This was Obama's second prime time live press conference from White House. The press conference was dominated by economic issues and the crisis the country is facing right now. With respect to the American people, Obama said he thinks they are sacrificing left and right.
Even as the economic crisis ravages global markets, the two billionaires are making investments in firms from America to Australia. According to reports, Soros snapped up a five per cent stake in Australian firm Sphere Investments. In October, he acquired over five per cent of Australian mining firm Legend International. Buffett has bought preferred shares worth $ 5 billion from Goldman Sachs. In addition, he has acquired preferred stocks worth $ 3 billion dollars in GE.
Obama has been talking with the world leaders in the past few weeks in this regard, and this would be his agenda at the upcoming G-20 summit at London next month, which among others would also be attended by the Indian Prime Minister Manmohan Singh.
As the momentum for upcoming G-20 Summit in London gains ground, the White House has said that world should act together to prevent reoccurrence of the global economic downturn being experienced now.
Economists believe the declining trend would continue in the coming months. Average monthly income had gone up to Rs 17,228 in October 2008 probably due to the inclusion of festival bonuses, while it was Rs 16,934 in the previous month, it said.
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India's exports and imports have together dipped for the first time in seven years, signalling weakening of domestic and external demand in the backdrop of global economic crisis. Government officials said the sale of Indian goods in overseas markets was likely to see a dip in February as well.
After Wal-Mart, China National Petroleum is the second biggest employer with 1.61 million employees in 2008 followed by the State Grid with 1.53 million employees in the third place, followed by the US Postal Service with 765,088 employees in the fourth place, followed by Sinopec with 639,690 employees in the fifth place.
An estimated 1.5 lakh Indian workers have come back home from the United Arab Emirates due to economic crisis and recession, the Lok Sabha was informed on Wednesday.
Massive capacity additions are required to meet power deficit and rising demand; so the sector seeks the benefit given to mega power projects be extended to 500 to 1000 MW too.
Taking up from where they left off in the first presidential debate, the two senators deliberated on issues ranging from economy to tax breaks to foreign policy -- often taking potshots at each other to ample measure.
Prime Minister Manmohan Singh is among the top world leaders who have been invited for the Second G20 Summit to be held in London in April, which will discuss ways and means to reinvigorate growth in the wake of the global economic crisis.
The hotel industry seeks infrastructure status and tax breaks, considering the huge investments required to meet the growing demand, especially in the NCR region for upcoming Common Wealth Games.
Export growth rate in first nine months of 2008-09 touched 17.1 per cent whereas the country's industrial production fell by 2 per cent in December, said Union Foreign Minister Pranab Mukherjee, who is holding additional charge of the finance portfolio, while presenting the Interim Budget for 2009-10 on Monday in parliament.
Addressing a meeting of top US corporate leaders, hours before the Congress finally passed the $789 billion stimulus package, Obama said this is the beginning of the hard work they all would have to do in coming years to bring the country's economic back on track.
In his opening remarks at the prime-time event, President Barack Obama candidly spoke about the crisis confronting the US economy and promised radical changes in dealing with energy, education and health care sectors to create immediate jobs and stop the downward spiral. "At this particular moment, with the private sector so weakened by this recession, the federal government is the only entity left with the resources to jolt our economy back to life," he said.
Under the first six rounds of NELP, a total investment of $8.3 billion in exploration of oil and gas was committed, out of which about $4.5 billion has already been incurred on exploration and $1.4 billion on development of discoveries. A further $1.5 billion exploration spend is budgeted for NELP VII.
A year ago MG Road, the bustling main thoroughfare of Mumbai's historic business district of Fort, was full of shoppers haggling with street vendors over everything from replica Prada sunglasses to underwear.
China's reigning party killed thousands of its own children on Tiananmen Square at dawn on June 4, 1989. Today, the regime in Beijing is not ready to admit to any wrong doing or consider changes in its policies.
Atletico Madrid have taken the decision to cut the wages of their staff, including the players, to ease the financial burden on the club as they struggle with the economic impact of the coronavirus pandemic, the La Liga club said
At a time when the world is reeling under the impact of an economic crisis, Indra Nooyi, PepsiCo chairman and CEO and one of the most influential women in the world, believes that the corporate sector needs to rethink its role and adapt itself with the changing times.
The best part of the economy was its resilience, of course with a little help in the form of fiscal actions from the government to reverse the slow down, at a time when finance minister P Chidambaram was asked to take charge of the law and order machinery as home minister in the face of Mumbai terror attacks.
Economic think-tank Centre for Monitoring Indian Economy has revised its forecast for industrial production growth in 2008-09 to 4.5 per cent from 6.3 per cent as the global economic crisis has cast shadow on its projection.
'I am sceptical of the Indian economy returning to a sustained high-growth trajectory any time soon'
Nearly 5,000 workers in Malaysia, including foreigners, will be retrenched by 137 employers in the next three months as the global economic recession hits the country, Human Resources Minister S Subramaniam said in Kuala Lumpur.
Government-estimated growth for 2008-09 is 7.1 per cent. However, as per RBI estimates, GDP growth would be around 6 per cent in 2009-10.
As the global economic crisis unfolds, India expects further moderation in foreign capital flows and exports leading to slowdown in economy, minister of state for finance P K Bansal told the Rajya Sabha on Tuesday. Referring to the impact of crisis on the country, Bansal, to another query said, "Industrial activity, particularly in the manufacturing and infrastructure sectors, is decelerating."
Why they failed to predict the global economic crisisand why their help is still crucial to a recovery
In the wake of the economic crisis, there has been a sharp drop in H-1B work visa applications from major Indian IT companies.
The move along with other initiatives are expected to bring expenses by 150 to 200 million dollars annually by the middle of next year. In a statement on Thursday, Avis said it has frozen management salaries, adjusted the size and composition of its planned fleet and eliminated over 2,200 positions.
Honda's chief executive apologised to British driver Jenson Button after Japan's number two carmaker pulled the plug on its Formula One team on Friday. "It's a real shame and I feel deeply sorry for Jenson Button," the CEO of Honda Motor Co Takeo Fukui told a news conference. 'We had no choice in the current financial conditions.'
According to the Financial Times, Credit Suisse will be trimming its workforce by 10 per cent leading to job loss for 650 employees, while HSBC said it was slashing 500 jobs. Credit Suisse has been impacted by the loan writedowns, which has led to two quarters of losses for Switzerland's second-largest bank this year, the report said.
The U.S. is mortgaging its future by outsourcing technological inventions in exchange for short-term cash.
Except for China's leaders, few others have any capital or standing to make a difference. Not Manmohan Singh or George Brown, both on the way out. But Manmohan Singh would typically read being there as India coming of age under his stewardship. The only good news for us is that our elections are around the corner.
It is bad news on the wages front in the wake of global economic meltdown. An International Labour Organisation study says the global economic crisis is expected to lead to 'painful cuts' in the wages of millions of workers worldwide in the coming year.
India is expected to see the highest salary increases among nations in the Asia-Pacific region, of around 10.8 per cent this year, due to the huge demand for talent in the country, despite the global economic crisis severely impacting overall wage increments in the region, a study says.
The findings of the report showed consumer spending falling for the first time in over four decades in 2017-18. The government has, however, termed it a "draft" report, reports Somesh Jha.
Coming face-to-face for the first time after the November four elections, President-elect Barack Obama and his defeated rival John McCain on Monday, pledged "a new era of reform" to solve the US economic crisis and safeguard national interests.
"It (economic crisis) has no bearing on elections. The elections will be held on schedule," he told journalists accompanying him in his special aircraft on way back from Washington where he attended a summit of G-20 leaders.
Observing that the world is at a crossroads now as it faces the greatest economic crisis in 60 years, the IMF managing director Dominique Strauss-Kahn said at a news conference that the G-20 leaders have the opportunity to spur a recovery next year if they take the right action.
