Chrysler declares bankruptcy

By Jerry White 1 May 2009 Chrysler—the third largest US automaker—filed for bankruptcy in New York Thursday, announcing that it would close its manufacturing facilities until it emerges from a Chapter 11 reorganization. The move threatens the livelihoods of 54,000 hourly and salaried workers in the US and Canada and hundreds of thousands of retirees [...]

Workers march in May Day rallies

May Day protests around the world Labour unions in dozens of countries around the world are using traditional May Day marches to protest over the handling of the global economic crisis. In central Istanbul, Turkish police used tear gas and water cannon to disperse several hundred demonstrators. Overnight, German youths clashed with police in the [...]

U.S. Economy: GDP Shrinks in Worst Slump in 50 Years « Pak Alert Press

Bob Willis Bloomberg April 30, 2009 The U.S. economy plunged again in the first quarter, making this the worst recession in at least half a century. Gross domestic product dropped at a 6.1 percent annual pace, weaker than forecast, after contracting at a 6.3 percent rate in the last three months of 2008, the Commerce [...]

BBC NEWS | Business | GM to cut total of 21,000 US jobs

General Motors (GM) is to cut 21,000 US jobs this year and phase out its Pontiac brand, as it aims to meet a 1 June deadline to revamp its business. GM has to complete its restructuring by then to gain the government loans it needs to avoid bankruptcy protection. After shedding Pontiac by the end [...]