Monday, February 9, 2009
Friday, February 6, 2009
Deal Reached On 800 Billion Stimulus Bill
U.S. Senate Democrats agreed on Friday to cut their hopes for a larger economic stimulus package and support a $800 billion (541 billion pound) compromise that would give President Barack Obama an important but narrow victory. Democrats said a vote on passage of the measure -- drafted by leaders of a group of moderate lawmakers from both parties -- and closely watched overseas as a sign of U.S. commitment to help revive the world economy, would be held on Tuesday.
Most Jobs Lost In 34 Years
U.S. employers slashed 598,000 jobs in January, the biggest monthly loss in 34 years, and the jobless rate soared to a 16-year peak, putting pressure on lawmakers to act quickly to counter a deepening recession. "The economy is just falling into oblivion and it will get worse," said Greg Salvaggio, vice president for trading at Tempus Consulting in Washington. The latest bad economic news, contained in a report from the Labor Department on Friday, came as the Senate was aiming for a night-time vote on a package of measures to spur the economy that could cost $780 billion or more.
Thursday, February 5, 2009
Canadian Debt Soars
Canadians now carry more debt as a percentage of their disposable income than American consumers, according to a report released on Tuesday, posing new risks for lenders and challenging Canada's reputation for financial prudence.The ratio of debt to disposable income has increased to more than 130 percent, the Deloitte & Touche consulting group report said. It is a troubling sign for Canadian banks, which have seen their credit card balances increase by almost 40 percent since 2004, it said.The global credit crunch in placing unprecedented stress on Canadian credit card companies, which could ring up similar losses to their U.S. counterparts, the report warned.
Car Sales In China Suprass US
US Car Sales Below 10m...
US car sales below 10mAnnualized US car sales slipped below 10m last month in spite of steep discounts offered by carmakers and government efforts to ease lending.General Motors’ monthly sales of cars and light trucks fell by 49 per cent last month, Chrysler’s by 55 per cent and Ford Motor’s by 40 per cent, including vehicles made by Volvo, its Swedish premium brand.GM said it estimated the overall annualised selling rate for cars at 9.8m in the US in January, compared with 10.3m in December, and less than China’s estimated selling rate of 10.7m last month.”This is the first time in history that China has surpassed the US,” said Michael DiGiovanni, GM’s head of global sales and industry analysis. However, auto market analysts in China said the figures were not comparable because the Chinese figure included all vehicles produced in China - including heavy commercial vehicles and buses - while the US figure did not.
Chinese passenger car production last year was 5.8m.The slide in car sales hit all major manufacturers, but will intensify the pressure on Detroit’s carmakers in particular, which are scrambling to avoid bankruptcy. GM and Chrysler are working on restructuring plans due by February 17, as conditions of their $17.4bn emergency government loans.
Monday, February 2, 2009
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