Financial Times (October 25)
“A painful and protracted hangover from the financial crisis has slashed demand for cars in Europe, forcing mainstream manufacturers to close factories, lay off workers and fill their financial statements with red ink.” Despite these measures, however, the industry is still struggling with overcapacity, compelling many global automakers to subsidize European losses with sales elsewhere. Providing a glimmer of optimism for Europe, however, Ford “called the bottom of the disastrous market slump on Thursday, the first carmaker confident enough to turn tentative hopes into official profit guidance and draw a financial line under six years of falling sales.”
Tags: Automakers, Carmakers, Demand, Europe, Factories, Financial Crisis, Ford, Guidance, Losses, Manufacturers, Optimism, Overcapacity, Sales, Workers
Chicago Tribune (September 5)
“It will come as a consolation to some Chicagoans that when they struggle to shed weight, they are up against powerful forces beyond their control.” Research has shown that fans of losing teams consume 16% more saturated fat and 10% percent more calories following losses. “For Chicago, this is apocalyptically bad news…. We have not one but two baseball teams to influence our dietary habits — both of which, right now, are in last place.”
Washington Post (May 20, 2013)
“For all the wonders of the digital revolution, there is a turbulent and largely hidden underside of theft and disruption that grows by the day; the losses are often not counted in stacks of $20 bills but rather in millions of dollars of intellectual property stolen or compromised. Computer networks are vital to American capitalism and society but remain surprisingly vulnerable to hijack and hijinks.” More worryingly, the electric grid and much of the public infrastructure is also vulnerable. The U.S. needs to “erect better defenses” against cyberattack.
Tags: Computer networks, Cyberattack, Digital revolution, Disruption, Electric grid, Infrastructure, Intellectual property, Losses, U.S.
Ceres (November 1)
Losses from Hurricane Sandy may run as high as $50 billion. Ceres has urged “insurance companies to reckon with the economic implications of increasingly unpredictable and extreme weather induced by climate change.” They should take the lead in pushing “for climate-friendly legislation and measures to improve resilience, such as building communities in safer areas and moving electrical equipment in buildings from basements to higher floors.”
New York Times (May 11)
Congress is “slower than snail mail.” The United States Postal Service (USPS) needs to make reforms. Unfortunately, these require Congressional agreement. While Congress delays, the USPS “is running deficits of $36 million a day. It will go bankrupt this year and annual losses could rise to $21 billion a year by 2016.”Congress is “slower than snail mail.” The United States Postal Service (USPS) needs to make reforms. Unfortunately, these require Congressional agreement. While Congress delays, the USPS “is running deficits of $36 million a day. It will go bankrupt this year and annual losses could rise to $21 billion a year by 2016.”
Bloomberg (May 17)
“A Greek default would be “highly destabilizing” for banks, causing losses that “far exceed” the size of their loans and investments there, according to Moody’s Investors Service.” European banks hold approximately €95 billion of Greek assets. Moody’s calculated direct possible losses on these assets at €34.4 billion.
