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11-21-08 Goldman cuts U.S. growth forecast
(Reuters) - Goldman Sachs on Friday lowered its U.S. growth forecast citing a fiscal policy stagnation, record increase in unemployment and a sharp decline in profits, deepening and extending the expected recession.
11-07-08 Washington - Jobless rate bolts to 14-year high of 6.5 percent
The nation's unemployment rate bolted to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, far worse than economists expected and stark proof the economy is deteriorating at an alarmingly rapid pace.
10-27-08 Fort Lauderdale, Florida - MARKET MELTDOWN - BAFFLING BAILOUTS - BANKRUPT BANKS - CREDIT CRISIS - RECORD UNEMPLOYMENT - RECORD FORECLOSURES - THE END OF THE WORLD AS WE KNOW IT? .............NOT NECESSARILY!
IMMEDIATE PRESS RELEASE
A FLORIDA FIRM ANNOUNCES THAT, AFTER ALL, THE 'TITANIC DOES HAVE LIFEBOATS', THERE IS A WAY OUT FOR A BUSINESS THAT MAY BE DROWNING IN PROBLEMS,
help may not be far away for hard pressed employers and the threatened jobs of their workforce....."In the present economic crisis, business owners are being too quick to close their doors without properly exploring other survival and recovery options" responds Roderick Lloyd, President of Florida based turnaround specialists, Lloyd, Benton & Taylor, LLC ("LBT"). He goes on to say, "....while general consulting firms provide a vital service to the distressed business community, their process can take a year or more to complete by which time - and especially at the present time - many of their clients will be out of business and contributing to the lines of unemployed. In contrast, LBT specializes in fast 90 day turnarounds by focusing exclusively on all categories of business debt and the related debt servicing. Excessive debt is the number one factor in business failures. This is especially so in the fast moving crisis events of the last month, where businesses still remain highly geared while, at the same time, banks are looking to their own survival and, without warning, are indiscriminately freezing their customers' credit lines."
Fort Lauderdale - 10-29-07
Lloyd, Benton & Taylor, LLC (Investment Division) announces its
Commercial Real Estate Acquisition & Development Program. President,
Roderick Lloyd, comments: "I see this addition as a very good
fit for those companies that are in any mode of reorganization or restructuring,
as well as businesses that are growing and seeking to expand into larger
more suitable premises."
09-13-07 Bankruptcies
A huge 50% increase in Business Bankruptcies was recorded for the first 6 months of 2007, when compared with same period last year. The total corporate filings for the first half of 2007 were 11,563.
08-21-2007 Financial job cuts soar on housing woes
A deepening U.S. housing slump has caused an alarming surge in job losses at U.S. financial services companies, and the end is nowhere in sight, consulting firm Challenger, Gray & Christmas Inc. said on Tuesday.
10/01/04 – Bankruptcies
The
year 2003 showed a small improvement with 35,057 filings. However, the figures
for the first half of 2004 already record 18,815 businesses filing for Bankruptcy
protection – an increase on
the same period for the previous year.
8/01/04 - Presidential Appointment.
Roderick Lloyd has been nominated to the Presidential Business Commission. Click
here for more.
7/26/04
- Exide Technologies: Blackstone Asks US
Bankruptcy Court for $9.3 Million Final Fees
The Exide Technologies Debtors employed The Blackstone
Group, LP, to provide financial advisory services in connection with a possible
restructuring of certain of their liabilities.
Our approach to the turnaround process at Lloyd,
Benton
&
Taylor
is
in sharp contrast, we do not charge for
advice, we only charge for results! [Visit LBT Home Page / 90 day
debt restructuring on 100% success fees]
4/30/04 - Presidential Business Commission Selection
NRCC Chairman Tom Reynolds announced today that Roderick Lloyd of Fort Lauderdale has been selected to represent the State of Florida on the
new Presidential Business Commission.
View PDF Press Release
View HTML Press Release
11/4/03 - Job Eliminations
Following our own 10/3/03 press release on the subject of 'Layoffs',
Chicago based recruiters Challenger, Gray & Christmas, Inc., reported
yesterday that in October companies announced plans to eliminate 171,874
positions, more than double the announced September layoffs of 76,506.
Hardest hit were the automotive industry, who planned to eliminate 28,363
jobs, followed by the retail sector with 21,169 losses and the telecommunications
industry which plans to slash another 21,030 jobs. Of even greater concern
was a poll recently conducted by Challenger which showed that 78% of the
nation's human resources executives did not expect to see a significant
upturn in hiring until the second quarter of 2004. 11% of those polled
said that there would be no rebound in hiring at all in 2004!
10/3/03 - LBT Press Release
Florida Firm Offers Troubled Businesses an Alternative to Layoffs Fort Lauderdale,
Florida, October 3, 2003. Click here for more.
9/6/03 - The New York Times
Job Losses Mount
The Labor Department announced yesterday that 93,000 jobs were lost in August
- more than double the 44,000 jobs lost in July. Not since World War II has
employment failed to grow for so long a period even with the help of a recovering
domestic product. Compare this figure with our 7/3/03 posting below.
8/18/03 - Bankruptcies
The American Bankruptcy Institute reports today that personal bankruptcies
have surged over the last year, with more Americans filing for protection than
ever before, up from 1.4 million for the year to June 30, 2002 to 1.6 million
for 2003. A total of 440,257 bankruptcy petitions were filed between April and
June this year, surpassing 2003's first quarter all time record of 412,968.
The record shows that the culprit is excessive debt based consumer spending.
While at the same time, we hear that consumer spending is reckoned to be the
'engine' of the economy leading us out of recession?
7/03/03 Washington DC - Economic Figures
June Unemployment Rate Highest in 9 Years
The Labor Department reported today that businesses slashed 30,000
jobs last month. The economic slump has now cost nearly a million jobs in just
the last three months. This has caused the nation's unemployment rate to soar
to 6.4%, the highest level in more than 9 years.
6/26/03 - Job Market Worst Since Early 1990's.
The June 2003 survey by Manpower reveals that three out of four employers expect
to cut jobs or hold off on hiring this summer, contributing to the worst employment
market since the early 1990's.
6/26/03 - Fed Lowers Interest Rate
The Federal Reserve has decided to cut its benchmark interest rate by a-quarter
of one percent. The move means that the Fed funds rate goes down to its lowest
level since 1958.The Fed says the economy has yet to show sustainable growth
- on the contrary there is now a real danger that the present economic weakness
could trigger a destabilizing fall in prices. There is also the fear that ultra-low
interest rates may encourage consumers and businesses to take on debt that will
prove difficult to repay when rates rise. It seems that the 1930's economy may
have crept up on us. A further 1/2% drop and rates would match those prevailing
in 1929/30. If history is any guideline, by 1933 the prime rate had plunged
to 1.5%!
05/07/03 - Lead Story in Wall Street Journal, New York Times and Washington
Post
Fed fears falling prices and expresses concern over deflation. This statement
is almost a 180 degree turn from the Fed's position just two months ago, do
they really know where we are heading?
4/10/03 - Press Release Business Roundtable (BRT) Economic Outlook Survey
BRT, comprising America’s leading CEOs, released their survey
today on the prospects for the next six months. It reveals a weak economic outlook
and a continuingly pessimistic trend. The major concerns were:
• Only 9% of US Companies anticipated hiring new employees whereas 45%
were planning layoffs.
• “Ample Capacity” coupled with excess inventory is causing
a collapse in business spending – 27% of companies polled will be reducing
their investment spending over the next six months.
• Projected quarterly earnings are at their lowest levels for two years.
• Declining consumer confidence coupled with rising costs are cited as
the main culprits.
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