An alarming sales drop in fourth-quarter has exposed General Motors Corporation (GM.N) to the shortage of cash and made it reliant on the government for financial assistance. This situation puts lots of concerns from investors’ side especially about the survival of GM. The analysts are of the view that now the assessment of GM’s shares Read more
A new bank bailout plan of nearly $1.5t has just been unveiled by the US Treasury Secretary timothy Geithner. The plan has been designed to expand the size of a major Federal Reserve lending program from previous $200bn to $1 trillion. Furthermore, the additional funding will also be used to develop a public-private investment fund Read more
Microsoft is another big name going for job cut downs. It has announced the cut down of 5000 employees, out of which 1,400 are sent home on Thursday. Rest of the employees will be going in the next 18 months. Spokesman Lou Gellos said, amongst these 1,400, 872 are from Puget Sound, the area where Read more
BASF SE, the world renowned chemical company, is quite upset because of tough market conditions, as the worldwide recession hurts the company’s earnings for 2008-09 more than what it was expecting. The company hasn’t estimated on this new outlook, but during November it dumped its target to go with the earnings of the previous year, Read more
According to a report worldwide oil demands will fall again during this year and it would be the first successive yearly declines in the past 26 years. The International Energy Agency says that during this year, there will be an average 941, 0000 barrels per day decline in global oil demand. IEA serves as the Read more
The world’s biggest premium carmaker announced on Thursday that it would voluntarily recall more than 150,000 vehicles in North America because of a possible defect in the front passenger airbag seat sensor mat. According to a company spokesman, this voluntary recall is because of the front passenger airbag seat sensor mat defect in some 2004-2006 Read more
According to a government report, a considerable shrinkage was noted in Japan’s economy during the 2nd Q. The report suggests that weakening consumer demand and slow exports are leading the world’s second biggest economy to the brink of recession. During the April –June period, Japan’s gross domestic product (GDP) fell with an annual pace of Read more
The sufferings of the Italian economy kept increasing even in the second quarter and raised the prospect that it would be in recession soon. During the second quarter output shrank about 0.3% and according to some official figures, it was the weakest quarterly performance in previous five years. But officially, Italy is not yet in Read more
Anglo-African platinum miner Lonmin has strictly denied a £5bn ($10bn) invasion proposal from the biggest arch rival Xstrata. The £33-per-share cash proposal is at a 42% premium to Lonmin’s share price at the end of venture on 5 August. The news obtained Lonmin shares up 47% to £34.26 in London; however Xstrata’s shares declined in Read more
General Motors Corp announces that it will spend $900 million in the next few years to regulate its manufacturing capacity that include reducing output and closing plants. General Motors Corp. (GM) is considered the U.S. No.1 automaker. The company filed its quarterly report with the U.S. Securities and Exchange Commission and gave details about its Read more
An ex spy of the US secret agencies has been accused of being the gang leader in the nation’s largest and most intricate identity robbery case. The United States Department of Justice asserts that Albert ‘Segvev’ Gonzalez and 10 others scarf, and afterwards sold above than 40 million bank card numbers. They purportedly obtained the Read more
PARIS (AFP): The fall down of the sub-prime mortgage market place in the United States and the following international economic recession has forced the sharpest decline in the world stock markets since the end of the Internet fizz in 2001-2002. During the last year, forthcoming indices have lost by 12 to 25 % of their Read more
HSBC strongly cautioned that conditions in monetary markets are at their toughest for a number of decades after suffering from a 28% decrease in half-year lucrative. Europe’s largest bank observed earnings decline by $3.9bn to $10.2bn during the first six months of the year because its North American arm formulated a $2.8bn loss. The company Read more