The closing year was not a good one for Latin America — but it was a lot better than for most other regions. Latin America’s GDP shrank by 2.6 percent and foreign direct investment ($141 billion) plunged by one-third to $94 billion. Yet the region was cushioned from the harshest blows of the global economic […]
Florida's job market got ice cold during the recession.
When the job market gets tough, the tough get going—back to school. With Florida’s unemployment rate the highest since Gerald Ford was president in the mid 1970s, thousands of state residents are going back to school. Take Barbara Ferreira as an example. After being laid off as an accounting manager — and realizing that accounting […]
Newcomers to give Florida banks a run for the money.
New bank names are popping up around South Florida. As the strong replace the weak and the economy stabilizes, the changes should help ease the credit crunch. A series of bank takeovers, spurred by the recent financial upheaval, has brought several new banking giants to the state — already one of the most competitive landscapes […]
Homeowners walking away from underwater mortgages.
Many South Florida homeowners who can afford to make their mortgage payments are choosing not to, forcing the lender to foreclose. It’s called strategic default. Andres Duque thought he got a real steal when he paid $125,000 for his Little Haiti condo. But four years later, similar units are selling for $35,000 and even less. […]
Commercial loans' health key to banking recovery here.
Full recovery of the banking industry in South Florida depends on the extent of losses from commercial real estate loans now coming due and on how much capital banks are able to come up with, experts say. While the fallout from bad residential mortgages seems to have crested, “the other shoe – commercial mortgages – […]
Credit crunch hurts small, mid-size trade firms.
Even as economists see signs that the global recession may be easing, a lack of financing for South Florida exporters and importers is holding back growth in international trade. Big changes occurred in trade financing in the wake of last year’s economic and financial crisis — and importers, exporters, their customers and suppliers have all […]
Economic stimulus plans create role reversal.
Americans begin to save as Chinese start to spend FLORIDA: The United States and China have been playing a little economic role reversal as both countries adjust to the new realities created by the global recession. Americans – who have thrived for years on their insatiable consumerism – are now stashing away more of their […]
Jobless turning to business schools to bolster résumés.
Economic troubles have a way of driving people to business schools for graduate degrees as a hedge against unemployment, and today is no different, administrators of local business colleges say. Read: “Jobless turning to business schools to bolster résumés“, an article from Miami Today.
Nimble South Florida companies own weapons to fight recession.
According to Federal Reserve Chairman Ben Bernanke, the nation will pull out of the recession by the third or fourth quarter of this year. Of course, the likelihood of that happening is about the same as Octomom Nadye Suleman being invited to give the keynote address at the annual meeting of Planned Parenthood. Read MiamiToday […]