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TUESDAY, NOVEMBER 24, 2009
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NEWS ABOUT: losses

losses stories: 11 news summaries

 UK Billionaires' 
 Ranks Halved 
 in Downturn 

Wealthiest lose collective $228B

Apr 26, 09 12:03 PM CDT
(Newser) - The number of UK billionaires has been almost cut in half by economic woes, from 75 to 43, with the country’s wealthiest having lost a collective $228 billion, the Times of London reports. The hardest-hit was steel magnate Lakshmi Mittal, who remains Britain’s richest man despite having lost... More »

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Richard Branson • Paul McCartney • Elton John • wealth • Roman Abramovich • recession • billionaire • rich • losses • Lakshmi Mittal • downturn • personal wealth • Tom Jones • economic crisis

Q1 RESULTS

Ford Loses Just $1.4B,
Turns Down Treasury Money

Automaker burns through cash but remains healthier than rivals

Apr 24, 09 6:49 AM CDT
(Newser) - Ford announced today a loss of $1.4 billion for the first three months of 2009—its worst Q1 result in 17 years, but nevertheless one that beat expectations, Bloomberg reports. The automaker said it expected to break even or possibly turn a profit in 2011, and it would not... More »

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Ford • auto industry • quarterly reports • losses • first quarter earnings • automobile • Ford Motor Co.

 UBS Shocks With 
 Record $17B Loss 

Swiss banking giant posts worst loss in nation's history

Feb 10, 09 6:38 AM CST
(Newser) - UBS today announced an annual loss of $17 billion—the biggest ever by a Swiss company—despite a government bailout and a surprise tax benefit in the fourth quarter. The loss was higher than expected, but the once-mighty corporation reiterated that it would not sell off its investment banking arm,... More »

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Switzerland • UBS • earnings reports • losses • investment banks • Swiss bank • financial crisis

(Newser) - A New York University professor who predicted the current economic crisis warns that losses at US banks could climb to $3.6 trillion, leaving the whole system essentially bankrupt, Bloomberg reports. Economist Nouriel Roubini argues that since the system has a base capitalization of just $1.4 trillion, if losses... More »

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bankruptcy • credit crisis • financial sector • writedowns • losses • oil prices • banking industry • insolvent

GLOSSIES

 Madoff Victims Peddle 
 Jewels to Pay Bills 



Brokers report heavy traffic in heirlooms, other baubles, to recoup losses in investment scandal

Jan 5, 09 12:15 PM CST
(Newser) - Victims of investment scammer Bernard Madoff are selling off the family jewels—and sometimes their houses, too—to stay solvent. Jewelry buyers report steady traffic since the scandal, from a Beverly Hills woman sacrificing a 9-carat diamond to pay her bills to Palm Beach residents unloading more than $250,000... More »

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family jewels • investment • jewelry • losses • defrauding investors • Bernard Madoff

 $148M Loss Bites Into Crocs 

Demand for colorful clogs tanks

Nov 13, 08 3:02 AM CST
(Newser) - Crocs, the maker of hugely popular colorful plastic clogs, suffered a $148 million third quarter loss on a 32% drop in demand in Europe and the US. The Colorado-based company has shuttered a factory in Canada, will close another in Brazil next month, and has amassed extensive unsold inventory, reports... More »

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Microsoft • Bill Gates • layoffs • Crocs • SEC • losses • financial crisis • inventory

Christian Science Monitor Will End Daily Print Edition

Paper moves to web-first edition, will publish weekly magazine

Oct 28, 08 4:40 PM CDT
(Newser) - The Christian Science Monitor will discontinue its daily print edition in April as it shifts to the Internet. The paper, which turns 100 next month, will print a weekly edition instead. The Monitor has seen its circulation decline to 52,000 from 160,000 20 years ago, and while it... More »

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Internet • newspaper • profits • Christian Science Monitor • losses • print journalism • Church of Christ, Scientist

ANALYSIS

Sides Dig In Despite Boeing Strike Costs

Stoppage in week 4; price tag nears $1.3B for aircraft giant

Sep 29, 08 1:35 PM CDT
(Newser) - Machinists employed by Boeing have been on strike for more than 3 weeks, with no end in sight; analysts say if the stoppage reaches a month, it could cost the aircraft maker $1.3 billion, the Seattle Times reports. The union sees its position as good, given Boeing’s huge... More »

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Boeing • airline industry • strike • labor unions • labor relations • losses • International Association of Machinists and Aerospace Workers

 Goodbye Smell, Hello Misery 

You lose more than the ability to sniff roses without this key sense

Jul 10, 08 9:25 PM CDT
(Newser) - When ranking physical attributes we’d hate to lose, most people put sense of smell at the bottom, on par with losing a big toe. But when Elizabeth Zierah lost hers—and thus her sense of taste—3 years ago after catching a cold, the ensuing string of scentless and... More »

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health • smell • sense of smell • losses • anosmia

Mammoth Writedowns Hammer AIG

Insurance giant posts $7.8B 1Q loss as
credit woes continue

May 9, 08 2:41 AM CDT
(Newser) - American International Group posted a record-breaking $7.8 billion first-quarter loss yesterday, reports the Wall Street Journal. The insurance giant blamed the poor results on the sagging housing market, the credit crunch and the see-sawing stock market. It announced plans to raise $12.5 billion to patch up the damage... More »

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insurance • derivatives market • AIG • credit crisis • writedowns • quarterly results • losses • Martin Sullivan • JPMorgan Chase • financial crisis

Sprint Nextel Takes $29B Loss as Customers Walk

Loss includes huge one-time writedown; company announces cover-everything plan

Feb 28, 08 10:00 AM CST
(Newser) - Sprint Nextel posted a net fourth-quarter loss of $29.45 billion and doesn’t expect a quick recovery, the Wall Street Journal reports. The No. 3 US wireless company will hold off dividend payments and draw down credit lines for protection as more customers leave the service. It has also... More »

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business • Sprint Nextel • cell phone industry • wireless service • writedowns • cell phone plans • losses

11 Stories


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