The sky has finally fallen...

Hewlett-Packard to cut 9K jobs in services unit
By BARBARA ORTUTAY, AP Technology Writer Barbara Ortutay, Ap Technology Writer
Tue Jun 1, 4:01 pm ET

.NEW YORK – Hewlett-Packard Co., the world's largest information-technology company, plans to lay off about 9,000 employees as it tries to cut costs in its back-office computing centers and deepens its use of software, rather than people, to do some of the work that those hubs require.

The changes to these data centers, which are clusters of computers that run websites and process information for HP's corporate customers, will be made over about three years, the company said Tuesday. The layoffs amount to about 3 percent of HP's global work force, which had 304,000 employees as of October, the most recent figure available.
 
Hungary is next

Euro slumps on Hungary fears

Euro fears resurfaced today - not that they ever really went away - as the currency shared by 16 countries fell below $1.20 U.S., its lowest level in more than four years. This time the focus in Europe is Hungary, whose forint also slumped, to a one-year low against the euro. Market concerns over U.S. jobs numbers added to fears over Europe, which in turn were sparked by a Hungarian government official warning that the country’s economy was in grave danger.
 
Asian markets tumble on fears over Hungary
By SHINO YUASA, Associated Press Writer Shino Yuasa, Associated Press Writer
1 hr 8 mins ago

.TOKYO – Asian stock markets tumbled Monday, dragged down by weak U.S. employment figures and fresh fears that Europe's debt crisis could spread as Hungary scrambled to calm worries that the nation is close to defaulting on its debts.

Japan's benchmark Nikkei 225 stock average plunged 396.95 points, or 4 percent, to 9,504.24 with investors also cautious before Japan's new leader, Naoto Kan, forms his Cabinet on Tuesday.

South Korea's Kospi lost 2.6 percent to 1,621.67 while Australia's S&P/ASX 200 was down 3.1 percent at 4,335.90.

Hong Kong's Hang Seng dropped 2.9 percent to 19,211.67. Benchmarks in mainland China, Singapore and Taiwan also fell sharply.

Selling spread in Asia on fears that Europe's debt problems could spread after Hungarian officials said last week the nation was at risk of a Greek-style fiscal crisis.
 
cooler said:
Euro slumps on Hungary fears

Euro fears resurfaced today - not that they ever really went away - as the currency shared by 16 countries fell below $1.20 U.S., its lowest level in more than four years. This time the focus in Europe is Hungary, whose forint also slumped, to a one-year low against the euro. Market concerns over U.S. jobs numbers added to fears over Europe, which in turn were sparked by a Hungarian government official warning that the country’s economy was in grave danger.
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cooler said:
Asian markets tumble on fears over Hungary
...
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this is what happens when there are way too many borrowing that is going on throughout the world. and borrowing more money will not solve the problem. The european market is taking a bigger hit because they've incorporated a bigger pool of countries using its go-to currency (the euro). It started in 1999 and within 10 yrs, it's grown so much as it is also being used in 5 additional european countries with and without formal agreements and is consequently being used over 300+ millions all over Europe and including in Africa. And currently it has the highest combined value of bank notes and coins (over $790 billion) in circulation in the world surpassing the U.S. dollar.
 
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the sky is really falling when we see this happens during the prez speech...

...check out the kid (sitting @ the top right) in the background..

http://buzz.yahoo.com/buzzlog/93742#comments

[video=youtube;JtshsHfYa_0]http://www.youtube.com/watch?v=JtshsHfYa_0[/video]

[video=youtube;zq6hmFI2eN8]http://www.youtube.com/watch?v=zq6hmFI2eN8[/video]
 
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BP is having a hard time, having lost more than 50% of its stock value. The British are not too happy with what they perceive as Obama being anti-British with his BP-bashing. The more its shares dive the faster its demise.
Already PetroChina, ever alert to great buys and acquisitions, is getting ready to be BP's white knight, see www.cnbc.com/id/37607812/
Should it come to this how will US law law makers react? For or against trade globalization?
 
Some people in the west still think that all the stimulus money in China is going into roads, buildings, and bricks and mortar that either lead to nowhere or are built in no man's land. If true it obviuosly cannot be sustained. But even with the global economic downturn it seems nothing can slow down China's growth, not even the Euro's current troubles.
In the midst of this, many western architectural firms and construction companies are now finding real construction, building, and architectural design innovations coming out from China, not the other way. True to the Chinese spirit of risk-taking in acquisitions of both foreign businesses and new innovations in building gigantic buildings, China is now building mega cities that it claims will help improve he quality of life.
Some background on this www.chinadaily.com.cn/bizchina/2010-06/07/content_9942843.htm
 
extremenanopowe said:
whats with japan now? If the media makes a huha.... another panic attack. ;)
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Japan's problem is that its Yin and Yang are all messed up. Its economic future is with the East especially with China but it is also a aligned with the US in its security. If seen as too close to the US in security, this will be at the expense of a perceived increased threat to China. You cannot have both at loggerheads. It must be all for one or none at all. Its latest attempt in trying to be more independent of US security resulted in the resignation of its PM. Big country, Japan, but minnows in geopolitics.
 
silentheart said:
irrational exuberance or just country pride?
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This is an American phenomenon, "irrational exuberance" applies to a nation who borrows so much money to buy things and services it cannot afford. How can it apply to a nation who is the only remaining one who can lend out cartloads of money?
The Chinese are the most pragmatic businessmen you can find anywhere. The Chinese will always regard themselves as developing and not fully industrialised. It is western businessmen and western think tank people who undergo a cultural shock when they visit China, and then start writing articles about the greatness of the new China. After the Chinese have been on top of the world for close to 1,500 years of the last 2,000 years. With such a pedigree and a proven record, it is now just reclaiming its historical status. The problem is that this becomes a bit unsettling to the west, to the extent that westerners in both North America and Europe now see China as their next greatest threat. When you see a threat you are not going to cooperate with it, only to see the gap grow bigger with you on the wrong side.
 
taneepak said:
BP is having a hard time, having lost more than 50% of its stock value. The British are not too happy with what they perceive as Obama being anti-British with his BP-bashing. The more its shares dive the faster its demise.
Already PetroChina, ever alert to great buys and acquisitions, is getting ready to be BP's white knight, see www.cnbc.com/id/37607812/
Should it come to this how will US law law makers react? For or against trade globalization?
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close but may not end up like that. BP has a big bill to pay for the all the gulf leak damages. To do that they have to sell some assets, prolly
american oil/gas assets and highest bidder wins the auction. China only want the non-US international stuffs. If u dunno, Anadarko owns 25% of this mess, and a japanese compnay owns 10% of this mess.
 
cooler said:
close but may not end up like that. BP has a big bill to pay for the all the gulf leak damages. To do that they have to sell some assets, prolly
american oil/gas assets and highest bidder wins the auction. China only want the non-US international stuffs. If u dunno, Anadarko owns 25% of this mess, and a japanese compnay owns 10% of this mess.
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This oil spill is going to be a test of the special relationship between Britain and the US. Already the British PM is meeting Obama to try to contain any unpleasant fallout. Many British pension funds invest heavily in BP and with no prospects of getting their usual dividends and the possibility of seeing their investments being auctioned off for a penny for every pound, this is a very touchy Anglo American issue.
 
taneepak said:
This oil spill is going to be a test of the special relationship between Britain and the US. Already the British PM is meeting Obama to try to contain any unpleasant fallout. Many British pension funds invest heavily in BP and with no prospects of getting their usual dividends and the possibility of seeing their investments being auctioned off for a penny for every pound, this is a very touchy Anglo American issue.
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http://www.badmintoncentral.com/forums/showthread.php?84975-gulf-oil-spill&p=1460534#post1460534
 
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