Posts Tagged ‘recession’

The Ever Shrinking Economy

Friday, February 27th, 2009

Washington, DC — The Commerce Department released its report on the 4th Quarter GDP. Though it was expected to be bad, it came in even worse — down 6.2 percent on an annual rate.

Hitachi Reverses Financial Outlook / Cuts Jobs

Tuesday, February 3rd, 2009

Tokyo, Japan — Hitachi changed their forecast from profitability to a 4.1-billion-dollar quarterly loss.

Hitachi is one of the world’s largest corporations. It was founded in 1910 by Namihei Odaira as an electrical repair shop. They succeeded in manufacturing three 5hp (3.6775 kW) electric motors as the company’s first products.

Today, they manufacture consumer products:
* Home Appliances
* AV Products
* Personal Computer / Mobile Phones
* Home Equipment / Life service

And, business products:
* Information Technology
* Security
* Electronic Devices / Materials
* Public / Urban / Transportation
* Medical / Health Care / Biotechnology
* Environment / Power / Industrial

Because of economic conditions, they plan to lay-off 7,000 workers.

World Recession / Global Slowdown

Saturday, January 24th, 2009

Markets around the world are falling. This could be the first time that so many countries have slid into recession at the same time. The United States has been in a recession for the past year. Great Britain announced that it, too, had fallen into recession. In Korea, Samsung posted its first ever quarterly loss. Japan’s Sony saw its first quarterly loss in fourteen years. Canada went from predicting a positive GNP to revising the projection to a recession. Even China is seeing a slowdown with growth going into the single digits for the first time in many years.