If you are thinking that electronics’ makers sailing smooth despite economic downturn, you need to think again at least the revision of profit forecast from Panasonic seems to suggest so. The company has slashed its profit forecasts by 40% for the present fiscal year.

Panasonic was expecting to make 560b yen in the current fiscal year that to end next March, but now the company has cut it down to 340b yen.

According to the company, the current economic slowdown that started in the US was spreading in other parts of the world and just like other businesses it was hitting sales of electronics’ makers as well.

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The US president says that now Americans have begun to feel more positive about their country’s economy.

In Louisiana, the President said in a business meeting with business leaders that people had a more positive approach towards economic panic.

While Federal Reserve chief Ben Bernanke said that we might need more spending to fight the slowdown.

Mr Bernanke said that American economy was weak for many quarters instead of saying that the US economy was in recession.

‘If a fresh economic stimulus package is given at that time, it would be more appropriate’ he explained in the US House of Representative budget committee.

While a White House spokesman explained that Bush administration was considering a new package and would seek guidance from others in this connection.

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Almost a 3 percent drop was noted in Dow Jones and Nasdaq indexes while London’s FTSE 100 index sank about 2.5% .Similarly, French and German markets each lost around 3%.

The results came forward when US data suggested mounting unemployment claims and sluggish shop sales.

The European Central Bank has shown 1.5% growth forecast in 2009, but now it cuts to 1.2%.

In the US, the jitters prompted after an ADP Employer Service report that showed 33,000 jobs cut during August. Weak sales during closely-watched back-to-school period also became the cause of anxiety in economic activities. …read the rest of this entry»

Because of the stricken US economy and the falling dollar, Mexicans are sending less money to their homes.

According to Mexico’s central bank, the sharpest fall was recorded in remittances during July that was 6.9% down compared to the same period last year.

Besides oil revenues, remittances are counted Mexico’s second largest legal source of foreign income. …read the rest of this entry»