Slow end to 2005 economy
NEW YORK, Jan. 28 (UPI) -- A slowdown in spending at the end of 2005 has economists waiting to see what 2006 will bring amid a slowing housing boom and high oil prices.
The economy rose 1.1 percent in the last quarter of last year, below the 2.5 to 3 percent forecasted, The New York Times reports.
Motor vehicle purchases flattened as did business investment and military spending, while imports continued to grow.
David Kelly, senior economic adviser at Putnam Investments in Boston, said this should be a cue for the Federal Reserve to stop its 18-month trend of raising interest rates.
It's now at 4.25 percent and may get to 4.75 as the Reserve tries to stem the economy from growing to fast.
A strong sellers market in housing has been expected to burst too.
Chief economist at ITG, Robert Barbera, blamed the slackened consumer spending on the high interest rates and record-breaking oil prices.
Chicago camera law gets mixed reviews
CHICAGO, Jan. 28 (UPI) -- Chicago police have come on board a proposal to require most city businesses to install security cameras in stores and parking lots to deter crime.
Deputy Chief Michael McCotter called it "an excellent tool" for fighting crime and said the 100 city police cameras with flashing blue bulbs on poles in various neighborhoods are working.
The Chicago Tribune reports a study by Northwestern University confirmed the city camera success in lowering police calls.
The proposed ordinance calls for businesses that operate more than 12 hours a day to install cameras. It would exclude factories and warehouses, among others.
It has the support of Mayor Richard Daley and some city aldermen.
Others call it an imposition on a business community burdened by regulation.
Alderman Joe Moore wanted more statistical evidence of success before he would vote for it.
The plan is opposed by the Chicagoland Chamber of Commerce, Chicagoland Apartment Association and the Illinois Restaurant Association.
Alderman Eugene Schulter said the proposal will be researched more and probably amended before a final draft is written.
17th century Canadian company sold
TORONTO, Jan. 28 (UPI) -- The 336-year-old Hudson's Bay Co. in Canada has been bought out by a billionaire from South Carolina for $980 million.
What started as Britain's competition to French Quebec fur-traders in the 17th century had blossomed to a Canadian landmark company.
New owner Jerry Zucker, a Charleston, S.C., financier with ties to the chemical and textile industry and owner of the South Carolina Stingrays hockey franchise, has said he wouldn't close the Bay stores.
Zucker, who had been a minority stockholder, said he would invigorate the sluggish company, The Washington Post reports.
