Investors may not be worrying so much about the credit panic — no longer a panic, now just “credit malaise” — but they do seem to be concerned about the lousy third-quarter numbers companies are turning in, and gloomy profit forecasts, as the world enters a recession. If Wall Street worried about such things, they would also take note of the fact that jobs are being shed like autumn leaves. The Dow Jones Industrial Average ended the day at its lowest point in five years, at 8519.21, representing a retreat of 514.45 points, or 5.69 percent. The Standard & Poor’s…

Though we’re apparently starting to get past the initial rush of rescue measures on the credit crisis, the global coordination efforts might be getting bigger. This morning, White House press secretary Dana Perino announced that President Bush has invited the leaders of the Group of 20 industrial countries to meet in Washington on Nov. 15 for the first of a series of summits that will address the troubled financial markets and the global economy. Today’s news, rather quickly, the President’s announcement last Saturday that such a summit would be arranged. Bush at that time was beginning a meeting with French…

The Kaufman Astoria Studios has held its official groundbreaking for the Stage K, a $20 million, 40,000-square-foot studio facility funded by local partners that include New York City Economic Development Corp., New York State Empire State Development Corporation and Signature Bank.Kaufman Astoria Studios is the largest comprehensive film and television facility in New York City. It features six studios including a 26,040 square foot stage, KAS Music & Sound, K/A/S Lighting and WFAN all under one roof. Since opening its doors in 1920, KAS has been home to movie and television productions such as Angels In America, Bourne Ultimatum), The…

Skanska USA Building has been selected to build a new $150 million 205,000-square-foot data center project for an Internet trading company in the western United States. Construction is currently under way and is scheduled for completion in May 2010.Computing power is critical to the company’s operations and the aim is to increase data capacity. Energy efficient solutions that reduce the emission of greenhouse gases were decisive in the selection of Skanska for implementing the project. Skanska has developed a total solution that reduces energy costs for operation and cooling of the facility by up to 60 percent compared with traditional…

About one month after Kraft Foods Global Inc. renewed about 1.5 million square feet in Ohio and Pennsylvania from ProLogis, Kraft selected Grubb & Ellis Co. as its facilities service provider for its sites throughout North America. Grubb & Ellis will provide a full range of facilities management services for Kraft’s headquarters in Northfield, Ill. (pictured), and all of the food maker’s office and R&D sites across North America. The assignment covers 41 locations throughout the U.S. and Canada totaling more than 4 million square feet of property and builds on Grubb & Ellis’ long-standing transaction services relationship with Kraft….

Dubai Industrial City has announced that 19 companies are investing more than $177.2 million in the construction of their manufacturing units within the industrial township.The construction shows the vitality of the township, according to its statement. The development is the third largest non-housing or office real estate project in Dubai spanning across 560 million square feet. Five of the 19 factories currently being built are estimated to be completed by 2008. The remaining are slated to start operations by 2009. More than 500 factories and manufacturing units for light and medium industries are set to be built across the various…

As CPN reported in our Daily News REport Morning Edition(subscribe here), bank lending continued to thaw overnight. Overnight Libor has dropped to 1.28 percent, according to the British Bankers’ Association.Asian stocks had a mixed day, but appear to be fighting off a bottom. The Nikkei 225 was up 3.3 percent and the S&P/ASX 200 popped 3.9 percent. The Hang Seng, however, gave up 2.4 percent. Buoyed in part by a French bank bailout infusion, European stocks are up in trading so far today. The French government announced that it will pay $14 billion for debt from six major lenders in…

As bankrupt retailer Mervyns prepares to close its remaining 149 stores, Developers Diversified, owner of 38 of those leased stores in a joint venture with Macquarie DDR Trust, said it anticipates escaping major fallout from the retailer’s demise. The partners prepared for trouble when they acquired the stores for $407 million in 2005. Upon purchasing the properties, Developers Diversified and Macquarie DDR leased them back to Mervyns under 15-year triple-net lease agreements featuring an aggregate annual rental rate of $30.5 million and an annual rent increase of 2 percent. The joint venture had configured the leases to provide sufficient credit…

Where commercial paper has gone, money markets will now go. Earlier today, the Federal Reserve Board announced its creation of the Money Market Investor Funding Facility, or MMIFF, a program that “will support a private-sector initiative designed to provide liquidity to U.S. money market investors.” To facilitate “an industry-supported private-sector initiative to finance the purchase of eligible assets from eligible investors,” the Federal Reserve Bank of New York will provide senior secured funding to a series of special-purpose vehicles. “Eligible assets,” denominated in U.S. dollars, include certificates of deposit and commercial paper issued by “highly rated financial institutions” and having…