A story published today on Indiatimes.com informs of the latest addition to this year’s failed banks. The article goes on to stating that “More collapses are expected among the nation’s 8,400 banks.”. This doesn’t really restore or boost any confidence in the US... Read More

The New York times publishes a story about Mountain House, California. “Because of plunging home values, almost 90 percent of homeowners here owe more on their mortgages than their houses are worth, according to figures released Monday.” This is definitely a serious situation.

The financial crisis has taken a heavy toll on the US in just a few months. According to an article published on Forbes.com “CreditSights, a research firm in New York and London, [states that] the U.S. government has put itself on the hook for some $5 trillion, so far, in an attempt to... Read More

NY Daily News publishes somewhat of an odd article titled: “Now, it’s a crisis!”. I’m not sure if this is a joke, a lack of respect, or just an ironic way of getting an opinion across to the public. The article, written by David Hinckley starts off with a personal... Read More

Newspapers and TV channels across the globe are reporting on yesterday’s announcement that the US is offically in a recession.

The reports by news agencies across the globe about the job losses in the US are shocking, mainly also because the predictions made a few weeks ago were around 325,000 job losses (for November). The official figures reported Friday are much higher. Reuters reports: ”U.S. employers axed... Read More

“George W. Bush yesterday handed the fate of US car makers to president-elect Barack Obama as he announced plans to lend General Motors and Chrysler $17.4bn to survive the next three months.” an article in the Financial Times gives us an insight into the recently announced bailout... Read More

An insightful article on Bloomberg.com reveals how the credit crisis cost has now topped $1 trillion. “Losses and writedowns from the credit crisis surpassed $1 trillion today, and show little sign of ending, as Morgan Stanley marked down the value of mortgages and leveraged loans.”<... Read More

Today the U.S. government labor report announced the loss of 524,000 jobs in the final month of 2008.

On Friday, bank regulators shut down two small banks, the first U.S. banks to fail this year but the latest in an upsurge that began last year as the struggling economy and falling home prices took their toll on financial institutions.

Last Thursday, U.S. President-elect Barack Obama’s administration announced plans to address the home mortgage crisis with up to $100 billion, under a financial bailout plan. The new bailout comes at the same time as a statement from President-elect Barack Obama on an American Recovery and... Read More

The shares of major U.S. banks plunged on Tuesday amid fears that Washington’s bailout movements were coming to a stop. Several investors also expressed their disappointment at efforts made by the outgoing Bush Administration to the tune of $700 billion, which haven’t really... Read More

The motorcycle maker Harley-Davidson, Inc. said in a statement Friday that it will cut 1,100 jobs over the next 24 months in order to battle teh global slowdown in demand for its motorcycles.

The mammoth company, General Electric, Co. announced Friday a 44 percent drop in its quarterly profit. Fourth-quarter 2008 earnings from continuing operations were of $3.9 billion, or $.37 per share before preferred dividend, or $.36 per share attributable to common shareowners.

Schlumberger Ltd., (NYSE:SLB) the world’s largest oilfield-services provider reported Friday a 2008 revenue of $27.16 billion versus $23.28 billion in 2007.

Xerox Corp., (XRX.N) the biggest maker of high-speed color printers with global operations said fourth-quarter net income was $1 million, or nothing per share. That is down from $382 million, or 41 cents a share, a year earlier. It is well understood that we are talking about a big drop in net... Read More

Compass Bank, a unit of the Spanish Banco Bilbao Vizcaya (BBVA.MC), said Friday it will shed 1,200 U.S. jobs, or 10 per cent of its total workforce to combat the unfolding economic crisis.

As we come to the end of January 2009, with President Obama in office and stimulus packages as well as bailouts well under way, everyone is anxious to see the first effects. Industry experts’ outlook however, is grim, and things look like they will get worse before they get better.

Rumour has it that Starbucks Corp. (SBUX) could cut another 1,000 jobs as the company struggles through the current economic climate. Although no official announcement has been made by Starbucks itself, the coffee chain has already closed 600 stores and slashed jobs throughout its operations... Read More

Caterpillar Inc., (NYSE: CAT) the world’s largest maker of mining and construction machinery announced fourth quarter earnings Monday.

Home Depot, one of the largest retailers in home improvement products, announced Monday that it is shutting down its high-end decor EXPO business and decreasing its support staff, resulting in a total reduction of 7,000 jobs, around a two per cent reduction of its workforce.

The Chicago-based aircraft giant Boeing Co. (NYSE: BA) announced Wednedsay it will cut 10,000 jobs, about 6 per cent of its workforce. The announcement comes just after Boeing reported a net loss of $56 million and a statement regarding 2009 earnings predicted to be lower than expected.

On Tuesday we reported on Starbucks rumoured to cut more jobs. Wednesday it was official: 6,700 jobs must go. The world’s largest chain of coffee shops said it will cut 6,700 jobs as well as close 300 further stores after reporting first quarter profit that fell more than analysts estimated... Read More

Eastman Kodak Company (NYSE:EK) announced Friday a fourth quarter net loss of $137 million as well as a slashing of between 3,500 or 4,500 jobs, or 14% to 18% of its workforce.

Macy’s Inc. is planning to cut 7,000 jobs amidst the severe challenges it faces in the current economic climate.

The U.S. economy has another shocking month behind it with a whopping 598,000 jobs lost in January, according to the US Labor Department.

The G-20 summit this weekend has received all kinds of reviews over the past few days. So what exactly is the G-20? As stated on the G-20’s website: “The members of the G-20 are the finance ministers and central bank governors of

19 countries: Argentina, Australia, Braz... Read More