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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: economic downturn

economic downturn stories: 113 news summaries

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 Downturn's Latest 
 Victim: the Billable Hour 

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

Jan 30, 09 11:58 AM CST
(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 »

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legal fees • attorney • trial lawyers • legal action • financial crisis • economic downturn

(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 »

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Iran • Israel • Mahmoud Ahmadinejad • nuclear weapons • Benjamin Netanyahu • World Economic Forum • Davos • financial crisis • economic downturn

 'Black Thursday' 
 Strike Staggers France 

Biggest action in decades tests President Sarkozy

Jan 29, 09 5:48 AM CST
(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 »

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Nicolas Sarkozy • France • strike • public sector • general strike • financial crisis • economic downturn

(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... More »

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recession • capitalism • consumer spending • cuts • financial crisis • economic downturn • future

 Congress Mulls Salary Freeze 

Both sides look to gain political capital in putting off raise

Jan 26, 09 9:50 AM CST
(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 »

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Nancy Pelosi • Congress • House of Representatives • David Vitter • US Senate • Obama administration • financial crisis • President Obama • economic downturn • salary freeze

 Home Depot Hacks 7K Jobs 

Home-improvement giant having rough time in slow housing market

Jan 26, 09 8:36 AM CST
(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 »

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layoffs • housing market • Home Depot • economy • job • financial crisis • economic downturn • Expo Design Centers • YardBIRDS • recession depression

First White House Briefing Addresses Gitmo, Oath

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

Jan 22, 09 2:20 PM CST
(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 »

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torture • White House • Guantanamo Bay • press secretary • Obama administration • Robert Gibbs • President Obama • White House press corps • economic downturn

Glossies

 Biotech Boom Finally Fizzles 

Riskiest sector hit by downturn

Jan 21, 09 7:00 AM CST
(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 »

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biotechnology • venture capital • investment • venture capitalists • JPMorgan Chase • economic downturn

Libraries a Cheap Refuge, But Top Target for Budget Cuts

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

Jan 15, 09 2:40 PM CST
(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 »

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recession • unemployment • job search • WiFi • Internet access • library • financial crisis • economic downturn • public library

 House Dems Debut 
 $825B Stimulus Bill 

Public works, education get plenty of attention in measure

Jan 15, 09 1:55 PM CST
(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 »

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Barack Obama • Congress • House of Representatives • recession • infrastructure • tax cuts • federal spending • economic stimulus package • financial crisis • President Obama • economic downturn • green jobs

 Drivers Learning 
 to Love Older Cars 

Maintenance cheaper than payment for newer models, consumers find

Jan 14, 09 11:52 AM CST
(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 »

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consumer confidence • recession • auto industry • used cars • financial crisis • economic downturn • frugality

(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 »

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recession • financial crisis • economic downturn • used electronics • thrift • secondhand store • repair shop • frugality

 Recession Takes Bite 
 Out of CES Buzz 

Attendance down at Las Vegas electronics expo

Jan 9, 09 1:40 PM CST
(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 »

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Las Vegas • consumer electronics • Consumer Electronics Show • CES • gadget • economic downturn • attendance

(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 »

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education • California • Arnold Schwarzenegger • tax refunds • budget gap • taxpayers • public funding • financial crisis • economic downturn

OPINION

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

Journalism faces a challenge, but hardly a disaster

Jan 7, 09 3:36 PM CST
(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 »

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Internet • newspaper • online media • New York Times • advertising • journalism • online newspapers • print journalism • Huffington Post • economic downturn • newspaper industry

Calif. Budget Gap Could Mean IOUs, Not Tax Refunds

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

Jan 7, 09 11:11 AM CST
(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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California • Arnold Schwarzenegger • tax refunds • budget gap • taxpayers • financial crisis • economic downturn • promissory note • IOU • creditor

Aluminum
Giant Alcoa to Lay Off 13,500

Pittsburgh company slashes 13%
of its work force

Jan 6, 09 8:58 PM CST
(AP) - Alcoa, the world's third-largest aluminum maker, said today it will cut 13,500 jobs—13% of its work force—and slash spending and output to cope with the global economic slowdown. The reductions expand on cost-cutting measures announced in October, when the Pittsburgh-based company reported a 52% decline in third-quarter... More »

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layoffs • Alcoa • aluminum • economic downturn

(Newser) - The Federal Reserve anticipates the recession will continue through 2009 despite its recent rate slash and other planned “nontraditional policies,” the Wall Street Journal reports. Minutes of the Fed's December 15-16 meeting, at which it cut rates to nearly zero, indicate a deep pessimism about the economy.... More »

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inflation • Federal Reserve • recession • deflation • interest rate • Federal Open Market Committee • interest rate cut • economic downturn

(Newser) - German businessman Adolf Merckle, 74, killed himself yesterday in the face of mounting debt and a crumbling multibillion dollar empire, Bloomberg reports. Merckle’s personal fortune of $9.2 billion put him 94th on Forbes' list of the world’s richest people, but his holding company, which owned stake... More »

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suicide • Germany • obituary • debt • global economy • economic downturn • Adolf Merckle • holding company • Heidelberg • recession depression

In Rare Move, Toyota to Suspend Production in Japan

11-day break amid shrinking demand is first since 1993

Jan 6, 09 7:33 AM CST
(AP) - Toyota is suspending production at all 12 of its Japanese plants for 11 days over February and March, a stoppage of unprecedented scale for the nation's top automaker as it grapples with shrinking global demand. The last time it halted production at all its Japanese plants was in August 1993,... More »

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Japan • Toyota • factory • closing • economic downturn

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