Archive for the 'Economy' Category
CITIGROUP TO CUT ANOTHER 53,000 JOBS
November 17th, 2008Via: AP: A person briefed on Citigroup’s plans says the banking giant is cutting another 53,000 jobs in the coming quarters. CEO Vikram Pandit is revealing the plan at the company’s town hall meeting Monday with employees. The person didn’t want to be identified because the plans haven’t been made public yet. The 53,000 job […]
Traders to Collect Big on Slick Bet
November 17th, 2008WARNING: This is not a recommendation to buy, sell or hold any financial instrument. Here’s a different kind of Peak Oil chart than the one you’re used to seeing. Via: Financial Times: Investors who placed summer bets that oil prices would fall below $100 a barrel are set to make huge profits on Monday, with […]
UK: Poachers Feed a Burgeoning Black Market in Food
November 17th, 2008Via: Independent: Once, the poacher was a man with big pockets in his raincoat sneaking on to an aristocrat’s land to steal game for his family pot. Now he is likely to be part of a gang from town, in it for hard cash, rampaging through the countryside with guns, crossbows or snares. Police in […]
UK: Housing Market ‘Far Worse’ Than Figures Suggest
November 17th, 2008Via: Independent: House prices across the UK have already fallen far further than official data and market indicators suggest, Rightmove, the online estate agent warned yesterday, as it revealed that up to 300 estate agents were quitting its service every month. While the latest figures from leading mortgage lenders such as Halifax suggest that prices […]
U.S. Senator Jim Inhofe: “There Is No Way of Knowing,” Where Paulson Transferred Bailout Money
November 17th, 2008Via: Tulsa World: U.S. Sen. Jim Inhofe said Saturday that Congress was not told the truth about the bailout of the nation’s financial system and should take back what is left of the $700 billion “blank check” it gave the Bush administration. “It is just outrageous that the American people don’t know that Congress doesn’t […]
Citi and Sun to Layoff 16,000 People
November 14th, 2008Via: Blogging Stocks: The two companies announcing big layoffs: a big bank and a leading tech company that sells to banks. According to reports, Citigroup may lay off 10,000 employees — adding to the 23,000 it has already cut in the last year. Sun Microsystems announced it will can 6,000 people — 18% of its […]
“Shaping a New World Order” During “Vigilant Shield”
November 14th, 2008Here’s the CNN headline: G-20: Shaping a New World Order. But look what’s going to be happening at the same time: Vigilant Shield. Via: Progressive: This week and into next, NorthCom and NORAD are conducting a joint exercise called “Vigilant Shield ’09.” The focus will be on “homeland defense and civil support,” a NorthCom press […]
RETAIL SALES FALL BY RECORD AMOUNT IN OCTOBER
November 14th, 2008Via: AP: Retail sales plunged by the largest amount on record in October as the financial crisis and the slumping economy caused consumers to sharply cut back on their spending. The Commerce Department said Friday that retail sales fell by 2.8 percent last month, surpassing the old mark of a 2.65 percent drop in November […]
Major U.S. Cities Seek Emergency Funding from U.S. Government
November 14th, 2008Good luck. Via: Reuters: Three major American cities buffeted by the global financial crisis are requesting at least $50 billion in federal funds to help pay for infrastructure improvements, pensions and short-term borrowing. Philadelphia, Phoenix and Atlanta are asking U.S. Treasury Secretary Henry Paulson to release funds from the $700 billion financial bailout authorized by […]
Have the Saudis Actually Bought $3.5 Billion Worth of Gold Over the Last Two Weeks?
November 14th, 2008I don’t really know what “gold” means here. Does it mean that the Saudis have purchased gold futures contracts? That would be hilarious if they are planning on taking physical delivery of metal. Good luck with that. As of right now, 13 billion Saudi riyals is the equivalent of US$3.471 billion. Via: Gulf News: There […]
