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Nortel shares plunge on bankruptcy advice report
Shares in Nortel Networks fell 20 per cent amid reports that North America’s biggest telephone equipment maker has sought bankruptcy protection advice.
A Nortel spokesman confirmed that the struggling company, once a technology powerhouse, had engaged advisors to help plot its way of financial trouble. "No bankruptcy filing is imminent," he added.
Nexen to cut budget by $400-million, could go further
Office Depot shutting 112 stores, including one in Edmonton
Rio Cuts 14,000 Jobs, Spending as Demand Falters (Correct)
China’s Exports Decline for First Time in 7 Years (Update2
Russian Economy to Sink Into Recession, Barclays Says (Update1
Dec. 10 (Bloomberg) -- India's passenger-car sales declined 19 percent last month, the most in more than five years, as tighter lending by banks and a slowing economy hurt demand.
India's Car Sales Plunge Most in Five Years on Loans
The Dreier Case: Where's All The Money?
When the prominent lawyer was arrested, tens of millions of client funds were missing from escrow accounts
The bizarre circumstances of Marc Dreier's arrests in Canada and New York in the last week, and accusations of a brazen $113 million fraud may ultimately take a backseat to a bigger question emerging from the saga: Where did all the money go?
The Harvard- and Yale-educated litigator has, until now, led a high-octane career, with stints at Fulbright & Jaworski and Rosenman & Colin before founding his own firm in 1996. His personal life has been described as opulent, with homes in Manhattan and the Hamptons and a 120-foot yacht.
Australia Jobless Rate Rises as Employers Cut Workers
S. African Retail Sales Fall, Adds to Rate Cut Hopes
South African retail sales fell for the sixth consecutive month in October, dropping an annual 2.3 percent, easing price pressures and giving the central bank more room to cut interest rates tomorrow.
Brazil’s Bovespa Index Rises to Highest in Month; Bolsa Gains
Dec. 10 (Bloomberg) -- Brazilian stocks rose to a one-month high, led by homebuilders and commodity producers, as traders increased bets the central bank may start easing borrowing costs today and metal and oil prices rallied.
Panama to Maintain Growth Amid Crisis, Torrijos Says
Panamanian President Martin Torrijos said his country will maintain high levels of growth and a low jobless rate next year even as the credit crisis triggers a worldwide economic slowdown.
Wal-Mart Workers in Canada Store Granted Union Status
Dec. 9 (Bloomberg) -- Dec. 9 (Bloomberg) -- Workers at a Wal-Mart Stores Inc. outlet in Canada will be represented by a union after more than four years of legal challenges by the retailer, the United Food and Commercial Workers said.
The Saskatchewan Labour Relations Board granted union status yesterday to workers at a store in Weyburn, Saskatchewan, the group said in a statement today. The application was submitted in April 2004.
Employees at three of the Bentonville, Arkansas-based retailer’s locations in Quebec are already represented by the union. Applications for unionization of two others in Saskatchewan are before the labor board.
World Bank: Global recession possible next year
The international banking crisis that erupted in September after more than a year of less acute financial turmoil has substantially reinforced the cyclical downturn that was already under way, the bank said in a report devoted to assessing economic prospects for 2009.
Russian ship sails through Panama
A Russian warship has sailed through the Panama Canal for the first time since World War II.
Ethiopian troops launch major offensives against Islamist insurgents in Somalia
Two years after its launch, Mexicans question President Calderón's drug war...Drug-trafficking deaths have skyrocketed by more than 117 percent in 2008.
Gang war won't end until rivals are 'all dead'
Colombian youth count cost of coca
The Amazon rainforest in the Colombian department of Putumayo hides many of the hardships that exist beneath its canopies.
Much of the dense jungle in the south of the country is territory of the now-faltering Revolutionary Armed Forces of Colombia (Farc) armed campaign and a centre for drug production.
The town of Puerto Asis, with its small airport, is a main access point to the sprawling region, about the size of Rwanda.
It is here,that 14-year-old Edward Saul Thomas is eking out a living.
Typically he works to produce coca base, the product which is made into coc aine.
But recent times have been harder than usual for the campesinos, or peasants, of the region.
Coca growing has reduced in the targeted Putumayo state but has increased nationally
For about 30 years they have lived off the proceeds of the coca plant picking the leaf and making coca base.
Not a child'
But still he says sees the benefits of harvesting coca.
"It's better to pick coca and make base than pick bananas because with the coca you always know where you are going to sell it, but with the bananas you don't know if you will sell it or not," he says.
Thomas began working in the industry at the age of 10, using the income to pay for clothes and education. But now, with less work, he has had to quit school.
"Now there are no jobs or food. I do domestic jobs now. Anything," he says.
Worsening Spending Slump Paces ‘Scary’ U.S. Recession (Update2)
Dec. 10 (Bloomberg) -- The biggest slump in U.S. consumer spending since 1942 will extend the recession and push the jobless rate to the highest level in a quarter century, according to economists surveyed by Bloomberg News.
Household spending will drop 1 percent in 2009, the biggest decline since after the attack on Pearl Harbor, according to the median estimate of 51 economists surveyed Dec. 4 through Dec. 9. By the middle of next year, the economy will have shrunk for a record four consecutive quarters, the survey showed.
Originally posted by TH3ON3
..it does seem to be a bleak outlook. The stock market could rise in the midst of these terrible economic news because in all of this there are still some very sound and solid investment opportunities in established companies like McDonald's and Coca-Cola.
But it looks like the situation has gotten out of control, with companies like Nortel eying bankruptcy. All it would take now is some kind of negative event such as another terrorist attack on scale of 911 to bring the house of cards down.
Dire Forecast for Global Economy and Trade
WASHINGTON — The world economy is on the brink of a rare global recession, the World Bank said in a forecast released Tuesday, with world trade projected to fall next year for the first time since 1982 and capital flows to developing countries predicted to plunge 50 percent.
The projections are among the most dire in a litany of recent gloomy forecasts for the world economy, and officials at the World Bank warned that if they proved accurate, the downturn could throw many developing countries into crisis and keep tens of millions of people in poverty.
Even more troubling, several economists said, there is no obvious engine to drive a recovery.
Guns, Safes and Treasuries: America’s Top Sellers
Making money today is a lot tougher, but economic crisis breeds opportunities. The next big sellout items: bunkers, mattresses and Bibles.
Robert Morley I shouldn’t have been so shocked. Considering the economy, and the state of the banking sector, I probably should have expected it, but it was still a bit of a surprise. One of my acquaintances revealed to me that she now has a few thousand dollars buried in—not the market, not the bank—her backyard.
And she isn’t even close to being the only one.
More layoffs were announced Thursday. New Britain, Conn.-based tool maker Stanley Works said it plans to cut 2,000 jobs and close three manufacturing facilities, while Sara Lee Corp., known for food brands such as Jimmy Dean and Hillshire Farm, said it will cut 700 jobs as the Downers Grove, Ill.-based company outsources parts of its business.
A number of large U.S. employers announced layoffs this week, including Dow Chemical Co., 3M Co., Anheuser-Busch InBev, National Public Radio and the National Football League.
Foreclosure Storm Will Hit U.S. in 2009 as Loan Changes Fail
Child's body found near missing Fla. girl's home
ORLANDO, Fla. — The skeletal remains of a small child were found Thursday in woods less than a half-mile from the Orlando home of a missing 3-year-old girl, but officials could not immediately say whether they belonged to the toddler.
Originally posted by whiteraven
reply to post by interestedalways
Good find. I thought Beer sales were good? I guess whoever owns Bud decided that cuts were needed?
I see guns sales spike as well as people all getting prepared?? I highly doubt that these are all ATS'ers... so who else is warning people at grass root leval?
I asked..." What does a man with little food, no job, wife, kids, bible do with an AK47 and a whole lota of ammo?"
What do you see?