News

Recession Briefing 2.4

What you need to know today to survive and thrive in the recession.

Hilton Pledges Help To The Economy (SF Gate)
We’ll always have Paris. Ms. Hilton has promised to help the struggling global economy by doing what she does best: shopping.

UPS Q4 hit by tough economy; package volumes down (Reuters)
The economy is not down with brown. United Parcel Service Inc reported a reduced quarterly profit on Tuesday, forcing it to cut costs, including freezing some wages.

Finding the Man Who Started the Global Recession (Time)
The global recession has a “patient zero”, a single person who set off the series of events which may lead the economy into its greatest downturn since The Great Depression.

U.S. Plans to Curb Executive Pay for Bailout Recipients (NYT)
Cry us a river. The Obama administration is expected to impose a cap of $500,000 for top executives at companies that receive large amounts of bailout money, according to people familiar with the plan.

On Madison Avenue, Shops Pack Their Hand-Tooled Bags (NYT)
New York’s most elegant shopping corridor, the Gold Coast of Madison Avenue, from 57th Street to 72nd Street, is pockmarked with vacancies as retailers flee sky-high rents.

Recession Puts No Dent in Texans’ Appetite for Restaurants (Bloomberg)
Consumers across the U.S. may be tightening their belts during the recession, but Texans are bellying up for more restaurant meals.

The Mouse is caught in recession trap: Should you sell Disney? (Blogginstocks)
Whoa, what a terrible quarter for Disney (NYSE: DIS)! Forget the magic. There’s no magic going on at Disney.

Layoffs spike as recession rips through US (AP)
Layoffs are spiking as the recession rips through the country, with retailers, banks, factories and others cutting costs ever deeper this week. It’s inflicting a painful toll on workers, and there’s little relief in sight.

Gold Falls as Recession Erodes Commodity Demand; Silver Drops (Bloomberg)
Gold fell for a second straight day on speculation that a global slowdown will erode demand for all commodities. Silver and platinum also declined.

Is free trade the best way to beat recession? (Guardian)
Wildcat strikes at UK oil refineries and the international storm created by Barack Obama’s “buy American” clause in his $800bn reflationary package have brought the cloistered world of trade officials out of the shadows over the past week.

Passport applications plunge as recession chokes off foreign travel (LA Times)
With the recession choking foreign travel, passport applications are plunging and the workload at the State Department is easing enough that those applying are getting their documents in three weeks or less.

Protesters angry at economy disrupt NY mayor speech (Reuters)
Dozens of protesters interrupted a speech by New York Mayor Michael Bloomberg on Tuesday, accusing him of ignoring the views of the poor as he tries to reverse the economic downturn.

Report: No sign of improvement in Tenn. Economy (Forbes)
University of Tennessee economists see no reason to expect an improvement soon in the state or national economies, they said in an annual forecast released Tuesday.

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