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Originally posted by JanusFIN
Finally my message to Mods of ATS,
...but I suggest you will soon open a new forum for this economical crash to ATS.
NEW YORK (Reuters) - Sprint Nextel Corp (S.N: Quote, Profile, Research, Stock Buzz), the No. 3 U.S. mobile service, on Friday posted a third-quarter loss and a 12 percent drop in revenue as customers fled to rival services.
That news came the day after the heads of Ford, Chrysler and General Motors Corp -- once called the Big Three due to their dominance of the industry -- went to the U.S. Congress seeking $50 billion in federal aid to help them ride out the crisis.
“The economy has entered the very deep portion of the recession and should remain there over the coming six to nine months,” said John Herrmann, president of Herrmann Forecasting LLC in Summit, New Jersey.
``We are likely to see a more cautious building of inventories in the coming months,'' Maxwell Clarke, chief U.S. economist at IDEAglobal in New York, said before the report. ``The inventory overhang should act as a dead weight to overall output.''
WASHINGTON (Reuters) - Employers cut payrolls by 240,000 in October, much more severely than expected, while September registered the biggest monthly loss in jobs in nearly seven years, according to a government report on Friday that showed labor markets were sharply deteriorating.
World markets up despite big US jobs decline; investors relieved it was not worse LONDON (AP) -- Wall Street and European stock markets rose Friday despite the news that unemployment in the U.S. is running at a 14-year high, as the monthly jobs report turned out better than many investors had feared.
GM Results Are Delayed Past Schedule; Trading Halted (Update1)
By Jeff Green and Mike Ramsey
Nov. 7 (Bloomberg) -- General Motors Corp.'s release of its third-quarter financial results was delayed today past the scheduled time of 10:30 a.m. in Detroit. GM had no immediate comment.
Chief Executive Officer Rick Wagoner's 10:30 a.m. Bloomberg Television interview was moved to 12:55 p.m. New York Stock Exchange trading in GM's shares was halted at 11:04 a.m. pending news.
General Motors shook an already embattled auto industry Friday as it reported a huge loss that was much worse than expected and warned it is in danger of running out of cash in the coming months.
NEW YORK (CNNMoney.com) -- The Federal Reserve continued its massive lending efforts to business in the past week, pumping $100 billion more into the credit stream through a new short-term funding program.
DETROIT (Reuters) - General Motors Corp posted a worse-than-expected $4.2 billion operating loss and burned through $6.9 billion in cash in the third quarter as the top U.S. automaker struggled with a deepening sales slump that has forced it to seek a federal bailout.
GM said it will be near its minimum threshold for operating cash for the remainder of 2008 and will be ``significantly short'' of that level by the end of June without an improvement in market conditions, a major asset sale or access to new loans or cash support. GM has said it needs at least $11 billion in cash to pay its bills each month.
General Motors (GM: 4.31, -0.49, -10.20%) finally released its earnings report after an unexpected delay Friday morning, showing a net loss of $2.54 billion, or $4.45 a share, in the third quarter.
SHUSHARY, Russia, Nov 7 (Reuters) - Russian President Dmitry Medvedev hailed a new General Motors plant as a sign of strengthening economic relations with the United States on Friday, days after criticising U.S. foreign policy.
(RTTNews) - Despite his lame-duck status, President George W. Bush pledged Friday that his administration would continue to work to combat the severe challenges facing the U.S. economy. Dismal job numbers underscored the severe impact of the credit crisis on the broader economy, as the unemployment rate in October jumped to a 14-year high.
NEW YORK (AP) -- Shares of title insurers LandAmerica Financial Group Inc. and Fidelity National Financial Inc. rose sharply Friday afternoon, hours after the pair announced they would combine operations.
Fidelity Investments said Thursday that it would lay off around 1,300 employees later this month to reduce expenses, and will have a second set of layoffs in the first quarter next year.
On a day when the government said the unemployment rate soared to levels unseen since 1994, the markets rose sharply as Wall Street had been bracing for even uglier numbers.
NEW YORK (CNNMoney.com) -- The dollar fell against the euro Friday after a dismal unemployment report increased the likelihood that the Federal Reserve would cut its key interest rate to 0.5% in order to bolster the economy.
NEW YORK (CNNMoney.com) -- Lending rates fell again Friday, but as the cost of borrowing eases, some government data suggest private lending is not expanding.
NEW YORK (Reuters) - American International Group Inc is in talks with the U.S. government to restructure its credit facility, which could lead to an equity investment in the troubled insurer of several billion dollars, a source familiar with the matter said on Friday.
NEW YORK (Reuters) - Most Americans say the country's financial crisis has hurt their confidence in the Federal Reserve, according to a Reuters/University of Michigan survey released on Friday.
WASHINGTON (Reuters) - Pending sales of existing homes fell in September, reversing the previous month's gains, as access to credit tightened, a private report showed on Friday, adding more gloom to the broader economic outlook.
PALM BEACH, Florida (Reuters) - Forceful Federal Reserve policy measures will not quickly prevent a U.S. recession from getting worse, a top central banker said on Friday, hinting that further bold action may be needed.
NEW YORK/SAN FRANCISCO (Reuters) - Technology companies may be the next group swept up in a restructuring wave that began on Wall Street.
``The market's appetite for risk has fallen dramatically and continues to fall,'' said Michael Youngblood, a principal at Bethesda, Maryland-based hedge fund Five Bridges Advisors LLC. ``Any sizable transaction that involves multiple asset classes coming to the market at the present moment is likely to face weak demand and yield unsatisfactory results.''
"Our expectations are for overall fee income growth to turn negative next year," they said, citing lower markets and weaker results in foreign exchange and securities lending.
Amid new evidence of a darkening economic picture, Goldman Sachs (GS: 77.76, -2.96, -3.66%) now forecasts that the economy will sharply contract this quarter and in the first quarter of 2009, resulting in the highest unemployment rate in more than two decades.
Goldman Sachs believes it will only get worse.
Nearly 1.2 million jobs have been lost this year. The unemployment rate is at its highest level since 1994. Retail sales were dismal last month and for automakers, October was the worst month in more than a quarter-century.
Ford posts 3Q loss of $129M, burns through $7.7B in cash, plans 2,200 more salaried job cuts
CHICAGO--President-elect Barack Obama was meeting Friday with economic experts to discuss the first steps toward healing the damaged U.S. economy as he forms a new administration in the face of a worsening crisis.
PHILADELPHIA - The city will close libraries and swimming pools, suspend planned tax reductions, cut more than 800 jobs and trim salaries for some administrators in order to weather "an economic storm" that could leave the city with a $1 billion shortfall, Mayor Michael Nutter said Thursday.
Carol Steinbrecher is a 55-year-old mother of three who, like many Americans, has spent most of her life working hard to provide the best for her family. Massive layoffs Thousands of workers in retail, finance, shipping and just about every other field have lost their jobs in 2008 as the country grapples with recessionary forces. But today she is part of another group of Americans, one that is growing larger every day: the unemployed.
Several of the nation's biggest banks have failed or been absorbed by healthier institutions, leaving three giant "superbanks" with an unprecedented concentration of market power: Bank of America, JPMorgan Chase and Wells Fargo.
The morning after the election I went to my favorite coffee shop in town. The sign and windows were covered up. They had just officially closed that morning due to bankruptcy. A chain of over three stores and some of their site locations were virtual money machines because they were so busy.