WASHINGTON — Driven by a sour economy and skittish consumers, U.S. business bankruptcies saw their sharpest quarterly rise in two years, jumping 17 percent in the second quarter of 2008, according to an analysis by McClatchy. Commercial filings for the first half of 2008 are up 45 percent from last year, as the national climate for commerce continues to deteriorate amid rising energy and food costs, mounting job losses, tighter credit and a reticence among consumers to part with discretionary income. From April through June, 15,471 U.S. businesses called it quits, according to data from Automated Access to Court Electronic Records, an Oklahoma City bankruptcy management and data company. States that saw the biggest increase in filings were Delaware, Montana, Oregon, Maryland and Connecticut, suggesting that the economic gloom is spreading beyond large population centers. It was the 10th straight quarter that business bankruptcy filings have increased. Nearly 29,000 companies filed in the first half of 2008. Another 60,000 to 90,000 others probably have closed, because roughly two to three businesses fold for every one that files for bankruptcy, said Jack Williams, resident scholar at the American Bankruptcy Institute. The vast majority of these […]
Foreclosures accelerated to the fastest pace in almost three decades during the second quarter as interest rates increased and home values fell, prompting more Americans to walk away from homes they couldn’t refinance or sell. New foreclosures increased to 1.19 percent, rising above 1 percent for the first time in the survey’s 29 years, the Mortgage Bankers Association said in a report today. The total inventory of homes in foreclosure reached 2.75 percent, almost tripling since the five-year housing boom ended in 2005. The share of loans with one or more payments overdue rose to a seasonally adjusted 6.41 percent of all mortgages, an all-time high, from 6.35 percent in the first quarter. Tumbling home prices are making it difficult for even the most creditworthy owners with adjustable-rate mortgages to sell or get a new loan as their financing costs rise, said Jay Brinkmann, MBA’s chief economist. Prime ARMs accounted for 23 percent of new foreclosures and subprime ARMs were 36 percent, he said. “People chose the lowest payment option to get into some of the very expensive housing markets and now that prices are coming way down, they can’t sell and they can’t afford the higher […]
NEW YORK — More than two out of three people worldwide tuned in for the Beijing Olympics. Nielsen Media Research says 4.7 billion viewers globally saw at least some of the 17 days of TV coverage last month. This audience was one-fifth larger than the 3.9 billion who watched the 2004 Olympic Games in Athens. Host nation China claimed more viewers than any other nation, Nielsen said Friday, logging an audience reach of 94 percent among its population of 1.3 billion. In the U.S., where NBC and several sister networks aired extensive coverage, the 2008 Olympics took the record as the most-viewed event in American television history.
WASHINGTON — The nation’s unemployment rate zoomed to a five-year high of 6.1 percent in August as employers slashed 84,000 jobs, dramatic proof of the mounting damage a deeply troubled economy is inflicting on workers and businesses alike. The Labor Department’s report, released Friday, showed the increasing toll the housing, credit and financial crises are taking on the economy. The report rattled Wall Street again. The Dow Jones industrial average was down about 40 points in midday trading. All the major stock indexes tumbled into bear territory Thursday as investors lost hope of a late-year recovery. With the employment situation deteriorating, there’s growing worry that consumers will recoil, throwing the economy into a tailspin later this year or early next year. The jobless rate jumped to 6.1 percent in August, from 5.7 percent in July. And, employers cut payrolls for the eighth month in a row. Job losses in June and July turned out to be much deeper. The economy lost a whopping 100,000 jobs in June and another 60,000 in July, according to revised figures. Previously, the government reported job losses at 51,000 in each of those months. So far this year, job losses totaled […]
The ice shelves in Canada’s High Arctic have lost a colossal area this year, scientists report. The floating tongues of ice attached to Ellesmere Island, which have lasted for thousands of years, have seen almost a quarter of their cover break away. One of them, the 50 sq km (20 sq miles) Markham shelf, has completely broken off to become floating sea-ice. Researchers say warm air temperatures and reduced sea-ice conditions in the region have assisted the break-up. ‘These substantial calving events underscore the rapidity of changes taking place in the Arctic,’ said Trent University’s Dr Derek Mueller. ‘These changes are irreversible under the present climate.’ Scientists reported in July that substantial slabs of ice had calved from Ward Hunt Ice Shelf, the largest of the Ellesmere shelves. Similar changes have been seen in the other four shelves. As well as the complete breakaway of the Markham, the Serson shelf lost two sections totalling an estimated 122 sq km (47 sq miles), and the break-up of the Ward Hunt has continued. Cold remnants The shelves themselves are merely remnants of a much larger feature that was once bounded to Ellesmere […]
Remote Viewing the Year 2060
