DETROIT – The new General Motors will be faster and more responsive to customers than the old one, and it will make money and repay government loans faster than required, CEO Fritz Henderson said Friday as a leaner version of the automaker emerged from bankruptcy protection.
The bulk of General Motors Corp.'s assets were transferred to a company controlled by the U.S. government.
Once the world's largest and most powerful automaker, new GM is now cleansed of massive debt and burdensome contracts that would have sunk it without federal loans.
But the new GM also emerges amidst the worst sales slump in a quarter-century............................................................."If we don't get this right, nothing else is going to work," he said during a morning news conference at GM's Downtown Detroit headquarters. "Business as usual is over at General Motors."(SOURCE:YAHOO NEWS)
I do not know whether any of you saw Obama announcement of $50 billion bailout for GM motors but he sure as hell looked grim and never made the speech eloquent.Just,a short sort of note about the bailout and he was gone.But I am pleased that it is helping and someday I can see that company again becoming the largest motor company again(Toyota beat the hell out of GM in 2008)
Friday, July 10, 2009
INFLATION RATE OF PAKISTAN IN THIS MONTH WAS 13.3%!!
Man I am sorry,I have been pretty busy this week and did not get time to post.Sometimes I wonder that there is more work to do in holidays but it is for a cause in which I believe in (I mean meeting my hometown nazim as a member of local society to give my humble suggestions about improving the local education oppurtunities is worthwhile and do not get carried away,I was not the only one; there were about 7 people,many of whom elders but nonetheless it was a successfull and SURPRISINGLY enjoyable meeting) OK for those of us(including a sweeping majority and me ,of course) who have been grumbling that inflation is killing us with inflation rates going as high as 25% in the last year,it is heartening to hear that it has come down to nearly half i-e 13.3%,but wait a second,one may expect a rise with the new, highly unpopular presidential ordinance which coerces us to accept higher fuel prices mmight cause some cost pull inflation.At least,thats what my analysis says.n sorry people,I know I bring shame to all my english teacher and SAT study by writing extremely flawed english but ironically,this is what I love about blogging,you can write about anything,about anyone and no body would ask you to correct a comma splice.
Tuesday, July 7, 2009
Today I am going to share some excellent resources with you for those who are either studying O or A levels.
They are mainly past papers and notes links an they helped me a lot.Even when I was ill in papers,these resources did a lot to compensate for my loss of study time and provided me a quick revision.
http://www.freeexampapers.com
http://www.blackpapers.com
http://www.xtremepapers.com
http://www.tutor2u.net
http://www.bdeconomy.blogspot.com
Hope that helps.catchya later
They are mainly past papers and notes links an they helped me a lot.Even when I was ill in papers,these resources did a lot to compensate for my loss of study time and provided me a quick revision.
http://www.freeexampapers.com
http://www.blackpapers.com
http://www.xtremepapers.com
http://www.tutor2u.net
http://www.bdeconomy.blogspot.com
Hope that helps.catchya later
Monday, July 6, 2009
EMBARRASING SCANDAL
Some days back,a new scandal emerged when one of our esteemed board of education's checked papers were found in the local scrapyard.You might say who cares really!!RIGHT?WRONG!Because those papers were of the latest examination session of april 2009 whose result has not been revealed even.NOW IMAGINE THAT.Now thankfully I am taking Cambridge tests but I can not help visualizing my latest papers lying in in some scrapyard.However, common sense tells me that Cambridge ,unlike our boards,is too respected an institution to do something like this.What intrigues me is nobody is willing to accept the blame.The examiner says that he put all the papers in the stack and sent it to the head,but the head maintains that the papers were not hand-delivered to me by the examiner.Who is to blame is what remains to be seen in this catfight.
Now here I am reminded of my personal ambitions,as a pakistani I have grown up to see the problems pakistan faces and what my personal analysis suggests is that all the problems in pakistan are caused by lack of education.I firmly believe in it,although I try to do what I can do and at every oppurtunity available to me to propagate education.I am not naive to think that my efforts would change pakistan but it is a step in the right direction.I have a dream that every child in pakistan gets education,and not only education but proper education(because it is a shame to call education at what is taught in government schools).I want to see pakistanis who are independent to make decisions,who have the acumen to choose their path,who want to change pakistan and leave their marks on the world and that can only happen through good quality education.To be honest,it hurts me to pay the money to the british as a price tag for quality education.I want,at least,the pakistani academics should be at par with the current british standard and we dont pay for the "services imports".But my ultimate dream is to make pakistani education so competitive that even the british seek our help and expertise in education.If I get a chance I will see to it that it happens.
Now here I am reminded of my personal ambitions,as a pakistani I have grown up to see the problems pakistan faces and what my personal analysis suggests is that all the problems in pakistan are caused by lack of education.I firmly believe in it,although I try to do what I can do and at every oppurtunity available to me to propagate education.I am not naive to think that my efforts would change pakistan but it is a step in the right direction.I have a dream that every child in pakistan gets education,and not only education but proper education(because it is a shame to call education at what is taught in government schools).I want to see pakistanis who are independent to make decisions,who have the acumen to choose their path,who want to change pakistan and leave their marks on the world and that can only happen through good quality education.To be honest,it hurts me to pay the money to the british as a price tag for quality education.I want,at least,the pakistani academics should be at par with the current british standard and we dont pay for the "services imports".But my ultimate dream is to make pakistani education so competitive that even the british seek our help and expertise in education.If I get a chance I will see to it that it happens.
Friday, July 3, 2009
BADE NEWS UPON BAD NEWS
As if our recession woes were not over,here comes a new bad news.Although,I would be lying if I said it was not expected but all the same,it is a bad news.
By mid-afternoon in Europe, benchmark crude for August delivery was down 16 cents to $66.57 a barrel in electronic trading on the New York Mercantile Exchange. On Thursday, it fell $2.58, nearly 4 percent, to settle at $66.73.
Trading in the U.S. is closed Friday for the Independence Day holiday.
Oil came off an eight-month intraday high of $73.38 a barrel earlier this week on growing investor concerns that a doubling of the crude price since March isn't justified by a sluggish global economy.
"Renewed concern over the global economy, reflected in lower equities, is the main driver of weaker oil market sentiment," said Britain's KBC Market Services. "However, in contrast to recent months, weak oil market fundamentals seem at last to be exerting some influence."
KBC mentioned rising oil inventories and U.S. gasoline stocks as evidence of weak demand.
"There is no longer a shortfall, or support, in any key sector of the oil complex," KBC said.
Weak jobs figures released Thursday suggested consumption will remain tepid and crude demand may not pick up quickly..............................In London, Brent prices slid 27 cents to $66.38 a barrel on the ICE Futures exchange.(SOURCE:YET AGAIN YAHOO NEWS)
By mid-afternoon in Europe, benchmark crude for August delivery was down 16 cents to $66.57 a barrel in electronic trading on the New York Mercantile Exchange. On Thursday, it fell $2.58, nearly 4 percent, to settle at $66.73.
Trading in the U.S. is closed Friday for the Independence Day holiday.
Oil came off an eight-month intraday high of $73.38 a barrel earlier this week on growing investor concerns that a doubling of the crude price since March isn't justified by a sluggish global economy.
"Renewed concern over the global economy, reflected in lower equities, is the main driver of weaker oil market sentiment," said Britain's KBC Market Services. "However, in contrast to recent months, weak oil market fundamentals seem at last to be exerting some influence."
KBC mentioned rising oil inventories and U.S. gasoline stocks as evidence of weak demand.
"There is no longer a shortfall, or support, in any key sector of the oil complex," KBC said.
Weak jobs figures released Thursday suggested consumption will remain tepid and crude demand may not pick up quickly..............................In London, Brent prices slid 27 cents to $66.38 a barrel on the ICE Futures exchange.(SOURCE:YET AGAIN YAHOO NEWS)
Thursday, July 2, 2009
WALL STREET SINKS AFTER WEAK JOB DATA
As if bad news which came out yesterday was not enough,here comes another news to abase our morals.Following yesterday's new which I posted,there has been some negative activity apparently at wall street.O!Heavens,when we thought we were finally embarking our road to recovery,here comes an avalanche in the way.For more details,read this.
NEW YORK (AP) -- Stocks fell Thursday morning after a new report showed more job losses than expected in June.
Major stock indexes were down about 2 percent after the U.S. unemployment rate hit a 26-year high. European markets were also down following similarly disappointing data on unemployment in the 16 countries that use the euro currency.
Recession-weary employers in the U.S. cut 467,000 jobs in June, the Labor Department reported, far worse than the 363,000 that economists expected and a grim signal that the path to recovery will be bumpy.
The jobless rate, meanwhile, rose to 9.5 percent last month from 9.4 percent in May. Economists had predicted a rate of 9.6 percent.
In morning trading, the Dow Jones industrial average fell 162.26, or 1.9 percent, to 8,341.80. The Standard & Poor's 500 index declined 19.61, or 2.1 percent, to 903.72, while the Nasdaq composite index fell 42.71, or 2.3 percent, to 1,803.01.
Overseas markets also fell after a report showed unemployment in Europe rose to a 10-year high in May.
"This is part of the market recovery," said Roy Williams, CEO of Prestige Wealth Management. "You're going to get bad news." Williams predicted the unemployment rate is likely to reach 11 percent.
Williams also noted, however that other recent data has shown the economy is beginning to improve. After the market's surge from March lows, Williams said data like the jobless figures will give investors pause and sell stocks.(SOURCE:YAHOO FINANCIAL NEWS)
NEW YORK (AP) -- Stocks fell Thursday morning after a new report showed more job losses than expected in June.
Major stock indexes were down about 2 percent after the U.S. unemployment rate hit a 26-year high. European markets were also down following similarly disappointing data on unemployment in the 16 countries that use the euro currency.
Recession-weary employers in the U.S. cut 467,000 jobs in June, the Labor Department reported, far worse than the 363,000 that economists expected and a grim signal that the path to recovery will be bumpy.
The jobless rate, meanwhile, rose to 9.5 percent last month from 9.4 percent in May. Economists had predicted a rate of 9.6 percent.
In morning trading, the Dow Jones industrial average fell 162.26, or 1.9 percent, to 8,341.80. The Standard & Poor's 500 index declined 19.61, or 2.1 percent, to 903.72, while the Nasdaq composite index fell 42.71, or 2.3 percent, to 1,803.01.
Overseas markets also fell after a report showed unemployment in Europe rose to a 10-year high in May.
"This is part of the market recovery," said Roy Williams, CEO of Prestige Wealth Management. "You're going to get bad news." Williams predicted the unemployment rate is likely to reach 11 percent.
Williams also noted, however that other recent data has shown the economy is beginning to improve. After the market's surge from March lows, Williams said data like the jobless figures will give investors pause and sell stocks.(SOURCE:YAHOO FINANCIAL NEWS)
Wednesday, July 1, 2009
U.S. private sector sheds 473,000 jobs in June
NEW YORK (Reuters) – U.S. private employers cut 473,000 jobs in June, more than expected but down from the 485,000 jobs lost in May, a report by a private employment service said on Wednesday.
The median of forecasts from 25 economists surveyed by Reuters for the ADP Employer Services report, jointly developed with Macroeconomic Advisers LLC, was for 393,000 private-sector jobs lost in June.
Though June's job loss was the smallest since October 2008, the surprisingly large number of cuts deals a setback to those expecting the U.S. economy to recover soon.
"The data surprises me a little bit in that the consensus out there seems to be that business is improving and that the economy has hit bottom," said Mark Bonhard, investment advisor at Dawson Wealth Management in Cleveland, Ohio.
"This definitely is not good news."
After the report, U.S. stock index futures pared their gains. U.S. Treasury debt prices initially recovered some ground but were then hit by renewed selling. The U.S. dollar pared its losses versus the euro.
The May figure was revised from an originally reported loss of 532,000 jobs.
The ADP data comes ahead of Thursday's monthly nonfarm payrolls report from the government, which is much more comprehensive and includes both the public and private sectors.
Economists expect the payrolls report, which will be issued a day early due to the Independence Day holiday on Friday, to show a loss of 363,000 jobs in June and a rise in the unemployment rate to 9.6 percent from May's 9.4 percent.
ADP follows another privately released report showing planned layoffs at U.S. firms fell for a fifth consecutive month in June, hitting the lowest since March 2008 and providing a hopeful sign as the U.S. economy struggles to end its worst recession in decades.(SOURCE:YAHOO NEWS)
Well,that most certainly is not any good news,is it?O man!I thought our economy is recovering quickly enough but then I hear this.Well now all we can do is wait and pray that this horrible period of recession goes away quickly enough
The median of forecasts from 25 economists surveyed by Reuters for the ADP Employer Services report, jointly developed with Macroeconomic Advisers LLC, was for 393,000 private-sector jobs lost in June.
Though June's job loss was the smallest since October 2008, the surprisingly large number of cuts deals a setback to those expecting the U.S. economy to recover soon.
"The data surprises me a little bit in that the consensus out there seems to be that business is improving and that the economy has hit bottom," said Mark Bonhard, investment advisor at Dawson Wealth Management in Cleveland, Ohio.
"This definitely is not good news."
After the report, U.S. stock index futures pared their gains. U.S. Treasury debt prices initially recovered some ground but were then hit by renewed selling. The U.S. dollar pared its losses versus the euro.
The May figure was revised from an originally reported loss of 532,000 jobs.
The ADP data comes ahead of Thursday's monthly nonfarm payrolls report from the government, which is much more comprehensive and includes both the public and private sectors.
Economists expect the payrolls report, which will be issued a day early due to the Independence Day holiday on Friday, to show a loss of 363,000 jobs in June and a rise in the unemployment rate to 9.6 percent from May's 9.4 percent.
ADP follows another privately released report showing planned layoffs at U.S. firms fell for a fifth consecutive month in June, hitting the lowest since March 2008 and providing a hopeful sign as the U.S. economy struggles to end its worst recession in decades.(SOURCE:YAHOO NEWS)
Well,that most certainly is not any good news,is it?O man!I thought our economy is recovering quickly enough but then I hear this.Well now all we can do is wait and pray that this horrible period of recession goes away quickly enough
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