Entries tagged as Recession News
All Virgin Megastores in US to close by summer
After nearly two decades of rocking the music world with a mix of brash stunts and splashy CD releases, the remaining six Virgin Megastores in the United States will shut their doors this summer in another blow to recorded music. The hipster shops received their branding from billionaire founder Sir Richard Branson and remained profitable, More...
Industrialists in Pakistan selling assets to repay loans
The government, instead of solving exporters’ problems, has made matters worse by failing to release promised research and development grant, reduce inflation and bank mark-up and has even withheld their small dues. Exporters are dismayed because they are already under pressure due to global recession. Prices of their products have gone sharply down in the More...
Philadelphia Newspaper Owner Files For Bankruptcy
The owner of The Philadelphia Inquirer and Philadelphia Daily News filed for bankruptcy protection Sunday in an effort to restructure its debt load. Philadelphia Newspapers Inc., owned by Philadelphia Media Holdings LLC, is the second newspaper company in two days, and fourth in recent months, to seek bankruptcy protection. ‘This restructuring is focused solely on More...
John Laing Homes, US Subsidiary of Emaar Properties, Filed For Chapter 11
A company that builds under the brand of John Laing Homes – a US subsidiary of Emaar Properties – has filed for Chapter 11 bankrupcy protection, claiming between $500 million and $1 billion in debts. WL Homes, which operates 105 real estate developments in Colorado, California, Arizona and Texas, has up to 50,000 creditors, according More...
Signs of Recession in Dubai as 86 percent more residency visas are cancelled
Dubai cancelled 86 percent more residency visas in January this year compared with the same period in 2008, official figures revealed on Tuesday. Data from Dubai’s Ministry of Interior Naturalization & Residency (DNRD) shows that 54,684 residency visas were cancelled during the month of January, compared with 29,418 in January 2008 – an 86 percent More...
IBM offers to shift workers losing jobs to lower-wage countries
Some of the workers being let go by IBM have a chance to remain with the company — if they’re willing to move to Brazil, India, China or a dozen other low-wage countries. But the expatriate employees would likely be paid local wages as they begin their new lives overseas. IBM, which is cutting thousands More...