Tag Archives: Recession

Germany’s ‘TV duel’ turns friendly as election looms

There’s a saying that the German peace movement has been using since the days of the Cold War that translates into something like this: “Imagine there’s a war and no one shows up.” Adapt that to German politics and you have a pretty good summary of Sunday’s pre-election TV debate between Chancellor Angela Merkel of the Christian Democratic Union and her rival Frank Walter Steinmeier, of the Social Democratic Party, who is also this country’s Foreign Minister: “Imagine there’s an election and no one fights to win.” That is what viewers saw last night. With just two weeks to go until Germany goes to the polls, both candidates opened up by praising each other and saying how well they have been working together

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Survey: Worst of recession has yet to hit U.S. cities’ coffers

The light at the end of the recession tunnel is distant and dim for the nation’s cities, according to a survey by the National League of Cities. While optimistic federal officials hint at an economic turnaround, city finance officers say the picture remains bleak for city governments. This is chiefly because a top source of municipal income — property tax revenue — tends to lag behind changes in the market

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The Next Step for Microfinance: Taking Deposits

Some 30 years ago, the field of microfinance was born from a radical concept: poor people, when lent small amounts of money, will pay it back in a timely manner. In the meantime, that money can be put to use in ways that help boost income—goat farming, say, or carpet weaving—and, ostensibly, raise a family’s standard of living. Now another radical concept is starting to take hold: that the thing people really need, more than business loans, is a safe place to save their money.

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Toyota poised to slash production

Toyota is poised to slash production by as much as 580,000 vehicles — or almost 6 percent of global capacity — in an effort to stem losses amid the sharp downturn in car sales. Japan’s largest carmaker, which is forecasting its second consecutive net loss this year, said it would shut a production line in western Japan from next spring through to the second half of 2011, reducing output by 220,000 vehicles.

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FBI agent testifies in Mumbai terror trial

An FBI agent Wednesday testified in the Mumbai terror trial, Indian prosecutors said. Despite reports that Lisa Wu Hartwell and husband, Ed, were evicted from their Atlanta home, the housewife tells PEOPLE.com, “We chose to move, we were not evicted.” Adds Hartwell, 38, “It was decision that we made and not one that was made for us

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Germany’s Cash-for-Clunkers Black-Market Scandal

As the U.S. jumps on board the cash-for-clunkers bandwagon, the Obama Administration would do well to pay attention to what is happening in Hamburg’s sprawling harbor. The seaport city is one of the busiest ports in the world: nearly every car — new or used — passes through its docks on the way out of Germany.

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Unemployment Falls, but Long-Term Joblessness Remains a Concern

For all the relief over the jobless figures released by the Bureau of Labor Statistics Friday morning — 247,000 jobs were lost in July, far fewer than economists had expected — a dark problem lurks in the numbers: dangerously high levels of long-term unemployment in America.

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Death in the Recession: More Bodies Left Unburied

Have economic times gotten so bad that some of the dead are going unburied? Several large counties across the country are experiencing unprecedented increases in the number of unclaimed deceased — not only because the dead people could not be identified, were indigent or were estranged from their family, but also apparently because more people simply cannot afford to bury or cremate their loved ones. The phenomenon has increased costs for local governments, which have to dispose of the bodies

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