Archive for the 'Economy' Category
Starbucks Net Income Fell 96 Percent
November 11th, 2008Crappy result. Crappy coffee. Points for consistency? Via: Bloomberg: Starbucks Corp., the world’s largest chain of coffee shops, reported fourth-quarter profit that fell more than analysts estimated after customer visits declined for the fifth consecutive quarter. Starbucks fell 2.9 percent in late Nasdaq trading after saying 2009 earnings per share may be as low as […]
As World Demand Falls, Prices for Recyclables Go in Dumper
November 11th, 2008Even the salvage economy is going down. Via: Sacramento Bee: A sudden collapse in worldwide demand for re-cyclables, particularly from China, has scrap dealers from Sacramento to San Diego stockpiling curbside collections as never before and charging walk-in customers for their throwaways. Stacks of baled paper, plastic and metal are mounting at the Sacramento Recycling […]
DHL (Deutsche Post) to Fire 9,500 Workers in U.S.
November 10th, 2008Via: AP: Deutsche Post AG will close all of its DHL Express service centers, cut 9,500 jobs in the United States and eliminate U.S.-only domestic express shipping by land and air, the company said Monday, citing heavy losses and fierce competition. The Bonn-based company said the new round of cuts are on top of another […]
Circuit City Files for Bankruptcy Protection
November 10th, 2008Via: AP: Circuit City Stores Inc., the nation’s second-biggest electronics retailer, filed for bankruptcy protection on Monday but plans to stay open for business as the busy holiday shopping season approaches. It filed under Chapter 11 of the bankruptcy code, which will allow it to hold off creditors and continue operations while it develops a […]
Gordon Brown: Now Is the Time to Build Global Society
November 10th, 2008Via: Reuters: The international financial crisis has given world leaders a unique opportunity to create a truly global society, Britain’s Prime Minister Gordon Brown will say in a keynote foreign policy speech on Monday. In his annual speech at the Lord Mayor’s Banquet, Brown — who has spearheaded calls for the reform of international financial […]
Federal Reserve Refuses to Identify the Recipients of $2 Trillion Worth of Emergency Loans
November 10th, 2008You gotta prollem wit dat? Via: Bloomberg: The Federal Reserve is refusing to identify the recipients of almost $2 trillion of emergency loans from American taxpayers or the troubled assets the central bank is accepting as collateral. Fed Chairman Ben S. Bernanke and Treasury Secretary Henry Paulson said in September they would comply with congressional […]
Stunned Icelanders Struggle After Economy’s Fall
November 9th, 2008Via: New York Times: The collapse came so fast it seemed unreal, impossible. One woman here compared it to being hit by a train. Another said she felt as if she were watching it through a window. Another said, “It feels like you’ve been put in a prison, and you don’t know what you did […]
Treasury Prepares to Broaden Bailout Plan
November 8th, 2008In New Zealand, this would be called a, “Lolly Scramble.” Via: Reuters: The Treasury Department is preparing to open its $700 billion bailout package to companies outside the traditional banking sector, the Washington Post reported on Friday. The initiative would make it easier for the Treasury Department to help a broader variety of firms if […]
GM Reports Massive Loss; Nearly Out of Cash
November 7th, 2008Via: CBC News: General Motors shook an already embattled auto industry Friday as it reported a huge loss that was much worse than expected and warned it is in danger of running out of cash in the coming months. GM, the nation’s largest automaker, reported it lost $4.2 billion, or $7.35 a share, excluding special […]
Ron Paul Warns of Great Shift Toward Global Government Under Obama
November 7th, 2008Via: Infowars: Texas Congressman and 2008 presidential candidate Ron Paul has warned that the euphoria surrounding the election of Barack Obama combined with the overwhelming fear of major international crises could facilitate a cataclysmic shift toward a new world order. Appearing live on the Alex Jones show earlier today, the Congressman spoke of a feeling […]
