Personal and Business Loans

Windsor Genova – Fourth Estate Cooperative Contributor
San Francisco, CA, United States (4E) – A Swiss-made solar plane with wings as long as a Boeing 747′s and covered with 12,000 solar cells made a 16-hour test flight over San Francisco on Tuesday in preparation for its flight across the U.S. next week. The Solar Impulse took off at 27 mph from Moffett Field in Mountain View and Swiss pilot Bertrand Piccard flew the 3,500-pound plane more than 3,000 feet above the Golden Gate bridge before passing near the Farallon Islands. The flight was meant to test the wings, which is wider than a jumbo jetliner when measured from wingtip to wingtip. The wings’ solar cells store energy into a lithium polymer battery that powers four motors with a combined 10 horsepower. The unlimited energy allows the plane to [...] Continue Reading…

Fourth Estate Cooperative Staff
Washington, DC, United States (4E) – In competition to 111-year-old Rhodes Scholarship program, U.S. private-equity magnate Stephen Schwarzman on Sunday announced the launch of $300 million scholarship program with the aim to create mutual respect between the West and China. The program will send 200 foreign students from the US, China, other Asian nations, Europe and Latin America to Beijing’s Tsinghua University to study public policy, international relations, economics and business, and engineering every year. The program will start from 2016. Schwarzman is donating $100 million for the program from his personal wealth, which is about $6.5 billion. Founder of private equity firm Blackstone Schwarzman has already raised $100 million from supporters like BP, Boeing, Caterpillar, Bank of America and Credit Suisse, and several doctors, while he hopes to raise remaining $100 [...] Continue Reading…

Nathan Andrada – Fourth Estate Cooperative Contributor
Sydney, Australia (4E) – Credit agency Fitch has reaffirmed the AAA rating for Australia, but said the slowdown in the mining sector could create an impact to the country’s economy. Fitch’s decision means Australia will remain as among the few nations that have the highest rating from all three agencies that include S&P and Moody’s. Australia’s Treasurer Wayne Swan on Friday welcomed the decision to affirm the country’s coveted credit rating, and added that it highlights the underlying strength of the economy. The credit rating reflects the ability of Australia, which has survived the financial crisis without going into recession, to repay its foreign debt and is used as a comparison with other economies. Fitch said the strong performance of the mining sector and demand for resources would continue to [...] Continue Reading…

Atlanta, GA, United States (KaiserHealth) – In the small Georgia town of Demorest, Habersham Medical Center, like many rural hospitals, has seen its patient base change in a way that hurts its bottom line. As unemployment in the northeast Georgia mountains remains stubbornly high, more of the hospital’s patients have no health insurance. Among those patients with private coverage, an increasing number have high-deductible policies, which means that patients must pay all or a large portion of the bills out of pocket. And a large share of patients have Medicaid, the federal-state program for low-income people that often doesn’t reimburse enough to cover the cost of services, hospital officials say. The hospital has enough cash to meet its payroll and service its debt, but that’s about it, says Jack Fulbright, the acting CEO. Still, Fulbright [...] Continue Reading…

Raquel Erhard – Fourth Estate Cooperative Contributor
Clarksdale, MS, United States (4E) – A 22-year-old man has been arrested Thursday in connection to the death of a mayoral candidate from Clarksdale, Mississippi, whose body was found a day after he was reported missing. Coahoma County Sheriff’s Office said that Lawrence Reed, could face a murder charge in the death of 34-year-old Marco McMillian. According to Sheriff’s Office spokesman, Will Rooker, “It’s too early in the investigation to know the motive” and revealed that McMillian’s body was taken to Jackson for an autopsy. Patricia McMillian told CNN that her son’s death likely had nothing to do with his sexual orientation, adding that her son informed only family and friends that he was gay. She claimed that she didn’t know Reed. McMillian’s disappearance was discovered after his [...] Continue Reading…

Windsor Genova – Fourth Estate Cooperative Contributor
Detroit, MI, United States (4E) – Michigan Gov. Rick Snyder announced Thursday the appointment of Washington, D.C. bankruptcy attorney Kevyn Orr as emergency financial manager tasked to fix the financial crisis gripping Detroit. Snyder introduced Orr in a press conference also attended by Mayor Dave Bing at the Cadillac Place in the New Center area. The 54-year-old University of Michigan law school graduate was a partner with the Jones Day law firm and served as lead bankruptcy attorney of Chrysler in 2009. The Local Emergency Financial Assistance Loan Board unanimously approved Orr’s appointment at a hearing in Lansing also Thursday. The City Council decided in the morning not to challenge Orr’s appointment in court. Orr, who quit Jones Day for his new job, starts working on March 25 under an [...] Continue Reading…

Nathan Andrada – Fourth Estate Cooperative Contributor
Washington, DC, United States (4E) – The number of applicants filing for unemployment benefits in the U.S. dropped significantly last week, perhaps a signal of an improving labor market. The U.S. Labor Department said Thursday that applications for unemployment benefits fell by 27,000 to 341,000 in the week ended Feb. 9, lower than the estimates of 49 economists surveyed by Bloomberg. Consumer sentiment also rose last week to its highest level in a month, according to a separate report. The moving average of claims during a four-week period climbed by 1,500 to 352,500. This figure smoothes out the volatility of the week-to-week data. The average remains at a five-year low despite the slight increase last week. The downward trend of unemployment insurance payments in the past five weeks indicates a [...] Continue Reading…

Nathan Andrada – Fourth Estate Cooperative Contributor
New York, NY, United States (4E) – Berkshire Hathaway and 3G Capital have agreed to buy H.J. Heinz and take the company private, according to the food giant. Berkshire and the Brazilian-owned private-equity firm agreed to spend $23bn for the acquisition, making the deal one of the biggest-ever in the food industry. Ownership will be shared by the two companies, management of operations will be headed by 3G. Under the deal, Heinz shareholders are set to receive $72.50 in cash per common stock they own. Including the estimated outstanding debt of Heinz, the transaction is valued at $28bn. The Pittsburgh-based company makes $11.6bn of its annual sales outside the U.S., representing two-thirds of its total sales. With strong sales in emerging markets and impressive cash flow, Heinz could become the [...] Continue Reading…