financial crisis

Stories 1021 - 1040 | << Prev   Next >>

Crisis Makes Former Skeptics Rethink Euro

From Poland to Iceland, once-resistant nations want to join up

(Newser) - When the euro was first proposed, skeptics cautioned of the dangers of an integrated system during a time of crisis. Now that the crisis is here, the euro has performed relatively well while smaller currencies have plunged in an investor "flight to quality." As the New York ...

Goldman May See $2B Fourth Quarter Loss

Credit downgrades key catalyst in Wall Street titan's loss of value

(Newser) - After dodging many of the bullets that left its Wall Street peers wounded or dead, Goldman Sachs faces a net loss of up to $2 billion for the fourth quarter, the Wall Street Journal reports. The loss of $5 per share is five times worse than analysts feared as the...

Dow Off 679 on Dour Data
 Dow Off 679 on Dour Data 
MARKETS
Dec 1, 2008 3:20 PM CST

Dow Off 679 on Dour Data

Global manufacturing indexes report contraction

(Newser) - The stock market tumbled today amid dismal global economic data, MarketWatch reports, including a report by a group of economists that, by their measure, the US economy has been in recession since December 2007. The Dow fell 679.95 to close at 8,149.09. The Nasdaq dropped 137.50,...

Is Recession in the Cards? More Turn to Psychics

One clairvoyant's advice beat the market

(Newser) - Canadian Ray Pambrun sold many of his stocks in late October and managed to miss the market’s most recent downswing. His secret? Consulting a psychic, who beat out the financial advisers and economists predicting a bottom. It may not be the soundest investment strategy, but clairvoyants have seen business...

Obama Must Forget Agenda, Fix Economy
Obama Must Forget Agenda, Fix Economy
OPINION
Dec 1, 2008 1:55 PM CST

Obama Must Forget Agenda, Fix Economy

Now isn't the time for divisive legislative battles: Samuelson

(Newser) - When Barack Obama takes office, he’ll have to decide whether he wants to revive the economy, or pursue his policy agenda. “The two approaches are at odds,” writes Robert Samuelson in the Washington Post. Yes, Obama could say energy and health reform will improve the economy, but...

Retirement Communities Seek Younger Residents

Housing bust leads to 'age desegregaton'

(Newser) - A rash of vacancies caused by the ugly housing market has prompted many retirement communities to consider lowering, or even eliminating, age restrictions, the Wall Street Journal reports. Many of the communities enjoy lower taxes, and child- and teen-free living appeals to some seniors. But what's being call "age...

Mayors Make Pitch for Piece of Stimulus Pie

City chiefs plug $90B worth in infrastructure projects to Obama

(Newser) - For American mayors, economic crisis means a chance to hit up the feds for a buck, Politico reports. The US Conference of Mayors has compiled a list of 4,600 projects that would create 261,000 jobs in 154 cities; the plan currently totals $90 billion, but an official said...

Ford May Sell Off Volvo
 Ford May Sell Off Volvo 
Dec 1, 2008 10:29 AM CST

Ford May Sell Off Volvo

Company's US sales off 28% in '08; Swedish government in talks

(Newser) - Ford is looking to cut costs wherever it can, and that might mean selling off its Volvo unit, the Wall Street Journal reports today. US sales for Volvo dropped off 28% in the first 10 months of 2008, and Ford, bleeding cash, plans to trim down and focus on its...

Morgan Stanley Eyes Smaller Fish to Boost Banking Cred

After converting from investment bank, company targets growth in deposits

(Newser) - Just months after converting from an investment firm into a bank-holding company, Morgan Stanley is already one of the top 50 US banks in terms of deposits, the Wall Street Journal reports—and is looking to acquire regional banks that will speed its climb. Analysts say it’s unlikely Morgan...

Next Stimulus Plan Will Hinge on Spending
Next Stimulus Plan Will Hinge on Spending
ANALYSIS
Dec 1, 2008 10:09 AM CST

Next Stimulus Plan Will Hinge on Spending

Sum may push $1T; economists say tax breaks not as effective

(Newser) - With President-elect Obama promising 2.5 million new jobs, analysts see a stimulus package that will rival, if not eclipse, the nearly $1.4 trillion spent to calm Wall Street, Louis Uchitelle writes in the New York Times. And with the economy contracting, federal spending should have a greater effect...

Once United, Big 3 Take Different Roads to Bailout

Automaker bring different bailout concerns in appeal for federal aid

(Newser) - When the automakers return to Congress this week to beg for a federal bailout, they’ll no longer be presenting one case among them. Each company will unveil its own rejuvenation plan, reports the New York Times. Ford, in best financial shape, wants only the promise of access to federal...

Forget the Deficit: Spend, Spend, Spend!

We need massive fiscal expansion, not budget restraint: Krugman

(Newser) - As the incoming administration prepares a massive fiscal stimulus to jolt America's floundering economy back to life, some are worrying about what billions in spending will do to the budget deficit. On the contrary, writes Paul Krugman in the New York Times: Deficit spending now will help, not harm, the...

Holiday Sales Surge on Deep Discounts

But retailers worry huge bargains may cut deeply into their profits

(Newser) - Desperate retailers received a jolt of good news this weekend as shoppers poured into stores and spent 7% more—an average $372.57 each—than they did a year ago, reports the New York Times. But Black Friday glee may be replaced with gloom as retailers tote up the slim...

Consumers May See 45% Cut in Available Credit

Lower credit-card limits are coming just as job losses soar

(Newser) - Americans already struggling with tight credit are in for another blow: banks may cut available credit card lines up to 45% over the next 18 months, reducing available credit by some $2 trillion, reports Reuters. Home equity and credit card limits already are lower than in the second quarter, an...

Meet India's New Security Chief
 Meet India's New Security Chief 
Nov 30, 2008 5:38 PM CST

Meet India's New Security Chief

Palaniappan Chidambaram to fill portfolio empty following Mumbai attacks

(Newser) - A shakeup following the Mumbai terror attacks has put India's finance minister in charge of security, the Wall Street Journal reports. As home minister, ex-finance chief Palaniappan Chidambaram is expected to forge an anti-terror task force and may station commandos around the country. His predecessor, who had spoken repeatedly of...

Bailout Harks Back to FDR, With More Risk

'Unimaginable' spending will mean WWII-sized deficit

(Newser) - Washington's latest $1 trillion injection into the economy echoes Depression-era and WWII revival plans, but with a dangerous twist, writes Jim Puzzanghera in the Los Angeles Times. Even if the bailouts succeed, the government's mountain of debt will likely bury the next generation in high interest rates and inflation. And...

Wal-Mart Death a Fitting Symbol of the Times
 Wal-Mart Death a Fitting
 Symbol of the Times
ANALYSIS
Nov 30, 2008 1:54 PM CST

Wal-Mart Death a Fitting Symbol of the Times

Desperate consumers, ailing economy make for dangerous combination

(Newser) - When shoppers charged into a Long Island Wal-Mart at the stroke of 5am Friday and trampled to death a temp who happened to get between them and the $388 flatscreen TVs inside,“it was a tragedy, yet it did not feel like an accident,” Peter Goodman writes in...

Scrambling, GM Offers Equity for Debt

Wagoner needs strategy to win federal aid by Tuesday

(Newser) - GM officials are pushing bondholders to swap out the debt they hold for equity in the troubled corporation, reports the Wall Street Journal. The unique strategy represents a last-ditch attempt to stave off creditors and obtain federal aid to survive. A debt swap could leave unsecured debtholders with major losses....

Just in Time for Holidays: No Job
Just in Time for
Holidays: No Job
Nov 30, 2008 5:03 AM CST

Just in Time for Holidays: No Job

Families struggle to save traditions on Tiny Tim budgets

(Newser) - Few things ruin the holidays like losing a job. Yet that's what's happening to thousands of Americans just as they were planning to treat friends and families to gifts and holiday gatherings. The turnaround is excruciating as families struggle to save traditions on extremely tight budgets, reports the New York ...

Job-Hunting Execs Find It Tight at the Top

Financial crisis leads to surplus of six-figure jobseekers

(Newser) - Laid-off execs scrambling to find new six-figure salaries are facing fierce competition, Time reports. Thousands of high-end white-collar jobs have vanished recently, and many more are expected to go. Some top-level vacancies are still appearing, as execs retire or change jobs, but companies looking to fill their most powerful positions...

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