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Affichage des résultats pour les étiquettes 'bloomberg'.
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Stuck in Seattle---...Gigantic Tunnel Drill
un sujet a posté Né entre les rapides dans États-Unis d'Amérique
Read on Bloomberg Business on March 31, 2015: "Stuck in Seattle--The Aggravating Adventures of a Gigantic Tunnel Drill" Notably, the Montreal Metro Laval Extension is included in a list of cost overruns in mega projects. -
Quebec Blows Past Alberta as Canada’s Newest Jobs Hotspot
un sujet a posté ProposMontréal dans L'actualité
Source: Bloomberg Quebec’s unemployment rate fell to the lowest on record last month while Alberta’s surged to a two-decade high, underlining the the swing in Canada’s economic momentum through the recovery from an energy crash. Joblessness in the mostly French-speaking province fell to 6.2 percent in November from 6.8 percent in October, and in Alberta it climbed to 9 percent. The national jobless rate declined to 6.8 percent from 7 percent, Statistics Canada said Friday from Ottawa. “I’m stunned -- it’s a banner year” for Quebec, said Sebastien Lavoie, assistant chief economist at Laurentian Bank Securities in Montreal. He linked good times to a construction boom in his hometown, a low dollar boosting service industries and business confidence aided by provincial government budget surpluses. The movement of jobs from the western oil patch to central Canada’s service and factory hubs meshed with Bank of Canada Governor Stephen Poloz’s view that non-energy companies will help the world’s 10th largest economy recover over the next few years. Poloz said this week he would only cut his 0.5 percent benchmark interest rate if there was another shock like the oil crash. His next rate decision is Wednesday. “Quebec is within a whisker of posting the lowest unemployment rate in the country, something that we haven’t seen in the 40 years of available data,” said Doug Porter, chief economist at BMO Capital Markets in Toronto. The job report “strengthens the view that the Bank of Canada will be perfectly happy staying on the sidelines.” Quebec is tied more to manufacturers like Canam Group Inc. and Montreal-based software makers, who benefit from Canada’s weaker dollar and a growing U.S. economy. South of the border, payrolls increased by 178,000 jobs, the Labor Department said, bringing the unemployment rate down to a nine-year low of 4.6 percent. The province added 8,500 jobs in November and over the past 12 months the number of unemployed people has dropped by 17 percent. It wasn’t all good news: part of the reason the jobless rate fell was 20,300 dropped out of the labor force, the most since since December 2014. Lavoie at Laurentian Bank said it would be “extremely surprising” for Quebec to make further major gains in the job market over the next year. The figures have yet to reflect some announced cutbacks at Bombardier Inc. that haven’t happened yet, and the U.S. might be about to get tough on Quebec’s large softwood lumber industry. “There are also growing uncertainties linked to trade,” he said. “There will be duties on lumber, so that’s not going to help future job creation.” The mixed pattern also showed up in the national figures. Employment climbed by 10,700 in November as 27,600 left the labor force. Economists surveyed by Bloomberg News projected the jobless rate would be unchanged and employment would decline by 15,000. -
Foster’s Apple Headquarters Exceeds Budget by $2 Billion © Foster + Partners, ARUP, Kier + Wright, Apple The estimated cost of Apple’s Cupertino City headquarters has escalated from an already hefty price of $3 billion to $5 billion (more than $1,500 per square foot), reportedly pushing back the original completion date to 2016. According to Bloomberg, Apple is working with lead architect Foster & Partners to shave $1 billion from the “ballooning budget”. Most of the cost is seemly due to Steve Job’s “sky-high requirements for fit and finish”, as the tech legend called for the 2.8 million square foot, circular monolith to be clad 40-foot panes of German concave glass, along with its four-story office spaces be lined with museum-quality terrazzo floors and capped with polished concrete ceilings. Although lambasted for his ambitious plans and “doughnut-shaped” design, Steve Jobs wanted to create a masterpiece that looked as good as it functioned, just like his products. During a 2011 presentation to the Cupertino City Council, Jobs stated, “This is not the cheapest way to build something… there is not a straight piece of glass in this building.” He continued, “We have a shot… at building the best office building in the world. I really do think that architecture students will come here to see it.” © Foster + Partners, ARUP, Kier + Wright, Apple The spaceship-like headquarters, as Jobs would describe, is intended to accommodate more than 12,000 employees. It will be one of six visible structures planned for the 176 acre parcel - including the headquarters, a lobby to a 1000-seat underground auditorium, a four-story parking garage near Interstate 280, a corporate fitness center, a research facility and central plant - all of which will be accessed by a network of underground roads and parking lots, hidden by 6,000 trees. In addition, Jobs envisioned the campus to achieve “net-zero energy” by offsetting energy use with 700,000 square feet of rooftop solar panels (enough to generate 8 megawatts of power), along with additional contracts for solar and wind power, climate responsive window dressings, and more (additional project information, including plans and images, can be found here). © Foster + Partners, ARUP, Kier + Wright, Apple Despite the cost, Bloomberg states, “There’s no indication that Apple is getting cold feet.” Site excavation is planned to commence in June. In related news, Facebook’s quarter-mile-long West Campus by Frank Gehry was just awarded approval from city council. All the details here. Reference: Bloomberg
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http://www.bloomberg.com/visual-data/best-and-worst/highest-rents-us-cities Plein de stats pour ceux qui aiment cela...très bien fait.
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(Courtesy of the Financial Post) RBC is pulling out, yet BMO and TD are expanding. Lets see what happens.
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(Courtesy of the Financial Post) Congrats to the National Bank of Canada. Singapore supposedly like the new Switzerland.
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(Courtesy of Huffington Post) Honestly some of the comments about the topic is beyond stupid. Some people don't want to move to Canada seeing we are seen as a "socialist" country
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Le maire de New York expédie des sans-abris à Granville
un sujet a posté ErickMontreal dans L'actualité
Le maire de New York expédie des SDF à Granville Louis Laroque (à Caen) et Adèle Smith (à New York) 10/08/2009 | Mise à jour : 08:42 | Un programme créé en 2007 prévoit de payer un aller simple aux sans-abri accueillis par un membre de leur famille vivant hors de New-York. «Une famille américaine arrivée pour un long séjour dans ma ville ? Mon collègue de New York, Michael Bloomberg, ne m'a pas prévenu», ironise, un brin amer, Daniel *Caruhel, 63 ans, maire DVG de Granville, cité de 15 000 habitants sur les côtes du département de la Manche. Ce pourrait être le jeu de piste de l'été : rechercher ce couple et ses trois enfants en provenance de New York et censés être accueillis à Granville ou ses environs chez une parente de la mère de famille ? Il ne s'agit pas d'un voyage d'été, ni du déplacement classique des enfants et petits-enfants d'un vétéran du Débarquement. Mais d'un aller sans retour pour des SDF new-yorkais avec billets d'avion pour Paris et tickets de train de Montparnasse à Granville. L'addition de 6 332 dollars (4 520 euros) est réglée par la mairie de New York. Depuis 2007, la ville et son maire, Michael Bloomberg, paie des billets d'avion vers la destination de leur choix aux sans-abri. Seule condition : pouvoir justifier d'un hébergement assuré à destination. Une situation mise au jour par le New York Times dans son édition du 28 juillet. Contacté par Le Figaro, le département chargé des sans-abri à la mairie (Department of Homeless Services, DHS) affirme que la famille de Granville est la seule qui ait été renvoyée en France. Le DHS précise qu'en principe les familles reçoivent un appel des autorités de la ville de New York pour vérifier que leur installation s'est bien passée. Nul ne trouve en tout cas la *trace des intéressés en France : ni à la mairie, ni à la préfecture de la Manche, ni au consulat américain à Rennes. Même ignorance à l'ambassade US à Paris où l'on s'interroge : «Il ne s'agit pas d'un projet fédéral. Peut-être cela se *traite-t-il de mairie à mairie ?» «Marchandisation et exportation de la pauvreté» Le maire de Granville n'est au courant de rien. Ancien vice-président national de Peuples solidaires, cet horticulteur de 63 ans, élu en 2008 à la tête d'une liste «humano-pragmatique au-delà des clivages» ne mâche pas ses mots : «On connaissait déjà les charters pour Africains. Cette fois, on assiste à la marchandisation et à l'exportation de la pauvreté.» Interrogé par CNN, Michael Bloomberg a déclaré : «Est-ce que l'on est en train de transférer le problème ailleurs ? Je ne sais pas. Peut-être trouvent-ils un nouvel emploi quand ils arrivent dans un nouvel endroit, peut-être pas. C'est peut-être plus facile pour eux. Ce qui est sûr, c'est que l'on a deux choix : faire ce programme [de billets d'avions] ou payer très cher, chaque jour, pour leur fournir un hébergement.» Un hébergement qui coûte 36 000 dollars (25 000 euros) par an et par famille. Chaque nuit, 38 000 SDF sont accueillis dans les centres d'accueil de la grande métropole. Depuis 2007, près de 550 familles ont déjà bénéficié du programme de «rapatriement volontaire» pour un coût global d'environ un million de dollars (700 000 €). San Juan (Porto Rico) accueille le plus grand nombre d'entre elles pour un coût de «seulement» 484 dollars (340 €). D'autres sont partis pour Johannesburg (Afrique du Sud). Au total, 24 destinations différentes sur les cinq continents. -
New York évoque la faillite Devoir Le Édition du vendredi 10 avril 2009 Le maire de New York, Michael Bloomberg, a affirmé hier que la Ville allait devoir supprimer de nombreux emplois pour éviter la faillite. Le maire, engagé dans des négociations tendues avec les syndicats d'employés municipaux, a affirmé que 7000 emplois supplémentaires devraient être supprimés, à moins de réduire drastiquement les avantages des salariés. «Nous ne pouvons pas continuer. Le coût des retraites et de la couverture maladie pour nos employés va provoquer la faillite de cette ville», a-t-il déclaré sur la chaîne de télévision NY1. M. Bloomberg doit présenter le budget de la Ville, qui ne peut pas statutairement être déficitaire, d'ici la fin du mois. Les dirigeants des différents services municipaux ont jusqu'à lundi pour proposer des réductions de dépenses. La récession et la crise à Wall Street ont provoqué un trou béant dans les finances de la Ville, qui reposent lourdement sur les taxes imposées aux entreprises financières. _____________________________________________________________________________________ Job cuts needed to stop NY bankruptcy: mayor 22 hours ago NEW YORK (AFP) — Sweeping layoffs of government employees are needed to prevent New York going bankrupt, Mayor Michael Bloomberg said Thursday. Bloomberg, who is in tense negotiations with municipal workers' unions, said an extra 7,000 jobs would have to go unless major reductions are made in employee benefits. "We cannot continue. Our pension costs and health care costs for our employees are going to bankrupt this city," he said in comments broadcast on NY1 television. Bloomberg, running for a third mayoral term at the end of this year, said that proposals from unions so far were "nowhere near what is adequate." The possible job cuts, first announced Wednesday, would be on top of 1,300 already proposed and another 8,000 that could be axed through attrition. Department heads have until Monday to propose cuts and Bloomberg must present the city budget by the end of the month. The city is barred by law from running deficits. The recession and the Wall Street crisis have knocked a huge hole in city finances that traditionally relied heavily on taxes from financial companies. The budget office on Wednesday said that 7,000 extra job cuts would allow the city to cut a further 350 million dollars in expenditure.
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March 15, 2009 ON THE HOMEFRONT By JONATHAN MAHLER A few years ago, while working on a profile of Mayor Bloomberg for this magazine, I had dinner with his deputy mayor for economic development, Dan Doctoroff, at an Italian restaurant in the Clinton Hill neighborhood of Brooklyn. At the time, the city was flush with cash — weeks earlier, it reported a budget surplus of $3.4 billion — the Dow was above 12,000 and still climbing and Doctoroff was presiding over a long list of extensive public-private projects across the five boroughs, bold strokes of urban re-engineering reminiscent of the days of Robert Moses. As a violent summer storm raged outside, Doctoroff sketched out for me Bloomberg’s ambitious plans for New York. The rail yards and warehouses of the far West Side would be replaced by condos, hotels and retail stores. Thousands of apartment units and a new arena for the Nets would rise on the site of the Atlantic Yards in downtown Brooklyn. Penn Station would undergo a gut renovation (and be renamed after Senator Daniel Patrick Moynihan). Lower Manhattan would be transformed into a recreational playground, with cafes, performing-arts pavilions, ball fields, an outdoor ice rink, even a floating garden on the East River. I’ve been thinking a lot about that dinner over the past several months, while watching the Dow plummet and the city’s unemployment rate soar. All of Bloomberg’s mega-projects are now indefinitely delayed, victims, in part, of the credit crunch and the mounting municipal deficit. Even if he’s elected to a third term, the mayor probably won’t ever realize his grand vision for New York. And yet his legacy is already visible on the city’s landscape. It is less sweeping, perhaps, but no less significant: he empowered the private sector to remake the city bit by bit. This was partly a function of the way Bloomberg ran New York, a natural byproduct of his ability to govern the ungovernable city. “The perception under Bloomberg has been that New York is a good place to do business, and that’s very important for developers,” says Jonathan Miller, one of the city’s best-known real estate appraisers. But it was also deliberate. Bloomberg is a businessman. He believes in growth and has faith in the private sector. His administration expedited permits and signed off on building designs with minimal interference. It also freed up underutilized land — old piers, elevated freight lines, warehousing districts, rail yards — either by rezoning or by threatening to employ its powers of eminent domain. In many cases it offered attractive incentives, most notably tax breaks, to encourage companies to build. The administration did its share of construction too, adding parks across the boroughs and along the city’s long-neglected waterfront and, in partnership with private developers, initiating New York’s largest affordable-housing project in decades. You don’t have to be an architect or an urban planner to recognize how much the city was transformed along the way. Walk around most neighborhoods in Manhattan and many neighborhoods in the outer boroughs, and you will be confronted with new construction, whether the steel-and-glass condominium complexes that tower above the old factories and warehouses on the rezoned waterfront of Greenpoint and Williamsburg; the 43-story headquarters for Goldman Sachs that recently sprouted in Lower Manhattan (thanks, in part, to a generous financial incentive from the city); or the two virgin ballparks where the Yankees and Mets will soon open their 2009 seasons (with the help of big municipal tax breaks and an enormous infrastructure investment in the stadium’s respective neighborhoods). All of these structures represent the newest layer in a cityscape that bears witness to the cyclical nature of New York’s economy. The post-Civil War bonanza, when New York cemented its status as the nation’s commercial and financial capital, produced the iconic cast-iron structures of today’s SoHo; the city’s ur-luxury apartment building, the Dakota; and such Beaux-Arts masterpieces as the American Museum of Natural History. (Not to mention a park, Central Park, laid out on an undesirable strip of land that had housed pigsties, slaughterhouses and shantytowns.) It was during the Roaring Twenties that many of the city’s most recognizable steel skyscrapers — the Chanin and Chrysler buildings, among them — sprang to life. Post-World War II peace and prosperity ushered in a wave of Modernist structures like the Seagram Building and Lever House. The “greed is good,” precrash 1980s brought another real estate boom to New York, though one with a limited impact on the physical appearance of the city. Much of the development community’s energy was focused on converting rental units into co-ops. The new construction was largely confined to the island of Manhattan and, with the notable exception of the handiwork of a young real estate mogul named Donald Trump, was generally unremarkable. During the most recent binge, with property values soaring and capital readily available to both builders and buyers, developers didn’t bother with generic, low-slung apartment buildings and conversions. Soaring glass condo towers sprang up everywhere. New York, long criticized for its lack of cutting-edge architecture, became a destination for celebrity architects like Norman Foster, Frank Gehry, Jean Nouvel, Charles Gwathmey and Renzo Piano. That era is over. Since November, some $5 billion worth of development has been delayed or canceled. New York is again a city of abandoned lots, half-finished buildings and free-floating anxiety. “At this particular moment, I think that everyone who is honest with themselves can’t but help think about 1929, which came at the end of an extraordinarily fertile period for architecture,” says Robert A. M. Stern, dean of the Yale School of Architecture and designer of the apartment building 15 Central Park West, which in 2007 earned the distinction of being the highest-priced new apartment building in the history of New York. Even for the rare developers who still have credit lines, there’s the separate question of whether they want to bring a new building to a market with vacancy rates climbing all over the city. The city has been here before. Work on the Empire State Building was completed in 1931, when the Great Depression was already under way. Renters were scarce — so scarce, in fact, that the city’s tallest skyscraper became known as “the Empty State Building.” Not until 1950 did it become profitable. During the 1970s, those infamous years of white flight and urban blight, the city was so broke and certain neighborhoods so desperate and depleted that one former city-housing commissioner, Roger Starr, suggested that New York simply cut off services to them and let them die — “planned shrinkage,” he called it. The current downturn, like the previous downturns, is not something to celebrate; the city and its residents will suffer. But the building boom, while breathing new life into a number of long-struggling neighborhoods, was problematic in its own right. New York got some first-class architecture, but it also got more than its share of eyesores, and the proliferation of luxury-condo towers accelerated the regrettable transformation of Manhattan into an island of the wealthy. Too much of the new construction did nothing to enrich the fabric of the city. “Here we practice the art of the deal, not the art of the city,” as the architecture critic Ada Louise Huxtable has put it. The downturn will give New York a chance to pause and reflect on this period of hyperactive development, and to think about what sort of buildings it needs in the future. Better still, the absence of private capital may spur federal investment that could enable the city to not simply patch up its deteriorating infrastructure but to reinvent it for a new, greener era. “Even though we’ve come through a period of real economic development, we have an infrastructure that badly needs investment and imagination,” says Vin Cipolla, president of New York’s Municipal Arts Society. For its part, the Bloomberg administration has no intention of scaling back its Moses-like ambitions. When I spoke recently with Doctoroff, who is now president of Bloomberg L.P., he told me that he and his colleagues had always envisioned their grand scheme as part of a long-term plan for New York. They never assumed they could outrun the next bust. “We are now in the middle of the 12th serious downturn since New York became a major financial center in the early 19th century,” Doctoroff said. “The lesson of every single one of these previous 11 busts is that the city always comes back stronger than ever. History is perfect on that one.” Jonathan Mahler is a contributing writer. His most recent book is “The Challenge: Hamdan v. Rumsfeld and the Fight Over Presidential Power.” Copyright 2009 The New York Times Company Privacy Policy Search Corrections RSS First Look Help Contact Us Work for Us Site Map http://www.nytimes.com/2009/03/15/realestate/keymagazine/15Key-lede-t.html?_r=1&scp=3&sq=future%20of%20skyscrapers&st=cse
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En février Les mises en chantier bondissent aux États-Unis 17 mars 2009 - 09h21 http://argent.canoe.com/lca/infos/etatsunis/archives/2009/03/20090317-092136.html Louis-Pierre Côté ARGENT Les mises en chantier résidentielles ont rebondi de façon inattendue aux États-Unis en février, alors qu’elles ont grimpé de 22,2%. Selon le département du Commerce, il s’est mis en chantier 583 000 unités résidentielles à taux annualisé, ce qui est bien mieux que les 450 000 attendues par les économistes de Bloomberg et de Reuters. Il s’agit de la première hausse depuis avril dernier et de la plus forte augmentation depuis janvier 1990. Les statistiques de janvier ont aussi été revues à la hausse, à 477 000 mises en chantier, comparativement à 466 000 antérieurement.
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New York City fears return to 1970s Tue Jan 27, 2009 By Joan Gralla http://www.reuters.com/article/newsO...50Q6IH20090127
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Pfizer/Wyeth : emplois compromis à Montréal * Dominique Lemoine, Lesaffaires.com * 26 janvier 2009 Wyeth emploie 1200 personnes à Montréal. Photo : Bloomberg Dans la foulée de l’acquisition de Wyeth, Pfizer congédiera 15% de la main-d’œuvre combinée des deux entreprises, soit 19 000 personnes, et fermera cinq usines, selon Bloomberg. Pfizer et Wyeth emploient ensemble 130 000 travailleurs. À Montréal, Wyeth emploie un total de 1 200 personnes répartis dans son usine de fabrication et de distribution, et dans son centre de recherche et de développement de Ville-Saint-Laurent. Environ 600 personnes travaillent pour Pfizer au Québec. La chef des communications et stratégies chez Wyeth Canada, Isabelle Lavoie, a indiqué ne pas encore savoir si des suppressions d’emplois seront effectuées à Montréal. Même chose du côté de Pfizer Canada, où la directrice des communications, Rhonda O’Gallagher, soutient qu’il est trop tôt pour connaître l’impact de l’acquisition sur les activités de Pfizer et de Wyeth au Canada. Selon Bloomberg, Pfizer prévoit que l’expiration du brevet du Lipitor et la mise en marché d’équivalents génériques provoqueront une baisse de 12 milliards de dollars de ses ventes à partir 2011. L’entreprise devra alors réduire de 70% les coûts de Wyeth en recherche, marketing et administration pour garder ses revenus au niveau actuel (2,69 dollars par action) entre 2010 et 2015, selon Tim Anderson, analyste chez Sanford C. Bernstein à New York. «Ce type de décision est nécessaire pour donner de la valeur aux actionnaires de Pfizer», soutient Seamus Fernandez, analyste chez Leerink Swan à Boston. À son arrivée à la tête de Pfizer en juillet 2006, l’actuel chef de la direction, Jeffrey Kindler, avait congédié plus de 15 000 employés en deux ans et fermé cinq centres de recherche. L’acquisition crée une entreprise ayant un revenu annuel d’environ 55% plus élevé que le deuxième plus important fabricant de médicaments au niveau mondial, GlaxoSmithKline.
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U.S. Economy: Retail Sales Drop in October by Most on Record
un sujet a posté ErickMontreal dans L'actualité
U.S. Economy: Retail Sales Drop in October by Most on Record By Shobhana Chandra and Bob Willis Nov. 14 (Bloomberg) -- Retail sales and prices of goods imported to the U.S. dropped by the most on record, signaling the economy may be in its worst slump in decades. Purchases fell 2.8 percent in October, the fourth straight decline, the Commerce Department said today in Washington. Labor Department figures showed import prices dropped 4.7 percent, pointing to a rising danger of deflation, and a private report said consumer confidence this month remained near the lowest level since 1980. ``The weakness in growth is intensifying and inflation pressures have evaporated,'' said James O'Sullivan, a senior economist at UBS Securities LLC in Stamford, Connecticut, who accurately projected the decline in sales. ``Deflation is a word that will be increasingly used over the coming months.'' Spending may continue to falter as mounting job losses, plunging stocks and falling home values leave household finances in tatters. Retailers from Best Buy Co. to J.C. Penney Co. are cutting profit forecasts ahead of the year-end holiday shopping season, when many stores do most of their business. Federal Reserve Chairman Ben S. Bernanke said at a conference today in Frankfurt that continuing strains in financial markets and recent economic data ``confirm that challenges remain.'' The Fed chief said central bankers worldwide ``stand ready to take additional steps'' as warranted. Economists surveyed by Bloomberg News predict the Fed will lower its benchmark interest rate to a record 0.5 percent by March from the current 1 percent. Policy makers next gather in Washington Dec. 16. Stocks, Treasuries Stocks fell and Treasuries rose. The Standard & Poor's 500 Stock Index dropped 1.8 percent to 894.09 at 10:11 a.m. in New York. Yields on benchmark 10-year notes fell to 3.75 percent from 3.85 percent late yesterday. The Reuters/University of Michigan preliminary index of consumer sentiment was 57.9 in November compared with 57.6 last month. The measure averaged 85.6 in 2007. Retail sales were expected to fall 2.1 percent, according to the median forecast of 73 economists in a Bloomberg News survey. Purchases in September were revised down to show a 1.3 percent decrease compared with an originally reported 1.2 percent drop. ``The September-October credit jolt to the economy is showing up in all of the numbers now,'' Ellen Zentner, a senior U.S. macroeconomist at Bank of Tokyo-Mitsubishi UFJ Ltd. in New York, said in a Bloomberg Television interview. ``We're expecting the worst recession, possibly, post-World War II.'' Worse Than Estimates Retailers have now logged the longest string of monthly declines since the Commerce Department's comparable data series began in 1992. Excluding automobiles, purchases decreased 2.2 percent, almost twice as much as the 1.2 percent decline anticipated and also the worst performance on record. Declines were broad based as furniture, electronics, clothing and department stores all showed loses. Demand at automobile dealerships and parts stores plunged 5.5 percent after falling 4.8 percent in September. Car sales are among the most affected as banks make it harder to borrow. Treasury Secretary Henry Paulson this week said the government will shift the focus of the second half of the $700 billion rescue plan from buying mortgage assets to unclogging consumer credit. President-elect Barack Obama and Democrats in Congress are under pressure to push through another stimulus plan even before the new administration takes over. Filling-station sales decreased 13 percent, also the most ever, in part reflecting a $1-per-gallon drop in the average cost of gasoline. Excluding gas, retail sales fell 1.5 percent. Gain at Restaurants Sales at furniture, electronics, clothing, sporting goods and department stores were also among the losers. Restaurants, grocery stores and a miscellaneous category were the only areas that showed a gain. ``Since mid-September, rapid, seismic changes in consumer behavior have created the most difficult climate we've ever seen,'' Brad Anderson, chief executive officer of Best Buy, said in a Nov. 12 statement. The Richfield, Minnesota-based electronics chain said sales in the four months through February 2009 will decline more than it previously estimated. Rival Circuit City Stores Inc. filed for bankruptcy protection this week. Macy's Inc., Target Corp. and Gap Inc. were among the chains that reported same-store sales dropped in October, while shoppers searching for discounts on groceries gave sales a lift at Wal- Mart Stores Inc., the world's largest retailer. Nordstrom yesterday cut its profit forecast for the third time this year. Worst Season J.C. Penney, the third-largest U.S. department-store company, today forecast earnings that trailed analysts' estimates and posted its fifth straight quarterly profit decline as shoppers cut spending on home goods and jewelry. Shoppers are pulling back as the labor market slumps. The unemployment rate jumped to 6.5 percent in October, the highest level since 1994. Employers cut more than a half million workers from payrolls in the past two months. The longest expansion in consumer spending on record ended last quarter, causing the economy to shrink at a 0.3 percent annual pace. The economic slump will intensify this quarter and persist into the first three months of 2009, making it the longest downturn since 1974-75, economists forecast in a Bloomberg survey conducted from Nov. 3 to Nov. 11. Excluding autos, gasoline and building materials, the retail group the government uses to calculate gross domestic product figures for consumer spending, sales decreased 0.5. The government uses data from other sources to calculate the contribution from the three categories excluded. To contact the reporter on this story: Shobhana Chandra in Washington schandra1@bloomberg.net -
Big Apple starting to crumble Janet Whitman, Financial Post Published: Thursday, November 06, 2008 NEW YORK -- The Big Apple is losing its shine. After years of benefiting from consumer bingeing on everything from luxury lofts to US$99 hamburgers, New York is seeing a dramatic turn in its fortunes as Wall Street stumbles. Investment banks and other financial-services firms here have cut tens of thousands of high-wage jobs and many more pink slips still could be on the way as they grapple with the deepening credit crisis. This year's Wall Street bonus pool, which makes up the bulk of the pay for high-flying financial executives, is forecast to be chopped in half to US$16-billion. Businesses are already feeling the pinch. Revenue at some high-end Manhattan restaurants are down an estimated 20% this year and the once sizzling real-estate market is cooling fast. New York City Mayor Michael Bloomberg said this week that the big drop in tax revenue collected from financial firms is forcing him to renege on planned US$400 property tax rebates for homeowners and to mull a 15% income tax hike. Economists said yesterday that the downturn could resemble New York's financial crisis in the early 1970s, when the city nearly went bankrupt and crime rates skyrocketed. "Compensation is going to be way down and that's going to weigh on restaurants and retailers and the housing market as well," said Mark Vitner, senior economist at Charlotte, N.C.-based bank Wachovia Corp. "We're going to have a very difficult climb back out of this. The recovery might begin in the middle of next year, but that just means things will stop getting worse." Mr. Vitner said it could take at least three years before New York starts to see strong growth and five years before the city gets back to normal. After the dot-com bust in 1999 and the Sept. 11 terrorist attacks, New York soon roared back, fueled by Wall Street's recovery. But the city can't depend on Wall Street this time around. "The flavour is different," said James Brown, a New York state Department of Labor regional analyst who focuses on New York City. "It's not clear how much growth we can expect from our financial sector in the next upturn. We don't know to what degree they may not be as profitable and able to lavish the same high salaries in the next boom as they have in the past booms." With the U.S. government looking to avoid sowing the seeds for a future financial crisis by cracking down on executive bonuses and limiting how much financial firms can wager, Wall Street's recovery could be slow. That's bad news for New York State, which depends on the financial sector for 20% of its revenue. The state already is facing its biggest budget gap in history, at US$47-billion over the next four years. The crisis last week prompted New York State Gov. David Paterson to ask U.S. Congress for billions of dollars in federal assistance. New York City has been particularly hard hit. For every Wall Street job another three or four will be lost in the city. Despite the doom and gloom, Mr. Bloomberg assured New Yorkers at a press briefing this week that the city wouldn't return "to the dark days of the 1970s when service cuts all but destroyed our quality of life." The mayor, who is seeking a third term to guide the city through the crisis, said New York is in much better fiscal shape than it was then and won't make the same mistakes. Still, he warned, it could be as many as five years before financial companies have to start paying city or state taxes again because of the half a trillion dollars in write-downs they have taken, which will offset future profits.
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Le maire de New York a appelé lundi soir à Londres à plus de transparence sur les marchés, la clé selon lui d'un retour de la confiance. Pour en lire plus...
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L’action de la papetière a repris du mieux une journée après avoir plongé de 30%, réaction à une dépêche incomplète de l’agence Bloomberg. Pour en lire plus...
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L’institution bancaire a annoncé des résultats trimestriels en légère baisse face au trimestre correspondant l’an dernier ratant de tout près les prévisions des analystes consultés par Bloomberg. Pour en lire plus...
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Qu'en pensez vous? Le mercredi 20 août 2008 Le maire de New York propose d'installer des éoliennes sur les gratte-ciel Agence France-Presse New York Le maire de New York Michael Bloomberg a proposé un programme d'énergies renouvelables qui consisterait notamment à installer des éoliennes sur les gratte-ciel et ponts de New York, et face à la ville dans l'Océan Atlantique, a indiqué mercredi son service de presse. Intervenant mardi à Las Vegas (Nevada) à un «Sommet national pour l'énergie propre», organisé par l'Université du Nevada, le sénateur démocrate Harry Reid et le «Centre américain pour l'action et le progrès», M. Bloomberg a lancé un appel aux entreprises du pays pour qu'elles avancent des idées concrètes d'ici au 19 septembre, selon un communiqué de son service de presse. «Il y a exactement cinq ans, le 14 août 2003, ce pays a reçu une leçon magistrale des risques que nous courons dans le futur si nous ne changeons pas le cours des choses», a déclaré le maire, évoquant le gigantesque «black out» qui avait plongé dans l'obscurité pendant 24 heures tout le nord-est des États-Unis et une partie du Canada, affectant 40 millions d'habitants dans huit États américains et 10 millions de Canadiens. «Ma ville, New York, fut concernée. Et en tant que maire, je n'oublierai jamais ce qui s'est passé (...): Broadway s'est éteinte, les trois aéroports se sont arrêtés, des milliers de personnes ont été bloquées dans les ascenseurs, les métros, les secouristes ont dû évacuer des milliers d'usagers à travers des tunnels sombres», a ajouté M. Bloomberg. «Nous avons compris que cette fois-ci l'ennemi n'était pas le terrorisme mais nous-mêmes et notre incapacité à rénover nos infrastructures», a-t-il souligné. «Nous pourrions tirer de l'énergie des fleuves qui entourent New York, l'Hudson et l'East River, nous avons déjà un projet pilote en cours, équiper de panneaux solaires toutes les administrations, les écoles et les hôpitaux. Et pourquoi des entreprises n'installeraient-elles pas des éoliennes sur nos ponts et gratte-ciel. Pourquoi n'utiliseraient-elles pas l'énorme potentiels des vents de l'Océan Atlantique pour y planter des éoliennes off-shore?», a encore lancé le maire.
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La plus longue période de croissance des dépenses des ménages s'achève, selon un sondage de l'agence Bloomberg . Pour en lire plus...
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Les résultats d'Industrielle Alliance inférieurs aux attentes
un sujet a posté mtlurb dans L'actualité
Le bénéfice par action a été de 78 cents. Les analystes attendaient toutefois mieux alors qu’ils anticipaient un bénéfice de 80 cents selon les estimations de Bloomberg. Pour en lire plus... -
La banque d'affaires américaine récolterait 4,5 G$ US en vendant sa participation de 20% dans le fournisseur d'informations financières. Pour en lire plus...
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La banque d'affaires américaine Merrill Lynch, confrontée à l'impérieuse nécessité de lever de nouveaux fonds, a décidé de vendre ses parts dans l'agence financière Bloomberg LP. Pour en lire plus...
