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SUNDAY, NOVEMBER 22, 2009
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NEWS ABOUT: downturn

downturn stories: 18 news summaries

(Newser) - A chic San Diego hotel is offering rooms for only $19 a night—without toiletries, towels, sheets, or a bed, the San Diego Union-Tribune reports. “It's our way of getting people here that might not normally come," says Rancho Bernardo Inn manager John Gates. Taken over by... More »

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recession • deal • economy • downturn • hotels

 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

Iconic Depression Setting Makes Do Amid Recession

Could things get as bad for Sallisaw, Okla., as they did in the 1930s?

Mar 24, 09 5:46 PM CDT
(Newser) - Many have made the parallel between the current economic slump and the Great Depression. Interested in pursuing the connection, Rafael Alvarez visited Sallisaw, Okla., an icon of the troubled 1930s as the setting of John Steinbeck’s The Grapes of Wrath, he writes for the Christian Science Monitor. The downturn... More »

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Oklahoma • Great Depression • downturn • economic downturn • John Steinbeck • recession depression • The Grapes of Wrath

Brothel Battles Downturn with Flat-Rate Pass

Berlin club charges $90 for 'everything—ladies, drinks, and food'

Mar 17, 09 2:21 PM CDT
(Newser) - A Berlin brothel is fighting world economic gloom with a special offer: a flat-rate, unlimited, all-access pass, Der Spiegel reports. For about $90, clients are free to get chummy with all the workers. Men can even bring their wives. “70 euros, that includes everything—ladies, drinks and food,”... More »

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prostitution • Berlin • brothel • economy • downturn • financial crisis

 Will the Recession 
 Drive Up Suicides? 

We're better prepared now, but rates are still tied to cultural trends

Feb 9, 09 1:31 PM CST
(Newser) - America is reeling from the financial crisis, and the psychological strain has analysts carefully watching national suicide rates, Time reports. Though three high-profile European businessmen took their own lives recently, suicide rates have held steady at 11 per 100,000 people; during the Great Depression, they spiked at 17 per... More »

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suicide • recession • suicide rate • Great Depression • downturn • financial crisis • economic downturn • recession depression

(Newser) - This one ranks among the more unusual consequences of the slow economy: Those who drink decaffeinated coffee at Starbucks may have to wait longer for an afternoon fix. The company is going to stop brewing fresh pots of decaf every 30 minutes after noon because of low demand, Bloomberg reports.... More »

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Starbucks • coffee • downturn • decaffeinated coffee • recession depression

Booming Mickey D's
Plans European Surge

Global downturn? They're lovin' it

Jan 24, 09 5:55 PM CST
(Newser) - A rare beneficiary of the financial crisis, McDonald’s says it will build 240 new European locations and create 12,000 jobs, the Financial Times reports. The firm’s biggest expansion in 5 years will extend mainly to Spain, France, Italy, Russia, and Poland. “We’re certainly not slowing... More »

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McDonald's • Europe • fast food • restaurant • fast food industry • expansion • job • downturn • financial crisis

 Worldwide Downturn 
 Speeds Up Alarmingly 

Analysts don't expect recovery in 2009

Jan 24, 09 7:46 AM CST
(Newser) - The global economy is in a faster decline than economists predicted only weeks ago, as the bursting of the biggest-ever real-estate bubble hits real economies in Europe and Asia, killing millions of jobs and shutting businesses, the Washington Post reports. Britain just posted its biggest quarterly slump since 1980, while... More »

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China • South Korea • Germany • Europe • world economy • recession • Britain • weakening economy • downturn • financial crisis

 Warner Bros. Slashing
10% of Workforce

600 workers to be laid off; 300 jobs to be outsourced

Jan 20, 09 8:19 PM CST
(Newser) - Even the Dark Knight is no match for this economy. Warner Bros. is cutting 800 jobs across all levels of the firm, shrinking its workforce by 10%, the Wall Street Journal reports. That means 600 employees will have to leave, with 300 departing in the next few weeks. The rest... More »

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layoffs • outsourcing • Warner Brothers • film studio • downturn

OPINION

 Media Frenzy Makes 
 Recession Worse 

Sky isn't falling for many, but barrage 'crackling with panic' makes us feel that way

Dec 8, 08 12:37 PM CST
(Newser) - There’s no doubt the economy is bad. The of flood sky-is-falling news stories make that abundantly clear. But the avalanche of bad news—delivered faster than ever before through myriad, ever-present media outlets—has fed upon itself, sinking all of us into a deeper state of collective panic than... More »

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media • news • recession • panic • economy • downturn • financial crisis • economic downturn

ANALYSIS

 US Jobs Picture
 Even Worse Than It Looks 

6.7% unemployment figure doesn't count those not working or looking for work

Dec 5, 08 1:45 PM CST
(Newser) - As bad as today’s jobs report seemed, it actually soft-pedals the US employment situation, David Leonhardt writes in the New York Times. In November, 251,000 workers lost their jobs, driving the unemployment rate to 6.7%. But “unemployed” describes only individuals actively looking for work, and the... More »

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labor • employment • unemployment • job • downturn • financial crisis

GLOSSIES

Cabbies Among First to See Ripples of Wall Street's Pain

Crashing markets mean fewer fares, smaller tips

Oct 20, 08 2:13 PM CDT
(Newser) - New York cabbies will tell you that their jobs are indicative of overall health of the economy—so they’re getting hammered right now. New York looks at one driver’s experience with the bubble-and-bust of recent years, with the halcyon days of bankers tossing him $40 for a $2.... More »

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New York City • taxi • economy • downturn • bankers • financial crisis

(Newser) - Avon's cosmetic-toting army is growing as troubled economic times make door-knocking more attractive to women struggling to make ends meet, reports the Wall Street Journal.  Incentives including price cuts, gas vouchers, and advice from celebrity financier Suze Orman, helped attract 5% more sales reps in the second quarter of... More »

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employment • recession • cosmetics • economy • downturn

Darling: British Economy Is at 60-Year Low

UK economic chief bluntly warns of harder times ahead

Aug 30, 08 10:29 AM CDT
(Newser) - The outlook for Britain's economy is the bleakest since the days when the country was rebuilding from the Blitz, Chancellor Alistair Darling tells the Guardian. Darling warns that the downturn for the UK and the wider world could be "more profound and longer-lasting" than people expect. He acknowledges that... More »

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Gordon Brown • world economy • Labour Party • recession • credit crisis • Alistair Darling • economy • downturn

GM Will Cut Salaried Jobs, Benefits to Survive Slump

Company aims to cut costs to boost liquidity, cope with lower sales

Jul 15, 08 9:42 AM CDT
(Newser) - General Motors will cut salaried jobs, accelerate factory closings, and eliminate health care coverage for many salaried retirees in order to raise $15 billion to survive the industry's deep downturn, the Wall Street Journal reports. GM will also suspend dividends, sell some assets, lower capital spending, and cut production of... More »

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General Motors • SUV • US economy • auto industry • job cuts • downturn

 Tech Holds Ground Amid Slump 

Growth slow, but still up; unemployment below average—no dot-com bust here

Jul 9, 08 7:10 PM CDT
(Newser) - Despite malaise in most sectors of the economy, the technology industry is weathering the downturn well, USA Today reports. Sales are up only 3% this year over 2007—a mediocre result, considering the industry usually grows by more than 10%—but with tech unemployment at 3.9% compared to 5.... More »

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technology • growth • credit crisis • computer • sales slump • tech industry • downturn

 Even Vegas Is Down on Its Luck 

Downturn starts to hit formerly recession-proof city

May 6, 08 8:46 AM CDT
(Newser) - Tougher times are starting hit the Sunset Strip, the New York Times reports. Las Vegas has been mostly immune to downturns in decades past, but this time the gambling mecca is feeling the pinch as consumers tighten their belts. Hundreds of casino workers have already been laid off, and a... More »

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gambling • Las Vegas • recession • casino • downturn

 Most Economists Say
 Recession Is Here 

WSJ poll sees big shift toward the negative from survey five weeks ago

Mar 13, 08 5:00 PM CDT
(Newser) - A cascade of bleak financial news has convinced most economists in a Wall Street Journal poll that the US is already in a recession. The results are markedly more negative than a similar survey only five weeks ago, and much of the foul mood can be traced to last week’... More »

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Wall Street • recession • unemployment • retail sales • payrolls • interest rate cut • economy • downturn

18 Stories


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