Archive for November, 2008

Washington reports that most International Monetary Fund economists (IMF) have issued grave warnings with regard to the worsening global financial crisis. According to reports, global financial issues have only just begun and the worst is yet to come. Chief economist, Olivier Blanchard states that the crisis is expected to worsen by the year 2010. He also... »

A six percent fall in Asia has tremendously pressed world stocks to their lowest since the last five years. With oil rates dipping below $51 (Rs2,575) fears of the ugly global recession could prove to be even worse. There are speculations that most central banks may react in the positive light, nothing great can expected... »

Yahoo founder, Jerry Yang has decided to call it quits after anchoring it for 14 years. Although he still hopes to cling on, Yang felt the need for shifting base after his phobia of Microsoft. As the story unfolds, Yang had refused to sell Yahoo to Microsoft for $47.5 billion; an event that had... »

Entertainment conglomerate Walt Disney Co reported that its quarterly profit fell 13% owing to a combination of bad financial decisions and less successful films at the box office. Walt Disney announced its fourth fiscal results on Thursday which revealed that its profits had come down to $760 million or 40 cents a share in the... »

Three of the four major wireless carriers in US reported at least a ten percent surge in text messaging on the night the country elected its newest president. AT&T said on Thursday that on election night it witnessed the largest jump in text messaging in the company’s history as traffic jumped by 44%. Sprint too... »

Most US retailers reported double digit declines in sales on Thursday for the month of October even as the industry geared up for the crucial holiday shopping season, just days away. The fall in October sales figures come after a lack-luster September and predict a holiday shopping season that might see some of weakest numbers... »

The days of dizzying Wall Street salaries seem to coming to an end in the wake of the recent market meltdown which has left several finance giants either bankrupt or seeking the refuge of federal bail out. A study conducted by the consulting firm Johnson Associates reports that bonus for Wall Street executives which had... »

Barack Obama’s historic victory in the US presidential elections proved to be lucrative occasion for the struggling newspaper industry as the day’s editions were grabbed up by buyers and major newspapers struggled to keep pace with the demand. People who missed November 5th’s edition during the day could find them later online but at a... »

ArcelorMittal posted lower-than-expected profits and doubled production cuts as the impact of a global economic slowdown did not spare even the largest steelmaker in the world. Third quarter income of the Luxembourg-based steel giant rose by 29% to $3.82 billion or $2.78 a share thus falling significantly below the estimate of $8.7 billion forecast by... »

Stock markets in Asia and Europe gave mixed performances on Tuesday in a cautious response to the presidential elections taking place in United States on November 4. While the Wall Street closed with a relatively flat finish ahead of the US presidential elections, stock markets across the world traded cautiously as everyone waited to see... »