Ukraine families struggle under economic crisis - Feb 23 09
Al Jazeera English
Transcript
yes look Alexander and Alesa are some of the latest victims of Ukraine's economic slump Alexander's real estate company has seen a 90% drop in trade drastically reducing the couple's income they're now struggling to pay off their apartment loan with their first child on the way the couple is feeling the strain in recent months the former bread basket of the Soviet Union has become a world leader in economic downturn and Industrial setbacks and it's this the national currency the Gyer that's really taken a turn for the worst already dropping in value by almost 100% in previous years Ukraine enjoyed economic growth of around 7% annually now down to just over two as businesses struggle to pay off debts foreign companies are also beginning to leave we've really had to adapt our our business interests here um originally we were here looking to bring International franchise Brands to the Ukraine Market um but there's very little activity now in terms of actual investment and development across the country building projects have been put on hold as funding dries up few more important for national pride and income than the proposed main venue for the 2012 AA for football championship Ukraine has been put on the international monetary fund rescue list for this $6.5 billion loan the first 4 billion has already arrived but one of Ukraine's most vital economic Partnerships with Russia has also been badly affected the January gas dispute with Moscow led to a halt and supply to the entire continent via Ukraine as the two countries battled over the price of energy the dispute ended with Kiev having to pay more for its gas the head of the National Bank Council denies Ukraine's been finan hurt by the dispute even if their Global reputations have been damaged nobody is a winner that's why we should stop public discussion about who is a winner who is who is a loser who who blaming each other we should find out the reliable energy security system but with elections coming up later this year it's hoped much needed emergency measures will be implemented before the country's economic woses get any worse NE Barker jaer KF Ukraine
Feb. 23: Major Indexes Fall to 1997 Levels
Associated Press
Transcript
growing worries about the severity of the recession of drag stocks to their lowest level in more than a decade most financial stocks were pounded monday even as the government said it will launch a revamped rescue program that could increase government ownership in financial institutions without committing new capital that report did little to help stocks i think in general investors are looking beyond the nationalization of banks and just thinking that this overall economy is likely to be a lot weaker than most people are willing to admit and certainly that the programs initiated by the new administration are not likely to bear fruit anytime soon the indexes greater than 3 percent drop extended last week's 6 percent decline where the indexes plunged through the november lows seen at the height of the credit crisis i think that the closing low below the november 20th low indicates certainly that investors are very willing to test these lows and s p's chief technical strategist mark arbiter believes that we'll actually end up bottoming in this bear market a good 50 to 75 points below where we are right now the dow jones industrial average dropped 251 points to end the session at 7 115. the standard and poor's 500 index fell 27 to 743 and the nasdaq dropped 54 to 1388. the last time the indexes saw these lows was in 1997. the s p closed at 738 on april 11th of that year and the dow settled at 6 971 on october 28th mark hamrick the associated press
Money Minute: John Thain, UAW, Oil
Associated Press
Transcript
AP money minute New York attorney general's office wants former meil Lynch CEO John F to disclose details about bonuses paid to maril employees before the company was sold to Bank of America fearing a lawsuit from Bank of America thing refused to answer those questions during a deposition last Thursday a spokesman now says thing will answer if compelled by a court order the United autow Workers Union has reached a tenative deal with Ford on how the company will fund a trust that will pay retiree healthc care expenses Ford said it will settle with each scheduled payment to the trust with up to 50% of Ford's stock previously Ford was required to make the multi-million dollar payments in cash oil prices tumbled 4% Monday as Traders Shrugged off reports that OPEC could slash production focusing instead on falling stock prices Benchmark crude for April delivery fell $159 to settle at $384 a barrel in New York I'm Mark hamri with ap money minute
Report: Gov't Could Take a Bigger Chunk of Citi
Associated Press
Transcript
The Wall Street Journal is reporting City group is in talks with Federal officials to expand the government stake in the struggling Bank to as much as 40% the newspaper adds that City Executives would like to keep the government's investment closer to 25% stocks took a sharp dip last week amid worries the banks would have to be nationalized to stay afloat the Obama Administration has not said if it supports the city proposal but on Friday White House Press Secretary Robert Gibbs told reporters the president thinks Washington should oversee the banks but not own them let me be clear the the president believes that the bank a privately held banking system regulated by the government uh is uh is what this country should have the Dismal economy and the government efforts to save it figures to dominate President Barack Obama's schedule this week a White House fiscal Summit is slated for tomorrow Obama will address Congress on Tuesday and sends an outline of his budget request to Capitol Hill on Thursday Brian Thomas the Associated Press
US, Global Markets End Week Sharply Lower
VOA News
Transcript
Traders call it a bare Market everything's for sale Alan despite a trillion dollar plan to stabilize US Banks $75 billion to deal with a housing crisis and a $787 billion stimulus package investor confidence remains low Financial strategist Alan scaner investors are not convinced that these programs are going to work that they're going to be enough uh in the meantime the news and the economy has been very bad and they just don't see the light at the end of the tunnel the Obama Administration has said turning the US economy around will be neither quick nor easy but President Obama told a meeting of Mayors on Friday that American patients will be rewarded this plan doesn't Mark the end of what we'll do together it marks the beginning so now it falls to us to seize the possibilities of this moment and convert Peril into promise but Peril was clearly on investors Minds European indexes felt to six-year lows while Japan's topics plunged to its lowest level since 1984 Hong Kong investment analyst Francis Lun said problems at Asian and European Banks added to the slide the market open much lower today mainly due to the financial stocks uh European Banks uh uh uh scuttled by the uh financial crisis in Eastern Europe so HSBC and standard chart continue to fall on a brighter note Sam stovel of standard and por says the sooner the markets reach bottom the sooner recovery can begin stock prices tend to bottom out about 5 months ahead of the end of the recession uh they also tend to bottom out around 8 months ahead of the peak in unemployment as well as the trough and earnings although better than expected earnings in technology stocks helped cut losses on Wall Street Blue Chip indexes Clos in the red again on Friday as a dow fell to an 11-year low milar Sega vaa news
Helper turns victim in US economic crisis
Al Jazeera English
Transcript
[Music] the Episcopal Church of the Epiphany serves a large Parish in East Los Angeles and father will Waters is the parish priest he has always worked in poor communities he believes that practicing the love of God means helping the poor and helping means action just unloading these groceries for about 200 people that are going to come today for food every week father will brings food back to his neighborhood called Lincoln Heights you know it's always gratifying to be of service to people who are in desperate need but on the other hand I hate the fact that I have to do it the largely Latino Community here has been battered by foreclosures in low demand for service jobs such as gardening and housekeeping the spiral down to Poverty is fast for the homeless and unemployed and father will has his work cutout help them but he has a problem he just lost his job father will received his salary from a dasis fund that lost nearly 40% of its value during the recent stock market crisis he wasn't fired but the post of Parish priest was abolished you have it you have it already he has not received a salary since January 1st we're hoping for somebody just like father will with his same personality and principles he taught us how to work he planted a seity in us and now we must spread it to others but we still need a leader in this church father will says he hasn't left yet because he wants to be with his community during these difficult times but he knows he can't stve forever I have to look for another job I don't come into it with a lot of money um so yes I have to find some other work to do I hope they feel the love that I've shown to them and that they know that real and I and I think they do uh so uh that's that's all I can hope for father will says he's sad to go but he's even more upset that he won't be replaced he says the true victims are his parishioners he's right because just as the sinking economy takes its toll on East Los Angeles the 800,000 people who live in Father Will's Parish will lose a catalyst for change a leader and a friend hi Father hello how are you all right God bless you how you doing father good how are you he's a good man you know what he does everything out of his way to help the poor people it's a hell of a man right Casey Kaufman Al jazer that's the truth in East Los Angeles
Stocks Hit 12-Year Low
CBS
Transcript
the Dow is already down 19% this year Anthony Mason our business correspondent is here to put it all into some perspective for US stocks at their lowest level since 1997 what is going on Anthony Katie it's just more worries about the banks and the economy I mean the Dow is already down 2,000 points this year and we're only in the middle of February uh you know the decline has been broad-based and brutal and for example you can buy a share of GE Now for less than the cost of a light bulb you can buy a share of GM for Less than the cost of a gallon of gas and you can buy a share of the New York Times company for less than the cost of a Sunday paper it is bad all over meanwhile I understand the government may be coming to the aid of City Group yet again and may want to own a bigger piece of the pie why is that City Group went to the government said we need more help the treasury is now considering converting the government's $45 billion stake into common stock now that won't cost the taxpayers any more money but it could give the government as much as a 40% ownersh ship stake in City Group the idea here is to try to prevent City Group stock price from collapsing it's already at two bucks and restore some trust in the bank and real quickly Anthony what about these stress tests that will be administered by the government that will hit at the heart of the financial crisis they start on Wednesday they're going after the 20 biggest banks they want to see what their assets are they're going to run them through a simulated worst case scenario to see who needs help and how much help and maybe whether anybody needs to be nationalized will this become public the information probably won't become public unless unless those banks are in serious trouble all right Anthony Mason as always Anthony thanks