economic downturn

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World Economy Cuts Mexican Migration by 50%

Fewer citizens are immigrating, but emigrants aren't returning

(Newser) - Who needs a border fence when you have a shaky economy? That seems to be the message of Mexico's latest migration numbers, which show net emigration down by more than half for the year that ended in August 2008, compared with the previous 12 months. And the cause isn't more...

Recession Hits the Oscars— Sort Of

Revenue is down, parties are scaling back

(Newser) - Even the Oscars are feeling the economic strain, People reports. Sure, there are still dozens of parties planned on the big day, but organizers are pumping up the “greenness” of the soirées and downplaying the extravagance—Vanity Fair is using decorations from past events. Even those not scaling...

Second-Half Rebound? Don't Bank On It

(Newser) - Economists say the prospects of a recovery in the second half of the year are looking less and less likely, the Wall Street Journal reports. Most economists surveyed predict the nation's GDP will grow in the third quarter by a measly 0.7%, less than half the rate predicted 6...

Starbucks Will Sell Instant Coffee

(Newser) - Baristas may turn up their noses, but Starbucks is going to start selling instant coffee, reports Advertising Age. Starbucks Via will be available in some cafes next month. The move comes on the heels of value meals and store closings by Starbucks as it adapts to tough times. Via will...

Will the Recession Drive Up Suicides?

We're better prepared now, but rates are still tied to cultural trends

(Newser) - America is reeling from the financial crisis, and the psychological strain has analysts carefully watching national suicide rates, Time reports. Though three high-profile European businessmen took their own lives recently, suicide rates have held steady at 11 per 100,000 people; during the Great Depression, they spiked at 17 per...

'All Obama All the Time' Garners Mixed Reviews

(Newser) - You can’t miss President Obama these days, as he undertakes a media blitz that has watchers nodding and shaking their heads in equal proportion, Linton Weeks writes for NPR. “The president who promised to be transparent is actually omniparent—appearing all over tarnation.” Some see the saturation...

Toyota's Losses Will Triple
Toyota's Losses Will Triple  
Feb 6, 2009 8:29 AM CST

Toyota's Losses Will Triple

First loss in seven decades multiplies as market deteriorates

(Newser) - Toyota now expects its full-year operating loss to be three times larger than the $1.6 billion it forecast in December, the New York Times reports. The company expects to lose $5 billion for the fiscal year through March 31 as world automobile demand deteriorates. Toyota, which last year overtook...

News Corp. Posts $6.4B Loss
 News Corp. Posts $6.4B Loss 
Feb 5, 2009 5:23 PM CST

News Corp. Posts $6.4B Loss

(Newser) - News Corp., the global media giant controlled by Rupert Murdoch, said today it lost $6.4 billion in its most recent quarter because of a massive write-down in the value of its assets. The company, which owns the Wall Street Journal and Fox, also forecast a 30% drop in operating...

In Tough Times, Grammar Snobs Get Tougher

(Newser) - America’s self-proclaimed language cops are turning up the heat on spelling and grammar offenders, MSNBC reports, hitting the streets with Sharpies and venting their frustrations online. One psychologist says the flare-up could represent a need for control during hard times. “When people are under stress, they have less...

Japan, Help Us Wrestle the World's Problems
Japan, Help Us Wrestle
the World's Problems
ANALYSIS
Jan 31, 2009 7:20 PM CST

Japan, Help Us Wrestle the World's Problems

(Newser) - Japan's economic collapse in the 1990s and its decades of US dependence have left the nation rather timid, Christian Caryl writes in Newsweek. But its strong economy, bold environmental moves, and likely change of government this year will leave it poised to help the world. “The only trick now,...

Downturn's Latest Victim: the Billable Hour

Long a legal standard, clients are saying no to lengthy litigation

(Newser) - Might the billable hour—long the standard of measure for legal services—be on its way out? Law firms are rethinking their business models as the economic crisis makes clients more demanding, the New York Times reports. Firms are experimenting with alternative payment methods such as flat fees and percentages...

Netanyahu Calls 'Fanatical' Iran World's Biggest Danger

(Newser) - Barack Obama may be making overtures to Iran, but Benjamin Netanyahu wants none of it. The front-runner in the race to become Israel's next prime minister said the global economic crisis pales in comparison with the threat of a nuclear Iran and its "pre-medieval view of the world,"...

'Black Thursday' Strike Staggers France

Biggest action in decades tests President Sarkozy

(Newser) - More than a million protesters in France are taking to the streets today in the country's biggest general strike in decades, reports the Times of London. The so-called "Black Thursday" job action is bringing together public and private sector workers, along with students, who are angered by President...

To Consume or Not to Consume, That Is the Question

(Newser) - As Americans cut back on spending, a certain dread creeps in—not of having less, but of what curtailed consumption could mean for the future, Douglas Coupland notes in the New York Times. Sure, “a big drop in consumption sounds like the advent of a new utopia where people...

Congress Mulls Salary Freeze
 Congress Mulls Salary Freeze 
Jan 26, 2009 9:50 AM CST

Congress Mulls Salary Freeze

Both sides look to gain political capital in putting off raise

(Newser) - Barack Obama’s freeze on top White House salaries has put pressure on Congress to do the same for itself, reports Politico, but as with much on the Hill, that’s a lofty idea mired in the mud of political reality. Even those who support a pay freeze are scrambling...

Home Depot Hacks 7K Jobs
 Home Depot Hacks 7K Jobs 
Jan 26, 2009 8:36 AM CST

Home Depot Hacks 7K Jobs

Home-improvement giant having rough time in slow housing market

(Newser) - Home Depot says it's cutting 7,000 jobs and closing its smaller Expo chain as the recession continues to batter the nation's housing market. The nation's largest home-improvement retailer says the cuts announced this morning will affect about 2% of its workforce. Its core Home Depot stores won't be affected.

First White House Briefing Addresses Gitmo, Oath

Lots of questions, little actual news as Gibbs meets the press anew

(Newser) - White House Press Secretary Robert Gibbs met his audience for the first time, covering everything from President Obama’s oaths to the economy to torture, the Chicago Tribune reports. Gibbs faced questions about the administration’s hiring of a lobbyist, against previously stated rules—“Any standard is not perfect”...

Biotech Boom Finally Fizzles
 Biotech Boom Finally Fizzles 
Glossies
Jan 21, 2009 7:00 AM CST

Biotech Boom Finally Fizzles

Riskiest sector hit by downturn

(Newser) - In the bullish market, biotechnology was flush with investment, even though one drug might take many as 15 years and as much as a billion dollars to produce—but those days are over for the riskiest technology sector. Portfolio reports that 45% of publicly traded biotech companies will run out...

Libraries a Cheap Refuge, But Top Target for Budget Cuts

Popular books see huge waiting lists, while unemployed line up to use computers

(Newser) - Whether you’re looking for a job, or just a cheap respite from the horrors of the economy, the public library has become the place to be, the Wall Street Journal reports. But even as attendance swells, the same financial crisis that brings patrons has left many branches cash-poor. One...

House Dems Debut $825B Stimulus Bill

Public works, education get plenty of attention in measure

(Newser) - House Democrats today introduced a long-awaited stimulus package, developed with President-elect Obama, and totaling $825 billion, the New York Times reports. The economic recovery plan includes billions in tax cuts, Medicare subsidies, and public-education and infrastructure spending. The Senate is developing its own version, and vigorous debate is anticipated as...

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