Newspaper article The Evening Standard (London, England)

Obama in at the Deep End as US Woes Grow; Baptism of Fire: Obama Admits He Faces "Worst Financial Crisis in a Century"

Newspaper article The Evening Standard (London, England)

Obama in at the Deep End as US Woes Grow; Baptism of Fire: Obama Admits He Faces "Worst Financial Crisis in a Century"

Article excerpt

Byline: HUGO DUNCAN

The economic crisis facing Barak obama was made starkly clear today as corporate America hit the president-elect with a barrage of bad news.

Firms including Cisco Systems, news Corp and carmakers in Detroit outlined the gloom in the US and wider global economy as analysts slashed growth forecasts.

Grim unemployment figures tomorrow will underline the job facing obama, who warned in his victory speech yesterday that "the worst financial crisis in a century" was one of "the greatest challenges of our lifetime".

Internet equipment maker Cisco, which produces internet traffic routers, said orders fell 9% in october, and warned revenues could drop 10% in the current quarter.

Detroit's struggling carmakers lost no time in seeking billions of dollars in support from the new Democrat administration. General Motors, Ford and Chrysler were today meeting house Speaker nancy Pelosi as a precursor to taking their begging bowl to the White house in a bid to save the industry and millions of jobs. …

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