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2009/2010 : TOTAL economic MELTDOWN

6.165 Posts
Pagina: «« 1 ... 192 193 194 195 196 ... 309 »» | Laatste | Omlaag ↓
  1. Kroq 11 augustus 2010 10:09
    China's output growth slows after government crackdowns

    China's industrial output grew the least in 11 months in July as the government cracked down on real-estate speculation, curbed credit and closed factories to meet energy-efficiency targets.

    Production rose 13.4 per cent from a year earlier, the statistics bureau said in Beijing today. Inflation quickened to 3.3 per cent, the fastest in 21 months, boosted by a low year-earlier base for comparison and rising food costs.

    www.theage.com.au/business/world-busi...
  2. Kaiser 11 augustus 2010 12:18


    Aug. 11, 2010, 5:40 a.m. EDT
    Bank of England lowers U.K. growth expectations

    LONDON (MarketWatch) -- The Bank of England on Wednesday said Britain's economic recovery is likely to continue, but at a slower pace than the central bank had projected in May. The quarterly Inflation Report, which carries the rate-setting Monetary Policy Committee's detailed economic forecasts, said inflation is likely to be higher in the near term than was forecast in May, but projected that annual consumer price inflation was likely to fall below the 2% target in 2012
  3. forum rang 10 voda 11 augustus 2010 17:07
    U.S. Trade Deficit Unexpectedly Widens to $49.9 Billion in June
    By Bob Willis - Aug 11, 2010 4:39 PM GMT+0200

    The trade deficit in the U.S. unexpectedly widened in June to the highest level since October 2008 as consumer goods imports rose to a record and exports declined.

    The gap expanded $7.9 billion, the most since record- keeping began in 1992, to $49.9 billion in June, Commerce Department figures showed today in Washington. A $42.1 billion deficit was projected by economists, according to the median forecast in a Bloomberg News survey. Imports climbed 3 percent, while exports dropped 1.3 percent, the most since April 2009.

    Increased business investment and consumers who are still spending are helping sustain the U.S. appetite for merchandise made abroad. At the same time, growth in emerging economies such as China may cool, limiting shipments abroad that have benefited companies such as Caterpillar Inc. The figures signal trade subtracted more from second-quarter gross domestic product than previously estimated.

    “Clearly not all of these imports of consumer goods are being purchased or consumed and some of it is going into inventories,” said Aaron Smith, a senior economist at Moody’s Economy.com in West Chester, Pennsylvania. “It’s consistent with slower global growth. We’re going to get less of a boost from exports in the second half versus the first half.”

    Estimates of 73 economists surveyed by Bloomberg ranged from deficits of $38 billion to $50 billion. The gap increased 19 percent from a May shortfall of $42 billion.

    Stocks Fall

    Stocks fell and Treasury securities rose after the report. The Standard & Poor’s 500 Index dropped 2.2 percent to 1,096.94 at 10:39 a.m. in New York. The 10-year Treasury note gained, pushing down the yield to 2.70 percent from 2.76 percent late yesterday. The yen held gains after earlier strengthening to 84.73 per dollar, the strongest since July 1995.

    The June balance adjusted for inflation, which is the figure used to calculate gross domestic product, increased to $54.1 billion, the highest since February 2008, from $46 billion in May. The gap was larger than the average $42.3 billion a month in the first quarter.

    Economists at UBS Securities in New York said the Commerce Department, in estimating growth from April through June at a 2.4 percent annual rate, assumed a $3.2 billion widening of the adjusted trade deficit in June. Exports minus imports subtracted 2.8 percentage points from growth during the three months, the most since 1982, the Commerce Department said July 30.

    Exports, Imports

    Exports from the U.S. decreased to $150.5 billion from $152.4 billion, reflecting fewer shipments abroad of semiconductors, computers and steelmaking materials. Imports increased in June to $200.3 billion from $194.4 billion, led by telecommunications equipment, automobiles and consumer goods such as pharmaceutical preparations, televisions and furniture.

    The quantity of imported petroleum increased, while the price per barrel fell to $72.44 from $76.93 the prior month, according to today’s report.

    Sales of U.S.-made goods may get a boost from a drop in the value of the dollar. The dollar has declined 5 percent against a trade-weighted basket of currencies since a high this year on May 20. It’s down almost 1 percent in 2010.

    Federal Reserve policy makers yesterday announced more steps to bolster an economy that it said is starting to weaken. The Fed’s Open Market Committee said in a statement that “the pace of economic recovery is likely to be more modest in the near term than had been anticipated.”

    Fed Action

    The Fed said it will reinvest holdings of agency debt and mortgage-backed securities, the first attempt by the central bank since March 2009 to keep the economy from relapsing into recession.

    Business investment is one of the U.S. economy’s bright spots. Purchases of equipment and software in the second quarter rose at a 22 percent annual rate, the biggest gain since 1997, according to figures from the Commerce Department. Consumer spending, which accounts for 70 percent of the economy, grew at a 1.6 percent pace from April through June after a 1.9 percent rate in the previous three months.

    The outlook for exports may be tempered. European default concerns beginning in April sparked fears of financial contagion, while China and India, the world’s two fastest- growing major economies, are taking steps to prevent their expansions from overheating. Growth in Canada, the U.S.’s largest trading partner, is slowing.

    Deficit With China

    The U.S. shortfall with China widened to $26.2 billion in June, the highest since October 2008, as imports from the Asian nation jumped, the Commerce Department said.

    In a sign it was having some success in slowing domestic spending, China’s July trade surplus surged 44 percent to $28 billion, an 18-month high, as exports rose to a record and import gains slowed, the country’s customs bureau reported this week in Beijing.

    U.S. Treasury Secretary Timothy F. Geithner said Aug. 4 he will “watch closely” how much the Chinese yuan is allowed to appreciate, after saying the previous month the currency was undervalued.

    President Barack Obama has made export growth a key economic policy initiative. Obama is seeking to double U.S. exports during the next five years to about $3.1 trillion by 2015.

    Obama and Trade

    Obama on Aug. 5 announced a $250 million loan guarantee to finance Ford Motor Co. exports. It will finance $3.1 billion of shipments to Canada and Mexico of more than 200,000 U.S.-made vehicles, including Explorers, an administration official said.

    Caterpillar, the world’s largest maker of earthmoving equipment, is among companies that have benefited from growth in emerging economies. Its sales to Latin America rose 116 percent to $621 million in the second quarter from a year earlier, the company announced on July 22.

    “We’re seeing certainly a mixed story around the world, but for the most part positive,” Douglas Oberhelman, chief executive officer of Caterpillar said in a July 22 interview on Bloomberg Television. “We’re seeing virtually every strong- growth developing country, whether it’s Brazil, China or even India, growing pretty nicely.”

    To contact the reporter on this story: Bob Willis in Washington at bwillis@bloomberg.net
  4. forum rang 10 voda 11 augustus 2010 22:26
    Mondiale jeugdwerkloosheid bereikt record
    11 augustus 2010, 22:13 | ANP
    BRUSSEL (AFN) - De mondiale jeugdwerkloosheid heeft vorig jaar een recordniveau bereikt. Van de circa 620 miljoen economisch actieve jongeren tussen de 15 en 24 jaar zaten er eind 2009 81 miljoen zonder werk. Dat is 7,8 miljoen meer dan in 2007. Dat staat in een donderdag verschenen rapport van de internationale arbeidsorganisatie ILO.

    De jeugdwerkloosheid ging tussen 2007 en en 2009 omhoog van 11,9 naar 13 procent. Voor dit jaar verwacht de ILO nog een kleine stijging, naar 13,1 procent. In 2011 zou er een daling volgen naar 12,7 procent.

    Volgens de ILO heeft de economische crisis meer invloed op de werkloosheid onder jongeren dan die bij volwassenen. Van het herstel van de banenmarkt profiteren jongeren later dan volwassenen.

    Arme landen

    De jeugdwerkloosheid slaat harder toe in arme landen dan in het Westen. In de meeste regio's zijn meer vrouwen dan mannen er de dupe van.

    De ILO toont zich tevreden dat de EU de bestrijding van de jeugdwerkloosheid tot een speerpunt van haar economisch beleid heeft uitgeroepen voor de komende tien jaar.
  5. real life 11 augustus 2010 22:28
    www.ajc.com/news/atlanta/30-00030-000...

    30,000 line up for housing vouchers, some get rowdyShareThisPrint E-mail .By Mike Morris and Rhonda Cook

    The Atlanta Journal-Constitution

    Thirty thousand people showed up to receive Section 8 housing applications in East Point Wednesday, suffering through hours in the hot sun, angry flare-ups in the crowd and lots of frustration and confusion for a chance to receive a government-subsidized apartment.
  6. Kaiser 12 augustus 2010 08:38
    Sea Island Co. agrees to sale as it files for Chapter 11 bankruptcy
    Resort will continue to operate without disruptions
    Posted: August 11, 2010 - 11:05am


    A walkway leads to the Sea Island Co. Cloister Hotel on Sea Island, Georgia, shown in a file photo taken on Sept. 17, 2008. Sea Island Co., the Georgia resort and golf complex whose owners aspired to be the "Pebble Beach of the East," announced an agreement today to sell its Georgia resorts to a group of investment funds, and it also filed for Chapter 11 bankruptcy protection to facilitate the sale. Bloomberg
    Bloomberg
    A walkway leads to the Sea Island Co. Cloister Hotel on Sea Island, Georgia, shown in a file photo taken on Sept. 17, 2008. Sea Island Co., the Georgia resort and golf complex whose owners aspired to be the "Pebble Beach of the East," announced an agreement today to sell its Georgia resorts to a group of investment funds, and it also filed for Chapter 11 bankruptcy protection to facilitate the sale.
    Advertisement
    By Teresa Stepzinski, Terry Dickson

    ST. SIMONS ISLAND — Uncertainty has given way to guarded optimism the day after Sea Island Company declared bankruptcy.
    In its filing for Chapter 11 protection from its creditors in U.S. Bankruptcy Court, Sea Island has agreed to sell its golf courses, hotels, spa, beach club and other resort properties for $197.5 million because it cannot repay the $482 million it owes.
    Bill Jones III, the third generation head of the family-owned company, met with employees and club members Wednesday to explain what was done and how he expects things to play out.
    Employees declined to reveal what was said, but spokesman Michael Geczi said prospective buyer Sea Island Acquisition LP will keep all employees in their current positions. Jones will continue as chairman and chief executive officer and David Bansmer will remain as president and chief operating officer. Sea Island Acquisition will also continue club memberships that are necessary to keep the golf clubs and resort properties viable, Geczi said.
    If no other buyer outbids Sea Island Acquisition in an auction, the new company should emerge from bankruptcy in November, he said.
    Geczi said there will likely be some news in coming days that will sound bad to the uninformed.
    “Employees in a few days will receive a warn notice,’’ he said.
    The federally required notices will inform the 1,400 employees that their jobs will be terminated in about 60 days, but they will be quickly rehired by the new owners, he said.
    “One minute all these employees will be terminated and simultaneously hired by the new company,’’ he said. “Everyone will be offered their jobs in essentially the same circumstances as now.’’
    The new owners, who are principals in Oaktree Capital Management of Los Angeles and Avenue Capital Group of New York, are familiar with Sea Island’s traditions and reputation for service and want that to continue, Geczi said.
    “These owners recognize the value of these clubs is the membership and the employees,’’ he said.
    Some in the close-knit business community of adjacent Sea Island and St. Simons Island were hoping a bright future is on the horizon for the company.
    “As a company and individual, I certainly pray and wish the best for the Jones family. But I also welcome the new owners as part of the Sea Island family,” said Vicki Palonen, president of Its All About You, which does all of the monogramming work for the company.
    Palonen has relied on the company and it has relied on her for 22 years. She doesn’t see that changing.
    “All the speculation about the bankruptcy added a lot of anxiety and uncertainty. But now, that’s all behind us and I think everything will calm down. I feel like this will be a good thing for them and everyone.”
    There is more to the bankruptcy filing, however, than Sea Island selling off assets so its creditors can get a small portion of their money back.
    The bankruptcy filing includes a list of the top 30 unsecured creditors, 19 of whom have claims under employments obligations.
    Topping the list is Dennie McCrary, a former company president and Sea Island resident, who is owed more than $27 million.
    Also on the list is David Everett, who is owed $3.6 million. He was in charge when the company got so deeply in debt.
    It was during his tenure that the company payroll jumped from $35 million to $85 million and the number of employees more than doubled to 2,500.
    Among others claiming employment obligations are Matt Hodgdon, former chief financial officer now the Georgia Aquarium, who is owed $3.5 million.
    Some of the employees are owed deferred compensation meaning they deducted money from their pay each month and invested it in the company. Taxes were deferred on that pay until the employees retired and took the money out.
    The Pension Benefit Guarantee Corp.’s Department of Insurance Supervision and Compliance has a claim of $13 million. The federal agency insures and oversees defined benefit pension plan like Sea Island’s.
    Ceczi said the plan is totally funded and everyone is protected.
    The Pension Benefit Guarantee Corp. disagrees.
    “There is a shortfall in the pension plan,’’ agency spokesman Jeffrey Spicher said. “That’s not to say the company is behind on its contributions, but if the pan were to terminate today, there would be a shortfall.’’
    Spicher also said there is nothing to indicate the pension plan will be terminated by the new owners.
    In a release announcing the bankruptcy, the company said all club members will be allowed to enjoy the same benefits and services at the respective golf and other clubs and receive full credit for membership deposits.
    That could be good news for real estate agents. Houses on the market that had Sea Island memberships have been sitting unsold for more than a year because of doubts the memberships would be honored and transfer to new owners.
    “The memberships will become valuable again and enhance the value of the property,’’ said Gene Hoaster, a St. Simons real estate agent.
    Sea Island also provided happy memories for vacationers and others with an atmosphere that catered to families.
    Anne Marlboro of Atlanta said her parents honeymooned at the Cloister. Although she has never stayed there, she was window shopping at the Cloister Collection, one of the boutiques at the Shops of Sea Island shopping center near the causeway to Sea Island.
    “Mom and Dad loved it there. I hope they can keep it the way it was because you don’t find many places with that same old time elegance,” Marlboro said.
    It was an upgrade of the elegance that got the company in trouble as it built the Lodge at Sea Island on St. Simons and tore down and rebuilt the Cloister, its Beach Club and spa. It greatly reduced the number of rooms and more than doubled rates.
    For a time, the company was relying on its real estate sales to prop up its resort business, which was losing $80 million a year. When the real estate markets crashed, Sea Island couldn’t come anywhere near meeting it obligations and defaulted on loans approaching $300 million on Jan. 10, 2009. Three months later, the company restructured its loans but still didn’t make payments.
    More than a few Sea Island guests and employees routinely eat at Brogen’s North, also near the island causeway. Rene Reyes, restaurant manager, doesn’t expect the ownership change to impact their business much.
    “If everything stays the same, we should be fine and will ride out the rest
6.165 Posts
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