Word: plummets
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...Nikkei hit rock bottom on Oct. 27 at 7162, and some of the more bullish market analysts say it won't see that level again. But as corporate profitability continues to plummet and the global economy worsens, stock-market analysts are waiting for a catalyst. Tsuyoshi Nomaguchi, strategist at Daiwa Securities in Tokyo, says Japan's stocks are not comparatively cheap but are in the "attractive zone," and once recovery measures in the U.S. take effect in the middle of 2009, Japan's stock prices will rise on anticipation of economic growth. "Japan is falling behind [other nations] in implementing...
...closing a plant or initiating mass layoffs. WARN also requires companies to fully compensate workers with all earned wages and vacation time. In a statement issued late Monday, Republic officials attributed the company's difficulties to the decline in the home construction market, which saw the company's sales plummet by 80%. Then it shifted blame to its creditor, Bank of America, which Republic said compounded the situation with its "unwillingness" to "continue funding the operations," according to the statement. Republic also said that it told Bank of America about possible WARN compliance issues in October 2008. For its part...
...While Dongxiaokou's scrap yards have epitomized China's industrial boom over the past two decades, the global economic slowdown has left the scrappers struggling as prices for raw materials plummet. A group of men from Henan sit at a table playing a card game called "Fight the Landlord." They're the owners of a huge mound of plastic bottles they could process, but if they sold them now, they would lose money - scrap prices have fallen to levels not seen in years. "You want to know why our prices are dropping?" says Zhang Zhongming, 43, who moved...
...down with TIME to discuss the auto industry's current crisis, how to make electric cars a reality, and what we'll drive 10 years from now. Though better off than its American counterparts, Nissan recently reported a 39% drop in second-quarter profit, has seen its stock price plummet, and plans to halt production of nearly 300,000 vehicles through March of next year...
...reason for Monday's market plummet is little changed from that behind the last few weeks of red ink: Growing certainty that the world is headed into a deep, and probably long, recession. The pessimism is fuelled by statistics showing consumer spending and industrial production falling off in many major economies, and especially...