Archive for January, 2009

US Treasury Secretary Timothy Geithner Federal Reserve Chairman Ben Bernanke and other top banking officials met on Friday to develop the administration’s plan for refurbish the $700 billion bailout program and improve regulation of the monetary system. Speaking to the Associated Press on the condition of anonymity, a senior administration official has revealed that the... »

In the backdrop of a back bending recession in US, UK and Japan, in an interview on Friday, the British Prime Minister Gordon Brown has urged the G20 leaders to work out practical solutions to the global financial crisis. According to the interview published on the Daily Telegraph newspaper’s official website, the British Prime... »

This is the worst time America is facing, a time when recession is at its peak and thousands are losing their jobs to the tumbling economy. Enter the first black President, Barack Obama and his American Recovery and Reinvestment Act and suddenly the scenario seems to be changing. Aimed at reviving the dipping American economy,... »

US’s largest construction equipment manufacturer, Caterpillar Inc., has reported 2008 fourth-quarter loss of 32% to USD 661 million, down from USD 975 million a year earlier. Following the losses, the company has also decided to reduce its workforce by about 20,000 employees, equivalent to almost 18% of its staff. The layoffs, the worst since... »

The global economic crisis is slowly upsetting every sector. After steep losses reported by major electronics’ companies, the dying demand has now started to influence the automobile sector too. The world’s biggest automaker Toyota Motor Corp. has planned to cut its global production by 20 percent this year in next business year to March... »

US pharmaceutical manufacturer, Pfizer Inc., is all set to acquire the rival drug manufacturer, Wyeth for $68bn in a ‘cash and stock deal’. The merger deal, announced by the two companies on Monday is not only the largest pharmaceutical takeover deal in nearly a decade but would also be the first big merger backed... »

It’s now official. Going by the GDP figures released by the British government on Friday, UK’s economy has now slipped into recession, first time since the last 18 years, following two consecutive quarters of negative growth. After a 0.5% decline in the gross domestic product (GDP) in the third quarter in 2008, the British... »

The signals are out and clear. Clearly, the signs of recession are starting to bear down on various big shots. If the first were Sony Corp., LG Electronics Inc., Microsoft and Google Inc., now it’s Samsung! South Korea’s Samsung Electronics, the world’s leading manufacturer of flat screen televisions, memory chips and liquid crystal displays, has... »

Expecting a plunge in the global demand owing to the deteriorating economic conditions worldwide, Japanese electronics giant Sony is expecting a loss of nearly USD 3 billion. The estimated loss, Sony’s first in last 14 years, is the biggest ever for the electronics company whose business has been aggravated considerably in the financial year... »

India’s leading integrated telecom services provider, Bharti Airtel, has expanded its horizon by making International Toll Free Services available in India for its enterprise customers. This move from Airtel offers numerous benefits to both, the enterprises as well as the customers, partners or employees of the enterprises. By expanding its services to the enterprises, Bharti Airtel... »