Wednesday, December 3, 2008
Tuesday, December 2, 2008
Washington's $5 Trillion Tab
Fighting the financial crisis has put the U.S. on the hook for some $5 trillion a report says. So far.For all the fury over Treasury Secretary Henry Paulson's $700 billion emergency economic relief fund, it seems downright puny when compared to the running total of the government's response to the credit crisis. According to CreditSights, a research firm in New York and London, the U.S. government has put itself on the hook for some $5 trillion, so far, in an attempt to arrest a collapse of the financial system.
Lost Auto Jobs Pegged At 15,000
Lost Auto Jobs Pegged At 15,000
Auto makers in Canada stand to lose more than $3.1-billion this year and next and will vaporize about 15,000 jobs during the same period, the Conference Board of Canada says. The main culprit is the massive slump in the U.S. market, which has already led to production cuts at assembly plants in Canada this year and will cause auto makers to throttle back output next year as well. “Canadian auto manufacturers remain caught in a maelstrom of cyclical and structural industry changes, not limited to softening U.S. vehicle demand, cross-border wage gaps and increasingly stringent fuel emissions standards,” the Ottawa-based organization said Tuesday in its autumn outlook for the sector.
Iran 'Fires Second Space Rocket'
Iran 'Fires Second Space Rocket'
Iran says it has launched its second space rocket, the Kavosh 2, in a successful follow-up to the first launch in February. State media said that two more tests would be needed before an Iranian-built satellite could be launched into orbit. Iran denies that its long-range ballistic technology is linked to its atomic programme. It is already under international pressure to give up its nuclear work, which it says is purely civilian.
54 More Banks To 'Problem List'
54 More Banks To 'Problem List'
The Federal Deposit Insurance Corp. said Tuesday the list of banks it considers to be in trouble shot up nearly 50 percent to 171 during the third quarter—yet another sign of escalating problems among the institutions controlling Americans' deposits. The 171 banks on the FDIC's "problem list" encompass only about 2 percent of the nearly 8,500 FDIC-insured institutions. Still, the increase from 117 in the second quarter is sharp, and the current tally is the highest since late 1995. "We've had profound problems in our financial markets that are taking a rising toll on the real economy," said FDIC Chairman Sheila Bair in a statement, adding that Tuesday's report "reflects these challenges."
Violent Protests In Iceland
Icelanders Demand PM Resign
Thousands of Icelanders demonstrated in Reykjavik on Saturday demanding the resignation of Prime Minister Geir Haarde and Central Bank Governor David Oddsson for failing to stop a financial meltdown in the country. It was the latest in a series of protests in the capital since the financial meltdown that crippled the island's economy. Hordur Torfason, a well-known troubadour in Iceland and the main organiser of the protests, said the protests would continue until the government stepped down. "They don't have our trust and they are no longer legitimate," Torfason said as the crowds gathered in the drizzle before the Althing, the Icelandic parliament. A separate group of 200-300 people gathered in front of the city's main police station demanding the release of a young protester being held there, Icelandic media reported.
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