Entries tagged as Recession News
Is recession behind spike in bank robberies?
A rash of bank robberies in New York has the city’s police commissioner worried that criminals have turned banks into “virtual cash machines” and some wondering whether tough economic times are fueling the trend. On Monday alone, robbers targeted five banks in the Big Apple, some striking in broad daylight and near famous landmarks. Police More...
Unemployment and Recession taking United States of America to insolvency
A shocking report at AlterNet reveals that at least 12 states of USA are on the brink of insolvency. In 20 other states, the funds have lost value, even before the big job losses of the past two months. While unemployed workers will get their benefits – federal law requires it – the trust fund More...
Rumor: MicroSoft Cutting Jobs
Has Microsoft struck by recession? Mini Microsoft Blog speculates M$ cutting at least 54 jobs from product groups and 10% of its fiance department. But these are all rumors, unless proven otherwise. The D-Day is supposed to be January 15, so you can have your X-mas and new year’s eve in peace. // More...
You know its Recession when Silicon Valley shuts down for Christmas
Workers at some of Silicon Valley’s biggest companies will find themselves spending an uncommonly long time with their families this Christmas as the technology industry responds to the downturn with office and factory closures and enforced holidays. Usually limited to traditional manufacturing industries such as the ailing carmakers, the year-end shut-down is this year sweeping More...
At least one job ticked off every 10 seconds
Nicolas Cage took just a minute to vanish away with one car in the 2000 Hollywood blockbuster ‘Gone in 60 Seconds’, but the jobs seem to be disappearing at a faster rate, with companies laying off at least one employee every 10 seconds to cut costs and fight the economic crisis. So far in December, More...
UAE Poised For Two-year Slump
The UAE is poised for two years of slow economic growth as its property sector is hit by the global financial crisis and banks rein in expansion, the central bank governor said. Growth in gross domestic product (GDP) in the world’s fifth-largest oil exporter would fall to low-single-digit levels in 2009 and 2010, Sultan Bin More...