recession

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Financial 'Pearl Harbor' Is Past, Says Buffett

Oracle confident as he prepares to be buffeted by shareholders

(Newser) - The Oracle of Omaha still sees tough times ahead for the US economy, but he says he thinks the worst is in the past, CNCBC reports. “We’re at a war now to some degree, but Pearl Harbor was September,” Warren Buffett says. “There was a strike...

Rich Feel 'Guilty' Spending Now: Poll

(Newser) - Even the still-rich are unhappy in this economic climate, though their dolor is more likely to come from shame than anything else, USA Today reports. 54% of people who have $100,000 to spend after such mundane things like mortgage payments and taxes “feel guilty purchasing luxury goods” nowadays,...

US Benefits From China Stimulus

Construction in China boosts US business, from steel to fried chicken

(Newser) - While Americans await the fruits of their $787 billion bailout, China is moving ahead with public-works projects at a staggering pace, pumping up its own economy as well as America’s, the Wall Street Journal reports. US industrial-equipment makers, struggling with effectively zero domestic growth, are back near record levels...

Debit Cards Overtake Credit

 Debit Cards Overtake Credit 
Apr 30, 2009 8:35 AM CDT

Debit Cards Overtake Credit

A surge in debit-card usage reflects a shift from the days of easy credit

(Newser) - The recession has boosted the popularity of debit cards, the Wall Street Journal reports. In the last quarter of 2008, debit-card transactions processed by Visa were 50.4% of the company’s volume, surpassing credit cards for the first time. Rival MasterCard’s debit volume surged 13% last year as...

Jobless China Faces Grad Glut
 Jobless China Faces Grad Glut 
Apr 28, 2009 10:53 AM CDT

Jobless China Faces Grad Glut

(Newser) - In recent years, the sight of an unemployed college graduate in China was as rare as a panda. But up to one third of last year's 5.6 million college graduates remain jobless, the Wall Street Journal reports. After years of the country's mostly state-run universities upping enrollment by as...

Pontiac Dies, But Its Greats Live On
 Pontiac Dies, 
 But Its Greats Live On 
OPINION
Apr 27, 2009 3:57 PM CDT

Pontiac Dies, But Its Greats Live On

(Newser) - As General Motors' Pontiac line is phased out, Ben Wojdyla, on Jalopnik, remembers the truly great cars that bore the mark. If you've got one, keep your garage clean and await a payday.
  • 2009 G8 GXP: "GM should be saved for no other reason than to put the G8
...

Recession-Wary Teens Cut Back on Spending

Teens spend less on food, apparel while video games and DVDs still popular

(Newser) - The downturn is causing teens, who usually spend through recessions while parents absorb the pinch, to cut back, Advertising Age reports. Teenagers are spending about 14% less this spring than last, a “dramatic impact” from a demographic that spends an average of $125 billion each year. Unemployment is also...

GM to Cut 21K US Factory Jobs
 GM to Cut 21K US Factory Jobs 
Apr 27, 2009 8:53 AM CDT

GM to Cut 21K US Factory Jobs

Firm restructuring in bid for more government aid

(Newser) - General Motors will cut 21,000 US factory jobs by next year, phase out its Pontiac brand, and ask the government to take company stock in exchange for half of GM's government debt as part of a major restructuring effort needed to get more government aid, the firm said today....

Economy Forces 'Boomerang Kids' Back Home

Experts fear financial strain of dependent, adult kids

(Newser) - After losing their jobs and homes, some middle-aged adults are losing something else—independence from their parents, the Washington Post reports. The recession is forcing so-called “boomerang kids” back into their childhood homes, raising questions about how easily parents can accommodate refilled nests amid tough economic times. "It's...

UK Billionaires' Ranks Halved in Downturn

Wealthiest lose collective $228B

(Newser) - The number of UK billionaires has been almost cut in half by economic woes, from 75 to 43, with the country’s wealthiest having lost a collective $228 billion, the Times of London reports. The hardest-hit was steel magnate Lakshmi Mittal, who remains Britain’s richest man despite having lost...

Cash-Rich Italian Mafia Grows in Recession

Mobsters prey on desperate consumers looking for cash, credit

(Newser) - In Italy, one man’s recession is a mobster’s paradise, the AP reports. Organized crime syndicates are taking full advantage of the economic slowdown, gobbling up businesses and flaunting an asset in short supply these days: liquidity. Money is no object to the syndicates, who scored $167 billion in...

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...

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