Global CFOs Predict Continued Staggering Pain and Loss

The Economic Times highlights a Duke University/CFO magazine study today and the news is not good. CFOs around the world expect the recession to last well into 2010. Surveyors reported "record levels of gloom."

Among the industries surveyed, service and consulting firms forecast the strongest earnings in 2009, followed by health-care companies. But the rest of the industries out there are not so hopeful. American CFOs said their companies were planning dramatic cuts in employment and in spending over the next year, with anticipated layoffs of nearly 6 percent of their workforces - a loss of 7.6 million jobs. More than half said their firms expected to freeze or cut wages, according to the Economic Times.

Those polled say earnings of publicly-held companies over the next year will drop by 22 percent in the United States, 11 percent in Europe and 9 percent at Asia. On a scale of zero to 100, US respondents rated the economic outlook at an all-time low of 40. European CFOs put it at 43 and Asian respondents at 47.

And while most U.S. respondents expected the recession to last another 14 months, European CFOs said it would last 16 more months and Asians another 13 months. Where will see the biggest cuts? Global CFOs say they expect capital spending and spending on technology, marketing and advertising to drop.

But what do you think? When will the recession end? Email and let us know.

LinkedIn meets Tinder in this mindful networking app

Swipe right to make the connections that could change your career.

Getty Images
Swipe right. Match. Meet over coffee or set up a call.

No, we aren't talking about Tinder. Introducing Shapr, a free app that helps people with synergistic professional goals and skill sets easily meet and collaborate.

Keep reading Show less

4 reasons Martin Luther King, Jr. fought for universal basic income

In his final years, Martin Luther King, Jr. become increasingly focused on the problem of poverty in America.

(Photo by J. Wilds/Keystone/Getty Images)
Politics & Current Affairs
  • Despite being widely known for his leadership role in the American civil rights movement, Martin Luther King, Jr. also played a central role in organizing the Poor People's Campaign of 1968.
  • The campaign was one of the first to demand a guaranteed income for all poor families in America.
  • Today, the idea of a universal basic income is increasingly popular, and King's arguments in support of the policy still make a good case some 50 years later.
Keep reading Show less

A world map of Virgin Mary apparitions

She met mere mortals with and without the Vatican's approval.

Strange Maps
  • For centuries, the Virgin Mary has appeared to the faithful, requesting devotion and promising comfort.
  • These maps show the geography of Marian apparitions – the handful approved by the Vatican, and many others.
  • Historically, Europe is where most apparitions have been reported, but the U.S. is pretty fertile ground too.
Keep reading Show less

Why I wear my life on my skin

For Damien Echols, tattoos are part of his existential armor.

  • In prison Damien Echols was known by his number SK931, not his name, and had his hair sheared off. Stripped of his identity, the only thing he had left was his skin.
  • This is why he began tattooing things that are meaningful to him — to carry a "suit of armor" made up the images of the people and objects that have significance to him, from his friends to talismans.
  • Echols believes that all places are imbued with divinity: "If you interact with New York City as if there's an intelligence behind... then it will behave towards you the same way."
Keep reading Show less