Entries Tagged 'Credit Crisis' ↓
March 13th, 2009 — Credit Crisis, Credit Crunch, Downgrade, Economy, Failure, General Electric, Immelt, S&P
General Electric had its credit rating downgraded by ratings agency Standard & Poor’s to AA+ from AAA, the Associated Press reported earlier this morning.
S&P’s reasoning on the downgrade is that GE’s finance arm, GE Capital, faces greater losses on real estate loans, and said that if GE Capital were a separate company, it would receive just an A rating.
This bad news comes on the heels of last week’s announcement that GE would be cutting its dividend by two thirds, a move that would save the company about $9 billion a year.
March 9th, 2009 — Advertising, Alaska, Credit Crisis, Economy, Layoffs, Media, Miami, Newspaper Industry, Print Media, Sacramento
U.S. newspaper publisher McClatchy, owner of the Miami Herald, Sacramento Bee and Anchorage Daily News, said today that it will be handing out 1,600 pink slips, affecting 15% of its workforce, in an attempt to deal with the stumbling economy and a drop in newspaper advertising revenues.
McClatchy has been under intense pressure to meet heavy debt payments from purchasing the Knight-Ridder newspaper chain back in 2006.
Job cuts will be realized through a severance program, attrition and outsourcing business functions, the company said in a statement.
March 5th, 2009 — Citibank, Credit Crisis, Economy, End of Day, Market Crash, Stock Prices, TARP
After falling as low as 97 cents a share in mid-day tradiong, Citigroup managed to pare some losses and finish the day at $1.02, down 10% from the close on Wednesday.
This is the lowest level for the bank’s stock since Citicorp and Travelers Group merged in 1998 to create Citigroup. The stock has fallen 98% in 2 years.