Dismal-The Economy around the World

Just a sampling of the dismal news that greeted us regarding the world economy. Massive layoffs, significant revenue declines at household names, well known business shuttered, and to boot a US style scandal hits India, with the potential to discredit a major accounting firm. Irony of ironies the company stood for “Truth”

USA:

America's private employers cut more than half a million workers in December alone, raising fears that Government figures out on Friday will show the most savage job cuts in almost 60 years.

UK:

Marks & Spencer (M&S) today confirmed it will cut 1,230 jobs and close 27 stores after reporting one of its worst Christmas trading performances on record.

The retailer said it will shut 25 of its 355 Simply Food stores and two of its smaller M&S branded stores following the sales decline.

Over the 13 weeks to December 27, UK likes-for-like sales, which strip out trade from new stores opened during period, fell by 7.1 per cent after an 8.9 per decline in general merchandise, which includes clothing, and a 5.2 per cent drop in food trade.

Waterford/Wedgewood, in receivership.

Viyela 250 year old company in receivership.

Woolworths UK. Business wound down. All store closed.

INDIA:

B. Ramalinga Raju, the founder and chairman of Satyam, which means "truth" in Sanskrit, said in a letter to the board that he had wildly inflated the company’s profitability for several years. admitted he had orchestrated a $1billion (£669 million) fraud, and resigned.  This resulted in 50.4 billion rupees ($1 billion) worth of "fictitious” cash on the company’s balance sheet at the end of September. Satyam is India's fourth-biggest software-services provider The independence of the board was already in question, now the auditors' Price Waterhouse complicity in what seems to be a multi-year mis-statement of financials will also be explored