Lead Story
Nokia to slash another 490
Nokia on Tuesday announced the company’s plan to slash another 490 jobs from its global workforce. The world’s largest mobile phone maker, announced to cut as many as 170 positions in logistics, production management and production support areas. Amidst the global recession, the phone making giant was hit badly by the slump in customer... »
Nike to cut about 1,750 jobs worldwide
Nike Inc., the leading shoe and apparel company, has announced its plans to lay off about 1,750 jobs worldwide. This amounts to about five percent of its global work force. The company did not specify what departments the cuts would be in. however, out of the 1750, about 500 would be laid off at... »
Sony reports first annual loss in 14 years
Japan’s Sony Corp. has posted its first annual loss in last 14 years on Thursday. The company reported a huge $1 billion (98.94 billion yen) dip in profits for the previous financial year. The recession worldwide plunged sales and has taken a heavy toll on the high-tech giant’s sales as the revenues plunged close to... »
US unveils plan to buy toxic assets
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... »
US budget deficit seen at record $1.845tn
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... »
AIG unit sues Countrywide over loan losses
A unit of American International Group Inc. (AIG) on Thursday filed a suit against mortgage lender Countrywide Financial Corp. in California federal court, alleging Countrywide misrepresented the health of loans that the company insured. AIG has alleged that the misrepresentation has resulted in massive losses for the already troubled insurer. Accusing Countrywide of the breach... »
IBM unlikely to bid for Satyam stake – sources
International Business Machines Corporation abbreviated IBM least likely to bid for Satyam Computer Services Ltd. According to the people familiar with the matters, IBM feels that’s the lead it is trying to gain in India by the expansion of the business in the country would be clearly outweighed by the legal and financial risks... »
Google’s top executives get hefty bonuses
Google on Tuesday paid performance related bonuses of more than USD 1.2 million to four of the company’s top executives for helping the company achieve a decent growth in 2008, despite the raging recession. Last year, Google’s market value sank about USD 120 billion, equivalent to 56 percent, clearly highlighting the concerns that the weakening... »
Accenture to lay off half its workforce in Manila
According to the Labour Department, the US-based outsourcing firm Accenture has announced that it would be laying off almost half its workforce in the Philippine capital, Manila. The announcemnt was made by the Department on Tuesday. The annonucment of the lay offs come amidst the global fiscal crisis. Rosalinda Baldoz, the Labour Undersecretary said that... »
HSBC profit slumps 70%
HSBC PLC, Europe’s largest bank by market value, has reported on Monday, a staggering 70 per cent drop in profits in 2008. The bank said that it aims to raise USD 17.7 billion (S$27.5 billion) by issuing shares. The bank also plans to cut 6,100 jobs in the US as the financial crunch deepened.... »
