NEW YORK -- The Bank of New York Mellon Corp. said Thursday it will cut its worldwide work force by 4 percent, or about 1,800 jobs, blaming the weak global economy.
The Associated Press to cut 10 percent of work force
Honda Motor Corp. said Friday it will cut production in Japan and Europe by 61,000 vehicles, as it continues to grapple with slowing global demand.
Home repossessions in Britain jumped 12 percent to 11,300 in the third quarter from the previous quarter, the Council of Mortgage Lenders said Friday, more evidence that the financial crisis is taking its toll on households and the ailing housing market.
JPMorgan Chase & Co. is shedding about 10 percent of its investment bank staff in an effort to better weather the global economic slowdown.
Singapore's economy has skidded into a recession for the first time since 2001, the government said Friday, warning that it could contract by up to 1 percent next year as a global slowdown saps export demand.
General Motors Corp. will extend its holiday shutdown or make other production cuts at up to 10 factories as it deals with a continued U.S. auto sales slump and fights to stay solvent.
Ailing U.S. automaker General Motors Corp. said Thursday it will stop production at its Thai plant for up to two months, joining other global vehicle manufacturers in cutting production as the global downturn hits sales.
The prime minister of energy-rich Trinidad has told its citizens to expect cuts in government programs because of an anticipated loss of $1 billion due to the fall in prices of crude oil, natural gas and petrochemical products.
Germany will have to borrow an extra euro8 billion ($10 billion) next year, as it expects to spend more even while revenues slump, the parliamentary budget committee said Friday.
The German economy could lose up to 215,000 jobs in 2009 amid the global economic crisis, Germany's Bild newspaper said Friday, citing a survey it compiled
New Zealand's dairy farmers, a mainstay of the isolated South Pacific nation's exports, face a 24 percent fall in payments for milk this year because of slumping world prices, a new blow for an economy already in recession.
Showing posts with label depression recession. Show all posts
Showing posts with label depression recession. Show all posts
Friday, November 21, 2008
Monday, November 17, 2008
Complete COLLAPSE of the Banking SYSTEM?Millions UNEMPLOYED!
HEADLINES:CITIBANK LAYING OF 53,000 more to follow? READ IT HERE
From the British TELEGRAPH: (snippets)
But this week, I saw a picture in a newspaper which really did tell the story.
It was an aerial shot of Hong Kong harbour. Rank upon rank of merchant ships stretched away across the water. Normally such scenes are displays of might, but this was one of impotence. The ships were idle. They could not load up because the cargoes on the dockside lacked the necessary letters of credit. You could see world trade coming to a standstill.
Today, we are in a financial crisis, and we cannot produce the medicine because we still do not know the source or spread of the disease. People who, 18 months ago, seemed to be the strongest men the world had ever seen, now turn out to be sick unto death.
And because banking, like the circulation of the blood, affects the whole system, you can expect almost anyone to come down with the plague. Construction, shipping, restaurants, cars, telecoms, even, I confidently predict, lawyers - any trade might succumb at any time.
The consequences are already bad enough. They could be truly terrible. There could be a complete collapse of the banking system, many millions unemployed, a return to barter, "self-sufficiency" (a Green word meaning poverty), extremist riots, looting. It seems an odd thing to say to our joke-free Prime Minister, but please, Mr Brown, get serious. READ THE ENTIRE ARTICLE HERE
From the British TELEGRAPH: (snippets)
But this week, I saw a picture in a newspaper which really did tell the story.
It was an aerial shot of Hong Kong harbour. Rank upon rank of merchant ships stretched away across the water. Normally such scenes are displays of might, but this was one of impotence. The ships were idle. They could not load up because the cargoes on the dockside lacked the necessary letters of credit. You could see world trade coming to a standstill.
Today, we are in a financial crisis, and we cannot produce the medicine because we still do not know the source or spread of the disease. People who, 18 months ago, seemed to be the strongest men the world had ever seen, now turn out to be sick unto death.
And because banking, like the circulation of the blood, affects the whole system, you can expect almost anyone to come down with the plague. Construction, shipping, restaurants, cars, telecoms, even, I confidently predict, lawyers - any trade might succumb at any time.
The consequences are already bad enough. They could be truly terrible. There could be a complete collapse of the banking system, many millions unemployed, a return to barter, "self-sufficiency" (a Green word meaning poverty), extremist riots, looting. It seems an odd thing to say to our joke-free Prime Minister, but please, Mr Brown, get serious. READ THE ENTIRE ARTICLE HERE
Friday, October 24, 2008
Will a DEPRESSION HIT CANADA TOO?
Well according to Garth Turner the former minister of finance, it does NOT look well.
He claims there will be massive fallout both in the auto industry and housing industry. You basically will not be able to sell your house! CASH WILL BE KING! Read the forcast here:
Garth Turners COMMENTS
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