Friday, August 27, 2010
Each week check out the MarketWatch feature on myBiz. We will report on facets of the economy to keep you informed and prepared for the internship and full-time job markets.
GDP Report: 2nd Quarter Dips to 1.6%
The nation's gross domestic product, the broadest measure on the amount of spending by consumers, businesses and government, slowed to 1.6% in the second quarter. The Commerce Department reported 3.7% growth in the first quarter. According to CNNMoney.com, the decline was mostly due to businesses doing less to restock their inventories due to weak consumer demand, and less construction spending. A bigger-than-expected trade gap also trimmed GDP, as rising imports and weaker exports both worked against output by U.S. businesses.
Facebook sues company for using "book" in name
Teachbook, an Illinois based-company, is a start-up business set to launch this fall as a "teacher's community" where users can share lesson plans and seek advice from fellow educators. Facebook is suing Teachbook for federal trademark dilution, trademark infringement and unfair competition. Facebook accuses Teachbook of trying to ride its coattails and of blatantly trying to become Facebook for teachers.
Ford to Build Asian Presence
Ford Motor Co. announced on Thursday that it will ramp up its presence in the fast-growing Asian and African markets. The company expects that Asia and Africa will account for 70% of its global growth over the next decade. Ford is investing $500 million in India to expand manufacturing and set up an engine plant there. The automaker recently launched the Ford Figo subcompact in India and sold more than 30,000 vehicles in 25 weeks.