12 Stories

Egypt to Build Shiny New $66B Capital

Reported goal is to ease congestion in Cairo—but at least one critic has his doubts

(Newser) - Cairo has served as Egypt's capital for more than a millennium, but its long run may be ending: The Egyptian government announced plans Friday for a new capital right next door that would take seven years and $45 billion just for the first stage, the AP reports. Egypt's... More »

Clash Over $1.6B Could Sink Panama Canal Project

Neither builders nor Canal Authority want to give up the funds

(Newser) - An ambitious plan to expand the Panama Canal may soon run aground—two-thirds of the way into the project. The $3.2 billion undertaking is supposed to see a third set of locks installed in order to allow larger vessels to pass through the canal by mid-2015. But that price... More »

Google to Hire More Than 6,200 Workers This Year

Would be the biggest one-year growth in company history

(Newser) - Now here's a Google search that should make President Obama happy: "jobs." Google says it will hire more than 6,200 workers this year—25% of its work force—in the online giant's biggest hiring spree yet. Some Wall Street analysts complain that Google is quickly becoming too... More »

Congress Extends Credit for First-Time Home Buyers

Also adds 20 weeks of jobless benefits

(Newser) - The House voted to extend and expand an $8,000 tax credit for first-time home buyers as part of a stimulus expansion expected to inject $45 billion into the economy. The legislation, which passed the Senate yesterday, also extends unemployment benefits for 20 weeks and creates tax breaks for businesses... More »

Tight Economy Strains Town-Gown Relations

(Newser) - The poor economy has put a crimp in some universities' expansion plans and soured the relationship between others and the surrounding communities, the New York Times reports. For instance, Harvard’s planned $1 billion expansion into a Boston neighborhood is in limbo, leaving a 5-acre construction pit and vacant buildings.... More »

Booming Mickey D's Plans European Surge

Global downturn? They're lovin' it

(Newser) - A rare beneficiary of the financial crisis, McDonald’s says it will build 240 new European locations and create 12,000 jobs, the Financial Times reports. The firm’s biggest expansion in 5 years will extend mainly to Spain, France, Italy, Russia, and Poland. “We’re certainly not slowing... More »

Global Leaders Slam Israel's West Bank Expansion Plan

Officials say move would trample peace deals

(Newser) - Israeli plans to build a new West Bank settlement—one that was shelved after strenuous objections from the US in 2006—were revived yesterday, sparking an international outcry, the Washington Post reports. “They're burying the Annapolis process,” said a Palestinian negotiator, referring to agreements made at the Bush-led... More »

Distillers Like Taste of Bourbon Boom

Weak dollar, rising exports help fuel spike in sales

(Newser) - Kentucky bourbon is popular in the likes of Russia and China as drinkers worldwide flock to the US drink, the AP reports. A weak dollar, rising exports, and a bourbon trend among young Americans are also fueling the boom. "Younger consumers are interested in drinks that were, you might... More »

Newest MLB Division: AL Pacific?

The time may be right for Japanese expansion teams

(Newser) - With the help of modern air travel, Major League Baseball should seriously consider expanding across the Pacific, writes Jim Caple for ESPN. Such a move could be both profitable and intriguing, and keep Japan from hemorrhaging its best talent. Though, as Red Sox manager Terry Francona points out, "Saying... More »

Landmark NY Library to Be Renamed for Donor

Wall Street financier donates $100 million

(Newser) - Following the style of sports stadiums, Manhattan's stately beaux arts library on Fifth Avenue will be renamed for a key contributor to a billion-dollar expansion of the library system. Private equity king Stephen Schwarzman is giving the library $100 million from his several-billion-dollar fortune, reports the New York Times. Schwarzman,... More »

Retailers Put Brakes on Expansion

As economy lags, big chains open fewer stores

(Newser) - America's biggest retailers are beginning to ease up on the construction of new stores, reversing the if-we-build-it-they-will-come trend of recent years, CNNMoney reports. Faced with decreasing sales in a slowing economy, chains such as Wal-Mart, Target, Starbucks, McDonald's, and Walgreen either have cut back on new stores or are considering... More »

Gates Eyes $3B Army Expansion

Gates ready to approve major recruitment campaign to boost ranks

(Newser) - Defense Secretary Robert Gates says he's likely to approve spending nearly $3 billion over the next four years to accelerate an expansion of the US Army, stretched thin by punishing wars in Iraq and Afghanistan, the AP reports. The Pentagon believes the Army and Marine Corps need to grow to... More »

12 Stories