CBO: Budget deficit hit record $1.4B in 2009 thanks to recession-fed drop in revenue, bailoutsOctober 7th, 2009 CBO: Budget deficit hit record $1.4B in 2009WASHINGTON — Congressional analysts say the federal budget deficit tripled to a record $1.4 trillion for the 2009 fiscal year that ended last week. The unprecedented flood of red ink flows from several factors, including a big drop in tax revenues due to the recession, $245 billion in emergency spending on the Wall Street bailout and the takeover of mortgage giants Fannie Mae and Freddie Mac.
UCLA forecasts double-digit Calif. jobless rate through 2010 but high tech may recoverSeptember 16th, 2009 UCLA forecast: Calif. economy slow through 2010LOS ANGELES — A UCLA forecast says California will continue to struggle with recession next year even though its high-tech industries will rebound.
Got odor? Next stop for smelly Honolulu bus riders could be jailSeptember 1st, 2009 Honolulu seeks to ban bad odors on busesHONOLULU — Stinky city bus riders soon could get soaked. The Honolulu City Council is considering a bill that would impose up to a $500 fine and/or up to six months in jail for public transit passengers convicted of being too smelly.
Report: Caribbean hotel plans will stall due to visitor dropAugust 17th, 2009 Report: Caribbean hotel plans will stallSAN JUAN, Puerto Rico — A new report offers a bleak outlook for the Caribbean hotel industry. PKF Hospitality Research says the region's hotels had an average drop in profits of 16 percent in 2008 and there will be "further profit deterioration" this year.
2 dozen riders taken off disabled roller coaster at theme park in CaliforniaAugust 11th, 2009 2 dozen taken off disabled Calif. roller coasterSANTA CLARA, Calif.
US economy shrinks only one percent in second quarter, Economists optimisticJuly 31st, 2009 WASHINGTON - The US economy shrank at a one-percent annual rate in the second quarter of 2009, according to a preliminary estimate Friday by the US Commerce Department. The figure was better than economists expected and signals that the longest US recession since the Great Depression of the 1930s has slowed dramatically.
Port operator DP World says cargo throughput at its ports fell 10 percent in first halfJuly 30th, 2009 DP World says business at ports drops 10 pct in 1HDUBAI, United Arab Emirates — Cargo handler DP World said Thursday business at its ports dropped 10 percent in the first half of 2009 as the shipping industry struggles through its worst slump in memory because of the global recession. The Dubai-based port operator said it moved the equivalent of 12.3 million 20-foot (6-meter) shipping containers through ports it runs around the world between January and June.
End of US recession in sight: ObamaJuly 29th, 2009 WASHINGTON - President Barack Obama Wednesday said the United States was witnessing the "beginning of the end" of its worst recession in decades. Speaking at a townhall-style gathering in Raleigh, North Carolina, Obama sounded optimistic on the state of the US economy but warned that massive job losses were likely to continue for some time.
Eurotunnel makes net loss of euro8M in first half as fire hurts truck shuttle operationsJuly 24th, 2009 Eurotunnel blames fire for euro8M H1 lossPARIS — Eurotunnel SA, the operator of the English Channel tunnel, on Friday blamed last year's fire on the undersea route between France and Britain for pushing it to a first-half loss after recently turning profitable. Eurotunnel reported a net loss of euro8 million ($11.3 million) for the first half, down from a profit of euro22 million a year earlier.
European central bank chief says no need for more stimulus, predicts 2010 recoveryJune 21st, 2009 Europe's central banker says no more stimulusPARIS — Europe's central bank chief on Sunday cautioned against any new government stimulus plans and predicted the global economy will pick up in 2010. "We are seeing at this moment a slowdown in the drop in activity," Jean-Claude Trichet said on France's Europe-1 radio.
When price of ingredient in white paint falls, economists see broader weaknessJune 16th, 2009 Paint chemical price drop signals weak economyWASHINGTON — The recession may not be waving a white flag just yet, but the price of a key ingredient in white paint may signal the economy's downhill slide is easing. Titanium dioxide prices fell 5.1 percent in the 12 months ending in May, the Labor Department reported Tuesday.
EU says European Union and euro area will shrink by 4 percent this yearMay 4th, 2009 EU says Europe faces deep and widespread recessionBRUSSELS — The European Union says Europe faces a "deep and widespread recession" and that unemployment will rise sharply over the coming two years. It says both the 27-nation EU and the 16 countries that use the euro currency will shrink 4 percent this year, way more than its previous forecasts.
NY budget official predicts end to recession later this year, but doesn't expect major reboundApril 28th, 2009 NY budget official: Recession to end later in yearALBANY, N.Y. — New York state budget officials predict the national recession will end sometime in the third quarter of 2009.
Online travel finally expected to decline, PhoCusWright saysApril 27th, 2009 PhoCusWright says online travel finally downSHERMAN, Conn. — The recession is finally taking its toll on online travel, with a decline in revenues this year forecast by PhoCusWright, the travel industry research company.
Minister says Kazakhstan faces recession unless economic stimulus package is sped throughApril 21st, 2009 Kazakh official raises specter of recessionALMATY, Kazakhstan — Kazakhstan's once-booming economy will slip into recession unless the government speeds through a multibillion dollar stimulus package, the country's economy minister warned Tuesday. The looming threat of contraction in Central Asia's largest economy is a stark indication of how badly the country has been hit by falling prices and demand for its oil and mineral resources.
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