POLITICS - Whats the first thing companies do during a recession?
They cut back on advertising spending.
Internet giant Google gets most of its profits from its wildly popular Google Adsense program. Unfortunately the cutbacks on advertising has cut into Google's profits and Google Inc. is closing three engineering offices and cutting 100 recruiters from its work force. Afterall, who needs HR when you're not hiring for the moment?
"Given the state of the economy, we recognized that we needed fewer people focused on hiring," Laszlo Bock, a Google vice president, wrote in a blog posting last night announcing the layoffs. In a separate blogpost, Google (Nasdaq: GOOG) said it would close its engineering offices in Austin, Texas; Trondheim, Norway and Lulea, Sweden, a step the company said would affect 70 workers.
"Our strong desire is to keep as many of these 70 engineering employees at Google as possible," wrote Google's vice-president for engineering and research, Alan Eustace. "Our long-term goal is not to trim the number of people we have working on engineering projects or reduce our global presence, but create a smaller number of more effective engineering sites."
The layoffs represent a tiny portion of Google's total work force of 20,100. But the move is a rare blemish on the company's worker-friendly reputation.
Google shares fell $9.34, or about 3%, to $291.63 in afternoon Nasdaq trading today.
In other news... USA foreclosures are up 81%
More than 2.3 million U.S. homeowners faced foreclosure proceedings in 2008, an 81% increase from 2007, with the worst yet to come as consumers grapple with layoffs, shrinking investment portfolios and falling home prices.
More than 860,000 properties were actually repossessed by lenders, more than double the 2007 level.
The number of homes lost to foreclosure is expected to rise by another 18% in 2009.
Still, foreclosures – which keep breaking records going back 30 years, the Mortgage Bankers Association said – are likely to remain well above normal levels for years to come and that will continue to keep home prices from rebounding.
The four states with the highest foreclosure rates last year were Nevada, Florida, Arizona and California.
More than 1.1 million properties in those four states received a foreclosure notice, almost one-half the national total. And more than one in five of those households were in California, which is coping with massive job losses in the housing and mortgage industries, as well as a rapid decline in home prices.
In December, more than 303,000 properties received at least one foreclosure notice, up more than 40 per cent from a year earlier and up 17 per cent from November, according to RealtyTrac.
Nearly 79,000 properties were repossessed by lenders in December, a 61% increase over a year ago.
American, Canadian, Toronto & International News Commentary: Spreading Freedom in the Face of Tyranny
January 15, 2009
Subscribe to:
Post Comments (Atom)
Affordable Website Design & SEO
|
Featured Posts
The Sarcasm Symbol
Ever had some confusion online or with your cellphone when someone fails to catch the sarcasm? Well now with the SarcMark you can ge... |
|
Behold, the Scorpion Hydrogen Supercar
CARS - To the right is the future of supercars... it is a hydrogen supercar called the Scorpion. The Scorpion from Ronn Motors in Texas is t... |
|
Documents show Stephen Harper misusing public funds
CANADA - According to 950+ pages of documents obtained by the Canadian Press under the Access to Information Act the Privy Coun... |
|
Pink's Rosie the Riveter
ENTERTAINMENT - What I like about this video is how it meshes different social movements like feminism, veganism, anti-capitalism... |
|
California's Dustbowl
ENVIRONMENT - The photo on the right is a farm in California that has been put up for sale. Its just one of thousands of farms that are n... |
|
Is Steampunk the New Goth???
GOTHIC - Watch out what you see on the subway late at night because while in 2001 you might have seen some pretty freakish goths, by 20... |
|
Do you have enough Ice Water in your diet?
HEALTH - A Calorie (large C) is a measurement of the amount of energy needed to raise the temperature of a litre of water (1 kg's worth) ... |
|
North Korean timeline towards Inevitable War
POLITICS - The following is timeline of events that have occurred on the Korean Peninsula. 1945 - Japan surrenders to the United States a... |
|
Judgment Day is Tomorrow, so sayeth Cult
RELIGION - According to a cult based in California, Judgement Day is tomorrow (May 21st 2011) and Jesus Christ will return to the Earth a... |
|
Sex in Space Forbidden
SEX/TECHNOLOGY - Sex in outer space is a big no-no according to NASA. Not for professional astronauts at least, but the growing numb... |
Popular Posts / Last 30 Days
-
Visit amazon.com/author/moffat to get free short stories and huge discounts on fantasy books by Charles Moffat. Sale ends on October 20th.
-
CANADA - One of Canada's elite commando units, the JTF2 commandos, have returned home to Canada after serving in Afghanistan for almos...
-
And the similarities don't stop there. Hitler and Trump have a lot more in common. The context in which Adolf Hitler was elected is...
-
CANADA - Interesting Fact: Stephen Harper 's Conservative government in Canada has only shown up to work for 14 days between June 1st ...
-
POLITICS - With Kim Jong-Il dead the future of North Korea has become very uncertain. If you haven't heard already, Kimg Jong-Il, th...
-
CANADA - Seriously... who was going to vote for a bald guy named Rocco Rossi??? According to polls 4% of Torontonians were thinking of voti...
-
CANADA - “Harper does not like StatsCan, that’s what we kept hearing,” says a longtime employee of the agency which handles Canada's st...
-
By Ai Lung Nguyen - February 2011. TECHNOLOGY - It really boils down to a battle for market share... Facebook and Google have been conduct...
-
CARS - Nobody ever steals a pink car. According to a Dutch study which compared the colour of cars being stolen, pink is the safest colour ...
-
I just finished watching Sicko (the 2007 documentary by Michael Moore about American health care, or lack thereof) and it is way better tha...
No comments:
Post a Comment
Comments containing links will be marked as spam and not approved. We moderate every comment. If you want to advertise on this blog it is $30 per link.