R.T.M. <chow-chow> : June 4th-8th > 23rd edition ~ Global Synchronized Slowdown ahead

[Argent Dragon]

Pimco’s El-Erian: Global Economies Enter 'Synchronized Slowdown'

May's dismal jobs report serves as fresh evidence the world's major economies are slowing in tandem, says Mohamed El-Erian, CEO of Pimco. The U.S., Europe and even once-hot emerging markets are cooling, while demand for safe-haven assets like U.S. and German government debt is soaring, meaning investors are parking their cash to ride out a pending downturn. "The numbers also speak to a synchronized slowdown that is now taking hold of the global economy." [Full Story]



Related Stories

• Experts: Massive Summer Stock-Market Plunge Coming Again
• Experts: Stock Investors Starting to Smell Recession
• Growth Slowdown Seen for Third Year in U.S. Dodging a Recession
• Europe Moves Closer to Using Bailout Fund for Banks
• Facebook Hits New Low After Bernstein Questions Owning Stock
• MF Global Trustee Sees Possible Claims Against Corzine

[Meetzos]

http://www.dailyjobcuts.com/

Layoffs
June 4 , 2012

Astar USA in Florence KY - 160

Lot18 - At least 10

DragonWave Inc. ( International ) - 68

Verizon - Offering Buyouts to 1,700 Workers

Central State Hospital in Milledgeville - up to 280 Layoffs Likely

Update: RG Steel in Warren - Layoffs to Start Today



Closing
June 4 , 2012

The Playboy Club at the Palms Casino Resort in Las Vegas

Mercer Island Music is closing its retail and instrument rental section in Mercer Island WA

OK Cafe in Hasting NE

The Key Food located on Prospect Avenue in Windsor Terrace, Brooklyn NYC

The Build-A-Bear location in Ann Arbor at Briarwood Mall

Pia's of Washington NC

Cedar Lanes in Filer

Judge Riddel Boys Ranch in Wichita Kansas May Close

[Meetzos]

http://www.dailyjobcuts.com/

Layoffs
June 5 , 2012


Update: Beaverton School District Oregon - up to 344 Layoffs Possible

Shorehaven Behavioral Health Inc - Plans 12+ Layoffs

The Malden School MA - 23

The Georgia Pacific wood product facility in the town of Thorsby AL - 40

Stanislaus County - Considering up to 124 Layoffs

Goldman Sachs - 50 Last Week

THQ San Diego Office - Several Layoffs

Rail freight company QR National ( International ) - 500

SolarWorld - up to 300 in Europe

Tulsa's American Airlines' maintenance base - 6 Managers


Closing
June 5 , 2012

Suwa's Japanese Restaurant CA

Mickey Mantle’s, the Central Park South eatery/sports bar NY

Michelangela in Hoboken NJ

J.C. Penney Co. said Monday it would close its San Fernando store CA

Teacher's Tools in Bellmore NY

Austin-based Sweatbox Studio

[Argent Dragon]

CBO: US Risks Fiscal Crisis Without Budget Changes

The government risks a fiscal crisis unless it makes significant changes in tax and spending policies, the Congressional Budget Office said. The nonpartisan agency said without policy changes, the national debt within 15 years will top the historical peak set after World War II. By 2037, the debt would be almost twice the size of the economy. That would mean higher interest rates, slower economic growth and far more painful choices for lawmakers than they face today. [Full Story]



Related Stories

• Goldman: Spanish Crisis Could Spark 20% Plunge in US Stocks
• US Data: State Economies Grew Considerably Slower in 2011
• Spain Says Credit Markets Shutting It Out, Seeks EU Help for Banks
• Cato’s Calabria: More Fed Easing Risks Charges of Political Bias
• IMF: Euro Needs Master Plan, Not Deadline
• Zuckerberg Allegedly Dumped Facebook Shares Before IPO

[Meetzos]

http://www.dailyjobcuts.com/

Layoffs
June 6 , 2012

Supervalu Inc - 2,500 Layoffs

The Greece Central School District NY - 17

Cooper Bussman Transportation - 74

The state Department of Labor and Training RI - 60 to 70

Dana Holding Corp - 37

SAIC Inc - Layoffs Possible with Fed. Budget Cuts

Cobham Tracking and Locating Ltd ( International ) - 17

Amherst County Public Schools VA - 38

Central Appalachian Mining (CAM) in Pikeville KY - 193

Reading School District PA - 110

University of Kentucky - Some Layoffs Reported

Siemens Rail Systems in Sacramento - 44



Bankruptcy
June 6 , 2012

Strauss Discount Auto - Chapter 11

Franklin Credit Holding Corp.


Closing
June 6 , 2012

Strauss Discount Auto Closing all 46 Stores

Northridge Christian School

Exeter Hospital this week announced it will close its Synergy Health & Fitness center in December for Renovations. Reopening in 2014

Mezzanine in Maplewood

The Msgr. Geno Monti School in Farrell PA

The Health Shoppe, on Morris Street in Morristown and in Chester NJ

15 Farm Service Agency in Texas

Two Sisters Restaurant in Rochester MI

2 Genuardi's supermarkets in PA

The Waldbaum's on Francis Lewis Boulevard in Bayside NY

The Buffalo Catholic Diocese Closing 2 Schools one in Jamestown and One in LeRoy NY

[Argent Dragon]

Buffett: Little Chance of Recession in US Unless Euro Crisis Spreads

Despite recent signs of weakness, the U.S. economy isn't likely to slip back into a recession, Warren Buffett said. He also said both political parties deserve blame for the federal government's failure to reduce the deficit. The billionaire investor said he sees the odds of a renewed recession as "very low." But he warned that could change if the effects of Europe's financial crisis were to "spill over in a big way." [Full Story]



Related Stories

• Pimco’s El-Erian: America Isn’t Healing Quickly Enough
• Draghi: ECB Stands Ready to Act as Growth Outlook Dims
• Atlanta Fed Chief: More Easing Possible if Economy Continues to Falter
• Fish Heads Turned Into Electricity Cut Wal-Mart’s Bills: Energy
• Facebook Investor Usmanov Said to Acquire Airbus Jet

[Argent Dragon]

Carly Fiorina: Additional Fed Stimulus Wouldn't Help Economy

Wednesday, 06 Jun 2012 11:02 AM
By Forrest Jones





More economic-stimulus measures from the Federal Reserve won't speed up the U.S. recovery, says Carly Fiorina, the former CEO of Hewlett-Packard.

Weak jobs data and European debt fears have sparked analysts calls that the Federal Reserve will juice the economy via quantitative easing (QE), under which the Fed buys assets held by banks and floods the economy with liquidity in the process.

The Fed has already snapped up $2.3 trillion via two rounds of quantitative easing since the downturn with the aim of encouraging investment and hiring via liquidity injections.

Read more: Carly Fiorina: Additional Fed Stimulus Wouldn't Help Economy

[Meetzos]

http://www.dailyjobcuts.com/

Layoffs
June 7 , 2012

East Contra Costa Fire District CA - Layoffs, Station Closures Possible

Sunovion Pharmaceuticals Marlboro HQ - Some Layoffs Reported

Update: University of Kentucky - 140 layoffs, Eliminating 164 Vacant Jobs

Sterling Bank in Vancouver Washington - 63

SkyWest Airlines - 600

The Garden City schools - 25


Closing
June 7 , 2012

Happy Garden Chinese Restaurant in Jacksonville FL

Mezzanine the boutique women's clothing store on Sutton Boulevard in Maplewood MO

Loretto is closing an adult medical day care program on James Street in Syracuse NY

[Meetzos]

The job numbers the gov. put out just don't jibe with the reality.

http://www.bloomberg.com/news/2012-0...ns-stores.html


Supervalu to Cut Up to 2,500 Jobs in Albertsons Stores

By Leslie Patton - 2012-06-06T20:24:54Z

Supervalu Inc. (SVU), the third-largest U.S. grocery store chain, plans to eliminate as many as 2,500 positions at its Albertsons unit.

The reductions, which represent about 13 percent of staff across all 247 Albertsons stores in California and Nevada, will begin the week of June 17 and should be completed near July 1, according to a statement today. Albertsons is the biggest retail chain in Supervalu’s family of grocery stores.

Supervalu, which also operates the Shaw’s and Shop ‘n Save chains, is cutting costs while expanding its private-label brands. The retailer is lowering prices on some food to draw customers from discounters including Wal-Mart Stores Inc. (WMT) The company reduced prices by as much as 20 percent on about 200 produce items earlier this year.

“They’re just in a bad cycle,” Scott Mushkin, a New York- based analyst at Jefferies & Co., who recommends holding the shares, said in an interview. “When your sales are declining you need to cut expenses, so you start cutting store labor.”

While reducing workers may help in the short run, it “further hampers sales” long term, Mushkin said.

Snip

As of February, Supervalu had about 130,000 employees, according to regulatory filings. Revenue at the Eden Prairie, Minnesota-based company has declined for three straight years and is projected to fall 2.4 percent to $35.2 billion in its fiscal 2013, according to data compiled by Bloomberg.

snip

[Argent Dragon]

Fed Watching 'Significant Risks' but Offers Few Hints of More Stimulus

Federal Reserve Chairman Ben Bernanke said the U.S. central bank was ready to shield the economy if financial troubles mount, but offered few hints that further monetary stimulus was imminent. Bernanke told Congress the Fed was monitoring "significant risks" to the U.S. recovery from Europe's debt and banking crisis closely. "The Federal Reserve remains prepared to take action as needed to protect the U.S. economy in the event that financial stresses escalate." [Full Story]

Related Stories

• Wall Street Trims Early Gains After Bernanke Dashes Easing Hopes
• UN: World Food Prices Slide Most in Two Years on Dairy Plunge
• Jobless Claims Dip Lower but Hover at Worrisome Levels
• Nasdaq CEO: We’re ‘Embarrassed and Apologize’ Over Facebook
• Paul Ryan: US on Verge of 'Debt Crisis Like Europe'
• Fitch: US Risks 2013 Rating Downgrade Without 'Credible' Plan
• China Cuts Interest Rates for First Time Since 2008

[Meetzos]

http://www.dailyjobcuts.com/

Layoffs
June 8 , 2012


Mitchell College - 3

Logitech International - 13% of Workforce or 450 Jobs

Update: Olympus - Confirms 2,700 Layoffs

Fifth Third Asset Management - 30

City of Westminster CA - 67

The St. Landry Parish School La - 68

Hess Industries - Issues Warn Notice for 200, Everything Pending

Bank of America BofA in Fort Lauderdale FL - 675

California's Administrative Office of the Courts - 29

City of Springfield Mass. - 11

Pacific Power - Less than 70


Closing
June 8 , 2012

Herline Jewelry in Ely Nevada

Alexandra in Bronxville NY

Mandala Treatment Facility in New Port Richey FL

Northrop Grumman to close its engineering and manufacturing facility in Norwalk Conn.

Pink & Blue in Sewickley. PA

Indianapolis Senior Center at 708 E. Michigan St

Banchero’s Italian Dinners in Hayward CA

Orchid Hill Vineyard to close its downtown Paso Robles tasting room

[Argent Dragon]

Obama Pushes Europe, Congress to Halt Economic Crisis

With the economy showing signs of weakness at home and abroad, President Barack Obama strongly urged European leaders to prevent their looming debt crisis from dragging down the rest of the world and asked Congress anew to quickly pass legislation to put construction workers, teachers and others back to work. As for Europe, he said leaders must inject capital into the banking system. "The solutions to these problems are hard, but there are solutions." [Full Story]


Related Stories

• Fitch: US Risks 2013 Rating Downgrade Without 'Credible' Plan
• China Rate Cut Sparks Fears of Grim Economic Data
• Spain Planning to Request Bank Bailout From EU
• Steep Global Slide Pushes Central Banks to Cut Rates
• Obama Seeking Ally on Europe Finds Merkel a Tough Sell

[Meetzos]

http://www.dailyjobcuts.com/

Bank Failures
6/8/2012

Waccamaw Bank, Whiteville, NC

Farmers and Traders State Bank, Shabbona, IL

Carolina Federal Savings Bank, Charleston, SC

First Capital Bank, Kingfisher, OK


Layoffs
June 9 , 2012

MV Transportation West Palm Beach Bus Service - 165

Johnson Controls Inc Northwood plant - 279 Temp. Layoffs

Tread Corp in Botetourt - up to 100


Closing
June 9 , 2012

McVan’s Video Games of Fort Wayne Indiana

R & B Motoring Galva Ill.

The Taylor Cos. of Bedford Ohio

St. Marys Surplus Sales in St Marys Kansas

[Argent Dragon]

Harvard’s Feldstein: 33% Chance of Recession and Fed Can't Help

The chances of the U.S. falling back into recession stand about one-in-three and more stimulus from the Federal Reserve won't do much good either, says Harvard economist Martin Feldstein. He says you can’t rule out the US slipping back into recession. “The economy is weak, weaker than many of the forecasters have been saying. We had less than 2 percent growth in the first quarter and roughly 1.5 percent last year. I think we'll be lucky if we have 2 percent growth in the rest of this year." [Full Story]


Related Stories

• China's Inflation Eases, Giving Room for Stimulus
• Moody's May Lower European Sovereign Debt Ratings
• IMF: Spanish Banks Need Nearly $50 Billion
• Obama Pushes Europe, Congress to Halt Economic Crisis
• Wall Street Ends Best Week of Year as Aid for Spain's Banks Seen Near

[Meetzos]

http://www.dailyjobcuts.com/


Layoffs
June 10 , 2012

Cartridges Are Us in Ithaca - 64

Marshfield Clinic - 50 Positions Since January

Tread Corp - up to 100


Closing
June 10 , 2012

Best Buy is closing its Edina store at Southdale Circle and the Brooklyn Center store on Earle Brown Drive Minnosota

Computer Solutions at 117 Main St Keene NH

Nationwide Building Society, Britain’s biggest mutual lender ( International ) - 23 Branches

[Argent Dragon]

Eurozone to Lend Spain $125 Billion to Save Banks

Eurozone finance ministers agreed to lend Spain up to $125 billion to shore up its teetering banks and Madrid said it would specify precisely how much it needs once independent audits report in just over a week. After a 2 1/2-hour conference call of the 17 finance ministers, which several sources described as heated, the Eurogroup and Madrid said the amount of the bailout would be sufficiently large to banish any doubts. [Full Story]



Related Stories

• Moody’s: Spanish, Greek Turmoil May Trigger Downgrades
• Wall Street Rally's Stamina Hangs on Europe
• British Finance Chief Osborne: Eurozone Crisis ‘Killing’ UK Recovery
• China’s Slowing Inflation, Output Growth Add Stimulus Pressure
• China’s Exports Rise but Economy Not Out of the Woods