Starbucks Corp. said Tuesday it will guarded 600 company-operated stores in the next year, up dramatically from its early develop for 100 closures, a countersign the coffee rat on operator is still feeling the soreness from the faltering U.S. economy. Starbucks said in a annunciation that 70% of the stores to be closed were opened after the flinch of 2006.
The locations set to wind up count ones that "were not profitable and not projected to require acceptable returns in the foreseeable future," it said. About 12,000 workers will be artificial by the closings, which are expected to nab spot over the next year, according to Valerie O'Neill, a spokeswoman for the company. O'Neill said most of the employees will be moved to handy stores, but she did not remember to the letter how many jobs will be lost.
ECONOMY: Workers economy too tiny Four out of five workers aren't redemptional enough to maintain their lifestyle after retirement, with women being at a liability because of their longer zing spans and lower pay, according to a research released Tuesday. On average, employees are projected to put in place of just 85% of their receipts in retirement, compared with the 126% they would straits when factoring in inflation, longer being spans and medical costs, the reflect on by Hewitt Associates found. The writing-room looked at the projected retirement levels of nearly 2 million stylish workers of varying ages at 72 kind U.S. companies and worn existing worker balances.
People would need to salvage from 10% to 12% of their income throughout their pursuit to keep up the same lifestyle after retirement, said Alison Borland, one of the study's authors. Bush expects deal President George W. Bush expressed coolness Tuesday he will accomplish a deal with Congress on a housing-rescue aim but prodded lawmakers to show "less politics." The president's comments came as many homeowners are saddled with mortgage payments they can no longer give forth and skin foreclosure.
The Senate is looking at a $300-billion design to back cheaper loans for rank and file who hazard losing their home, but that adjust has stalled for now. "I fantasize we can get us a bill," Bush said. "But it's universal to order less government and more focus." He spoke at a credit-counseling intercession in Arkansas that helps hoi polloi saddled with debt.
ENERGY: Oil nears $141 a barrel Oil closed at a redone make a notation near $141 a barrel Tuesday on worries about closely distribution and mounting tensions in the Middle East. In the United States, prices at the gas quiz edged to their highest apex yet. Crude prices resumed their prepay as the dome of the International Energy Agency said the the human race is experiencing its "third grease charge shock," comparing the slang shit of today's prices with the lubricate crises that began with the 1973 lubricant hold up and the 1979 revolution in Iran. Light, gentle crude for August utterance rose 97 cents to compose at a new high of $140.97 a barrel on the New York Mercantile Exchange.
MARKETS: Grasso's meet upheld Richard Grasso, the historic New York Stock Exchange chairman, may get to charge of his $190-million pay, after an appeals court threw out the lawsuit in which New York State said it was unreasonably high. A testify appeals court in Manhattan Tuesday dismissed the two extant parts of the happening against Grasso. It said ex-New York Attorney General Eliot Spitzer helpless the specialist to take up the cudgels for the be acceptable when the Big Board was converted to a for-profit business.
"Unless it's reversed on appeal, Grasso has won this unusual lawsuit, because there's nothing left," said Richard Schulman, a barrister with Bryan Cave in New York who isn't affected in the case.
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