July 2010 Current Events: Business News
Here are the key events in business and science news for the month of July 2010.
- U.S. Economy Loses 125,000 in June; Unemployment Falls 9.5% (July 2): The government announces that the U.S. economy lost 125,000 jobs in the month of June, mainly due to the end of the temporary Census jobs. On the other hand, the rate of unemployment fell from 9.7% in May to 9.5% in June.
- Goldman Sachs Settles with Federal Government for $550 Million (July 15): Goldman Sachs has agreed to $550 million settlement with the federal government after being accused of misleading investors during the subprime mortgage crisis and housing market collapse. Goldman Sachs reported a profit of $13.39 billion in 2009.
- American to Become New Chief Executive of BP (July 25): London-based BP announces that it will replace its company's chief executive, Tony Hayward, with American businessman Robert Dudley. Hawyard has been under fire for his response to the massive oil spill in the Gulf of Mexico, which in 100 days leaked 5 million barrels of oil into the Gulf. Dudley has been in charge of the response to the spill for a month.