Latest Business News

The single most essential quality for business success is integrity. Drive, determination and perseverance are important, but even the most determined and hardest working individual will find his/her success limited if co-workers, clients and business partners cannot totally trust that individual’s words and actions. Note that integrity is not only about speaking truthfully, but it is also about living truthfully. The most successful business people I know are consistently respectful and considerate in their business dealings. Their own personal effectiveness is magnified by the loyal and dedicated supporters they earn among their employees and customers because of their integrity.

Michael R.

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The Federal Reserve Chairman, Ben S. Bernanke, expressed his solidarity for the Nation’s small businesses and urged banks and financial regulators to grant them loans for their success. Small businesses are responsible for 60% of job creation and employ almost half of all Americans. But the lending to small businesses show a decline in the last two years. Bernanke expressed his concerns and acknowledged the uncertainty in a daylong forum at the Fed’s headquarters.

Federal data reveals that lending fell below $670 billion in this year’s first quarter, a huge collapse, compared to $710 billion granted in second quarter of 2008.

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Obama administration puts focus on helping entrepreneurs achieve success with new apointees.

In an effort to help small business owners, the Obama administration has named members of a special council tasked with spurring innovation.

Commerce Secretary Gary Locke recently introduced members of the National Advisory Council on Innovation and Entrepreneurship, in an effort to move forward President Obama’s larger plan to help those interested in starting their own businesses turn ideas into real business success.

Locke broke the news for entrepreneurs at the U.S.

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When two big banks reported profit loss for the second quarter, stocks started falling. Bank of America and Citigroup both reported a loss in profit for the second quarter, but analysts predicted both financial institutions would report a worse loss. Out of the two banks Citigroup saw worse results than BoA; Citi reported earnings of $2.7 billion, or $0.09 cents per share. Profits were down from $4.28 billion, or $0.49 cents per share they earned a year ago. Total revenue net of interest expense fell to $22.1 billion from $30 billion; analysts were expecting $22.4 billion.

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At a Federal Reserve conference in Washington this week, Fed Chairman Ben Bernanke called upon banks to increase their lending to small businesses.

“Making credit accessible to sound small businesses is crucial to our economic recovery,” said Bernanke, a vocal proponent of loosening credit for smaller companies.

While many big firms are flush with cash and are expected to report strong profits during earnings season, smaller businesses have struggled to secure the loans they need to expand and hire.

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