More bad economic news

[Dantheman62]

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

[Dantheman62]

Sprint Nextel to eliminate 8,000 jobs
Sprint Nextel to eliminate 8,000 positions in bid to cut costs $1.2 billion
David Twiddy, AP Business Writer
Monday January 26, 2009, 8:49 am EST

KANSAS CITY, Mo. (AP) -- Sprint Nextel Corp. is eliminating about 8,000 positions in the first quarter as it seeks to cut annual costs by $1.2 billion.

The nation's third-largest wireless provider said Monday it will complete the layoffs, which comprise about 14 percent of its 56,000 employees, largely by March 31. About 850 of the reductions are voluntary and the company said it expected a first quarter charge of more than $300 million for severance and other costs.

The company said it is also suspending its 401(k) match for the year, extending a freeze on salary increases and is suspending a tuition reimbursement program.

http://finance.yahoo.com/news/Sprint...-14151473.html



Home Depot to cut 7,000 jobs, close Expo chain
Home Depot plans to cut 7,000 jobs, close smaller chains as housing market continues to sour
Ashley M. Heher, AP Retail Writer
Monday January 26, 2009, 9:46 am EST

CHICAGO (AP) -- Home Depot Inc. plans to eliminate 7,000 jobs while closing four dozen stores under its smaller home improvement brands as the recession continues to batter the nation's housing market. Its shares climbed more than 5 percent in morning trading.

The nation's biggest home improvement retailer said Monday the cuts will affect about 2 percent of its 300,000 workers and cause the Atlanta-based chain to record a $532 million pretax charge, most of which will be recorded in the fourth quarter.

Most of the cuts affect workers at Home Depot's 34 Expo Design Centers, five YardBIRDS, two Design Centers and HD Bath, a bath remodeling business with seven sites.

Those stores will close in the next two months.

http://finance.yahoo.com/news/Home-D...-14152161.html



Caterpillar says to cut 20,000 jobs

CHICAGO (Reuters) – Caterpillar Inc said on Monday that quarterly earnings fell more than 32 percent and warned of a tough year ahead as the downturn that began in the United States metastasized into a full-blown global recession that hit sales of its earth-moving equipment.

The company also warned that profit in 2009 would be under severe pressure and said that it would cut about 17,000 workers and buy out 2,500 others, to reduce costs in the face of what it predicted would be the weakest year for business since the end of World War Two.

The news sent the company's shares skidding more than 10 percent in premarket trading.

http://news.yahoo.com/s/nm/20090126/...us_caterpillar

[Avid]

If everyone in the world decided their glass was half full instead of half empty, perhaps we could get around this!

[Dantheman62]

Pfizer to buy Wyeth for $68 billion, cut jobs
Pharmaceutical giant Pfizer strikes $68 billion deal to buy Wyeth, plans to cut 10 pct of jobs

NEW YORK (AP) -- Pfizer Inc. is buying rival drugmaker Wyeth in a $68 billion deal that will increase its revenue by 50 percent, solidfy its No. 1 rank in the troubled industry and transform it from a pure pharmaceutical company into a diversified health care giant.

At the same time, Pfizer announced cost cuts that include slashing more than 8,000 jobs as it prepares for an expected revenue crash when its cholesterol drug Lipitor -- the world's top-selling medicine and source of one-quarter of Pfizer's revenue -- loses patent protection in November 2011.

http://finance.yahoo.com/news/Pfizer...-14150803.html

[dagon]

Originally Posted by Avid

If everyone in the world decided their glass was half full instead of half empty, perhaps we could get around this!

the cake is baked. it just is. I don't think most people see the glass as 1/2 empty. most people seem to think this is going to pass. its us crazy's listening to all these radical whistle blowers people in the know. who are forecasting doom and gloom. making a good portion of us into pessimistic. but it has to get worse before it gets better. I believe its going to be a mixed bag. Im not so concerned about the people as individuals or myself. but I am concerned for the planet and social issues. I sure hope this change is one that will go over smoother than what's being forecasted. looks like in the next few years its going to be a adjusting to a new lifestyle. I believe that the government is moving to socialism. and shutting down parts of the economy that is destructive. I hope. I pray for the best. but I am pessimistic. man just doesn't seem to get that its all a community. everything around us is important. down to the bacteria and microfiche.

[Newshound]

Several big corporations announce more than 70,000 layoffs worldwide, highlighting the depth of the downturn.

More...

[Delphi]

I wish we could stop calling it gloom and start seeing it for what it is - THE CHANCE TO WATCH EVERYTHING HEARTLESS COLLAPSE AND THE MOST MASSIVE OPPORTUNITY TO START CONSTRUCTING A SOCIETY AND AN ECONOMY BASED ON RESPECT FOR THE RESOURCES OF OUR PLANET AND OUR INTERCONNECTEDNESS.

It's going to look miraculous but I expect that every enterprise that does have heart in it is going to do OK.

For the people who lose their jobs, so much will depend on their attitude. is it catastrophic or the chance to begin to live their dreams?

Rant over.
Sorry.

love to all

[Humble Janitor]

I totally agree Delphi. This "doom and gloom" business is getting annoying.

[Northern Boy]

Yes doom and gloom really doesn`t matter If the government really cared about all the people losing their houses they would have given those people their houses instead of just handing billions over to the banks so they could pay out their bonus`s

[Dantheman62]

Corning cuts 3,500 jobs as 4Q profit slumps
Corning is cutting 3,500 jobs as 4Q profit slumps 65 percent to $249 million

ROCHESTER, N.Y. (AP) -- Corning Inc. said Tuesday it is cutting 3,500 jobs, or 13 percent of its payroll, as demand slumps for glass used in flat-screen televisions and computers.

The specialty glass and ceramics company, the world's largest maker of liquid-crystal-display glass, announced the cutbacks as its fourth-quarter profit plunged 65 percent to $249 million, or 16 cents a share, from $717 million, or 45 cents a share, a year earlier.

Excluding one-time items, its profit of 13 cents a share came in well below Wall Street's forecast of 20 cents a share.

Sales slumped 31 percent to $1.08 billion from $1.58 billion, below $1.16 billion in sales forecast by analysts polled by Thomson Reuters.

The company also cautioned that per-share profits before one-time items will likely be canceled out in the first quarter. Sales will fall below fourth-quarter levels as projected LCD glass volumes slump 20 percent to 25 percent, it said.

http://finance.yahoo.com/news/Cornin...-14166874.html

[Dantheman62]

PITTSBURGH (AP) -- Boeing Co., the world's second-largest airplane maker, swung to a surprise fourth-quarter loss, hurt by a labor strike that disrupted deliveries. It also forecast 2009 earnings that missed Wall Street expectations.

The results come on top of waning demand for the company's commercial jets. Airlines are cutting spending and air travel has declined amid the global economic slowdown. Boeing recently said it plans to cut about 4,500 positions, or about 3 percent of its work force, as a result of the worsening market conditions.

The Chicago-based company reported a fourth-quarter loss of $56 million, or 8 cents per share, on Wednesday. That compared with profit of $1.03 billion, or $1.36 per share, a year earlier. Results were dragged down by charges totaling $1.79 per share, including the effects of a now-settled machinists strike and delayed deliveries of 747 jets


http://finance.yahoo.com/news/Boeing...-14178750.html

[Dantheman62]

AP
Chip maker Qualcomm's 1Q profit plunges 56 percent
Thursday January 29, 12:31 am ET
By Elliot Spagat, AP Business Writer
Chip maker Qualcomm slashes 2009 forecasts as first quarter profit plunges 56 percent


SAN DIEGO (AP) -- Chip maker Qualcomm Inc. slashed its forecasts for revenue and operating income Wednesday as it reported its fiscal first-quarter income plunged 56 percent.
The company said the global economic slowdown and financial crisis has slowed demand for its chips that run many of the world's mobile phones. It said its financial investments have also taken a significant hit.
http://biz.yahoo.com/ap/090129/earns_qualcomm.html


AP
Gov't to report on jobless claims as layoffs rise
Thursday January 29, 12:15 am ET
By Christopher S. Rugaber, AP Economics Writer
Government to provide snapshot of battered labor market as layoffs continue


WASHINGTON (AP) -- The government will provide a snapshot of the battered labor market Thursday when it reports how many people filed first-time claims for jobless benefits last week.
Economists forecast that about 575,000 initial claims were filed, down from 589,000 the previous week. Still, last week's figure matched a level hit in November that was the highest in 26 years, although the labor force has grown by about half since then.

http://biz.yahoo.com/ap/090129/economy.html

[Dantheman62]

Humble Janitor you might call this doom and gloom, but I call it news, and those around the world who don't get the same news as us might be interested. To me doom and gloom is reading these ridiculous prophecies that never come true.

[piers2210]

That CNN intervieweof Ron Paul was positively "gushing" with her praise, even directing viewers to his website!!! Actually he really does talk sense. The market economy needs to be allowed to work, it will sort out the mess itself, although that is politically unacceptable. But as Paul says, the increased debts, bailouts, increased money supply etc is about to turn the downturn into a depression, and when (as will happen) the international markets reject the dollar, just watch the carnage then.

[Dantheman62]

Kodak posts 4Q loss, plans up to 4,500 job cuts,

ROCHESTER, N.Y. – Eastman Kodak says it is eliminating 3,500 to 4,500 jobs, or 14 percent to 18 percent of its payroll, as it posted a $137 million loss for the fourth quarter.

Kodak says sales and profits from both digital and film-based photography products plummeted.

http://news.yahoo.com/s/ap/20090129/...ge/earns_kodak

[Dantheman62]

Newell Rubbermaid posts $257M loss
By Péralte C. Paul

The Atlanta Journal-Constitution

Thursday, January 29, 2009

Consumer products giant Newell Rubbermaid swung to a $256.7 million loss in the fourth quarter, largely based on falling sales stemming from the global economic slump and a write-down of assets in its tools and office products business units.

The Sandy Springs-based company also said it reduced its quarterly dividend payout by half, to 10 cents per share.

http://www.ajc.com/services/content/...xsvc=7&cxcat=6

[Dantheman62]

AP
Ford loses $5.9B in 4Q, says still won't seek aid
Thursday January 29, 9:27 am ET
By Tom Krisher and Kimberly S. Johnson, AP Auto Writers
Ford loses $5.9B in 4Q, will tap credit line, but says it has no plans to seek federal aid


DEARBORN, Mich. (AP) -- Ford Motor Co. said Thursday it lost $5.9 billion in the fourth quarter and burned through $5.5 billion in cash as sales slumped, but the company still says it does not plan to seek federal loans.

http://biz.yahoo.com/ap/090129/earns_ford.html

[pyrangello]

Here's some direct news from me, I own a welding shop and we also take care of repossessed homes. In northern michigan there are no construction jobs going at all , the repos are coming in big time, triple than what it was 5 years ago. 150,000 people have permanently moved out of this state in the last 2 years and our state leaders raised taxes last year. Another brillant move . The checks and balances are coming fast and furious and it's up to all of us to keep it together to help one another . You ain't seen anything yet as the worst of this is now at our doorsteps. Hang on and dig in!

[Dantheman62]

AP
Economy shrinks at 3.8 percent pace in 4Q
Friday January 30, 9:41 am ET
By Jeannine Aversa, AP Economics Writer
Economy shrinks at 3.8 percent pace in fourth quarter, worst showing in quarter-century


WASHINGTON (AP) -- The economy shrank at a 3.8 percent pace at the end of 2008, the worst showing in a quarter-century, as the deepening recession forced consumers and businesses to throttle back spending.


Although the initial result was better than economists expected, the figure is likely to be revised even lower in the months ahead and some believe the economy is contracting in the current quarter at a pace of around 5 percent. The current January-March period, they said, will probably turn out to be the worse quarter for the recession.

"The downturn is intensifying. The fourth quarter is worse than it looks," said Mark Zandi, chief economist at Moody's Economy.com.

http://biz.yahoo.com/ap/090130/economy.html




Caterpillar to cut another 2,110 production jobs
Caterpillar Inc. says to shed another 2,110 jobs, expanding earlier cuts

PEORIA, Ill. (AP) -- Caterpillar Inc. on Friday announced 2,110 new job cuts as the heavy equipment maker scales back production to match falling demand.

The cuts at three Illinois plants -- in Aurora, Decatur and East Peoria -- come after the company announced other work force and cost-cutting actions earlier this week.

http://finance.yahoo.com/news/Caterp...-14206886.html

[Dantheman62]

Dow Chemical to cut 400-500 Mich. jobs
Dow Chemical to cut up to 500 Mich. jobs as part of previously announced layoffs

MIDLAND, Mich. (AP) -- Dow Chemical Co. said Friday it would cut between 400 to 500 jobs near its Midland, Mich., headquarters as part of a previously announced global layoff plan.

The nation's largest chemical maker said last month it would slash 5,000 full-time jobs -- about 11 percent of its total work force -- close 20 plants and sell several businesses to rein in costs amid the economic recession.

"The decision to reduce jobs is one the company never takes lightly," said Mike Gambrell, executive vice president of manufacturing and engineering operations and head of Dow's restructuring program. "However, the global financial crisis, combined with recent and steep declines in customer demand, have intensified the company's need to accelerate cost-cutting measures."

http://finance.yahoo.com/news/Dow-Ch...-14209286.html

[J_rod7]

*
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*******

The following proposal has been sent to the Editor of my local newspaper, to the Editor of the New York Times, to Mr. Obama through comments@whitehouse.gov to all my friends in my address book, entered in the Forum discussion group at FIGU.org, and entered on the blog-site of President Obama. All this is NOT ENOUGH to get action.

I am asking everyone here to PLEASE pass this along in every format possible, re-write it in your own words if you like. LET'S GET ATTENTION TO THIS PROPOSAL in ALL THE RIGHT PLACES.

Mr. Editor: This letter is addressed to President Obama on behalf of the people of America.

~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~

Mr. President Obama, and All Senior Staff of the President,

With great respect for you, and the work you are engaged on the path of our national economic recovery.

I am a citizen of true Spiritual orientation, I am not either atheist nor agnostic. I humbly make this suggested proposal...:

TAX ALL "RELIGIOUS" ORGANIZATIONS.

TAX THE LANDS, OFFICES, BUILDINGS, BUSINESSES, AND SUBSIDIARY HOLDINGS OF ALL "CHURCHES."

"Churches" are obviously defined to mean all Catholic, Protestant, aligned and non-aligned groups, Mosques, Temples, Synagogs, and etc. of every 'faith,' denomination, or orthodoxy. None can cry "foul" or "discrimination," as this proposal applies to all such organizations.

Too many of these are hiding revenue, income, stocks, bank accounts, profit-making assets and businesses behind the false facade of "religious exemptions."

The time has come now, for all such "exempt" religions to pay their 'fair-share.'

The only exemptions to be allowed for "churches," should be those projects directly engaged in TRUE humanitarian efforts.

Such exemptions should be allowed for Hospitals of such religious organizations; for Schools; for food, shelter, medical, and emergency aid assistance that such organizations establish.

Also exempt, should the 'Native American' churches and their associated projects. However, profits from 'Casino activity' should be taxed.

Also, for consideration: eliminate the IRS 1040 Sch-A deduction for 'donations to churches.'

There are literally many Billions of dollars to be realized from the application of taxation to all otherwise Non-Humanitarian holdings of all the 'religions' and 'churches.' These 'churches' have hidden assets and profits from the eyes of scrutiny far too long. In these times of the greatest crisis in the economy of our nation, every available resource must be applied to the solution.

Sir, you and your staff should include this proposed solution to the considered Tax-Relief package for the acceptance of Congress. I do hope that you will give this proposal serious consideration. I vote: YES, and ask the same of you, sir.

I am but one citizen who supports you in ALL your efforts, and I commend you for the work you are doing.

My hope is for your continued success.

With great Respect,

Rodney Morrill
~~~~~ ~~~~~ ~~~~~ ~~~~~ ~~~~~

If we are going to come out of this economic crisis, we need to have our Engines firing on all cylinders. This may also serve to break the grip that the religious nut-jobs have had on our government. Break the Dogma which has blinded the reason of the people.

*******
***
*

[Dantheman62]

Macy's cuts dividend, eliminates 7000 positions
Monday February 2, 2009, 1:20 pm EST

Reuters) - Macy's Inc (NYSE:M - News) said on Monday it is cutting 7,000 positions and sees 2009 same-store sales down between 6-8 percent. Macy's shares fell 14 percent on the news.

http://finance.yahoo.com/news/Macys-...-14226135.html

Originally Posted by pyrangello

Here's some direct news from me, I own a welding shop and we also take care of repossessed homes. In northern michigan there are no construction jobs going at all , the repos are coming in big time, triple than what it was 5 years ago. 150,000 people have permanently moved out of this state in the last 2 years and our state leaders raised taxes last year. Another brillant move . The checks and balances are coming fast and furious and it's up to all of us to keep it together to help one another . You ain't seen anything yet as the worst of this is now at our doorsteps. Hang on and dig in!

There were layoffs at my place of employment early this year 2009 too.

[Northern Boy]

Best of luck to you I know some guys that have done it and it turned out to be the best thing they ever did

[Dantheman62]

PNC Financial swings to 4Q loss, plans job cuts
PNC Financial to cut 5,800 jobs after it reports 4th-quarter net loss

CHARLOTTE, N.C. (AP) -- PNC Financial Services Group Inc. said Tuesday it plans to cut 5,800 jobs following its acquistion of National City Corp. last year and said it swung to a loss during the fourth quarter.

PNC said it posted a loss of $248 million, or 77 cents per share, due to increased credit provisions and costs associated with its $3.9 billion purchase of Cleveland-based National City in December. A year earlier, PNC earned $178 million, or 52 cents per share.

http://finance.yahoo.com/news/PNC-Fi...-14234855.html




Motorola loses $3.6B, suspends dividend, CFO exits
Motorola reports loss of $3.6B in 4th quarter, suspends dividend, CFO leaves

NEW YORK (AP) -- Motorola Inc. posted a massive fourth-quarter loss Tuesday as it recorded charges to reflect the dwindling value of its cell phone business. The maker of telecommunications equipment also suspended its dividend and announced the departure of its chief financial officer.

http://finance.yahoo.com/news/Motoro...-14233159.html



LONDON – Britain's capital cleared the soggy remnants of a paralyzing snowstorm on Tuesday as businesses counted the multibillion-pound (-dollar) cost.

An estimated 6 million people skipped work Monday when the largest snowstorm to hit London in 18 years stopped bus and subway services, grounded airliners and hobbled businesses.

The Federation of Small Businesses said the cost to Britain's economy through lost productivity could be as high as 3 billion pounds ($4.3 billion).

http://news.yahoo.com/s/ap/20090203/...ritain_weather