Internet search giant Google Inc is known for hosting the most extravagant holiday parties in Silicon Valley, often drawing crowds of over 10,000 and prompting some employees to post ads for party dates on classifieds website Craigslist.
But even Google has decided to scale back its holiday celebrations this year due to a global economic downturn and an ever-expanding workforce that had grown to 20,000 in October, according to a person familiar with the matter.
Silicon Valley has few reasons to celebrate this year as companies, including Hewlett Packard Co, Yahoo Inc, Sun Microsystems Inc and Applied Materials Inc, have cut over 140,000 jobs in the last few months because of the bleak economy, according to Challenger, Gray and Christmas consulting group.
Google has fared better than most tech companies, but departments at the Internet company will have smaller events this year to encourage camaraderie between employees and celebrate more economically, said the source. Team holiday activities will include spending an afternoon volunteering followed by evening social activities such as dinner parties and museum outings in San Francisco.
This is a striking difference from previous years, when Google holiday parties included ice sculptures of the company's logo, virtual reality video game stations, karaoke booths, sushi buffets and burlesque dancers.
Last year a party crowd of 10,000 spread throughout the Shoreline Amphitheater, near Google headquarters in Mountain View, California, said workers -- called Googlers. A handful used the Web to find dates.
But this year only one looked for a companion in a recent search on Craigslist. Google declined to comment on this year's change.
Saturday, November 22, 2008
US teenager kills himself live via webcam
The family of a US teenager who killed himself live online via a webcam have spoken of their regret at how no-one stopped the unfolding suicide.
Abraham Biggs, 19, from Pembroke Pines, near Miami, killed himself hours after announcing his plan on his blog.
His father said it was "unimaginable" that neither the website's operators nor any viewers alerted the police.
Biggs took an overdose of anti-depressive drugs, but remained comatose online for hours before he died.
His father, Abraham Biggs Sr, said he had no idea his son was contemplating suicide.
''We were very good friends,'' Mr Biggs said of his son, adding: "It's wrong that it was allowed to happen.''
Biggs Jr, who was studying to be a paramedic at the college where his father is a maths professor, suffered from mental illness which his mother said had finally claimed his life.
''My son, Abraham Biggs Jr, was well-loved and cared for. However, the mental illness of bipolarity and depression got the better part of him,'' she wrote on MySpace.
'Nothing happened'
The sense of disbelief at the teenager's death was heightened by the realisation that his end was drawn out and, most likely, preventable.
He began the process by posting messages telling people he was going to kill himself, and then started streaming live pictures from his home.
Reports say that some of viewers who logged in to watch began to encourage the teenager to kill himself, while others tried to dissuade him.
After several hours, when he had not moved some viewers finally notified the site's moderator, who then called the police.
The boy's sister, Rosalind Biggs, denounced the website, Justin.tv, which allows people to broadcast themselves online: "They got hits, they got viewers, nothing happened for hours."
It is unclear how many people watched Wednesday's suicide unfold, although reports suggest that some viewers thought it was a hoax.
The last transmission from the webcam was of a police officer bursting into Abraham Biggs's room, where he discovers his body and then places his hand over the camera.
Michael Seifert, chief executive of Justin.tv, said the company and its staff would "take a moment to recognise and reflect upon the tragedy that occurred within our community" and offered condolences to the Biggs family.
The footage has since been taken down and his father is now calling for more regulation of chatrooms.
Source: BBC
Abraham Biggs, 19, from Pembroke Pines, near Miami, killed himself hours after announcing his plan on his blog.
His father said it was "unimaginable" that neither the website's operators nor any viewers alerted the police.
Biggs took an overdose of anti-depressive drugs, but remained comatose online for hours before he died.
His father, Abraham Biggs Sr, said he had no idea his son was contemplating suicide.
''We were very good friends,'' Mr Biggs said of his son, adding: "It's wrong that it was allowed to happen.''
Biggs Jr, who was studying to be a paramedic at the college where his father is a maths professor, suffered from mental illness which his mother said had finally claimed his life.
''My son, Abraham Biggs Jr, was well-loved and cared for. However, the mental illness of bipolarity and depression got the better part of him,'' she wrote on MySpace.
'Nothing happened'
The sense of disbelief at the teenager's death was heightened by the realisation that his end was drawn out and, most likely, preventable.
He began the process by posting messages telling people he was going to kill himself, and then started streaming live pictures from his home.
Reports say that some of viewers who logged in to watch began to encourage the teenager to kill himself, while others tried to dissuade him.
After several hours, when he had not moved some viewers finally notified the site's moderator, who then called the police.
The boy's sister, Rosalind Biggs, denounced the website, Justin.tv, which allows people to broadcast themselves online: "They got hits, they got viewers, nothing happened for hours."
It is unclear how many people watched Wednesday's suicide unfold, although reports suggest that some viewers thought it was a hoax.
The last transmission from the webcam was of a police officer bursting into Abraham Biggs's room, where he discovers his body and then places his hand over the camera.
Michael Seifert, chief executive of Justin.tv, said the company and its staff would "take a moment to recognise and reflect upon the tragedy that occurred within our community" and offered condolences to the Biggs family.
The footage has since been taken down and his father is now calling for more regulation of chatrooms.
Source: BBC
Citi likely to replace Vikram Pandit as CEO
Citigroup's Board is considering firing its Chief Executive Vikram Pandit, who was appointed as CEO late last year to infuse confidence, as the banking giant finds itself searching for hope all over again.
Replacing Pandit – an enthusiastic defender of the company's existing mix of businesses – is one of the options being considered by Citi executives, along side selling all or part of the company, a public endorsement from the government or a new financial lifeline to stabilise the banking behemoth, after its shares took a sharp plunge this week.
In a series of tense meetings and telephone calls, the executives weighed several options, including whether to replace Citigroup's chief executive Vikram S Pandit or to sell all or part of the company, the New York Times reported.
The paper reported that the company's executives on Friday entered into talks with federal officials about how to stabilise the struggling financial giant.
The report came amidst some analysts saying that infusion of $50 to $100 billion might be needed to bail out the bank.
The course of action, however, remained uncertain on Friday night, the people involved in talks were quoted as saying, and other options may yet emerge. But after a year of gaping losses and an accelerating decline in share price, Citigroup, which has $2 trillion in assets and operations in scores of countries, is running out of time, analysts were quoted by The New York Times as saying.
The paper said, Citigroup's management and some board members held several calls with Henry M Paulson Jr, the Treasury secretary, and with the president of the Federal Reserve of Bank of New York, Timothy E Geithner, who later emerged as President-elect Barack Obama's choice to be Treasury secretary.
Source: PTI
Replacing Pandit – an enthusiastic defender of the company's existing mix of businesses – is one of the options being considered by Citi executives, along side selling all or part of the company, a public endorsement from the government or a new financial lifeline to stabilise the banking behemoth, after its shares took a sharp plunge this week.
In a series of tense meetings and telephone calls, the executives weighed several options, including whether to replace Citigroup's chief executive Vikram S Pandit or to sell all or part of the company, the New York Times reported.
The paper reported that the company's executives on Friday entered into talks with federal officials about how to stabilise the struggling financial giant.
The report came amidst some analysts saying that infusion of $50 to $100 billion might be needed to bail out the bank.
The course of action, however, remained uncertain on Friday night, the people involved in talks were quoted as saying, and other options may yet emerge. But after a year of gaping losses and an accelerating decline in share price, Citigroup, which has $2 trillion in assets and operations in scores of countries, is running out of time, analysts were quoted by The New York Times as saying.
The paper said, Citigroup's management and some board members held several calls with Henry M Paulson Jr, the Treasury secretary, and with the president of the Federal Reserve of Bank of New York, Timothy E Geithner, who later emerged as President-elect Barack Obama's choice to be Treasury secretary.
Source: PTI
U.S. Government may rescue Citigroup
The U.S. government may step in to rescue Citigroup Inc. after a crisis in confidence erased half the bank’s stock-market value in three days, according to investors and analysts.
Citigroup’s $2 trillion of assets dwarfs companies such as American International Group Inc. that got support from the U.S. government this year. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke may favor a rescue to avoid the chaotic aftermath of Lehman Brothers Holdings Inc.’s bankruptcy in September.
“Citi is in the category of ‘too big to fail,’” said Michael Holland, chairman and founder of Holland & Co. in New York, which oversees $4 billion. “There is a commitment from this administration and the next to do what it takes to save Citi.”
One option is for the Federal Reserve and U.S. Treasury to create a special vehicle to purchase bad assets from Citi. The Fed has already erected several such funds, such as the Commercial Paper Funding Facility, to provide liquidity to the financial system. Typically, the Treasury would provide some first-loss equity or insurance fee, such as $50 billion provided to the CPFF, to protect the central bank and give the fiscal authority a stake.
The arrangement allows the Fed to leverage the money provided by the Treasury with loans, enabling the purchase of assets worth a multiple of the money. Funding the purchases with loans makes them less onerous to the U.S. budget.
To read more...click on the link below
http://www.bloomberg.com/apps/news?pid=20601087&sid=acxKsnU5HOAI&refer=home
Citigroup’s $2 trillion of assets dwarfs companies such as American International Group Inc. that got support from the U.S. government this year. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben S. Bernanke may favor a rescue to avoid the chaotic aftermath of Lehman Brothers Holdings Inc.’s bankruptcy in September.
“Citi is in the category of ‘too big to fail,’” said Michael Holland, chairman and founder of Holland & Co. in New York, which oversees $4 billion. “There is a commitment from this administration and the next to do what it takes to save Citi.”
One option is for the Federal Reserve and U.S. Treasury to create a special vehicle to purchase bad assets from Citi. The Fed has already erected several such funds, such as the Commercial Paper Funding Facility, to provide liquidity to the financial system. Typically, the Treasury would provide some first-loss equity or insurance fee, such as $50 billion provided to the CPFF, to protect the central bank and give the fiscal authority a stake.
The arrangement allows the Fed to leverage the money provided by the Treasury with loans, enabling the purchase of assets worth a multiple of the money. Funding the purchases with loans makes them less onerous to the U.S. budget.
To read more...click on the link below
http://www.bloomberg.com/apps/news?pid=20601087&sid=acxKsnU5HOAI&refer=home
Obama offers massive job-creation plan
President-elect Barack Obama on Saturday offered an outline of his economic recovery plan and jobs were the top priority.
American workers will rebuild the nation's roads and bridges, modernize its schools and create more sources of alternative energy, creating 2.5 million jobs by 2011, Obama said in the weekly Democratic address, posted on his Web site.
"These aren't just steps to pull ourselves out of this immediate crisis," he said. "These are the long-term investments in our economic future that have been ignored for far too long."
Details of the plan are still being worked out by his economic team, Obama said, but he hopes to implement the plan shortly after taking office January 20.
He referred to figures out this week showing that new home purchases in October were the lowest in 50 years, and that 540,000 new unemployment claims had been filed -- the highest in 18 years.
"We must do more to put people back to work and get our economy moving again," he said. More than a million jobs have been lost this year, he said, and "if we don't act swiftly and boldly, most experts now believe that we could lose millions of jobs next year."
The plan will be aimed at jump-starting job creation, Obama said, and laying the foundation for a stronger economy.
To read on...click on the link below
http://www.cnn.com/2008/POLITICS/11/22/obama.economy/
American workers will rebuild the nation's roads and bridges, modernize its schools and create more sources of alternative energy, creating 2.5 million jobs by 2011, Obama said in the weekly Democratic address, posted on his Web site.
"These aren't just steps to pull ourselves out of this immediate crisis," he said. "These are the long-term investments in our economic future that have been ignored for far too long."
Details of the plan are still being worked out by his economic team, Obama said, but he hopes to implement the plan shortly after taking office January 20.
He referred to figures out this week showing that new home purchases in October were the lowest in 50 years, and that 540,000 new unemployment claims had been filed -- the highest in 18 years.
"We must do more to put people back to work and get our economy moving again," he said. More than a million jobs have been lost this year, he said, and "if we don't act swiftly and boldly, most experts now believe that we could lose millions of jobs next year."
The plan will be aimed at jump-starting job creation, Obama said, and laying the foundation for a stronger economy.
To read on...click on the link below
http://www.cnn.com/2008/POLITICS/11/22/obama.economy/
Grim economic situation, says Hu Jintao
Chinese President Hu Jintao has warned the outlook for the world economy was not looking good, but that continued strong growth in China could help serve as a global buffer.
"The situation is very grim," Hu told world business leaders gathered in the Peruvian capital ahead of an Asia-Pacific economic summit.
"The sound and steady growth of the (Asia-Pacific) economy is threatened by the grim world economic situation."
Hu stressed that China's main contribution to world efforts to address the global financial crisis was to maintain steady economic growth at home.
"The steady and relatively fast economic development in China is in itself a major contribution to upholding international financial stability and promoting world economic development," he said.
China's growth, which soared by more than 11 per cent last year, slowed to 9.0 per cent in the third quarter this year, dragged down by economic slowdowns in key export markets such as the United States, Europe and Japan.
China has put together a four trillion yuan (586 billion dollar) stimulus package to shore up the economy, which for years had shown no signs of letting up as the country turned into the world's manufacturing hub.
China has repeatedly said it must focus resources on maintaining domestic growth amid rising expectations overseas that its 1.9 trillion dollars in foreign exchange reserves could be put to use fighting the world financial
woes.
However, Hu vowed China would step up its activity on the international financial scene. China "will play a more active role in international economic cooperation," he said, without offering details.
Source; Agencies
"The situation is very grim," Hu told world business leaders gathered in the Peruvian capital ahead of an Asia-Pacific economic summit.
"The sound and steady growth of the (Asia-Pacific) economy is threatened by the grim world economic situation."
Hu stressed that China's main contribution to world efforts to address the global financial crisis was to maintain steady economic growth at home.
"The steady and relatively fast economic development in China is in itself a major contribution to upholding international financial stability and promoting world economic development," he said.
China's growth, which soared by more than 11 per cent last year, slowed to 9.0 per cent in the third quarter this year, dragged down by economic slowdowns in key export markets such as the United States, Europe and Japan.
China has put together a four trillion yuan (586 billion dollar) stimulus package to shore up the economy, which for years had shown no signs of letting up as the country turned into the world's manufacturing hub.
China has repeatedly said it must focus resources on maintaining domestic growth amid rising expectations overseas that its 1.9 trillion dollars in foreign exchange reserves could be put to use fighting the world financial
woes.
However, Hu vowed China would step up its activity on the international financial scene. China "will play a more active role in international economic cooperation," he said, without offering details.
Source; Agencies
General Motors will idle plants; Awaiting U.S. aid decision
General Motors Corp., under pressure after Congress delayed action on automaker aid, is idling four plants for an additional week, extending the shutdown of an engineering center and returning some corporate jets.
The closure of a truck factory in Oshawa, Ontario, is also being moved up by two months to May 14, Tony Sapienza, a spokesman for Detroit-based GM, said yesterday. The plants that will have the extra shutdown week in January are in Michigan, Ohio, Kansas and Missouri.
GM, which has said it may run short of operating cash by the end of this year, acted a day after Democratic leaders in Congress put off deciding on loans to automakers until next month. Congressional leaders want GM, Ford and Chrysler LLC to make a case for the help.
``At this point, GM is not thinking about 2015, they are thinking about 2009,'' said Mike Robinet, an analyst at CSM Worldwide Inc. in Northville, Michigan. ``Ninety percent of their decisions are focused on what they need do to bolster revenue and save cash.''
To read on ...click on the link below:
http://www.bloomberg.com/apps/news?pid=20601087&sid=a0ZU61nc9TH0&refer=home
The closure of a truck factory in Oshawa, Ontario, is also being moved up by two months to May 14, Tony Sapienza, a spokesman for Detroit-based GM, said yesterday. The plants that will have the extra shutdown week in January are in Michigan, Ohio, Kansas and Missouri.
GM, which has said it may run short of operating cash by the end of this year, acted a day after Democratic leaders in Congress put off deciding on loans to automakers until next month. Congressional leaders want GM, Ford and Chrysler LLC to make a case for the help.
``At this point, GM is not thinking about 2015, they are thinking about 2009,'' said Mike Robinet, an analyst at CSM Worldwide Inc. in Northville, Michigan. ``Ninety percent of their decisions are focused on what they need do to bolster revenue and save cash.''
To read on ...click on the link below:
http://www.bloomberg.com/apps/news?pid=20601087&sid=a0ZU61nc9TH0&refer=home
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