downturn news stories on Newser

Posh Resort Offers $19 Empty Room —With Tent

Neal Colgrass — Fri, 07 Aug 2009 18:18:00 CDT

A chic San Diego hotel is offering rooms for only $19 a night—without toiletries, towels, sheets, or a bed, the San Diego Union-Tribune reports. “It's our way of getting people here that might not normally come," says Rancho Bernardo Inn manager John Gates. Taken over by CitiGroup when it...

UK Billionaires' Ranks Halved in Downturn

Matt Cantor — Sun, 26 Apr 2009 12:03:00 CDT

The number of UK billionaires has been almost cut in half by economic woes, from 75 to 43, with the country’s wealthiest having lost a collective $228 billion, the Times of London reports. The hardest-hit was steel magnate Lakshmi Mittal, who remains Britain’s richest man despite having lost some $9...

Iconic Depression Setting Makes Do Amid Recession

Nick McMaster — Tue, 24 Mar 2009 17:46:06 CDT

Many have made the parallel between the current economic slump and the Great Depression. Interested in pursuing the connection, Rafael Alvarez visited Sallisaw, Okla., an icon of the troubled 1930s as the setting of John Steinbeck’s The Grapes of Wrath , he writes for the Christian Science Monitor . The downturn was...

Brothel Battles Downturn with Flat-Rate Pass

Matt Cantor — Tue, 17 Mar 2009 14:21:01 CDT

A Berlin brothel is fighting world economic gloom with a special offer: a flat-rate, unlimited, all-access pass, Der Spiegel reports. For about $90, clients are free to get chummy with all the workers. Men can even bring their wives. “70 euros, that includes everything—ladies, drinks and food,” says a...

Will the Recession Drive Up Suicides?

Nick McMaster — Mon, 09 Feb 2009 13:31:01 CST

America is reeling from the financial crisis, and the psychological strain has analysts carefully watching national suicide rates, Time reports. Though three high-profile European businessmen took their own lives recently, suicide rates have held steady at 11 per 100,000 people; during the Great Depression, they spiked at 17 per...

Starbucks Will Cut Back on Afternoon Decaf

John Johnson — Tue, 27 Jan 2009 19:29:13 CST

This one ranks among the more unusual consequences of the slow economy: Those who drink decaffeinated coffee at Starbucks may have to wait longer for an afternoon fix. The company is going to stop brewing fresh pots of decaf every 30 minutes after noon because of low demand, Bloomberg reports....

Booming Mickey D's Plans European Surge

Matt Cantor — Sat, 24 Jan 2009 17:55:37 CST

A rare beneficiary of the financial crisis, McDonald’s says it will build 240 new European locations and create 12,000 jobs, the Financial Times reports. The firm’s biggest expansion in 5 years will extend mainly to Spain, France, Italy, Russia, and Poland. “We’re certainly not slowing down,” said the president...

Worldwide Downturn Speeds Up Alarmingly

Matt Cantor — Sat, 24 Jan 2009 07:46:26 CST

The global economy is in a faster decline than economists predicted only weeks ago, as the bursting of the biggest-ever real-estate bubble hits real economies in Europe and Asia, killing millions of jobs and shutting businesses, the Washington Post reports. Britain just posted its biggest quarterly slump since 1980, while...

Warner Bros. Slashing 10% of Workforce

Matt Cantor — Tue, 20 Jan 2009 20:19:39 CST

Even the Dark Knight is no match for this economy. Warner Bros. is cutting 800 jobs across all levels of the firm, shrinking its workforce by 10%, the Wall Street Journal reports. That means 600 employees will have to leave, with 300 departing in the next few weeks. The rest...