Grim corporate figures underline global turmoil
Güncelleme Tarihi:
AFP
Oluşturulma Tarihi: Şubat 07, 2009 00:00
TOKYO - Grim data from the world's biggest firms and thousands of job losses underscored Friday the urgency driving debate over Washington's massive economic stimulus plan.
Japan's Toyota Motor forecast an operating loss of $4.9 billion for the financial year to March, after already losing $4 billion dollars in the third quarter alone as the global crisis sends car sales plunging.
British Airways, Japan Airlines and a clutch of other big corporate names announced or forecast dismal figures, and thousands more jobs are to face the axe across the world as companies try to make ends meet.
The slew of red ink and job cuts underlined the sense of emergency behind the U.S. government's attempts to pass a $900 billion stimulus plan. Negotiations to pass the bill entered their final stretch late Thursday as the Senate wrapped up a fourth day of debate.
The plan attracted international controversy because of its "Buy American" clause, which forbade stimulus spending on a project unless all of the iron, steel and manufactured goods involved were made in the U.S. Senators diluted the contested clause by saying it must be applied in line with U.S. international trade agreements, but did not remove it.
New plan in the pipeline
Separately, the U.S. Treasury Department confirmed a new bank stabilization plan would be unveiled Monday by Secretary Timothy Geithner, but offered no details.
In London, British Airways reported a net loss of $186 million over the first nine months of its 2008-2009 financial year.
Japan Airlines, Asia's largest carrier, said it expected a net loss of $374 million in the year to March, while truckmaker Isuzu skidded into a 15 billion yen loss for the year.
Japan's Sharp said it was eliminating 1,500 jobs and that it expected an operating loss of 30 billion yen for the year to March 31.
British Airways, Japan Airlines and a clutch of other big corporate names announced or forecast dismal figures, and thousands more jobs are to face the axe across the world as companies try to make ends meet.
The slew of red ink and job cuts underlined the sense of emergency behind the U.S. government's attempts to pass a $900 billion stimulus plan. Negotiations to pass the bill entered their final stretch late Thursday as the Senate wrapped up a fourth day of debate.
The plan attracted international controversy because of its "Buy American" clause, which forbade stimulus spending on a project unless all of the iron, steel and manufactured goods involved were made in the U.S. Senators diluted the contested clause by saying it must be applied in line with U.S. international trade agreements, but did not remove it.
New plan in the pipeline
Separately, the U.S. Treasury Department confirmed a new bank stabilization plan would be unveiled Monday by Secretary Timothy Geithner, but offered no details.
In London, British Airways reported a net loss of $186 million over the first nine months of its 2008-2009 financial year.
Japan Airlines, Asia's largest carrier, said it expected a net loss of $374 million in the year to March, while truckmaker Isuzu skidded into a 15 billion yen loss for the year.
Japan's Sharp said it was eliminating 1,500 jobs and that it expected an operating loss of 30 billion yen for the year to March 31.