Subscribe to Dollars & Sense magazine. Recent articles related to the financial crisis. 70,000 Jobs Lost Worldwide TodayFrom Reuters:Caterpillar, others unveil massive job cuts Mon Jan 26, 2009 1:48pm EST By Brian Moss NEW YORK (Reuters) A tidal wave of layoffs washed across the world on Monday, sending tens of thousands of workers into joblessness as the pain of the global recession worsened. Amid reports of tumbling corporate profits, dire outlooks and a lowered global growth forecast from the International Monetary Fund, companies in Europe and the United States announced they would cut employees in a dramatic effort to reduce costs and keep their businesses afloat. Despite the corporate gloom, markets rallied on some of Monday's other news: No. 1 drugmaker Pfizer Inc said it would buy rival Wyeth for $68 billion, Barclays said it had no need to raise capital and sales of existing U.S. homes unexpectedly rose 6.5 percent. Read the rest of the article Labels: financia crisis, labor Please consider donating to Dollars & Sense and/or subscribing to the magazine (both print and e-subscriptions now available!). |
