Take Stock – August 31

The U.S. government has hauled in about $4 billion in profits from large banks that have repaid their obligations from last year’s federal bailout, The New York Times reported Sunday.

Array

Array

Open for business

VIETNAMESE SUBS & ROLLS / CONVENIENCE STORE

4911 50th Ave.

Red Deer

403-340-0909

• Owner

Tony Pham

• Type of business

Vietnamese fast food restaurant with retail sales of convenience items.

• Opening date

Aug. 31

TEAOPIA

4900 Molly Bannister Dr.

Red Deer

403-340-2292

• Manager

Heather Murray

• ype of business

Retail sales of loose leaf teas and related accessories like teapots, tea sets and giftware.

• Opening date

Aug. 28

New business that have opened in Central Alberta within the past three months and wish to be listed here can send their information to Harley Richards by email, hrichards@bprda.wpengine.com


U.S. makes

profits

from banks

WASHINGTON — The U.S. government has hauled in about $4 billion in profits from large banks that have repaid their obligations from last year’s federal bailout, The New York Times reported Sunday.

Last September, Federal Reserve Chairman Ben Bernanke and then-Treasury Secretary Henry Paulson pressed congressional leaders for legislation authorizing a $700 billion financial bailout of some of the nation’s largest financial institutions, which were in danger of collapsing. Critics of the bailout were concerned that the Treasury Department would never see a return on its investment. But the government has already claimed profits from eight of the biggest banks.The Times cited government profits of $1.4 billion from Goldman Sachs, $1.3 billion from Morgan Stanley and $414 million from American Express. It also listed five other banks — Northern Trust, Bank of New York Mellon, State Street, U.S. Bancorp and BB&T — that each returned profits between $100 million and $334 million. Federal investments in some other banks, including Citigroup and Bank of America, are still in question, and the government could still lose much of the money it spent to bail out insurance company American International Group, mortgage lenders Fannie Mae and Freddie Mac, and automakers General Motors and Chrysler.


Output rises

TOKYO — Japan says manufacturers increased production 1.9 per cent in July from the previous month. The result marks the fifth straight monthly rise and beats Kyodo news agency’s forecast of 1.6 per cent, suggesting that Japanese companies are gaining confidence in the country’s nascent recovery.