Financial news on May 2nd, 2009

Business and Financial news
A Shrinking Trade Deficit, at Least for Now

The American trade deficit has fallen to the lowest level in a decade, but that’s not likely to last. Read more..

By FLOYD NORRIS - The New York Times

Banks in Georgia and New Jersey Are Seized

Banks in Georgia and New Jersey were seized by regulators, raising the tally of failed lenders in the United States to 31. Read more..

By BLOOMBERG NEWS - The New York Times

Chrysler Begins Voyage Down Bankruptcy Route

Lawyers for the automaker said they wanted to move quickly. “I don’t think that any American can doubt these are extraordinary times,” the lead lawyer, Corinne Ball of Jones Day, said. Read more..

By ZACHERY KOUWE - The New York Times

Chrysler’s Fall May Help Obama to Reshape G.M.

If the Chrysler legal process unfolds as the White House hopes it will in coming weeks, the bankruptcy option may look increasingly attractive for General Motors as well. Read more..

By DAVID E. SANGER and BILL VLASIC - The New York Times

Clorox Trims Outlook for Revenue Growth

The Clorox Company trimmed its full-year revenue forecast and said sales growth will slow further in 2010 because of the stronger dollar. Read more..

By BLOOMBERG NEWS - The New York Times

Hydroxycut Diet Aids Recalled After Warning

Federal drug regulators warned consumers to stop using the Hydroxycut line of popular weight-loss products, citing reports of a death due to liver failure and other serious health problems. Read more..

By NATASHA SINGER - The New York Times

Macquarie Posts Decline in Annual Profit

Macquarie, the largest Australian investment bank, cited billions of dollars in losses from the global slowdown and announced the placement of nearly $400 million in new shares. Read more..

By MERAIAH FOLEY - International Herald Tribune

Same Data, Conflicting Forecasts

Are we surfacing from a financial crisis, or getting in deeper? The data can be persuasive for either side. Read more..

By JOE NOCERA - The New York Times

Shares Rise Slightly on Factory Reports

Wall Street was little changed as investors received more signals of muted activity in the industrial sector. Read more..

By JACK HEALY - The New York Times

Why Chrysler’s Bondholders Should Stop Whining

If Chrysler were going into bankruptcy with available exit financing, the bondholders would have every right to fight for their share. But it has no such financing available. Read more..

By FLOYD NORRIS - The New York Times

See what else happened on May 2nd, 2009