11/19/08
We are in a Peak World - Please Tell Your Friends about PeakWorld.org
Although the Gansu violence was triggered by a plan to resettle residents in a region hit by earthquakes, it followed taxi strikes and labor protests in areas reliant on Western demand for Chinese exports.
IMA Asia, a business intelligence provider, said it had raised its political risk rating for China from low to medium.
"We are concerned about the potential for unrest within a massive pool of migrant workers who face lay-offs in the construction and export manufacturing sectors," it said.
We are in a Peak World - Please Tell Your Friends about PeakWorld.org
Toyota Motor Corp. said Wednesday it will reduce production in the United States to cope with slowing sales in the world's largest economy.
Toyota will stop production at all its plants in the U.S. and Canada for two extra days in addition to the regular Christmas holidays next month, and cut about half of 500 temporary workers at a plant in Georgetown, Kentucky by March, company spokeswoman Kayo Doi said.
11/12/08
We are in a Peak World - Please Tell Your Friends about PeakWorld.org
The economy's downturn could end up being worse than the recent crisis in the financial markets, JPMorgan Chase & Co. CEO Jamie Dimon said Wednesday at a banking conference.
"We think (the recession) could be deep; we don't know how deep," Dimon said. "We think the economy could be worse than the capital markets crisis."
11/11/08
We are in a Peak World - Please Tell Your Friends about PeakWorld.org
General Growth Properties Inc., the No. 2 mall operator in the United States, has warned that an ongoing slump in retail sales, combined with the credit market lockdown, has pushed the company to the brink of bankruptcy.
We are in a Peak World - Please Tell Your Friends about PeakWorld.org
The global economy is entering a slowdown of epic proportions, comparable to the Great Depression, John Thain, chairman and chief executive of Merrill Lynch, warned on Tuesday.
11/10/08
We are in a Peak World - Please Tell Your Friends about PeakWorld.org
Fannie Mae may need more than the $100 billion in funding pledged by the U.S. Treasury to stay afloat after reporting a record $29 billion loss and confronting more difficulty in issuing and refinancing debt.
``This commitment may not be sufficient to keep us in solvent condition or from being placed into receivership,'' if there are further ``substantial'' losses or if the company is unable to sell unsecured debt, Washington-based Fannie said in a filing today with the U.S. Securities and Exchange Commission.
We are in a Peak World - Please Tell Your Friends about PeakWorld.org
The Agriculture Department on Monday lowered its forecasts for this year's U.S. corn and soybean harvests, with corn production now expected to come in below analysts' estimates.
We are in a Peak World - Please Tell Your Friends about PeakWorld.org
It said it decided to file for bankruptcy protection because it was facing pressure from vendors who threatened to withhold products during the holiday shopping period. The company also said it cut 700 more jobs at its headquarters, after announcing a week ago that it would close 20 percent of its stores and lay off thousands of workers.
11/07/08
We are in a Peak World - Please Tell Your Friends about PeakWorld.org
Payrolls shrink by 240,000 in October, 10th straight month of cuts. Unemployment soars to 6.5%
10/29/08
09:43:45 am, Categories: Economic Decline, Educational Decline , Tags: collapse, economic, education We are in a Peak World - Please Tell Your Friends about PeakWorld.org
Los Angeles Unified School District Supt. David L. Brewer said that Schwarzenegger's proposal would cost the district as much as $440 million. He called cuts of that magnitude "impossible."
"They're going to have to go out and borrow money because we'd go bankrupt," Brewer said. "Fiscally, we can't do that without literally having to shut down schools." ...
On Monday, Brewer sent all L.A. Unified employees a letter warning them that "California's financial picture is getting worse every day" and "without substantial, systematic, responsible districtwide cuts and help from Sacramento, LAUSD will not be able to make payroll by the end of next school year."
10/28/08
We are in a Peak World - Please Tell Your Friends about PeakWorld.org
New York’s governor called on Tuesday for an “aggressive” reduction in state spending as he forecast that the crisis on Wall Street would lead to a record $47bn budget deficit over the next four years.
“New York is at the epicentre of an extraordinary financial crisis on Wall Street,” David Paterson warned.
10/26/08
We are in a Peak World - Please Tell Your Friends about PeakWorld.org
Kuwait's Central Bank stepped in Sunday to prop up one of the country's biggest banks and said it was considering guaranteeing deposits in domestic banks — in one of the first concrete signs that the global financial crisis may next hit the oil-rich Gulf.
10/21/08
07:05:32 pm, Categories: Health - Declining We are in a Peak World - Please Tell Your Friends about PeakWorld.org
Epidemic experts can only speculate about what happened next. When York cut into the lion, he must have released a cloud of bacteria and breathed in. On Nov. 2, York was found dead, a 21st-century victim of plague, the disease that in the Middle Ages turned Europe into a vast mortuary. He was 37.
The case mirrors events that have promoted a global surge in epidemics, among them influenza, HIV, West Nile virus and SARS. A study released this year in the journal Nature reported that about 60% of epidemics begin when a microbe makes the leap from an animal into a human.
10/20/08
09:45:59 am, Categories: Economic Decline We are in a Peak World - Please Tell Your Friends about PeakWorld.org
Twenty million jobs will disappear by the end of next year as a result of the impact of the financial crisis on the global economy, a United Nations agency said on Monday.
10/15/08
09:44:28 am, Categories: Economic Decline We are in a Peak World - Please Tell Your Friends about PeakWorld.org
Retail sales fell off a cliff in September, plunging the largest amount in two years worried consumers shunned the malls and auto showrooms, but wholesale prices fell for the second month in September, driven by a sharp drop in energy costs.
10/09/08
06:38:38 pm, Categories: Economic Decline We are in a Peak World - Please Tell Your Friends about PeakWorld.org
Markets tanked Thursday - with the Dow falling nearly 700 points during the session - as panicked investors dumped stocks across the board.
06:31:44 pm, Categories: Economic Decline We are in a Peak World - Please Tell Your Friends about PeakWorld.org
Governor says state nearly $1B short this year, plans cuts to college funding, puts off state employee raises.
10/08/08
09:59:36 am, Categories: Economic Decline We are in a Peak World - Please Tell Your Friends about PeakWorld.org
In Japan, the world's second-largest economy, the benchmark Nikkei index plummeted 9.4%, its biggest one-day drop since the global stock market crash of October 1987. Hong Kong's benchmark Hang Seng index fell 8.2%, while Seoul's Kospi dropped 5.8%. Indonesia shut down its stock market after shares plunged more than 10%. It is unclear when trading will resume. "We need to watch further before we can open," Erry Firmansyah, the exchange's president, told reporters.
09:51:43 am, Categories: Economic Decline We are in a Peak World - Please Tell Your Friends about PeakWorld.org
Trading on both Russian stock markets was halted on Wednesday after shares plunged within an hour of opening on fears the credit crisis will take a heavy toll on growth.
MICEX, where most trading takes place, was shut until Friday after it dropped more than 14 percent to 637.9 points in the first half-hour of trading. The RTS index -- which has lost more than 69 percent since its May peak -- has been shut down until further notice. It fell 11.3 percent in the first half-hour, dropping to 761.6 points.
10/03/08
We are in a Peak World - Please Tell Your Friends about PeakWorld.org
In a letter, Mr Schwarzenegger said: “Absent a clear resolution to this financial crisis” the state “may be forced to turn to the Federal Treasury for short-term financing”.
He added: “The economic fallout from this national credit crisis continues to drain state coffers, making it even more difficult to weather the continuation of frozen credit markets for any length of time.”
09/29/08
We are in a Peak World - Please Tell Your Friends about PeakWorld.org
Dow down 778, worst point drop ever, after the House rejects the $700 billion bank bailout plan.
10:39:01 am, Categories: Economic Decline We are in a Peak World - Please Tell Your Friends about PeakWorld.org
Citigroup will absorb up to $42 billion of losses from Wachovia's $312 billion loan portfolio, with the FDIC covering any remaining losses, the government agency said Monday. Citigroup also will issue $12 billion in preferred stock and warrants to the FDIC.
NOTE: In my book, if the FDIC is having to cover the losses at Wachovia for Citibank then that's the same as failure no matter what they claim!
10:34:12 am, Categories: Economic Decline We are in a Peak World - Please Tell Your Friends about PeakWorld.org
We are in a Peak World - Please Tell Your Friends about PeakWorld.org
Personal spending stagnated in August as the slowing economy continued to weigh on consumers, according to a government report released Monday.
09/28/08
05:48:26 pm, Categories: Economic Decline We are in a Peak World - Please Tell Your Friends about PeakWorld.org
The Belgian prime minister says the troubled Dutch-Belgian banking and insurance giant Fortis NV will be partially nationalized.
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