Americans' wealth shrinks
WASHINGTON — A Federal Reserve survey has found that the Great Recession shrank Americans' wealth so much that in 2010 median family net worth was no more than it had been in 1992 after adjusting for inflation. The Fed's survey of family finances finds that median net worth declined from $126,400 in 2007 to $77,300 in 2010. The median marks the point where half had more and half had less. The recession officially began in December 2007 and ended in June 2009. Net worth is the value of assets like homes, bank accounts and stocks, minus debts like mortgages and credit cards.
Lawsuit filed against Walmart
NEW YORK — A group of New York City pension funds is suing current and former Walmart executives, saying they mishandled an alleged bribery scheme at the world's largest retailer. The group filed a lawsuit on Monday on behalf of the company itself against the executives. The goal in such cases, known as “derivative actions,” is not to reap big financial rewards but to change the way a company is run. The funds own 5.6 million shares of Walmart Stores Inc. This is the latest of at least a dozen such lawsuits filed against Walmart since The New York Times reported in late April that Walmart's Mexican unit allegedly paid millions of dollars in bribes to win favors. The Times said executives didn't notify authorities even after Walmart found evidence of the scheme.
Spanish bank loans spark moves
Treasury prices are rising as early enthusiasm wanes for a deal to shore up Spanish banks. In late Monday trading, the 10-year note is up 15.6 cents for every $100 invested. The yield has fallen to 1.59 percent, down from 1.64 percent in late Friday trading. Over the weekend, European countries pledged up to $125 billion in loans to Spain to help rescue its banks. The news sent stock markets up and Treasury prices down early Monday. But markets quickly reversed. One concern is that the loan to Spain will increase the government's debt burden. The loan may also take precedence over other government debt.
Fusion modifications announced
CHARLOTTE, N.C. — Ford is making slight modifications to the 2013 Fusion it plans to use next season in NASCAR's Sprint Cup Series. Some of the updates announced Monday are designed to add additional brand identity through new grille work and hood lines. When the car was revealed in January, it had a stickered front grille that has since been removed. In place now is an actual grille bar that is identical to the production car. Also added was detail to the fog light housings that created a more detailed headlight area. Ford also says the new Fusion will have a more aggressive hood than originally introduced. Ford will display the car this weekend at Michigan International Speedway.
Airbus celebrates anniversary
Ten years ago, Airbus opened an engineering center in Wichita, Kan., with 27 people and wing design work on the Airbus A380 jetliner. Today, it employs 350 people. Hundreds of Airbus employees, executives, elected officials and others marked the occasion Monday with a celebration outside the Airbus facility. The site is Airbus' first and largest engineering and design facility outside Europe. “There's a reason we're here,” said Allan McArtor, chairman of Airbus Americas. “Location, location, location. This is where the talent is.” Mayor Carl Brewer issued a city proclamation calling June 11, 2012, “Airbus Day” in Wichita. The program is valued at $250,000.