financial crisis – News Stories About financial crisis - Page 63

Sony Profits Plunge 72% on Strong Yen, Slow Exports

Oct 29, 2008 8:27 AM CDT

Sony Profits Plunge 72% on Strong Yen, Slow Exports

Japanese Electronics maker sees profits tumble 72% for quarter

(Newser) - A strengthening yen and declining demand—especially from the US—for consumer electronics provided a one-two punch that knocked Sony profits down 72% for the third quarter, reports the New York Times. Sony shares slid to a 16-year low on Monday, and are down 67% for the year.

As Oligarchs Lose Billions, Kremlin Steps In

Oct 29, 2008 7:11 AM CDT

As Oligarchs Lose Billions, Kremlin Steps In

Russia bails out first businessman, but more trouble looms

(Newser) - The Kremlin is allowing an individual businessman to tap into a $50 billion rescue fund, reports the Wall Street Journal, signaling a shake-up of the relationship between the Russian government and the country's oligarchs. Mikhail Fridman, whose creditors declared him in default on a $2 billion loan from Deutsche Bank,...

Car Dealers Write Off Domestic Franchises

Oct 29, 2008 6:36 AM CDT

Car Dealers Write Off Domestic Franchises

Groups writeoff value of franchises as economy shifts into low gear

(Newser) - Two of the largest chains of car dealers report that their domestic auto franchises have become virtually worthless, the Wall Street Journal writes. The companies took a a combined $51 million in writedowns for the third quarter, reflecting disappearing "franchise value"—the measure of potential profit—for dealerships...

Lenders Yank Credit Cards
as Economy Sours

Oct 29, 2008 4:33 AM CDT

Lenders Yank Credit Cards as Economy Sours

Plastic crisis comes hot on the heels of mortgage crisis

(Newser) - The flattening economy is putting the squeeze on credit card lending just when consumers can least afford it, the New York Times reports. Lenders are putting the brakes on new credit card offers and reining in lines of spending for existing holders, even those with good credit records. The flood...

Asia Markets Up,
Down (Again)

Oct 29, 2008 1:44 AM CDT

Asia Markets Up, Down (Again)

Indexes rise after Wall St. rally and rate cut hopes, but fall on weak earnings reports

(Newser) - Markets across Asia rebounded today following a huge Wall Street rally and hopes of a drop in interest rates, but failed to hold on to some of their biggest gains as investors hedged against weak earnings reports from heavy hitters such as Panasonic and Sony, MarketWatch reports. Meanwhile, the Japanese...

Björk: Iceland Must Heal Itself

OPINION

Oct 28, 2008 4:25 PM CDT

Björk: Iceland Must Heal Itself

Singer rails against more aluminum smelters on island, pushes self-reliance

(Newser) - Given Iceland’s economic crisis, it would be madness to add to the country’s dependence on aluminum smelters, native singer Björk writes in the Times of London. In addition to environmental damage, lessons learned from the collapse of Iceland’s fishing industry should warn against putting “all...

Dow Jumps 889, Cracks 9,000

MARKETS

Oct 28, 2008 3:35 PM CDT

Dow Jumps 889, Cracks 9,000

Bargain hunters spur big gains as markets jump late

(Newser) - Stocks zoomed past the 9,000 mark late in today's session as investors ignored a rock-bottom consumer-confidence rating, focusing on blue-chip gains and the likelihood of another rate cut by the Federal Reserve, the Wall Street Journal reports. The Dow shot up 889.35 to close at 9,065.12....

Chill Out: It's a Recession, Not the Apocalypse

OPINION

Oct 28, 2008 12:33 PM CDT

Chill Out: It's a Recession, Not the Apocalypse

London's mayor has some advice for the queen: Buy a dress

(Newser) - If you’re fretting, panicking, or just plain moping about the economy, Boris Johnson has some advice: Wake up and go shopping. “This isn’t some disaster movie about a virus from Mars. It’s a recession,” the mayor of London writes in the Daily Telegraph. “It...

As Investors Seek Cover, Central Banks Slash Rates

Oct 28, 2008 10:30 AM CDT

As Investors Seek Cover, Central Banks Slash Rates

Seeking to loosen credit, central banks plan another round of cuts

(Newser) - Central banks worldwide are slashing interest rates, attempting to stem the bleeding in financial markets as investors dump holdings, credit remains tight, and currencies spasm in value, the Washington Post reports. The Federal Reserve is set to cut rates for the second time in as many weeks tomorrow, while the...

Consumer Confidence
Hits All-Time Low

Oct 28, 2008 10:07 AM CDT

Consumer Confidence Hits All-Time Low

Signs point to drop in consumer spending, deepening downturn

(Newser) - Consumer confidence hit a record low in October, Bloomberg reports, raising the specter that spending will slow significantly. The Conference Board’s index dove to 38, the lowest reading since the metric’s inception in 1967, and far worse than analysts expected. With the stock markets volatile, home equity deteriorating,...

Bailout Hits Hiring Hurdles Over Fees, Vetting

Oct 28, 2008 8:34 AM CDT

Bailout Hits Hiring Hurdles Over Fees, Vetting

Low fees for managers and lack of Treasury manpower put brakes on bailout

(Newser) - Though the $700 billion bailout deal won approval Oct. 3, the Treasury has yet to begin purchasing bad loans that are poisoning the credit pool, due to delays in hiring financial firms to oversee the program, the Wall Street Journal reports. Concern over the fees that will be paid to...

Dow Down 203 After Yo-Yo Day

MARKETS

Oct 27, 2008 3:20 PM CDT

Dow Down 203 After Yo-Yo Day

Boost in new home sales is not enough to sustain day's gains

(Newser) - Stocks closed down today at the end of an extremely volatile session that saw the Dow up over 200 points as investors reeled from plunging overseas markets but were somewhat encouraged by positive news on US home sales, MarketWatch reports. The Dow lost 203.18 to close at 8,175....

Robin Hood, Beware: The Rich Get Poorer

Analysis

Oct 27, 2008 1:28 PM CDT

Robin Hood, Beware: The Rich Get Poorer

Financial crisis hits US wealthiest hard, reduces inequalities

(Newser) - Barack Obama and John McCain have sparred over the country’s income gap, but that gap is shrinking rapidly, Robert Frank writes in the Wall Street Journal. Financial crises always knock the rich down a peg, and this one is no different. One economist predicts the top 1%’s share...

'Circle of Pain' Snags Emerging Markets, Too

OPINION

Oct 27, 2008 12:41 PM CDT

'Circle of Pain' Snags Emerging Markets, Too

Krugman: Russia et al. not immune after all to crisis' vicious cycle

(Newser) - Only a few weeks ago, it seemed the main fronts of the financial crisis were the Western banking system and mortgage market. But now the crisis has spread to emerging markets like Russia and Brazil. As Paul Krugman writes in the New York Times, the mantra of “decoupling”—...

Economic Woes Mean Reprieve for Weak Series

Oct 27, 2008 11:10 AM CDT

Economic Woes Mean Reprieve for Weak Series

Alternatives to underperforming TV shows may be worse

(Newser) - The financial crisis and the lingering effects of last year’s writers’ strike are breathing life into TV shows that would already have worn out their welcome in years past, reports the Hollywood Reporter. In previous seasons, ratings dogs like NBC's Knight Rider and ABC's Private Practice likely would have...

Economy May Be Death Knell for Landlines ... Even Cable

Oct 27, 2008 10:20 AM CDT

Economy May Be Death Knell for Landlines ... Even Cable

If consumers are forced to pare down, high-speed internet connection has trump

(Newser) - An economy that’s stuck in “slow” could soon have consumers making choices about whether to keep their cable TV or Internet connections, and weighing whether they need a telephone landline, reports Advertising Age. A high-speed connection that can provide access to the Internet, phone service and even entertainment...

Even Oil-Rich Gulf States Hit by Financial Storm

FINANCIAL CRISIS

Oct 27, 2008 9:51 AM CDT

Even Oil-Rich Gulf States Hit by Financial Storm

Global woes descend on Persian Gulf oil economies with a fury

(Newser) - The financial crisis has finally struck the Persian Gulf—the one area of the world that had seemed immune—as a 50% plunge in oil prices since July and a raft of currency trades gone bad has led to the first bank bailout in the area. Kuwait’s central bank...

No. 44
Must Get to
Work Nov. 5

Analysis

Oct 27, 2008 9:40 AM CDT

No. 44 Must Get to Work Nov. 5

Not since FDR has a transition been this urgent

(Newser) - America hasn’t been this eager for the new president to take over since FDR ousted Herbert Hoover, write John Brinsley and Edwin Chen for Bloomberg. Then, as now, an economic crisis heightened the urgency for a fast, smooth transition. And while Roosevelt rejected Hoover’s offers to work together...

IMF Bails Out Hungary, Ukraine

Oct 27, 2008 8:47 AM CDT

IMF Bails Out Hungary, Ukraine

Multibillion-dollar loans prop up Eastern Europe's basket cases

(Newser) - The IMF will provide multibillion-dollar loans to Ukraine and Hungary, which have followed Iceland to become the latest national victims of the global financial crisis. Ukraine will receive a $16.5 billion loan, while the specifics of the Hungary deal are still being worked out. Both Eastern European countries have...

Bankruptcy Looms if GM, Chrysler Don't Get Cash

Oct 27, 2008 8:12 AM CDT

Bankruptcy Looms if GM, Chrysler Don't Get Cash

Lack of progress on merger fuels worries of possible bankruptcies

(Newser) - GM and Chrysler are both on track to run out of cash before the end of 2009 if a merger or major government intervention doesn’t occur, analysts tell the Wall Street Journal. With credit markets choked and rapidly diminishing reserves, experts say bankruptcy, which would carry massive consequences for...