recession

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GM to Scrap Pontiac Brand
 GM to Scrap 
 Pontiac Brand 
Apr 24, 2009 3:04 PM CDT

GM to Scrap Pontiac Brand

(Newser) - GM plans to discontinue its underperforming Pontiac line, putting an end to the brand that inaugurated the era of the muscle car, CNNMoney reports. Though GM has not publicly announced the move, the fate of Pontiac has been in doubt since at least 2005, when an exec called the brand...

As Money Dries Up, So Does Architecture

Koolhaas reflects on 'end to a period' of megabuildings

(Newser) - When the tower next to Rem Koolhaas’ mammoth CCTV skyscraper in Beijing went up in flames, it seemed to mark the end of an era. After years of pricey signature projects, architects are seeing commissions cut, and projects are languishing. “I don't even know about the word ‘downturn,...

Poll: US on 'Right Track' for First Time in 5 Years

48% are optimistic, up eight points in two months

(Newser) - For the first time in years, more Americans than not say the country is headed in the right direction, according to an AP poll. The percentage of Americans saying the country is headed in the right direction rose to 48%, up eight points from February, while 44% say the nation...

IMF: Blame Europe for Longer Recession

EU policy blunders likely to result in longer slowdown for rest of world

(Newser) - The European economy will sink deepest out of all global economies, bounce back slowest—and delay recovery for the rest of the world to boot, according to the IMF's latest forecast. The agency predicts the EU's economy—at $18 trillion, nearly a third of the world's total—will shrink 4%...

Japan Pays Latin American Workers to Go, Stay Home

Plan hatched to ease recession burdens

(Newser) - Faced with rising unemployment, Japan is paying foreign workers to leave the nation for good, the New York Times reports. The offer targets some 366,000 Latin Americans of Japanese descent who perform undesirable manufacturing jobs. With industrial production at a 25-year low, many of them are out of work,...

Mo. Paper Axes Journalist Shot on the Beat

Reporter was wounded in '08 Kirkwood city council rampage

(Newser) - A St. Louis-area reporter shot last year while covering a city council meeting has been laid off from his paper, the Riverfront Times reports. Todd Smith spent days in the hospital last February after taking a bullet in the hand in an attack that left seven dead. “This is...

IMF Sees Global Economy Shrinking

(Newser) - The world economy is likely to shrink this year for the first time in 6 decades, says the International Monetary Fund in projecting a 1.3% drop in a dour forecast today. That could leave at least 10 million more people around the world jobless, some private economists said. "...

Major Companies Believe a Rebound Cometh

Firms split on whether the bottom has been reached

(Newser) - Some major companies are slowly becoming optimistic about the economy again, the Wall Street Journal reports. Delta Airlines says seat sales are almost at the level they were a year ago and United Technologies says its decline in orders is stabilizing. Intel is among the most upbeat, saying "the...

Dismal Ad Revenue Sends Times to $75M Loss

(Newser) - Advertising revenue for the New York Times Company’s news divisions sank 28% in the first quarter of this year, the Wall Street Journal reports. That, and a total revenue falloff of 19%, resulted in a $74.5 million loss for the publisher, compared to a break-even first quarter last...

More Americans Brew at Home
 More Americans Brew at Home 
Apr 21, 2009 1:44 PM CDT

More Americans Brew at Home

Recession spurs Americans to make their own beer

(Newser) - Home brewing has grown in popularity as Americans with increasingly sophisticated taste in beer look to cut costs, Time reports. Despite layoffs and bankruptcies nationwide, a couple in Connecticut just opened Maltose Express, a beer-brewing supply shop, and are already doing brisk business. Home brewers also gather there to share...

Life Tough for 'TARP Wives'
Life Tough for 'TARP Wives'
OPINION
Apr 21, 2009 11:42 AM CDT

Life Tough for 'TARP Wives'

While media blitz stresses CEO hubby, spouse pinches those bailout pennies

(Newser) - Things aren’t easy for still-relatively-rich Wall Street execs and their spouses. “I haven’t even looked at spring clothes,” writes an anonymous, self-proclaimed “TARP wife” in Portfolio. “God forbid someone catches me out in something new.” Her husband, like most CEOs, is “scared...

'Giving-While-Living' Philanthropy Dies in Ireland

Philanthropists clench fists as wealth evaporates

(Newser) - Like the rest of the recession-plagued world, Ireland isn’t as affluent as it used to be, but the country is especially weakened now that declining wealth is denting its burgeoning culture of philanthropy, GlobalPost reports. Three years ago, the Irish were Europe’s second-wealthiest citizens, but bad assets have...

Livid Wall Streeters See Themselves as Victims

(Newser) - Main Street doesn’t hold a monopoly on victimhood, Gabriel Sherman writes in New York. From AIG execs and their disappearing bonuses to Wall Street bankers who get dirty looks, the once-privileged feel like they’re shouldering too much blame. “It is difficult to sympathize with these people,”...

Green Marketing Blossoms Despite Recession

'Eco-friendly' products are selling even as consumer spending dwindles

(Newser) - Manufacturers of eco-friendly products are finding themselves in the green despite the sputtering economy, Advertising Age reports. One research company reports 458 launches of products that claim to be sustainable or environmentally friendly in 2009, a trend that—if it holds—would triple the number of green launches last year...

Amish Finally Cotton to Unemployment Checks

Church elders ease restrictions to help workers weather recession

(Newser) - Some Amish have decided unemployment benefits are one modern invention they can’t afford to shun, reports the Los Angeles Times. The shrinking supply of affordable farmland has forced a growing number of Amish men into factory work in recent years, and church elders relented on restrictions on government aid...

Exxon Retakes Top Spot in Fortune 500

Wal-Mart slips to second in 'worst-ever' year for the 500

(Newser) - Exxon Mobil snagged a whopping $443 billion in revenue to unseat Wal-Mart from the top spot in this year's Fortune 500 list, CNN reports. The two behemoths thrived on jacked-up oil prices and the recession respectively, but the picture was a lot bleaker for most of the rest of the...

'Recession Angels' Help the Struggling

(Newser) - The recession has led to some antipathy toward moneyed Americans, but the haves are not casting a blind eye to the have-nots' troubles, ABC News reports. Colleges across the country are seeing millions in anonymous donations designed to save endowments, and at least one hospital has spared hundreds of jobs...

Economy Saps Sarkozy's Approval Ratings
Economy Saps Sarkozy's Approval Ratings
ANALYSIS
Apr 17, 2009 3:14 PM CDT

Economy Saps Sarkozy's Approval Ratings

'Action-man president' looks powerless on crisis

(Newser) - Nicolas Sarkozy should be well positioned to gain political capital from the global recession, having warned against capitalist excess years before the crisis quashed pro- deregulation argument. But the French president’s approval rating keeps dropping, the Economist reports. It fell another 2% in April, to 36%. As the crisis...

Calif. Unemployment Hits Record 11.2%

(Newser) - The unemployment rate in California rose to 11.2% in March, the Los Angeles Times reports today. A loss of 62,100 jobs puts the state at the highest jobless level since 1976, when recording started. It trails only Michigan (12.6%), Oregon (12.1%), and South Carolina (11.4%)....

Don't Get Excited, Crisis Isn't Over: Krugman

Tough times ain't over—and we can't afford 'complacency'

(Newser) - We’re hearing about “glimmers of hope" from policymakers, but the president’s biggest lefty naysayer has a word of warning: “Don’t count your recoveries before they’re hatched,” Paul Krugman writes in the New York Times. “Premature optimism” has been disastrous during previous downturns,...

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