July 2009 Current Events: Business/Science News
Here are the key events in business and science news for the month of July 2009.
- Unemployment Rate Reaches 9.5%; 467,000 Jobs Lost in June (July 2): The Labor Department reports an unemployment increases from 9.4% in May to 9.5% in June 2009. There are 467,000 jobs lost in June, topping estimates by 100,000.
- Court Allows G.M. Restructuring (July 5): In a move approved by a federal judge, General Motors will sell its best assets to a government-supported company. The sale and restructuring will ensure the company clears bankruptcy court according to the timeline afforded by the federal government.
- Goldman Sachs Posts Huge Profit (July 14): Just months after repaying the bailout money provided by the government, Goldman Sachs posts a profit of $3.44 billion for the second quarter of the year. The company had borrowed $10 billion in federal aid. (July 16): JP Morgan Chase posts a profit of $2.7 billion, a 36% increase over last year. (July 17): Bank of America and Citigroup post $3.2 billion and $4.3 billion profit, respectively, for the second quarter of 2009. Like the recent reports from Goldman Sachs and JP Morgan Chase, these profits exceed the expectation of financial analysts. The earnings of these two banks, however, are related to recent sales of many of their assets.
- Microsoft and Yahoo Agree to Collaborate on Internet Search, Advertising (July 29): Major technology companies Microsoft and Yahoo make a deal to collaborate on Internet search and advertising, in the hopes of more effectively competing with their biggest rival, Google.