August 27, 2010 |
Toyota has recalled more than 1 million of its Corolla and Matrix cars, just days after U.S. auto safety regulators stepped up a probe into the risk that the vehicles could stall because of defective electronic engine control units. The recall also affects 200,000 Pontiac Vibe models built by a joint venture between General Motors Co. and Toyota. Toyota Motor Sales U.S.A. Inc. said Thursday that the recall of the 2005 to 2008 model year vehicles sold in North America was to address a problem with an electronic component called an engine control module that might have been improperly manufactured.
September 30, 2009 |
In 2008, the median household income in the United States plummeted 3.6% from the year before, and the percentage of people living in poverty soared to an 11-year high, recently released U.S. Census data reveal. Economists say the bleak news -- which they blame on the slew of layoffs that have accompanied the economic downturn -- is significant, if not entirely surprising. "The current recession has eliminated the gains that have been made in the last 10 years or so," said Lee Ohanian, an economics professor at UCLA.
February 26, 2009 |
NFL Commissioner Roger Goodell is taking a pay cut and the league staff has been trimmed by 15% because of the reeling economy, the NFL confirmed Wednesday. The league said that its staff cut, announced more than two months ago, has resulted in a reduction of 169 jobs through buyouts, layoffs and other staff reductions. That amounts to just over 15% of the league's work force of 1,100.
January 6, 2009 |
The recession brought the U.S. market for initial public stock offerings to a halt in the fourth quarter, closing the worst year for IPOs since 1977, the National Venture Capital Assn. said Monday. No companies backed by venture capitalists went public in the fourth quarter, and only six staged IPOs in all of 2008, the association said. Emerging businesses also had trouble merging with larger companies, with just 37 venture-backed firms selling themselves in the fourth quarter.
January 3, 2009 |
What a difference a year makes. With the virtual collapse of credit markets and the drying up of money from private equity firms, 2008 turned out to be a very slow year for mergers and acquisitions. Globally, there were 37,445 deals, totaling $3.3 trillion, down 29% from record volume in 2007, according to Dealogic, a data research firm in New York. In the United States the value of deals dropped 29% to $1.1 trillion.
January 2, 2009
Last Sunday, New Yorkers gathered in Times Square for the second annual Good Riddance Day, feeding reminders of the things they least liked about 2008 into an industrial-sized paper shredder. There's something so wonderfully archetypal about this ritual -- the only reason James George Frazer didn't mention it in "The Golden Bough" was that the ancient Celts didn't have giant shredders -- that we can't help but hope the tradition catches on.