Monday, April 27, 2009
Monday, March 16, 2009
Wednesday, March 11, 2009
Tuesday, March 3, 2009
Hit & Run > Putting the "Government" in Government Sponsored Entities - Reason Magazine:
"Despite assurances that the takeover of Fannie Mae and Freddie Mac would be
temporary, the giant mortgage companies will most likely never fully return to
private hands, lawmakers and company executives are beginning to quietly
Monday, March 2, 2009
Thursday, February 26, 2009
Monday, February 23, 2009
LA Biz Observed: Dow down to 7114:
"the bottom won't be 7000-7500, but some level even lower. Maybe a lot lower. The Dow lost 250 points on Monday, closing at its lowest level since May 7, 1997. But that's not the worst of it. Nor is it that no one has the first clue about when the bottom might be reached."
Friday, February 20, 2009
J.C. Penney reports 51 percent slide in 4Q profit - 2/20/09 - Los Angeles-Southern California-LA Breaking News, Weather, Traffic, Sports - abc7.com
"J.C. Penney says fourth-quarter profit fell 51 percent as customers sharply cut spending on clothing and other more discretionary purchases as the recession deepened."
Wednesday, February 18, 2009
Goodyear cutting nearly 5,000 jobs after 4Q loss - 2/18/09 - Los Angeles-Southern California-LA Breaking News, Weather, Traffic, Sports - abc7.com
Goodyear Tire & Rubber Co., the biggest U.S. tire maker, said Wednesday the global economic slowdown will force it to cut nearly 5,000 jobs this year after it posted a fourth-quarter loss and revenue sank 21 percent.
Tuesday, February 17, 2009
Toyota cuts production, workers - LA Daily News:
"Toyota Motor Corp. said Thursday that it is reacting to the slump in U.S. auto sales by further cutting North American production, slashing compensation for executives in the region by up to 30 percent, and offering buyouts to about 18,000 workers."
Viacom's Q4 profits plummet 69 percent - LA Daily News:
"Viacom, the big media company that is part of Sumner Redstone's empire, on Thursday reported a 69 percent drop in its fourth-quarter profit, even as revenue held steady."
Friday, February 13, 2009
Wednesday, February 11, 2009
Layoffs: Starbucks Lays Off 870 Assistant Store Managers:
"Starbucks announced today that they will be laying off 870 assistant store managers and not filling 530 vacant positions. In addition, 500 non-store positions will also be eliminated."
Tuesday, February 10, 2009
15 Companies That Might Not Survive 2009 - Yahoo! Finance:
"Moody's Investors Service, for instance, predicts that the default rate on corporate bonds - which foretells bankruptcies - will be three times higher in 2009 than in 2008, and 15 times higher than in 2007. That could equate to 25 significant bankruptcies per month."
Verizon Wireless in the midst of laying off employees? : Boy Genius Report:
"Rumor has it that Verizon is in the process of an unannounced work force reduction that began yesterday, February 9th. The rumored layoffs will continue through the end of the month and will affect an unknown number of employees from management level down."
Wall Street frustrated with bailout - LA Daily News:
"The major stock indexes fell more than 4 percent Tuesday, including the Dow Jones industrial average, which tumbled 382 points."
Monday, February 9, 2009
Nissan To Ax 20,000 After Loss Warning - Forbes.com:
"Japan's No. 3 automaker is set to post a net loss of almost $3 billion in this financial year and needs to trim costs."
Sunday, February 8, 2009
Wednesday, February 4, 2009
LA Observed: LAT pressrooms to lose quarter of staff:
"The pressmen's union at the L.A. Times has been told it looks as if 63 of the 244 workers at the printing plants downtown and in Costa Mesa will be laid off."
Tuesday, February 3, 2009
Schwarzenegger to expand furlough order - LA Daily News:
"The governor says a court ruling in his favor this week means he can furlough 15,600 employees of seven other elected officers and the independent Board of Equalization starting Friday."
50 Riverside County employees to be laid off by June - 2/03/09 - Los Angeles-Southern California-LA Breaking News, Weather, Traffic, Sports - abc7.com
"The report, which will be presented to the Board of Supervisors Tuesday morning, says 50 county employees will be laid off by June."
New GM, Chrysler buyouts set - LA Daily News:
"General Motors Corp. and Chrysler LLC are offering blue-collar employees another round of buyout and early retirement offers as the automakers try to cut their work forces and reduce expenses, union officials said."
Monday, February 2, 2009
Curbed LA: Brentwood's Las Ventanas Didn't Sell A Single Unit:
"Despite price reductions, not a single unit sold, and now the whole project is off the market"
LA Observed: LAT to cut 70 more in newsroom, 300 overall:
"Los Angeles Times publisher Eddy Hartenstein and editor Russ Stanton have sent around their memos announcing the latest round of personnel cuts at the paper."
Starbucks: 300 Starbucks Will Close, Brand New Fancy Jet Will Be Sold:
"Starbucks is closing an additional 300 stores, says the Seattle Times, and will eliminate 700 non-store and 6,000 store jobs."
Lights Out For Illuminations - LAist: Los Angeles News, Food, Arts & Events:
"Yankee Candles' Illuminations stores have announced they are shutting down all 28 of their retail locations as part of a large financial restructuring plan."
Honda cuts managers' pay to cope with slow sales - abc7.com:
"Honda Motor Co. says managers' salaries will be slashed 5 percent starting next month to cope with sliding sales. The cut comes on top of the 10 percent pay reduction for directors announced last month."
Mattel income plunges nearly 50% - LA Daily News:
"The company said in an earnings statement that net income for the fourth quarter totaled $176.4 million, or 49 cents per share, compared to $328.5 million, or 89 cents per share in the previous fourth quarter."
Sunday, February 1, 2009
"Caterpillar Inc. on Friday announced 2,110 new job cuts as the heavy equipment maker scales back production to match falling demand."
Thursday, January 29, 2009
Nikki Finke’s Deadline Hollywood Daily - Now It’s Disney/ABC Laying Off 400 Staff:
"This latest whammy has Disney's ABC Television Group axing 4% of the total workforce all the way up into the executive ranks. About 200 open positions won't be filled, and another 200 staffers will be let go."
Cigna to Cut 1,100 Jobs, Sets $40 Million Charge - WSJ.com:
"Cigna Corp. is cutting 1,100 jobs, or 4% of its work force, by mid-2009 in the wake of investment losses last year and the slumping economy that is causing employers and consumers to reduce health coverage."
Pfizer Plans to Lay Off Up to 2,400 in Sales - WSJ.com:
"Pfizer Inc. plans to lay off as many as 2,400 salespeople in the U.S., or as much as a third of its field force, according to a person familiar with the matter."
"The Detroit-based nonprofit said the moves are necessary to preserve its financial health."
Microsoft: Microsoft Laying Off 5,000, Rumored Mostly From Xbox and Zune Division:
"Microsoft, the industry's unassailable juggernaut, apparently can bleed. It's laying off 5,000 workers of its 94,000-employee workforce. Rumor is, mostly from the amazing Entertainment and Devices teams."
Rumormonger: Google Engineers Fear 1,000 or More Layoffs:
"A tipster is hearing from inside the Googleplex that the company, which is set to report earnings today, could lay off 5 percent of its engineering staff."
At ABC News, Pink Slips in News, Marketing | The Wrap:
"ABC Television Group president Anne Sweeney announced in a memo this morning that the company is 'now faced with the harsh reality of having to eliminate jobs in some areas.' A tipster tells TVNewser that ABC News will lay off 35-40 people from the news magazines, News Now and digital spheres and will not fill 60 open positions."
Mail: Post Office Could Cut One Day of Delivery--Tuesday:
"Facing a potential $6 billion shortfall this year, the U.S. Postal Service is considering cutting one day of mail delivery—and it would actually be Tuesday, not Saturday."
Perez Hilton: Shiteous Economy = No Playboy $uper Bowl Party:
"Cancellation was a necessary move as the bunny mag will be reducing jobs, consolidating its online and print divisions, and writing down the value of assets as much as $100 million, resulting in a fourth-quarter operating loss."
CSU suspends construction on more than 130 projects - LA Daily News:
"CSU officials said Wednesday that the projects are being suspended because the state has stopped distributing money for university projects financed by state bonds.
The suspended projects include classroom buildings, libraries, performing arts centers and major infrastructure. There are about 13,000 jobs associated with the $848 million in construction."
Home Depot Layoffs 2009: Jobs Cut, Expo Centers Closing (Full List)
Home Depot has announced a series of cutbacks that will include thousands of layoffs and the closings of all Expo Design Center stores.