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.
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 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.
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.
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.
Reserve Bank Governor D Subbarao on Thursday said the next fiscal is going to be more challenging than the current fiscal as the moderation in India's economic growth is likely to be worse than expected earlier.
The upcoming G-20 Summit in London is the first major international exposure of Barack Obama as the US President, wherein he is likely to discuss with the leaders the ways and means to counter the global economic crisis.
"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.
The crisis is the best thing to happen to the Chinese government in a long, long time.
In the midst of a global economic crisis, US President Barack Obama assured Americans on Monday that all his decisions are aimed at making sure that the economy starts moving again. Obama said neither he nor his team was surprised over the angry reaction from the people on the AIG bonuses issue. "I wasn't surprised by it. Our team wasn't surprised by it."
Prime Minister Manmohan Singh on Wednesday said the Indian economy has the resilience to sustain a growth momentum in the range of nine per cent in the medium-term though the short-term outlook looks "cloudy" due to the impact of global economic crisis.
Cities with a strong presence in health care, education, law, energy, and the government will feel the impact of a downturn less.
Khan also said Pakistan has decided to partner any other country only for peace and named the partnership with the US as the one.
The sole economic superpower does not want to dethrone the dollar, or for that matter practise Third World economics.
Nasscom, the premier trade body of the Indian IT-BPO industry, on Wednesday said the aggregate revenues of the sector are expected to reach $60 billion by FY09.
Republican presidential nominee John McCain on Wednesday decided to suspend his campaign to focus on the economic crisis looming over the United States. He has also sought postponement of Friday's presidential debate over the issue.
Meeting in the midst of an economic crisis, which is said to be the worst-ever after the great depression of the last century, and during the crucial hase of the war against terrorism, US lawmakers are eager to get cracking from day one when the 111th Congress convenes next week.
So far in December, companies across the world have announced at least 115,000 job-cuts -- a figure which translates into an average of more than 8,200 people being laid off a day or about six every one minute (60 seconds).
The world economy will consume in the next five years far less oil than previously assumed, the western countries' energy watchdog said on Friday in a further sign of the impact of the global economic crisis on commodities markets.
Honda pulled out of Formula One with immediate effect on Friday, feeling the bite of the global recession in a major blow to a sport itself looking to cut costs to survive.
Prime Minister Manmohan Singh on Monday said despite economic recession and the difficult situation in western countries, India's growth rate would be maintained at around 7.5 per cent in 2008-09.
The United Nations World Tourism Organization, however, expects the sector to grow at a slower pace in the current year because of the economic crisis facing the world. Fluctuation in tourism demand will be contingent on 'how the economy evolves and consumers react, both of which are directly interrelated to oil and food prices,' said UNWTO Secretary-General Francesco Frangialli.
Corporate tax, one of the main components of direct taxes, stood at Rs 2.13 lakh crore (Rs 2.13 trillion), woefully short of the revised estimates of Rs 2.22 lakh crore (Rs 2.22 trillion), while personal income tax beat expectations by ringing in Rs 1.24 lakh crore (Rs 1.24 trillion) against the target of Rs 1.23 lakh crore (Rs 1.23 trillion).
As the House took up the debate on Motion of Thanks on the President's Address, the Bharatiya Janata Party launched a frontal attack on opposition parties specially the Congress for their stance against the CAA, saying they were trying to divide the nation.
Praful Patel, Vice-President of the World Bank, visited Pakistan on a 3 day tour. He said the economic picture of Pakistan is not good and the country should carry out necessary reforms to avert an economic crisis. There has been robust growth over the past few years and there has been a significant reduction in poverty. However, the growth can only continue if Pakistan adjusts itself to the new global reality including high prices of oil, commodities & foodstuffs like wheat.
The opposition party also claimed that the Modi 2.0 dispensation has turned out to be an "economic and political disaster" and "constant rollbacks" of economic decisions will lead to worsening of the economic situation.
'It is never easy to run a campaign as a woman, particularly a minority woman, especially when you are bucking the establishment.' 'My entire campaign is an act of resistance.'
The poll of polls brought out by the NDA gave the BJP and the Congress 66 and 14 seats respectively in Haryana, and 211 and 64 for the saffron alliance and the Congress-NCP in Maharashtra.
The remarks came amid reports of mounting tension between the finance ministry and the RBI over the autonomy of monetary policy makers.
The Pakistani PM is now scheduled to travel to Malaysia next week and to China on November 3 to seek financial assistance from the two friendly countries.
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The country has enough forex reserves to meet the demand.
'Give cash assistance of Rs 75 per person per day and an android phone and you will see the economy reviving.'
'When you don't have food to eat, will you be worried about the virus or the next meal?'
Addressing his council of ministers in a video conference, Modi asked them to prepare business continuity plans to fight the economic impact of COVID-19 on a war footing, but also asserted that this crisis is an opportunity to boost the 'Make-in-India' initiative and reduce dependence on other countries.
'The BJP has shown signs lately of returning to its trader mindset.' 'Several strong emotions get meshed in this: Nationalism, protectionism, mercantilism, and arrogance,' points out Shekhar Gupta.
'This pandemic has given him a new platform to perform,' says a member of the government. 'He should feel lucky that he has got an opportunity now to demonstrate to the world his original talent.' 'He needs a visionary script to perform.' Sheela Bhatt reports on the politics of the pandemic.
The Bombay Stock Exchange has re-entered the trillion dollar club worldwide.
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