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NEWS ABOUT: economic downturn

Toyota's Losses Will Triple

First loss in seven decades multiplies as market deteriorates

(Newser) - Toyota now expects its full-year operating loss to be three times larger than the $1.6 billion it forecast in December, the New York Times reports. The company expects to lose $5 billion for the fiscal year through March 31 as world automobile demand deteriorates. Toyota, which last year overtook... More »

News Corp. Posts $6.4B Loss

(AP) - News Corp., the global media giant controlled by Rupert Murdoch, said today it lost $6.4 billion in its most recent quarter because of a massive write-down in the value of its assets. The company, which owns the Wall Street Journal and Fox, also forecast a 30% drop in operating... More »

In Tough Times, Grammar Snobs Get Tougher

(Newser) - America’s self-proclaimed language cops are turning up the heat on spelling and grammar offenders, MSNBC reports, hitting the streets with Sharpies and venting their frustrations online. One psychologist says the flare-up could represent a need for control during hard times. “When people are under stress, they have less... More »

Japan, Help Us Wrestle the World's Problems

(Newser) - Japan's economic collapse in the 1990s and its decades of US dependence have left the nation rather timid, Christian Caryl writes in Newsweek. But its strong economy, bold environmental moves, and likely change of government this year will leave it poised to help the world. “The only trick now,... More »

Downturn's Latest Victim: the Billable Hour

Long a legal standard, clients are saying no to lengthy litigation

(Newser) - Might the billable hour—long the standard of measure for legal services—be on its way out? Law firms are rethinking their business models as the economic crisis makes clients more demanding, the New York Times reports. Firms are experimenting with alternative payment methods such as flat fees and percentages... More »

Netanyahu Calls 'Fanatical' Iran World's Biggest Danger

(Newser) - Barack Obama may be making overtures to Iran, but Benjamin Netanyahu wants none of it. The front-runner in the race to become Israel's next prime minister said the global economic crisis pales in comparison with the threat of a nuclear Iran and its "pre-medieval view of the world,"... More »

'Black Thursday' Strike Staggers France

Biggest action in decades tests President Sarkozy

(Newser) - More than a million protesters in France are taking to the streets today in the country's biggest general strike in decades, reports the Times of London. The so-called "Black Thursday" job action is bringing together public and private sector workers, along with students, who are angered by President... More »

To Consume or Not to Consume, That Is the Question

(Newser) - As Americans cut back on spending, a certain dread creeps in—not of having less, but of what curtailed consumption could mean for the future, Douglas Coupland notes in the New York Times. Sure, “a big drop in consumption sounds like the advent of a new utopia where people... More »

Congress Mulls Salary Freeze

Both sides look to gain political capital in putting off raise

(Newser) - Barack Obama’s freeze on top White House salaries has put pressure on Congress to do the same for itself, reports Politico, but as with much on the Hill, that’s a lofty idea mired in the mud of political reality. Even those who support a pay freeze are scrambling... More »

Home Depot Hacks 7K Jobs

Home-improvement giant having rough time in slow housing market

(AP) - Home Depot says it's cutting 7,000 jobs and closing its smaller Expo chain as the recession continues to batter the nation's housing market. The nation's largest home-improvement retailer says the cuts announced this morning will affect about 2% of its workforce. Its core Home Depot stores won't be affected. More »

First White House Briefing Addresses Gitmo, Oath

Lots of questions, little actual news as Gibbs meets the press anew

(Newser) - White House Press Secretary Robert Gibbs met his audience for the first time, covering everything from President Obama’s oaths to the economy to torture, the Chicago Tribune reports. Gibbs faced questions about the administration’s hiring of a lobbyist, against previously stated rules—“Any standard is not perfect”... More »

Biotech Boom Finally Fizzles

Riskiest sector hit by downturn

(Newser) - In the bullish market, biotechnology was flush with investment, even though one drug might take many as 15 years and as much as a billion dollars to produce—but those days are over for the riskiest technology sector. Portfolio reports that 45% of publicly traded biotech companies will run out... More »

Libraries a Cheap Refuge, But Top Target for Budget Cuts

Popular books see huge waiting lists, while unemployed line up to use computers

(Newser) - Whether you’re looking for a job, or just a cheap respite from the horrors of the economy, the public library has become the place to be, the Wall Street Journal reports. But even as attendance swells, the same financial crisis that brings patrons has left many branches cash-poor. One... More »

House Dems Debut $825B Stimulus Bill

Public works, education get plenty of attention in measure

(Newser) - House Democrats today introduced a long-awaited stimulus package, developed with President-elect Obama, and totaling $825 billion, the New York Times reports. The economic recovery plan includes billions in tax cuts, Medicare subsidies, and public-education and infrastructure spending. The Senate is developing its own version, and vigorous debate is anticipated as... More »

Drivers Learning to Love Older Cars

Maintenance cheaper than payment for newer models, consumers find

(Newser) - Thanks to the ongoing recession, drivers accustomed to trading in their vehicles often are warming to the idea of a longer covenant with their cars, the Wall Street Journal reports. While the concept might puzzle the less well-heeled, “the 3-year ownership mentality has crumbled,” one insider said. And... More »

In Tough Times, America Relearns Thrift

(Newser) - Staring down a recession, Americans are turning tail and running to their nearest shoe repair shop, reports the Christian Science Monitor, in a look at the reversal of the United States' "throwaway" society. Thrift stores and repair shops are doing brisk business while their retail counterparts languish, or... More »

Recession Takes Bite Out of CES Buzz

Attendance down at Las Vegas electronics expo

(Newser) - Whether or not the gadgets make a splash, this year’s Consumer Electronics Show in Vegas is certainly a low-voltage affair, Reuters reports. The sputtering economy has slashed turnout at the expo, which in years past hosted “so many people it’s hard to walk around.” And tech... More »

Cash-Strapped Calif. May Shorten School Year

(Newser) - Arnold Schwarzenegger has proposed cutting a week out of the public school calendar, the latest desperate measure in California's struggle with a $41 billion budget shortfall. The Governator says the $1.1 billion savings will ward off other cuts to education, which makes up 40% of the state budget. Schools... More »

Print Times Not Quite Dead, But Hope Lies in Its Ashes

Journalism faces a challenge, but hardly a disaster

(Newser) - We know it’s coming, that day when print newspapers cease to exist, but it won’t be this year, right? Maybe, maybe not, Michael Hirschorn writes in the Atlantic, and it wouldn’t necessarily be a disaster. The New York Times is in trouble—it could default on $400... More »

Calif. Budget Gap Could Mean IOUs, Not Tax Refunds

Facing $42B deficit, Schwarzenegger, state Dems continue to wrangle

(Newser) - Faced with a mounting budget gap and failed negotiations toward a solution, California may have to send out promissory notes to taxpayers owed refunds and local governments, the Los Angeles Times reports. Talks between Gov. Arnold Schwarzenegger and the Democratic legislature foundered yesterday; lawmakers sent the governor a disputed package... More »

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