Archive for the 'Economy' Category
Gold Sharply Higher, Moves Above 200 Day Moving Average
January 23rd, 2009Spot: +$45.20 @ $901.60 – $902.40 Via: Marketwatch: Gold futures rallied to a three-week high Friday, as falling equities and worries about the global economy prompted investors to seek a safe haven. Gold for February delivery gained $21.10, or 2.5%, to $879.90 an ounce in electronic trading on Globex. Earlier, gold soared to an intraday […]
TOYOTA: UNPRECEDENTED JOB CUTS AHEAD
January 23rd, 2009Via: Reuters: A warning of unprecedented staff cuts at Toyota, the world’s biggest auto maker, and word of a possible first quarter loss by Volkswagen piled fresh pressure on struggling car manufacturers on Friday. The bleak news came after a halt in dividend payments on Thursday by Italy’s Fiat SpA, the first European car maker […]
Good Bank, Bad Bank All Adds Up to Nationalization
January 23rd, 2009Via: Reuters: Whether it’s called good bank/bad bank, troubled asset relief or some new acronym, the United States appears to be on a course that will lead to the effective nationalization of some of the largest U.S. lenders. Investors have little confidence in the banks’ ability to pull themselves out of the credit mess and […]
Millionaire Widow Wiped Out by Madoff Swindle; Now an Elder Care Worker and Maid
January 23rd, 2009WARNING: This is not a recommendation to buy, sell or hold any financial instrument. What word—besides WARNING—do I generally include in posts about investing? DIVERSIFICATION What the *&%$ are people thinking when they put ALL OF THEIR EGGS IN ONE BASKET!? Any one basket. For f*&%’$ sake. If my tone seems… apoplectic, you simply wouldn’t […]
Who Is Going to Lend the U.S. $2 Trillion?
January 23rd, 2009Guys, I dunno. There are far more questions than answers here. On the one hand, you might think, “Who would be stupid enough to lend the U.S. any more money?” But, the answer might be, “The countries that have already strapped themselves to the mast of the United States.” The U.S. appears to be running […]
Japan Exports Plummet Record 35%, Signaling Job Cuts
January 22nd, 2009Via: Bloomberg: Japan’s exports plunged by a record in December, signaling companies will be forced to shut factory lines and fire more workers, driving the economy deeper into recession. Exports plummeted 35 percent from a year earlier, the sharpest decline since 1980, the earliest year for which there is comparable data, the Finance Ministry said […]
Growing Stocks of Unsold Cars Around the World (13 Pictures)
January 22nd, 2009Man oh man, this is chilling. Guardian
Foreign Workers Abandoning Vehicles by the Thousands at Dubai Airport as They Flee the Country
January 22nd, 2009Via: Daijiworld.com: It’s the great escape by Indians who’ve hit the dead-end in Dubai. Local police have found at least 3,000 automobiles — sedans, SUVs, regulars — abandoned outside Dubai International Airport in the last four months. Police say most of the vehicles had keys in the ignition, a clear sign they were left behind […]
Microsoft Laying Off 5000 Employees
January 22nd, 2009Via: Seattle PI: Microsoft CEO Steve Ballmer sent an e-mail to all Microsoft employees this morning at 6:07 am, explaining the company’s cost cutting measures, including the slashing of 5,000 jobs over the next 18 months.
UK Cabinet Minister: ‘The banks are fucked, we’re fucked, the country’s fucked.’
January 22nd, 2009Via: Guardian: As the Treasury last night finalised its second sweeping banking revival package in three months, Downing Street was preparing to go on the offensive, justifying the package not as a bail-out for the banks, but an attempt to protect companies and families trying to secure a mortgage. The £200bn insurance scheme is not […]
