With yet another five American banks going out of business last week, the total number of collapses this year rose to a staggering 120, an average of over ten per month! Also the total bank failures this month stands the highest since 1992. !7 years ago, the figures were as high as 181, all...
Microsoft today announced the launch of its next generation e-mail messaging solution, Exchange Server 2010 to help businesses reduce costs, protect communications and delight e-mail users. Microsoft Exchange Server 2010 incorporates many features aimed at web and online services like database availability groups, which automate database-level disaster recovery; online mailbox moves, which give users...
Unilever, the maker of Dove soaps and Ben & Jerry’s ice cream, saw a sharp decline of 36 per cent in the company’s net profit for the third quarter. Down from USD 1.65 billion in comparison to the figures a year ago, the consumer goods giant made USD 1.56 billion in the third quarter....
Even as US witnessed a slowdown in the number of job losses, the country’s unemployment rate unexpectedly jumped to 10.2 per cent in October, crossing the sensitive double digit barrier for the first time in nearly 17 years! A report released by the labor department on Friday revealed that employers cut 190,000 jobs last...
In an addition to major institutions vouching for China’s growth, the World Bank on Wednesday raised its forecast for growth in the country. According to the World Bank’s latest projection, China’s giant economy is now expected to grow at a phenomenal rate of 8.4 per cent this year, a hike of 1.2 per cent...
According to the announcement made on Wednesday by the GM vice president John Smith, General Motors plans to cut around 10,000 jobs at its European division Opel. General Motors aims to slash costs by 30 per cent at Opel, the company’s European unit that employs 55,000 people. More than that, GM also stunned the...
On account of the improving fiscal conditions worldwide, the European Union on Tuesday announced that the region can expect its economy to bounce out of recession towards the end of the year. Hard hit by the financial meltdown across the globe, many of the European economies slumped into recession. The region is also grappling...
On Thursday, Royal Dutch Shell reported a sharp drop in both the third-quarter production and the earnings owing to the weak global economy. The company also announced its plan to cut 5,000 jobs. These 5,000 job cuts would be from the Anglo-Dutch oil and gas group and are labeled as a as part of...
On Sunday, one of the largest small-business lenders in the United States, the CIT Group filed for bankruptcy as the company’s board approved a ‘prepackaged’ restructuring plan to shed USD 10 billion in debt. After the US government rejected the company’s bailout plea, CIT Group almost collapsed. Post that, towards the end of October,...
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