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Alcoa to Slash 15,200 Jobs, Output
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Austrias Woman on Wall St. Now Out of Sight
VIENNA - With an aggressive style that stood out in the staid world of Austrian banking even more than her bouffant red wig, Sonja Kohn made few friends gathering billions for Bernard L. Madoff from wealthy investors in Russia and across Europe. Now, she
German Billionaire Takes Own Life
FRANKFURT - Adolf Merckle, the German billionaire whose speculation in volatile Volkswagen stock had pushed his sprawling business empire to the edge of ruin, has committed suicide, his family said Tuesday. Adolf Merckle, 74, was ranked as the world's
Alcoa to cut global workforce by 13%
NEW YORK (CNNMoney.com) -- Aluminum producer Alcoa Inc. said Tuesday it will slash its global workforce by 13%, or 13,500 jobs, by the end of the year as a way to remain competitive during the global economic recession. The company said it made the move
Record Year for Global Clean Tech VC
Global venture capital investment in clean technology soared to a record $8.4 billion in 2008, but there could be signs of a slowing trend, according to two reports released this week. â??In 2008, there was a quantum leap in talent, resources, and
Next chief dismisses talk of high street meltdown
One of the UK's biggest fashion retailers yesterday revealed a near-10% drop in pre-Christmas sales, but insisted the high street was not in meltdown despite the recent glut of store chains collapsing into administration. The Next fashion chain, which
Markets Higher Amid Latest Economic Reports
Stock markets pushed higher Tuesday afternoon despite economic reports showed that Americas service sector continued to struggle at the end of the year and factory orders plunged in the face of the deepening recession. At 2:30 p.m., the Dow Jones
It's payback time
(Fortune Magazine) -- In today's dire financial climate, what exactly should a CEO say when it's time to hold that quarterly earnings call with analysts and the media? On the one hand, he could try refreshing candor and say, 'Look, let's be honest. This
Marks and Spencer cuts 1,000 jobs
Retailer Marks &Spencer will announce on Wednesday that it is to cut more than 1,000 jobs, the BBC has confirmed. The announcement will accompany its trading update for the Christmas period, which will be released to the stock exchange at 0700 GMT.
Logitech to slash 15% of jobs
ZURICH (Reuters) -- Logitech International SA, the world's largest computer-mouse maker, said it plans to cut 15% of its workforce and withdrew its fiscal 2009 financial targets, citing deepening global recession. 'During the December quarter, the retail
Bid to Revoke Madoffs Bail Cites His Gifts
Bernard L. Madoff, right, leaving Federal District Court in Manhattan on Monday. Mr. Madoff remains free on $10 million bail. Contending that Bernard L. Madoff sent at least a million dollars worth of jewelry as gifts to family members and friends last
Chesapeake Collects Cash
Liquidity concerns motivate sale of natural gas assets to group of private investors. Chesapeake Energy's need to bolster its cash position was a group of private investors' gain. Argonaut Private Equity snapped up natural gas assets across the Anadarko
Perspectives on change: A former chief of staff reflects
Leon Panetta discusses how to make change happen, public?private partnerships and their effect on policy, and the major management challenges confronting the new administration. NOVEMBER 2008 â?¢ Lenny Mendonca and Allen Webb In This Article
Cigna To Cut 1,100 Jobs, Consolidate Locations
DOW JONES NEWSWIRES Cigna Corp. (CI) will cut 1,100 jobs, or about 4% of its worldwide work force, and consolidate some locations to strengthen its competitive position amid the economic downturn. The move follows a 3% staff reduction last month at rival
Congress looks for answers in Madoff scandal
Lawmakers ask how regulators missed the alleged $50 billion Ponzi scheme. NEW YORK (CNNMoney.com) -- Lawmakers took a hard look Monday at the alleged $50 billion investment scam engineered by Bernard Madoff, and one key Congressman vowed to take action
Bleak Sales in December Cap a Grim Year for Automakers
DETROIT - Vehicle sales in the United States tumbled more than 35 percent in December, dragging the Detroit automakers full-year totals down to their lowest levels in nearly half a century. Sales were down 37 percent at Toyota, 35 percent at Honda and 32
Supply Worries Offer Oil A Way Up
Prices rise as recession fatigue gives way to supply worries amid the Gaza invasion and Russia-Ukraine dispute. Oil prices have continued to gain in the new year, pointing to the declining impact of recessionary fears in the face of geopolitical tensions
New Year, New Outlook For Oil
Recession fatigue is setting in; now, geopolitics, and supply worries are likely to start to have an effect on prices. Ever since demand for commodities like oil began to sputter in the second half of 2008, driving the price of crude down from a high of
Exxon: Waiting for the tiger to pounce
NEW YORK (CNNMoney.com) -- Exxon Mobil is sitting on a massive pile of money. Thanks to record oil prices over the last few years and a cautious investment strategy that drew fire from critics, the company has nearly $40 billion in cash reserves. It has
Canada's Pension Plan
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Bob Iger rocks Disney
LOS ANGELES (Fortune) -- Bob Iger is inside the Royal Festival Hall in London on a September afternoon, geeking out with some young guys about two of his favorite things: tunes and technology. The CEO of Walt Disney Co. pulls out his iPhone and thumbs
As Vacant Office Space Grows, So Does Lenders Crisis
Vacancy rates in office buildings exceed 10 percent in virtually every major city in the country and are rising rapidly, a sign of economic distress that could lead to yet another wave of problems for troubled lenders. With job cuts rampant and
As Vacant Space Grows, So Does Crisis for Lenders
Vacancy rates in office buildings exceed 10 percent in virtually every major city in the country and are rising rapidly, a sign of economic distress that could lead to yet another wave of problems for troubled lenders. With job cuts rampant and
Russian gas row cuts supplies to Europe
An emergency meeting of European Union envoys will be held tomorrow in the hope of resolving the row, which some experts fear has again highlighted the risks of energy dependency on Russia. Bohdan Sokolovsky ? an economic aide to the Ukrainian
Obama Weighs Big Increase in Jobless Aid
CHICAGO - President-elect Barack Obama and Congressional Democrats are considering major expansions of government-assisted health care insurance and unemployment compensation as they begin intensive work this week on a two-year economic recovery package.
Government mulls help for banks
The Chancellor says lending is not at the levels he wants to see The government has said it is mulling further plans to encourage UK banks to raise lending to firms and households. Chancellor Alistair Darling said that pumping more state cash into banks
Investor warning on Bellway bonus
Like other housebuilders, Bellway has trimmed its workforce Housebuilder Bellway looks set to clash with investors at its annual meeting after a shareholder watchdog raised concerns over management bonuses. The Association of British Insurers (ABI),
Obama Considers Major Expansion in Aid to Jobless
CHICAGO - President-elect Barack Obama and Congressional Democrats are considering major expansions of government-assisted health care insurance and unemployment compensation as they begin intensive work this week on a two-year economic recovery package.
FDIC Agrees to Sell IndyMac to Investors
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Some Forecasters See a Fast Economic Recovery
Leaders of a New York campaign to help the jobless in 1932. The unemployment rate is expected to peak at 8 or 9 percent. Economics as the dismal science? Not in some quarters. Works Progress Administration marchers in New York in 1937. Economists expect
