Business briefing - Dec. 24

The Olympian, news services • Published December 23, 2008

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TwinStar opens new branch in Lacey Crossroads

LACEY — TwinStar Credit Union has opened a new, 3,500-square-foot branch at 4550 Avery Lane S.E. in the Lacey Crossroads retail development, according to a news release.

The branch is open 9 a.m. to 5:30 p.m. Monday through Friday.

Economy

Analysts: Declines are worse this quarter

WASHINGTON — As the longest recession in a quarter-century intensifies, analysts believe the small decline in economic activity in the third quarter has worsened significantly in the current fourth quarter.

The Commerce Department said Tuesday that the gross domestic product, the broadest measure of economic health, declined at an annual rate of 0.5 percent in the July-September quarter. Corporate profits fell 1.2 percent.

Bailout

AmEx reports getting OK for $3.39 billion

NEW YORK — American Express Co. said Tuesday it received preliminary approval to obtain $3.39 billion in capital as part of the government's $700 billion bank rescue program.

Primarily a credit card lender, American Express changed its structure to become a bank holding company last month.

The change in status allows American Express to tap a wide array of government funding and lending programs, including the bank investment program.

Treasury gives 92 banks another $4.7 billion

WASHINGTON — The Treasury Department says it has provided an additional $4.7 billion to 92 banks as part of the government's $700 billion rescue of the financial system.

The department released a list of 49 banks that got final approval last Friday to receive $2.8 billion. It said an additional 43 banks received final approval Tuesday, but those names will not be released until Monday.

Treasury also confirmed that it had given preliminary approval to American Express Co. and CIT Group to receive support from the $700 billion bailout fund.

Real Estate

National home sales fall 8.6 percent in November

WASHINGTON — Sales of existing single-family homes and condos in the U.S. fell a surprisingly bad 8.6 percent in November to a seasonally adjusted annual rate of 4.49 million, even as home prices fell at the fastest annual pace on record, the National Association of Realtors reported Tuesday.

The result is much weaker than expected, as analysts surveyed by MarketWatch were looking for sales to fall to an annual rate of 4.9 million from the prior month's result of 4.91 million. Sales are down 10.6 percent in the past year.

The Olympian, news services