2011 Year in Review: Business
Financial markets were volatile all year as hopes rose and then were dashed that forceful steps would be taken to prevent the financial crisis from becoming Europe's version of the 2008 collapse of Lehman Brothers, which triggered a global financial panic and deepened the Great Recession.
Banks worried that they or their partners wouldn't be able to cover losses if governments defaulted, so they cut back on lending. European governments, facing ever higher borrowing costs, reined in spending - a policy response that is expected to stunt much-needed economic growth. Analysts estimate the slowdown in Europe, America's No. 1 trading partner, will cut U.S. economic growth next year.
2011: Year in Review
2. The U.S. economy
Still, 2 and a half years after economists say the recession ended, 25 million people remain unemployed or unable to find full-time work. The unemployment rate fell from 9 percent in October to 8.6 percent in November, providing a hopeful sign. Yet the housing market remained burdened by foreclosures and falling prices in many metropolitan areas. How to fix the economy became the top campaign issue for Republican presidential contenders.
2011: Year in Review
3. A tech icon is lost
Jobs cultivated a countercultural sensibility and a minimalist design ethic. He rolled out one sensational product after another, even during the recession and as his health was failing. He first helped change computers from a geeky hobbyist's obsession to a necessity of modern life. In recent years, he upended the music business with the iPod and iTunes, transformed the smart phone market with the iPhone and created the tablet market with the iPad.
2011: Year in Review
4. U.S. credit downgrade
2011: Year in Review
5. The phone hacking scandal
2011: Year in Review
6. Japan earthquake
2011: Year in Review
7. Gas prices
2011: Year in Review
8. Social media IPOs
2011: Year in Review
9. Occupy Wall Street
2011: Year in Review
10. MF Global fallout
2011: Year in Review
A broken merger
AT&T had announced the proposed merger in March. As part of the break-up with Deutsche Telekom, T-Mobile's parent company, it will have to pay a fee of $3 billion in cash to Deutsche Telekom as well as provide $1 billion in wireless assets.
2011: Year in Review
Chapter 11 for American Airlines
2011: Year in Review
Rajaratnam's illegal trades
2011: Year in Review