Archive for March, 2009

Nokia signed a 2009 framework deal on Monday worth USD 1.76 billion with China PTAC, the top phone distributor in China, to supply handsets in the country. However the value of the deal between the two declined from the previous year’s figures of USD 2 billion. The deal last year was valued at USD... »

Fortis announced on Tuesday that the Belgian-Dutch had made a net loss of 37 billion (28 billion euros) last year. This is 22.5 billion euros greater than the bank’s earlier forecast in mid March. According to the bank’s official statement, the loss in 2008 was largely due to “the 27.4 billion euro negative result of... »

According to the Japan’s the trade and industry ministry statement on Monday, the country’s factory output and auto production plunged 9.4 percent in February from the previous pledge month. This was the fifth straight faliure for the Japan’s industrial output as the companies drastically slashed their production to cope with the ragging recession in... »

Google Inc. has announced on Saturday that the search giant would be hiring about 360 despite the 200 pink slips that the company announced a little earlier in the week. Google is hiring about 360 people to fill out approximately as many vacancies. Google had announced a couple of days earlier that the company would... »

Recession has hit every sector and trying to cope with one of the toughest economic slump in recent times, the New York Times Company has announced that it will be imposing a temporary 5 per cent pay cut for most employees. The company also announced that it’s slashing its head count by almost a... »

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According to the announcement made by the World Trade Organization (WTO) on Monday, the global trade is expected to contract by stunning nine per cent in the year 2009. This is not only the largest contraction since World War II or the Great Depression of the 1930s but also drastically worse than the predictions... »

The Obama administration on Monday, has unveiled the long-awaited plan to buy the ‘toxic assets’ from the troubled banks worth billions, that has turned the national economy upside down by making the use of government funds, loans to investors and guarantees to attract private capital. The US Treasury’s plan would ease the process of borrowing... »

The deepening recession has now claimed as many as 20 US bank so far in this current financial year. The ongoing financial crisis has been termed as the worst fiscal crisis for America since the World War II, termed as The Great Depression of 1930s. The first two months of the year 2009 saw as... »

However unexpected it might be it is also as inevitable. According to the Congress forecast, the US budget deficit is now expected to reach a staggering figure of record 1.845 trillion dollars in financial year ending this September. This amount is equivalent to 13.1 per cent of the country’s total output. The deficit for the... »