is buying a 60 percent stake in Marmon Holdings Inc., the Pritzker family's collection of more than 100 companies, for $4.5-billion. What it means: Analysts say the purchase is good for U.S. industry, as it shows the world's second-richest man has faith in the conglomeration of "nuts and bolts" businesses and decided against spending heavily for foreign-owned companies. 4. Not all Wall Street bonuses were stingy Goldman Sachs Group Inc. CEO Lloyd Blankfein earns almost $68-million in bonuses this year as he steered the Wall Street firm to record profits. What it means: The annual end-of-the-year riches were muted for many on Wall Street, as the subprime crisis sent the financial industry into turmoil. But Blankfein's check shows success will always be rewarded. 5. Wal-Mart ends online movie download service The retailing giant pulls the plug on its download service after less than a year after Hewlett-Packard Co. stopped providing the software running the site. What it means: Just a month after Time Warner's AOL also scrapped its movie download service, Wal-Mart's retreat shows just how tough it is to make it in the business that struggles to attract interest from customers who prefer to download songs.
[Last modified December 28, 2007, 20:06:40]
Share your thoughts on this story
|
News
Fifty years ago, they were screwed-up kids sent to the Florida School for Boys to be straightened out. But now they are screwed-up men, scarred by the whippings they endured. Read the story and see a video and portrait gallery.
Print
Email story
Comment
Letter to the editor
