Market

STORY:
Sony announced it will cut almost three billion dollars in costs by 2010 and consolidate two LCD TV plants in Japan into one, that move alone shedding 1,000 contract staff.

The electronics maker stunned investors by posting of a three billion dollar operating loss, its biggest ever, due to what Sony’s chief executive Howard Stringer called the depression.

[Howard Stringer, Sony Chief Executive]:
“We’re in the worst economic depression in my life time; economic recession, we’re not supposed to call it a depression yes, but it feels depressing, and that’s that’s my primary responsibility and whereas we are anticipating a high profit in October, but we’ve obviously lost a lot. We have to move in a hurry and that’s our responsibility and my trame.”

Last month Sony laid out restructuring plans which included curbing investment, closing plants and cutting 16,000 jobs – this figure is now expected to rise as Sony makes further savings.

Trade within East Asia has collapsed as global demand for goods such as cars and electronics shrivels, prompting leading manufacturers to slash production at an unprecedented rate and lay off workers.

Carmaker Hyundai says its quarterly earnings fell 28 percent and LG Electronics lost half a billion dollars due to big shortfalls at its flat-screens and weak mobile phone sales.

In another sign of the crunch in the tech sector, Intel Corp is closing plants in Malaysia and the Philippines, along with its remaining factory in Silicon Valley, cutting around 6,000 jobs.

Unsurprisingly, Japanese exports plunged a record 35 percent in December year on year battered not only by falling demand but also a soaring yen which rose to a 13 and a half year high against the dollar.

In China annual economic growth slowed to a seven-year low of nine percent, ending a five-year-streak of double-digit growth.

And neighboring South Korea is heading for its first recession since the regional financial crisis a decade ago after its economy contracted sharply last quarter.

But despite the dismal data, Asian stocks rose as investors snapped up beaten down bank shares and pinned their hopes on policy action to support growth.

Duration : 0:2:20

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http://www.informedtrades.com/
A daily report entitled all the data that matters for the stock market, futures market, and forex market.

Lots of information for active traders of all kinds.

Duration : 0:5:10

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CHAN:
In our market report today, let’s take a look at how China is faring in the global economic downturn. Here’s this special report.

STORY:
A top planner from within China says the economy has deteriorated faster in November than previous months, warning that the grim job market might stir social unrest.

[Zhang Ping, Chairman, National Development and Reform Commission]:
“The global financial crisis has not bottomed out yet. The impact is spreading globally and deepening in China. Some domestic economic indicators point to an accelerated slowdown in November.”

The State Information Centre, a think-tank connected to the Chinese Communist Party, forecast on November 27 that annual gross domestic product growth would slow to 8.0 percent this quarter from 9.0 percent in the third quarter due to weak imports and a slump in the property market.

Zhang also warned that excessive bankruptcies and production cuts might lead to massive unemployment and stir social unrest.

With factory closures spreading, especially in the export sector, laid-off workers protested this week against low compensation in three Chinese provinces.

And a clear sign of the regime’s concern over the economy is its slashing of interest rates this week. On November 26, the People’s Bank of China cut banks’ benchmark lending rates by 1.08 percentage points, the deepest cut since the Asian financial crisis in 1997.

The central bank’s actions are aimed at reinforcing the stimulus imparted by a 4 trillion yuan ($586 billion) fiscal package unveiled on Nov. 9 aimed at boosting domestic demand over the next two years.

Asia stocks rose for a fifth day on Thursday, helped by hopes that policymakers’ efforts will ultimately prevail after the surprise and aggressive rate cut from China.

Duration : 0:1:49

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The yen hit a new 14-year peak against the dollar Friday due to concerns about Dubai’s debt problems.

Honda Motor and other Japanese exporters skidded on the yen’s jump—while banking and construction shares fell on worries about exposure to Dubais world debt.

Dubai said Thursday it wanted creditors to agree to a debt standstill as it restructures.

Shares around Asia tumbled on the news, with the Nikkei at a 4-month low.

Panasonic, the world’s No.4 flat screen TV maker, expects the surging yen to take a bite out of profits.

Japanese officials blamed the share market slide on the yen’s rapid rise, adding they were monitoring the currency market.

Duration : 0:0:47

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Nov. 20 (Bloomberg) — Mattel Inc., the worlds biggest toymaker, is seeing competition for its Barbie doll from MGA Entertainment Inc.’s Moxie Girlz. Worldwide sales of Barbie, who celebrated her 50th anniversary this year, dropped 8 percent last quarter. Bloomberg’s Jon Erlichman reports. (Source: Bloomberg)

Duration : 0:0:59

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In todays market report Asian stocks gave up early gains, while the dollar was pinned near 15-month lows. The US Federal Reserve says interest rates are likely to be kept low for some time yet.

The yen’s strength against the ailing greenback weighed on Japanese exporters. It offset gains in commodities-linked shares after a surge in oil and gold prices overnight.

Markets reacted little to talks between U.S. President Barack Obama and Chinese leader Hu Jintao in Beijing. Both agreed to work to ease trade friction but appeared to break no new ground on the contentious issue of the yuan’s value.

Obama said he supported further development of China-Taiwan ties a day after the two signed a financial services pact, paving the way for banks on both sides to invest in each other.

Bank of China, the country’s biggest foreign exchange lender, said it is ready to open a branch in Taiwan and will apply for regulatory approval as soon as possible.

Meanwhile, Geely Automobile, China’s 11th largest automaker, said Ford would retain the rights to Volvo technologies if Geely’s bid is successful.

Ford named Geely the preferred bidder for its loss-making car unit last month.

No price for Volvo has been disclosed, but media reports suggest it could be closer to $2 billion than the $6.45 billion Ford paid for the Swedish carmaker in 1999.

Duration : 0:1:38

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http://bytestyle.tv: Shelly Roche recaps her first DrupalCon in DC… drupal is an open source content management system, which basically means it’s free, it can pretty much do anything you need it to — from blogging to news, to video — and it has a huge community of uber-devoted developers who are constantly making it better.

Sponsor my next video:
http://bytestyle.tv/sponsors

follow Shelly on twitter:
http://twitter.com/shellyroche

more from Shelly here:
http://bytestyle.tv
http://breakthematrix.com (btm uses drupal!)
http://bureaucrash.com

Drupal Links:
http://drupal.org
http://developmentseed.com
http://lullabot
http://treehouseagency.com
http://acquia.com
http://commonplaces.com

Other Resources:
http://www.opensource.org/
http://www.gnu.org/copyleft/gpl.html

Duration : 0:1:58

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