Breaking Tweets » Economy

Abu Dhabi bails out Dubai with $10 billion

Fahad Zuberi — Mon, 14 Dec 2009 20:46:41 +0000

Oil rich Abu Dhabi decided to help out their Emirates neighbor Dubai on Monday with a 10 billion dollar bailout.

Times of India reports, The move was the least expected of all options Dubai had on the table after requesting a standstill on $26 billion in Dubai World debt on Nov. 25, alarming markets and shaking the image of the emirate as a regional business hub.

Twitter users are worried for the future of Dubai, but are happy to know that Abu Dhabi has decided to help.

msliedrecht (Dubai, UAE) Whoo Dubai gets AED36 billion bail out from Abu Dhabi. 14 Dec 2009 from TwitterBerry

Koolpep (Dubai, UAE) @tomsp Dubai would bail out their companies if they could, my friend. They simply can’t. The other side of todays news, I guess. 14 Dec 2009 from TweetDeck in reply to tomsp

miamigemini (Miami, Florida) Abu Dhabi had to bail out Dubai today for $10B+. It really is bye bye, Dubai… http://bit.ly/MKHNJ 14 Dec 2009 from TweetDeck

HannahHaniya (Casablanca) Wasn’t it kind of obvious that #Abu Dhabi would bail out Dubai? Wondering what took so long. 14 Dec 2009 from Echofon

siyabulelas (Johannesburg, South Africa) In debt? Dont feel isolated, even Dubai needs a bail out of mammoth proportions. Geez! 14 Dec 2009 from mobile web

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One in six Americans go hungry

Fahad Zuberi — Tue, 17 Nov 2009 16:44:53 +0000

A new study from the U.S. Department of Agriculture shows more Americans are going hungry.

USA TODAY reports, forty-nine million people in American households one in six went hungry or had insufficient food at some point in 2008, the highest number since the government began tracking the problem in 1995.

Twitter users in the United States are wondering why they don’t hear more about this. Some users are being thankful for what they have in these tough times.

SexyNexBoy73 (Chambersburg, Pennsylvania)That is so sad.
Economic news – CNNMoney.com
>1 in 6 Americans goes hungry 16 Nov 2009 from txt

CYRSV (Santa Clara County, California) 1 in 6 Americans goes hungry – those who can give need to dig a little deeper this holiday season http://tinyurl.com/ya5hsgv 16 Nov 2009 from web

aMj89 (Greenville, North Carolina) 1 in 6 Americans goes hungry, maybe it should be 5 outta 6. http://bit.ly/2Mj0Tk 16 Nov 2009 from web

LiquidIvory (Sherman Oaks, California) 1 in 6 Americans goes hungry http://twurl.nl/7opaw6 Be thankful people 17 Nov 2009 from Tweetburner

KCMcCoy_PhD (Fresno, California) Why don’t we hear more about this? (CNNMoney.com) – 1 in 6 Americans goes hungry http://bit.ly/coBNa #cnnmoney 17 Nov 2009 from web

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Microsoft cuts 800 worldwide jobs

Lisa Wyczesany — Thu, 05 Nov 2009 01:28:08 +0000

The Wall Street Journal reported today that Microsoft has laid off 800 people in midst of their cost-reduction program announced in January of 2009. Without revealing too much detail, a spokesman confirmed cutting 800 jobs today that will “affect staff internationally and in a range of business units.”

Among one of the most unsuspected to have lost their job with MS is Don Dodge (@dondodge) – Microsoft’s Director of Business Development for the Emerging Business Team – according to a TechCrunch article. Despite being laid off, Dodge is rather optimistic in his blog.

It’s estimated that after the program is done eliminating jobs, approximately 6.3% of the company’s employees will have been let go.

It’s no surprise that Twitter is full of comments regarding the current situation, affecting people both involved and uninvolved with Microsoft.

peHUB (Boston) I look forward to what you’ll do next. RT @dondodge:Goodbye Microsoft, I have been laid off in the latest round of cuts http://bit.ly/40GW3V 04 Nov 2009 from TweetDeck

dbonev (Sofia, Bulgaria) MS laid off @dondodge! This is not simply a HUGE mistake! This simply sucks. I’m sure he’ll quickly find the next big thing. MS loses. A lot 04 Nov 2009 from web

amananderson (Orlando, FL) MIcrosoft announces lay-off of 800 staff today, what’s Apples Secret? I think Apple laid off like 100 people in 2007? – http://tr.im/E9Tf 04 Nov 2009 from DestroyTwitter

defrag (Denver) i’d hate to be the moron that decided to let don dodge go (not knowing the PR sh&tstorm that’d happen). wow. 04 Nov 2009 from web

michblondin (Boston, MA) Microsoft cuts another 800 jobs… just when you think things might turn around.. http://ow.ly/zi4v 04 Nov 2009 from HootSuite

joshdusseau (undisclosed) whats the world comeing to when microsoft is cutting jobs 04 Nov 2009 from txt

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New logo for ANZ bank criticized on Twitter

Lauren McTigue — Mon, 26 Oct 2009 08:46:49 +0000

ANZ, one of the leading banks serving Australia, New Zealand, Asia and the South Pacific, has released its new company logo, but early reviews from Twitter users are not so positive.

InsideRetailing.com reported on the company’s logo change as being part of its rebranding campaign to show unity across the 32 countries that the bank serves.

The logo has the old ANZ letters in place, but in more modern font. The bank added a petal shaped figure next to it which is meant to signify the people and countries where ANZ has a presence, making it look like a person as a whole.

But Twitterers have other thoughts on what the new logo looks like, and many are not impressed by the bank’s new branding identity:

osirisX (Craigie, Perth, Australia) I like the new type in the ANZ logo. It makes ANZ feel more human and less IBM. But that symbol is POINTLESS. Is it a flower or a person?! 25 Oct 2009 from Twitterrific

TheVintry (Pokolbin, Australia) #anz#logo. Is that Kenny from South Park in the ANZ logo? 25 Oct 2009 from web

icanseeit (Brisbane, Australia) Hmmm not sure what I think about the new ANZ logo yet. Old one was around for so long it will take some time… #newlogo #anz 25 Oct 2009 from Tweetie

web_goddess (Undisclosed) The new ANZ logo/glyph looks like it should be on the side of a feminine hygiene product box. 25 Oct 2009 from TweetDeck

Harcourt666 (Undisclosed) The new ANZ logo looks absolutely ridiculous. Looks like somebody crying because the bank has charged them $5 for breathing at their branch 25 Oct 2009 from Twitterrific

BettyBrowne (Sydney, Australia) what’s that blue thing on the end of the new ANZ logo? A jelly baby? Alien? half a croissant and two biscuits? 26 Oct 2009 from web

rljm (Adelaide, Australia) My friends at #QBN just showed me the new #ANZ logo. It is absolutely appalling, I really hope they don’t change, it’s a backwards step imo. 26 Oct 2009 from Echofon

nick_wade (North Geelong, Australia) just putting it out there, the new anz app logo is hideous 26 Oct 2009 from Twitterrific

HarrisonARH (Brisbane, Australia) Wow. Twitter is alive with discussion on the ANZ logo. Looks to be designed for push into Asian market. Certainly getting exposure. 26 Oct 2009 from web

ohhitskat (Melbourne, Australia) So ANZ is happy to spend millions of $$ on a new crappy logo but not willing to put a little bit forward to look after their employees? heh 26 Oct 2009 from Tweetie

Below is a TwitPic posted by one Twitterer that shows the new logo:

posted by: waynecheng

Whether or not Twitterers like it, the bank plans to continue releasing the new logo over the next two years by adding it to online material, office supplies and ANZ buildings.

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New York Times to eliminate 100 newsroom positions

Joe Siebelts — Mon, 19 Oct 2009 22:23:51 +0000

The New York Times will cut 100 jobs through the end of this year, eliminating about 8 percent of the current staff. The planned cuts will affect the newsroom staff, with employees being offered buy-outs of their current contracts.

The move comes as the newspaper industry continues to suffer from falling advertising revenue and sales, which have ailed even big papers like the New York Times.

While the positions eliminated will depend on those who agree to a contract buy-out, the possibility exists that a portion of staff reporters will be part of the cuts.

Some Twitter users tweeted solemnly on the declining state of the newspaper industry:

CarySkelton (Roanoke, VA) Oh no, I feared for this. RT @newmediajim New York Times to cut 100 newsroom jobs http://bit.ly/4dZvNj #mainstreammediadeathspiral 19 Oct 2009 from web

jjbanzer (Louisville, KY) The New York Times announced today it is cutting 100 newsroom jobs (8% of newsroom staff) … What’s next? The crossword puzzle? 20 Oct 2009 from web

hummingbird604 (Vancouver, BC) Whoa. What does it say for the state of the newspaper industry that the New York Times eliminates 100 jobs Feeling really bad now. 20 Oct 2009 from TweetDeck

frankbrill (New Jersey) More sad news for American journalism: New York Times to eliminate 100 newsroom jobs http://bit.ly/1bt55z 20 Oct 2009 from web

EWKingCo (New Jersey) New York Times to cut another 100 jobs. Approximately 36,000 journalism jobs cut this year alone so far. Media contacts? Yeah right. 20 Oct 2009 from web

azaaza (San Francisco) The New York Times is cutting 100 newsroom jobs. Tough times for traditional truth finders. http://bit.ly/4jHNIE 20 Oct 2009 from Tweetie

Others shared even bleaker feelings on the state of the medium:

doug_campbell (Cazenovia, New York) Uh oh journalism! The New York Times is cutting jobs again. All my dreams… http://bit.ly/37H9hE 19 Oct 2009 from Tweetie

LydiaMReynolds1 (Undisclosed) 8% of the newsroom. Beginning of the end? RT @wonkroom: The New York Times is to slash 100 jobs in its newsroom: http://tinyurl.com/yg7drh7 19 Oct 2009 from UberTwitter

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Dow Jones average hits 10,000 for first time since 2008

Tony Valdivieso — Wed, 14 Oct 2009 17:53:36 +0000

Following unexpected quarterly profits from Intel and JPMorgan Chase, the Dow Jones industrial average reached 10,000 points today. While it dropped later in the day,when the U.S. markets closed, the Dow Jones was able to rebound and closed above 10,000. It had been more ethan a year since the industrial average exceeded the 10,000 mark – the last time being Oct. 7, 2008.

“Better than expected is a win,” said Peter Schwartz, cofounder of Global Business Network, according to CBS News. “People’s expectations have been calibrated to buffer some of the bad news.”

Tom Schrader, managing director at Stifel Nicolaus, an investment banking firm, said the market is not in the clear just yet. According to CNN, Schrader says the retail sales report, also released Wednesday, indicates the economic recovery won’t be smooth-sailing. However, “people are looking forward,” says Schrader.

While some Twitterers are looking forward…

Metroliner (San Francisco, CA) DOW 10,000! DOW 10,000! What recession? http://twitpic.com/lid0i 14 Oct 2009 from Tweetie

TheBest_One (Undisclosed) Holla-ing at the Dow Jones today. WOO! 14 Oct 2009 from web

imrananwar (Long Island, NY) Dow Jones industrial average topped 10,000 for the first time in a year after 12-year low of 6,547.05 on March 9 14 Oct 2009 from TweetDeck

Moracchio (Undisclosed) Dow Jones above 10,000….yee haaa! 14 Oct 2009 from Seesmic

Gheemoo (Queens, NY) The dow, now a five digit number. This definitely isn’t the solution to the bad economy BUT the Dow Jones climb isn’t detrimental. 14 Oct 2009 from web

Wrigleyville41 (Undisclosed) Dow Jones hit 10k today, good news! 14 Oct 2009 from txt

…the news wasn’t always well-received:

cboyack (Lehi, UT) The Down Jones is meaningless. Watch it if you like fantasy. If you prefer to live in the real world, watch gold and the dollar index. 14 Oct 2009 from Tweetie

Spidey004 (Buffalo, NY) Dow Jones has topped 10,000. WE’RE SAVED! 14 Oct 2009 from web

jester1176 (Santa Clara, CA) Great. The Dow Jones hit 10,000. Is that like getting the high score in Donkey Kong? What does that even mean any more? 14 Oct 2009 from web

robertcoffman (Undisclosed) The Dow Jones over 10,000. So 14 Oct 2009 from mobile web

livo46 (Maltby, UK) The Dow Jones hit 10,000 today but what goes up must come down 14 Oct 2009 from web

thedriverpicks (Undisclosed) So where’s my job? RT @BreakingNews: The Dow Jones Industrial Average passes 10,000 for the first time since October 7th, 2008. 14 Oct 2009 from Seesmic

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Ford tacks on 4.5 million more vehicles in ongoing recalls

Joe Siebelts — Tue, 13 Oct 2009 12:41:33 +0000

The Ford Company sent out a recall for approximately 4.5 million vehicles Monday, according to a CNN.com report. The recall covers vehicles with malfunctioning cruise control switches posing a potential fire danger.

Ford previously recalled over 11 million vehicles affected by the same problem. To date, this marks the single largest recall from a major auto manufacturer.

Some Twitter users reacted to the news in light of the company’s recent struggles:

mtaati (Undisclosed) Nooooooooooooooooooooooooooooooooooo #ford. I started believing in you guys. May be this is not the end. http://tinyurl.com/yhh9q5t 13 Oct 2009 from web

davidcvogel (North Carolina) Very bad news for Ford: recall of 4.5 million vehicles because of fire hazard http://bit.ly/1sZ7FJ 13 Oct 2009 from bit.ly

CantBuyClass (Undisclosed) Dear Ford: U really r gonna recall another 4.5million vehicals #COMEONSON 13 Oct 2009 from web

BasketsUCanUse (Philadelphia) Wow- not a good day for Ford. BIG recall numbers… 13 Oct 2009 from web

Some, including a Ford dealership’s Twitter account, provided helpful information to others regarding the recall:

rish1103 (Detroit) @mtaati its oy on cars built prior to 2003. Not the new #ford 13 Oct 2009 from txt

BurdFord (Indianapolis) BURD FORD RECALL CENTER – Faulty cruise control switch… takes less than 5 minutes to replace. Call us Burd Ford today at 800-359-7511 13 Oct 2009 from web

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Bloomberg LP buys BusinessWeek from McGraw-Hill

Lauren McTigue — Tue, 13 Oct 2009 11:38:54 +0000

Bloomberg LP, founded by Mayor of New York City, Michael Bloomberg, has bought the weekly magazine BusinessWeek which has been owned by McGraw-Hill for 80 years.

CNNmoney.com reported Tuesday evening that Bloomberg is paying around $5 million for the magazine. The company, which provides news, data and financial software to companies, says that it will attempt to keep the BusinessWeek’s well-known image intact, and that it is well suited for Bloomberg LP’s corporate clientele.

Twitterers are contributing their thoughts from how little the magazine sold for to where the news industry has been heading for quite some time:

bkgraham (Halifax, Nova Scotia) Bloomberg buys Business Week for less than $5 million. How cheap can a brand like that get? http://bit.ly/G6rXd 13 Oct 2009 from web

zjthomas (London, England) Bloomberg buys Business Week!! Turmoil in business media industry!!! 13 Oct 2009 from web

JoeTacopino (Undisclosed) Bloomberg buys Business Week. Will billionaire mayor save newspapers next? 13 Oct 2009 from web

bellisimatime (Undisclosed) will magazines become museum pieces? bloomberg buys business week 4 5 mil. aiyiyi. oh and what about conflict of interest, hmmm? 13 Oct 2009 from web

BelugaBoyd (Vancouver, British Columbia) Bloomberg buys Business Week for $2-$5 mil + liabilities http://bit.ly/160os2 Amazing how poorly valued traditional media is these days! 13 Oct 2009 from TweetDeck

rustyw (Boston, Mass.) Bloomberg buys BusinessWeek for nothing. Reports Mashable worth $100M+ . Inconceivable! (Princess Bride) http://bit.ly/gwGQE 13 Oct 2009 from TweetDeck

BusinessWeek was put up for sale after seeing a 40 percent decrease in advertising sales this year. The magazine industry overall has seen a 20 percent drop in ad sales this year, CNNmoney reported.

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American researchers receive Nobel Prize in Economics

Joe Siebelts — Mon, 12 Oct 2009 11:48:32 +0000

Oliver Williamson and Elinor Ostrom won the Nobel Prize in Economics for 2009 on Monday, as reported in the New York Times.

The work of Williamson and Ostrom takes a more personal approach to economics, focusing less on theories and more on how individuals interact in “business-like” settings.

Ostrom became the first woman to win the award in economics since its inception in 1968.

Some on Twitter reacted positively to the award’s first woman recipient:

tomtomhungry (San Francisco) Woo to Elinor Ostrom on being the first woman to win the nobel prize in economics. Her work in management of common resources is very worthy 12 Oct 2009 from Tweetie

rbaileyp (Jacksonville, FL)Congrats to the 1st woman ever to wing the Nobel Peace Prize in Economics! 13 Oct 2009 from web

enbarham (Bloomington, IN)Congrats to Elinor Ostrom, an IU faculty member, first female to win Nobel Prize for Economics. 13 Oct 2009 from txt

jeiemji (South Korea) so maybe it isn’t such a curse to be a woman: first woman wins nobel prize in economics. 13 Oct 2009 from Scalaris

Others took the opportunity to comment on the current economy and the work of President Barack Obama, perhaps with a flare of sarcasm:

timforston (Charleston, SC) i can’t believe obama didn’t win the nobel prize for economics 12 Oct 2009 from web

roehlstation (Sharonville, OH) Anyone notice that the Nobel Prize in Economics did NOT go to President Obama? 13 Oct 2009 from Twitterrific

brwhite76 (Undisclosed) Barack should have one the Nobel for Economics since he is such a wiz with our own economy. 13 Oct 2009 from web

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Condé Nast closes four magazines; Gourmet, Cookie, Elegant Bride and Modern Bride

Gracie Casella — Mon, 05 Oct 2009 11:30:05 +0000

Condé Nast Publications has announced that it is ending publication on four magazines. The Publications company will be closing Cookie, Elegant Bride, Gourmet, and Modern Bride.

Condé Nast also publishes other popular magazines such as Vogue, Vanity Fair, and Golf Digest.

According to the Wall Street Journal the closures are due to a slump in magazine advertising.

Twitter users voice their unhappiness about the closing publications.

lotuspad (Cambridge, MA) Sad to hear about more cuts at Conde Nast. Cookie was a good magazine sometimes, just too focused on the rich (aren’t they all?) 05 Oct 2009 from web

steve_duncan (undisclosed) Sad day. Gournet magazine shuttered. Not profitable enough for Conde Nast. Touch Bon Appetit and I’ll be after you. 05 Oct 2009 from web

krazpr (Santa Monica, CA) Heartbroken and surprised over closure of Gourmet Magazine. It’s SO much better than Bon Apetit, what is Conde Nast thinking? 05 Oct 2009 from TweetDeck

clintonrsmith (Atlanta, GA)Gourmet magazine, along with three other Conde Nast titles, shuttered. Sad. My heart hurts. 05 Oct 2009 from TweetDeck

lisaloeb4real (Los Angeles, CA) shocked that Conde nast is shutting down Gourmet magazine. boo. Well, maybe Ruth Reichl will write more books for us. 05 Oct 2009 from web

TheGastronomer (New York)Did the best food magazine just close? Yeah it did. Gourmet shuttered: http://bit.ly/IpbMT I’m canceling all Conde Nast-y magazine subs now! 05 Oct 2009 from Echofon

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