The US economy has been battling a slow down in economic growth since the end of 2007 and does not seem to be heading for a revival just yet. The GDP grew at 1.9 percent annualized rate in the second quarter of this year which still falls short of the 2.3 percent median projection, compiled by a Bloomberg News survey.

The 1.9 percent rise in Gross Domestic Product rate was reported by the Commerce Department in Washington. The growth was attributed to tax rebates at the beginning of this year as well as a cut down in imports. However, as the effect of tax rebates fades, economists fear that the recession is going to deepen in the second half of 2008.

A separate report brought out by the Labor Department also revealed the dismal sate of employment levels in the economy. The report stated that Americans are claiming unemployment insurance in greater numbers, and the total applications received in the last week outdid any other time in the past five years. The last time that the US economy faced a slide like this was in 2001. The present crisis has been the outcome of a severe slump in the housing market, rising prices and soaring costs of foreign fuel.

-Kalyani Mookherji

The US Congress voted in favor of wide-ranging reforms regulating higher education law so that families and students could better deal with spiraling college tuition costs. The decision seeks to make education loan regulations more transparent and simply federal financial-aid forms.

As more and more colleges hike their tuition fees, students and their families are under greater strain than ever to meet college expenses. The series of reforms ushered in by the Congress decision will make it mandatory for colleges and universities to publish information about their prices and fees. Those with the greatest percentage of increase will even have to explain why tuition fees were hiked and what they are doing to lower costs.

Other provisions and programs detailed in the reform bill seek to simplify the process of applying for federal aid. Initially the Pell grant for students from low-income groups was available only in the academic year but the recent legislation has sought to make it available to students throughout the year. The legislation was passed with overwhelming both in the House and Senate. President Bush is also widely expected to approve of the legislation which is being seen as a major reform in higher educational law after a period of five years.

-Kalyani Mookherji

Tap Tap Revenge, the vastly popular i-Phone application from Tapulous is expected to reach 1 million installs in the coming weekend. After Facebook, it will be the second application to hit the magic figure and is yet another proof of the amazing speed with which some applications have become popular on Apple’s recently introduced App Store.

Tapulous CEO announced that since the launch of Tap Tap Revenge, the application has already been downloaded 900 thousand times and in the approaching weekend, was expected to nail the 1 million user target. The company also claimed that the total install base running the 2.0 firmware would be five to six million iPhones and iPod Touches. With downloads set to touch 1 million, Tapulous applications are estimated to be on 20% of all devices which according to industry sources, is a significant number.

The remarkable figure notched up by Tap Tap Revenge has not escaped the music industry. Several record labels are impressed with the application’s total install base and are interested in using it to introduce users to new varieties of music. According to its CEO, Tapulous is apparently in talks with famous artists as well as indie pop groups to bring out a music package which will most probably be launched in App Store.

-Kalyani Mookherji

California became the latest state in the US to approve as many as 22,000 job cuts in order to deal with a ballooning budget deficit. As the economy continues to grapple with the worst slow down since the 1970s, state governments have been forced to desperate measures in an attempt to mop up deficits, running up to billions of dollars.

The California decision signed by Governor Schwarzenegger, will mainly affect part-time and temporary employees of the state as well as retired state employees who work on a contractual basis. The, order which has been signed by Governor Schwarzenegger into a law, also puts a stop to all further hiring and brings down the pay of almost 200,000 state workers to minimum wage of $6.55 an hour.

The latest decision by the California state government comes in the wake of a massive $15.5 billion budget deficit. The combined deficits of all state governments have been pegged at a whopping $40 billion, according to a fiscal analyst from the National Council of State Legislatures. Options to deal with deficits range from raising taxes, to cutting jobs, dipping into reserves and leasing or selling state assets.

-Kalyani Mookherji

EXXON Mobil has once again turned in the highest quarterly profit ever earned by a company in the United States. Reports showed that the oil and energy giant earned a whopping $1.7 billion in the second quarter which has still fallen short of Wall Street expectations. This was reflected in a drop in Exxon share prices which fell by $2.61 to $$88.77 at mid-day trading on July 31.

The record earnings by Exxon Mobil in the second quarter of 2008 means it has posted a net income of $2.22 per share which is 14 percent higher than the $1.83 per share earned in the second quarter of 2007. Production levels however, dropped by 8 percent which was attributed to the company’s decision to close its Venezuela operations as well as a labor strike at its Nigerian production site.

Second Quarterly reports show Exxon Mobil revenues stood at $138 billion which was up from $98 billion one year back. The company CEO announced that record crude oil prices were substantially offset by lower refining and chemical margins as well as by higher operating costs and lower production volumes. However the company’s reputation took a beating earlier this year when it was ordered by the Supreme Court to pay $290 million as part of the $580 punitive damages for the Exxon Valdez oil spill in 1989.

-Kalyani Mookherji

With The Dark Knight raking in more than $324.3 million at box offices in North America, the movie studio, Warner Bros has a stupendous hit on its hands. However this has not prevented the shares of its parent company Time-Warner from continuing its miserable performance at the stock market.

The Dark Knight released on July 18 to record box office openings, earning up to $10 million a day for eleven straight days. It also posted the biggest opening week earnings in Hollywood history. Since its release the movie has earned around $324.3 million in North America while worldwide box office figures are estimated to cross $800 million. The Dark Knight is already being touted as one of the biggest Hollywood grossers of all times.

However in spite of record-breaking commercial success of The Dark Knight, trade analysts estimate that Warners’ share will be around $440 million of the movie’s global earnings. Time-Warner shares stood at $14.70 on the day of the movie’s release but fell marginally to $14.36 on Monday even as movie was declared to be the biggest opening-weekend grosser. Compared to Time-Warner, toy company Mattel as well as entertainment company Imax seem to have profited more from the smashing success of The Dark Knight.

-Kalyani Mookherji

Many of us feel awkward while asking the boss for a raise. The apprehension of an outright rejection weighs most in our minds while at worst, one may even be given the sack when causing the management to equate performance in terms of hard cash. At the same time however, none of us would like to work for less than we are worth. Thus, there are certain situations when one is justified in asking for a pay hike.

You may realize, one fine day, that for quite some time you have been working to achieve your employer’s goals which are far beyond the normal expectations from your position. This usually takes the form of filling a more demanding position or regularly working longer hours to meet the employer’s deadline. If such is the case then may be it is time to ask for that pay hike.

Again, if your company does not conduct periodic performance reviews of its employees and you haven’t had a raise for a considerable length of time, you may be justified in asking to be paid more. Finally if you have had a more lucrative job offer from another company and are prepared to make the change, you can ask your present employer if the company will better the offer. Whatever the trigger, a request for a raise should always focus on your worth to the company and less on your absolute need for those extra dollars.

-Kalyani Mookherji

Cayman Islands, located among the pristine blue waters of the Caribbean Sea, have long been a major hub of tourism and financial services sector in the mid-Atlantic region. With the US as its largest trading partner, Cayman Islands attract both holiday goers and financial companies in large numbers from North America. The Caymanians have the highest per capita income among all the Caribbean nations and enjoy one of the highest standards of living in the world.

Tourism in Cayman Islands accounts for 70-75 percent of the nations entire GDP. Even though the Islands are in fact a British overseas territory, its beaches and other marine attractions enthrall visitors from all over the world. The Seven Mile Beach at Grand Cayman is considered to be among the best beaches in the world. The Cayman Islands are also famous for their scuba diving locations and is also one of the most popular stops in the Caribbean cruises.

The financial services industry of the Cayman Islands attracts vast numbers of companies from all around the world with its absence of direct taxes and established confidentiality clauses. However in recent years, Cayman Islands authorities have signed agreements with other countries to take measures to stop activities of money laundering and tax evasion on its soil.

-Kalyani Mookherji