Posted tagged ‘Depression’

Son of Marie Osmond Commits Suicide

February 27, 2010

Very sad news coming out of Southern California this morning as Michael Blosil, the  18 year old son of Marie Osmond, killed himself by leaping to his death Friday night in Los Angeles.

From People Magazine:

Through her rep, Marie Osmond release a statement Saturday. It says, “My family and I are devastated and in deep shock by the tragic loss of our dear Michael and ask that everyone respect our privacy during this difficult time.”

According to ET, Michael left a note explaining he intended to end his life after a lengthy battle with severe depression that left him, he said, feeling as if he had no friends and could never fit in.

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Ford Posts Profit of Nearly $1 Billion

November 2, 2009

Ford, the only automaker to dodge direct government aid and bankruptcy court, surprised investors this morning with a net income of nearly $1 billion in the third quarter.

Where did that come from???

From the Associated Press:

The automaker said Monday earnings were fueled by U.S. market share gains, cost cuts and the Cash for Clunkers program, which drew flocks of buyers to showrooms this summer. Ford’s shares rose 68 cents, or 9.8 percent, to $7.68 in morning trading.

The latest results signal that Ford’s turnaround is on more solid ground. The company lost more than $14.6 billion last year and hasn’t posted a full-year profit since 2005. While it made a profit in the second quarter, that was mainly due to debt reductions that cut its interest payments.

Ford, based in Dearborn, Mich., reported third-quarter net income of $997 million, or 29 cents per share. Its profit forecast for 2011 was a step above previous guidance of break-even or better for the year.

Ford’s key North American car and truck division posted a pretax profit of $357 million, the division’s first quarter in the black since early 2005. Ford cited higher pricing, lower material costs and increased market share for the improvement.

Excluding one-time items, Ford earned 26 cents per share, blowing away analysts’ expectations of a loss of 12 cents.

The earnings came despite an $800 million revenue drop. But Ford said it cut costs by $1 billion during the quarter, accomplished through layoffs in North America and Europe, reduced pension and retiree health care costs and improvements in productivity and product development.

Government Optimistic on State of Economy

August 13, 2009

The Federal Reserve said yesterday that it appears that the economy in the US has halted the longest period of decline since the Great Depression, although it has cautioned that economic activity is likely to remain weak in the near term.

From CNN:

The central bank left its key overnight interest rate at a 0% to 0.25% range, as expected. Its statement at the conclusion of its two-day meeting said “economic activity is leveling out.”

That is the Fed’s most bullish assessment of the economy in more than a year, and suggests that a recovery may have started.

It said it still expects “inflation will remain subdued for some time” and said that it expects rates to remain near zero percent “for an extended period.”

The Fed cut interest rates to the record low range at its December meeting in an effort to spur the struggling U.S. economy at that time.

It also pumped about $1 trillion of cash into the economy during the last year through a number of extraordinary programs, including the purchase of Treasurys and mortgage-backed securities, as well as new programs to get banks and other lenders to extend credit to consumers.

Pennsylvania Man Kills 3, Himself at Gym

August 5, 2009

George Sodini, who killed three women and then himself yesterday at a Pennsylvania gym,  kept a Web page in which he wrote about years of rejection by women and an earlier plan for violence at the gym.

From the Associated Press:

Neighbors described 48-year-old George Sodini, who worked in a law firm’s finance department, as anti-social, and the Web page in his name showcased a resume setting forth his credentials as an unhappy loner. It listed his date of death — Aug. 4, 2009 — and his status of “Never married.”

He complained of not having a girlfriend since 1984, not having a date since May 2008 and not having sex for 19 years.

“Women just don’t like me. There are 30 million desirable women in the US (my estimate) and I cannot find one,” he wrote. The page ended with the words “Death Lives!

On Tuesday night, the gunman walked into his gym wearing workout gear and a headband, entered a “Latin impact” dance aerobics class and placed a duffel bag on the ground. He rooted around in the bag for a moment, turned off the lights, took out at least two guns and started shooting.

Three women were killed and nine women were wounded. Police say he may have fired as many as 52 shots before turning the gun on himself and committing suicide.

“He walked right into the room where the shootings occurred as if he knew exactly where he was going,” Allegheny County police Superintendent Charles Moffatt said. “I think he went in with the idea of doing what he did.”

Authorities on Wednesday identified the gunman as Sodini, of nearby Scott Township. The three women who died were Heidi Overmier, 46, of Carnegie; Elizabeth Gannon, 49, of Pittsburgh; and Jody Billingsley, 38, of Mount Lebanon.

Southwest CEO: Air Traffic Fizzling in May

May 20, 2009

Interesting article.

CEO Gary Kelly of Southwest Airlines says an April boost in travel has fizzled in May, which has forced the company to speed up plans to raise more revenue.

I fly Southwest as often as I can and I’ve seen both Southwest and Alaska Airlines flights that were nowhere near full. Very sad as these are two of the best in the business,  in my opinion.

From the Associated Press:

Chief Executive Gary Kelly said Wednesday that the airline has been hurt by the swine flu outbreak, which made travelers nervous about getting on a plane.

The global economic slowdown has left Southwest uncertain what the rest of the year will bring.

“June is typically our strongest month of the year, so I think June will tell us a lot,” Kelly told reporters after the company’s annual shareholder meeting.

American Airlines parent AMR Corp. also held its annual meeting a few miles away in Fort Worth. Employees — and in one case, the teenage son of employees — challenged CEO Gerard Arpey over AMR’s reluctance to approve pay raises.

Times are tough at American, until last year the world’s largest airline, and at Southwest, which now carries more U.S. passengers than any carrier.

GM To Cut More Than 1100 US Dealers

May 15, 2009

General Motors notified 1,100 of its 6,000 dealerships today that it is terminating their contracts with the struggling automaker.

From CNN:

GM spokeswoman Susan Garontakos said that the dealers receiving notice Friday are being told that their contracts will not be renewed in October 2010. Many of them are expected to close shop this year.

The company has told the Obama administration that it plans to cut its network down to 3,600 dealers by next year.

Much of the rest of the cuts will come from GM’s plans to sell or close four brands – Saturn, Hummer, Saab and Pontiac.

Those four brands have about 600 dealerships that do not include other GM brands. But most Pontiac and Hummer dealers will stay in the GM family because they have one of the four remaining GM brands as part of their operation.

Chrysler To Close 789 Dealerships

May 14, 2009

Chrysler hopes to eliminate roughly a quarter of its 3,200 U.S. dealerships by early next month, saying in a bankruptcy court filing this morning that there are too many stores competing with each other.

From the Associated Press:

The company, in a motion filed with the U.S. Bankruptcy Court in New York, said it wants to eliminate 789 dealerships by June 9. Many of the dealers’ sales are too low, the automaker said. Just over 50 percent of dealers account for about 90 percent of the company’s U.S. sales, the motion said.

Dealers were told Thursday morning via United Parcel Service letter if they would remain or be eliminated. The move, which the dealers can appeal, is likely to cause devastating affects in cities and towns across the country as thousands of jobs are lost and taxes are not paid.