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AP - The European Commission urged the 27 EU governments Friday to boost public spending and provide tax breaks to help industry overcome the accelerating economic slowdown that has already pushed several countries into a recession.
Reuters - U.S. consumers expect the unemployment rate to rise steeply in a prolonged recession, and as a result have slashed spending plans, according to a survey released on Friday.
Reuters - Rhode Island and Michigan had the highest unemployment rates of all U.S. states in October, at 9.3 percent, the Labor Department said on Friday in a report showing that jobless rates rose across the country.
Reuters - Goldman Sachs on Friday lowered its U.S. growth forecast citing a fiscal policy stagnation, record increase in unemployment and a sharp decline in profits, deepening and extending the expected recession.
Reuters - US stocks recovered some ground on opening on Friday, though Citigroup fell further, amid continued fear that central bank moves to stabilize financial markets might not be enough to prevent a prolonged global recession.
AFP - US President George W. Bush Friday headed to an Asia-Pacific summit in Peru to work on progress in dismantling North Korea's nuclear programs and seek a more united front on the global economic meltdown.
AP - Germany will have to borrow an extra euro8 billion ($10 billion) next year, as it expects to spend more even while revenues slump, the parliamentary budget committee said Friday.
AP - The downturn in the euro-zone economy, particularly within the manufacturing sector, gathered pace in November amid mounting recession fears and the deepening financial crisis, a closely watched survey showed Friday.
AFP - Fears of a global recession intensified on Friday after US lawmakers dashed the auto industry's hopes of a rapid bailout and grim news on the jobs front continued to pile up.
Reuters - U.S. Federal Reserve and Bank of Japan officials said they were on alert for signs of deflation and grappling with how the central banks would keep it at bay as interest rates approach zero.
Reuters - Honda Motor Co (7267.T) said it would build fewer cars in Japan, Europe and North America to reflect an increasingly bleak outlook for sales as the global economic crisis discourages big-ticket purchases.
Reuters - Deflation would be very damaging to the United States economy and with nominal interest rates already very low, quantitative easing may be needed to keep it at bay, a top Federal Reserve official said on Thursday.
AP - Singapore's economy has skidded into a recession for the first time since 2001, the government said Friday, warning that it could contract by up to 1 percent next year as a global slowdown saps export demand.
Reuters - Dell Inc's sales in China slowed last quarter, but Beijing's economic stimulus measures are likely to boost technology spending, the world's No. 2 personal computer maker said on Friday.
AP - Planes began taking off from new multimillion-dollar runways at three U.S. airports on Thursday with aviation officials heralding the increased capacity as crucial to reducing delays, even in the face of a slumping economy and a projected decline in domestic flights this winter.
AFP - Times are tough for Las Vegas casinos as for every other sector of the ailing US economy, but that in itself is news because, until this economic downturn, the one place that seemed less impacted by hard times was the world's gambling capital.
Reuters - St Louis Federal Reserve President James Bullard said on Thursday that financial market turmoil has collapsed U.S. consumer confidence and this would weigh on growth well into next year.
Investor's Business Daily - Treasury Sec'y Henry Paulson called the current financial crisis an event that happens only "once or twice" in 100 years and warned against imposing too-strict regulations on businesses to prevent a repeat calamity. At an address in Calif., he cautioned lawmakers not to "implement more rather than better regulations," saying that would do "long-term harm." Paulson also defended his efforts to stabilize financial markets by pumping billions of dollars into banks.
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Visitors Note:
My Consumer Debt Consolidation Inc. is not licenced to help visitors from NY at this time. As a service to our visitors you can still fill out our form but your request will be handled by American Debt Consolidation Resources.
For more information on their office please click here to visit their site.
Getting home equity bad credit loans are very popular lately. In many cases a person with debt problems may be tempted to...
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