According to a report from California on Thursday, foreclosure filing rate rose up to 81 percent comparing to that of 2007. A great number of American homeowners; exceeding than 2.3 million, had to face foreclosure processes. It can be worst as many were going through the process of struggling to hold back the property.

Still, it is predicted in a research by Moody’s Economy.com that the number of houses which will be lost as a foreclosure proceeding will add up another 18 percent. It is also expected that the levels will go down through 2011.

…read the rest of this entry»

In an announcement, Virgin Mobile has confirmed that it will shed 10 % of its staff over the next year.

The recent buyout of Helio will become the cause to lay off 10 % of the strong workforce. According to the company, acquisition of Helio and the move to an IBM-contracted IT infrastructure was the factor behind that cull.

Most losses are expected to come in the New Jersey and California offices and it indicates that the company is ready for the worst worldwide in the fiscal year 2009.

…read the rest of this entry»

Because of new concerns that the global economy faces an extended downturn, worldwide shares have fallen sharply.

In the US, Dow Jones index closed Tuesday 177 points or 2% down to 8,694 and it was mainly due to poor results overnight from Starbucks.

Continuing fears over General Motors future also hit US investors confidence. Similarly, European and Asian shares also fell.

Oil prices, declining to 20-month lows, also kept falling.

On Tuesday trading, US light crude ended down $3.08 to $59.33 a barrel and it was the lowest price since March 2007. The demand of oil continued to fall due to slowing economy.

…read the rest of this entry»

After world leaders talk to end the current financial crisis, Asian markets saw mixed results during first day trading.

In morning trading, shares were up in Australian, Hong Kong, Singapore and South Korean markets, but they opened down in the main markets in Taiwan and Shanghai.

Earlier this week, EU leaders announced that big bank would be allowed to declare itself bankrupt. The leaders have agreed a plan to handle the crisis.

To unfreeze credit markets, the G7 finance ministers have approved a five-point plan and similarly many other countries have announced individual rescue packages.

Australian Prime Minister Kevin Rudd announced that his government would guarantee all large bank deposits for the coming three years.

According to some analysts, this type of move would help to raise confidence as it was quite obvious when Australia’s central bank pumped $2bn to improve lending between banks. …read the rest of this entry»