And more evidence of softening consumer demand, even on the higher end, compounded by "Cheap is the new Chic."

http://online.wsj.com/article/SB122782355321662353.html?mod=testMod
WSJ: Luxury-Car Sales in Steep Decline
Luxury-car sales are getting hit as hard as the overall auto market, in contrast to previous downturns.

On top of rising foreclosures, a plunging stock market and thousands of pink slips on Wall Street, luxury-car makers say their customers also don't want their subordinates to see them driving a new car.

"People don't want to look like they have money now," said Mark Templin, group vice president of Toyota Motor Corp.'s North American Lexus division.

Latest:

Keppel Slumps by Most in Seven Weeks as Customers Review Orders

Nov. 28 (Bloomberg) -- Keppel Corp., the world’s largest builder of oil rigs, slumped by the most in more than 21 years after saying it was in talks with three customers to review options for new orders agreed earlier this year

Keppel earlier dropped as much as 15 percent, the most since October 1987, and closed 13 percent lower at S$4.20. The contracts were for a semi-submersible, two jack-up rigs and a support vessel signed by Seadrill Ltd., Scorpion Offshore Ltd. and Lewek Shipping Pte with Keppel Offshore & Marine Ltd., Keppel said yesterday in an e-mailed statement.

Demand for new ships and offshore projects has slowed as the global financial crisis has dried up funds, cut global trade and driven oil prices lower. That’s raised concerns that some orders may be canceled or delivered late.

The “announcement may set a dangerous precedent for more potential order cancellations,” Goldman Sachs Group Inc. analysts including David Ng said today in a note. “It has not only established that oil-services companies are backing out, it is hitting incumbents such as Keppel.”

Peace River project shelved by Shell

Published: Thursday, November 27, 2008

Royal Dutch Shell has put on hold another multibillion-dollar Alberta oilsands project, the second in a month, as it struggles with low commodity prices and increasing Alberta construction costs.

A spokeswoman with subsidiary Shell Canada Ltd. confirmed Wednesday the company has withdrawn its application for regulatory approval of the 100,000-barrel-per-day Carmon Creek in-situ oilsands project planned for 40 kilometres northeast of Peace River because it would not be economic as envisioned.

The project, for which no cost estimate has been released, was to have been sanctioned in 2010.

The latest megaproject chart looks to have severely trimmed tails after cuts to projects past 6 years.

Japan industry: 'Unprecedented' decline

TOKYO (AP) -- Production at Japan's vital manufacturers is sinking fast - and is projected to turn in its worst quarter ever - amid a plunge in global demand that is battering the core of the world's second-largest economy.

..."The world economy is a disaster," said Richard Jerram, chief economist at Macquarie Securities in Tokyo. "Exports are in the process of collapsing, and as a result industrial production is falling at unprecedented speed."

Yet, i just heard on the news that a in a wall-mart in my local area a worker was trampled to death by over eager consumers. It's speaks pretty sadly for this country really..