More bad economic news

Dantheman62 · 01-07-2009, 06:07 AM

Alcoa to cut 13 pct of global work force
Wednesday January 7, 12:05 am ET
By Daniel Lovering, AP Manufacturing Writer Alcoa to cut 13,500 employees worldwide, reduce spending and production to cope with slowdown

PITTSBURGH (AP) -- Aluminum producer Alcoa Inc. is cutting roughly 13 percent of its global work force by the end of the year as it slashes costs in the face of a deteriorating world economy.

http://biz.yahoo.com/ap/090107/alcoa_job_cuts.html

AP
LyondellBasell units file for bankruptcy
Tuesday January 6, 7:18 pm ET
By David Koenig, AP Business Writer Chemical giant LyondellBasell says US operations and European unit file for bankruptcy
DALLAS (AP) -- The U.S. arm of chemical giant LyondellBasell Industries has filed for bankruptcy as the recession continues to weaken demand for its products, which are used in everything from cars to detergents.

The Houston-based company said Tuesday that it had arranged for up to $8 billion in financing to keep operating while it reorganizes. Lyondell Chemical Co. and related affiliates listed assets of $27.1 billion and liabilities of $19.3 billion. It identified 79 affiliates that will file for bankruptcy protection, including one of LyondellBasell's European holding companies.

http://biz.yahoo.com/ap/090106/lyond...ankruptcy.html

AP
Economy in grip of recession, reports show
Tuesday January 6, 5:08 pm ET
By Martin Crutsinger, AP Economics Writer Weak economic reports suggest employers will shed many more jobs, analysts say
WASHINGTON (AP) -- Anyone looking for a bright spot in the recession might have pointed to a reading Tuesday of the nation's office workers, retailers and other service industries, which contracted at a slower-than-expected pace in December.
But even the closely watched gauge of activity in the service sector, where most Americans work, showed it was still shrinking. And coupled with two bleaker economic reports, it suggested to analysts that the struggling economy is likely to shed many more jobs in the months ahead. The Institute for Supply Management, a trade group of purchasing executives, said its service sectors index posted a small increase to 40.6 in December from 37.3 in November. Economists had been looking for the index to slip further in December. Any reading below 50 signals economic contraction.
http://biz.yahoo.com/ap/090106/financial_meltdown.html

01-07-2009, 06:07 AM	#1
Dantheman62 Avalon Senior Member Join Date: Sep 2008 Location: So. Cal. U.S. Posts: 4,205	More bad economic news Alcoa to cut 13 pct of global work force Wednesday January 7, 12:05 am ET By Daniel Lovering, AP Manufacturing Writer Alcoa to cut 13,500 employees worldwide, reduce spending and production to cope with slowdown PITTSBURGH (AP) -- Aluminum producer Alcoa Inc. is cutting roughly 13 percent of its global work force by the end of the year as it slashes costs in the face of a deteriorating world economy. http://biz.yahoo.com/ap/090107/alcoa_job_cuts.html AP LyondellBasell units file for bankruptcy Tuesday January 6, 7:18 pm ET By David Koenig, AP Business Writer Chemical giant LyondellBasell says US operations and European unit file for bankruptcy DALLAS (AP) -- The U.S. arm of chemical giant LyondellBasell Industries has filed for bankruptcy as the recession continues to weaken demand for its products, which are used in everything from cars to detergents. The Houston-based company said Tuesday that it had arranged for up to $8 billion in financing to keep operating while it reorganizes. Lyondell Chemical Co. and related affiliates listed assets of $27.1 billion and liabilities of $19.3 billion. It identified 79 affiliates that will file for bankruptcy protection, including one of LyondellBasell's European holding companies. http://biz.yahoo.com/ap/090106/lyond...ankruptcy.html AP Economy in grip of recession, reports show Tuesday January 6, 5:08 pm ET By Martin Crutsinger, AP Economics Writer Weak economic reports suggest employers will shed many more jobs, analysts say WASHINGTON (AP) -- Anyone looking for a bright spot in the recession might have pointed to a reading Tuesday of the nation's office workers, retailers and other service industries, which contracted at a slower-than-expected pace in December. But even the closely watched gauge of activity in the service sector, where most Americans work, showed it was still shrinking. And coupled with two bleaker economic reports, it suggested to analysts that the struggling economy is likely to shed many more jobs in the months ahead. The Institute for Supply Management, a trade group of purchasing executives, said its service sectors index posted a small increase to 40.6 in December from 37.3 in November. Economists had been looking for the index to slip further in December. Any reading below 50 signals economic contraction. http://biz.yahoo.com/ap/090106/financial_meltdown.html