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They - Taiwan denies boycotting Australian film festival
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AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e - Merkel's support dips, regional ally resigns International
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By Sarah Marsh and Noah Barkin
BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German - Minister seeks closure of anti-Berlusconi websites
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ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who - Asian markets mixed after Wall Street rally
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By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an - EU warns Obama on protectionism in stimulus bill | 3 February 2009
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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat Jan 26 Highlights Of Low Points In The U.S. Economy January 26, 2009 11:51 a.m. EST Linda Young - AHN Editor Washington, D.C. (AHN) - Monday brought news that Caterpillar was cutting 20,000 jobs as the world's largest equipment maker faces what it expects will be its worst year since WW II, along with thousnds of other jobs lost at Sprint and Pfizer, and a new survey of economists found they expect the deepening recession to worsen. It was more bad news for employed Americans hoping to hold on to their job and for unemployed Americans struggling to survive as they seek a job in an economy where few employers are hiring. President Barack Obama took note of the 43,000 layoffs at Sprint, Microsoft, Caterpillar, Home Depot and Pfizer in a Monday morning press conference telecast live, in which he called for action on his $825 billion economic stimulus package. Obama referred to those Americans now losing their jobs, along with the millions who earlier had lost their jobs, as "working men and women whose dreams have been disrupted and whose lives have been put on hold." Obama continued, saying, "These are extraordinary times and it calls for swift and extraordinary action." Obama called "dependence on oil one of highest threats to national and economic security," as he announced his economic stimulus plan before Congress was just a beginning, but would form a down payment on formulating a better policy to ensure America's energy security while saving both the government and individuals money on energy bills. And all the bad economic news, coupled with the federal government's rising indebtedness, has had an effect on the government's chief method of raising money to cover revenue shortfalls so it can continue paying bills, as the federal deficit is expected to top $1 trillion during 2009. To fund government spending, investors are expecting a flood of new Treasury notes, or bonds, into the market. The federal government borrows money to finance operations by selling Treasury bonds, then using that capital until the due date of the note when it repays the investor with interest. Buyers of Treasury notes include individuals, businesses, investment funds, U.S. city, county and state governments and foreign governments. Because the U.S. needs to sell so much in Treasury notes to help fund its budget shortfalls between revenues and expenditures, investors have become skittish that the huge increase will spark inflation. Fears of inflation make the fixed interest rate that Treasury notes pay less appealing to investors, driving down the prices of the notes, which effectively increases the interest rate, or amount of money the U.S. government will pay to borrow the money. Treasury bonds are sold as a fixed amount below their value at maturity, that difference is the amount of interest the investor will receive. Those bond prices dipped Monday. The government is set to auction, or sell, $135 billion worth of debt this week, which comes on top of the $120 billion worth of debt it marketed last week. On Monday, the government was set to auction $29 billion worth of 13-week bills, $28 billion worth of 26-week bills, and $8 billion worth of 20-year TIPS (Treasury Inflation-Protected Securities), with the remainder of the $70 billion in debt be marketed this week to be auctioned on Tuesday and Thursday. There was bad news from economists as well, in a survey released Monday. The quarterly National Association for Business Economics survey found the majority of 105 economists polled think the nation's gross domestic product will continue dropping in 2009. The survey is taken from a panel of economists at private-sector companies in various industries. Findings of the survey weren't surprising, because two-thirds of the nation's GDP is spending by individuals on consumer items that includes everything from groceries, restaurant meals, haircuts and medical care to cars and appliances. As unemployment rises, fewer Americans have paychecks that allow them to buy products and services. Only 22 percent of NABE economists think the U.S. economy will expand this year, down from 62 percent in October. Also, 52 percent think the economy will shrink by more than 1 percent this year, no one said they thought that in the October survey. Along with job losses, Monday also brought news that at least one company was considering outsourcing some jobs. Although outsourcing jobs saves companies labor costs, thus reducing operating costs, it can become a short-sighted, self-defeating strategy that eventually results in eroding customer base. Because when too many Americans lose their jobs to outsourcing they lack the money to buy products and services, which, in turn, feeds the cycle of lower revenues and more job layoffs. Some analysts say that the seeds of this recession were sown in the massive number of American jobs that have been outsourced over the past two decades. Heavy equipment manufacturer Caterpillar (NYSE: CAT) announced it will lay cut 20,000 jobs with a combination of layoffs and buyouts. The world's largest heavy equipment manufacturer warned that what began as an economic downturn in the U.S. is now a full-scale world-wide recession that has halted orders for its construction and mining equipment. Company officials predict 2009 will be its worst year for business since WW II. Caterpillar will also freeze most salaries and significantly slash total compensation of executives and senior managers. Company officials said even its energy and mining customers had joined its construction customers in not buying bulldozers, dump trucks and excavators. Sprint Nextel (NYSE: S) announced Monday it will cut 8,000 jobs by March 31 across all levels as the company faces loss of revenue from declining customer base. The cuts are in accord with the board's decision last week to slash labor costs by $1.2 billion. The company is also reportedly considering outsourcing some jobs to cut labor costs. The nation's third-largest wireless company has also suspended company contributions to 401(k) plans, the company tuition reimbursement program and pay raises through 2009. Home improvement retailer Home Depot (NYSE:HD) on Monday said that 7,000 job cuts represent 2 percent of the its workforce. The company also announced it plans to cut corporate support staff and freeze executive pay. Pharmaceutical giant New York-based Pfizer (PFE) announced 8,000 job cuts because its patent on top-selling cholesterol drug, Lipitor is expiring, it also announced it was acquiring rival Wyeth in a merger. Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved
Other News on Tuesday, 27 January 2009
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US-TECH Summary
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Darfur rebels clash with Sudan army on two fronts | International |
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US-ENTERTAINMENT Summary
Hollywood actors union ousts chief negotiator
US-ENTERTAINMENT Summary
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Tuesday, 27 January 2009 - Jan 26 Highlights Of Low Points In The U.S. Economy