… It’s All Bad

Stories not seen in the U.S. news media:

Singapore Business Times (11- 4-2011) – “Global shipping industry facing major downturn” –
– “(BOAO, China) – The global shipping industry is experiencing a downturn that is worse than that seen during the 2008 financial crisis, China’s transportation minister said. Speaking at an industry conference on the Chinese island province of Hainan yesterday, Li Shenglin said there was no end in sight to the ongoing shipping downturn.” –

The Journal of Commerce (11-8-2011) – “Pacific Carrier Newcomers Face $ 150 Million Losses”
– “Six ocean carriers that entered the trans-Pacific liner market in the past two years will account for $ 150 million of the likely $ 800 million total losses on the trade in 2011, according to Alphaliner.” –

The Journal of Commerce (11-7-2011) – “Railcar Owners Place 1,378 More in Storage” –
– “North American owners of freight railcars trucked 1,378 more into storage lots and track sidings during October, as traffic slowed some from the peaks set last-half of September.”-

Singapore Business Times (11-8- 2011) – “Fall in German output steepest since 2009” –
– “(Frankfurt) German industrial production fell three times more than economists forecast in September as Europe’s debt crisis damped confidence and growth, threatening to drag Europe’s largest economy into recession.” –

The Journal of Commerce (11-9- 2011) – “Widdows Predicts ‘Significant’ Ship Idling in 2012”
– “Retired NOL Group President and CEO Ron Widdows, decrying the steep rate-cutting that is crippling the shipping industry’s financial health, said he expects container lines to idle a large swath of capacity next year in response to deep losses.” –

The Journal of Commerce (11-9-2011) – “Maersk Line Loses $ 297 Million on Rate Collapse” –
– “Maersk Line said Friday it lost $ 297 million on shipping in the third quarter amid collapsing freight rates on the key Asia-Europe trade lane, and the world’s largest ocean container carrier said it would close the year in the red.” –

That’s some of the bad news. Now for the good news.
“(REUTERS – 11-8-2011) – “Wall Street workers’ pay to fall 20-30%: report” –
– “The average Wall Street bonus will decline by 20 per cent to 30 per cent this year, according to a closely watched compensation report, as banks cut costs and lay off workers in a weak environment for trading and deal-making. The lack of economic recovery, combined with ongoing uncertainty in the world markets, the report stated, are driving most financial services firms to significantly reduce the size of their bonus pools” –

All the news – “good” and bad – comes about because our leaders don’t know how to create jobs.