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UBS will shed 9000 more employees

admin — Wed, 15 Apr 2009 08:55:29 +0000

UBS, Switzerland’s largest bank will cut 9000 more jobs in the near future. the UBS Chief Executive Officer Oswald Grubel announced this at the company’s annual general meeting in Zurich.

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U.S. stocks started to fell

admin — Tue, 07 Apr 2009 09:43:17 +0000

The U.S. stock futuresstarted to fel after the opening. The investors braced for the start of what is expected to be another grim corporate reporting period. At 4:30 a.m. ET, the Dow Jones industrial average, Nasdaq 100 futures and Standard & Poor’s 500 were all lower.

The UK deficit more than expected

admin — Mon, 06 Apr 2009 07:50:36 +0000

The Institute for Fiscal Studies says that the UK deficit will be 2.7% what is way more what Chancellor Alistair Darling acknowledged in the pre-Budget report. To compensate the deficit the UK government need to find £39bn a year by the end of 2015/16.

From bbc.com

GM CEO announced his resignation

admin — Mon, 30 Mar 2009 09:51:05 +0000

General Motors CEO Rick Wagoner announced his resignation as a part of the bailout deal. Wagoner said: “On Friday I was in Washington for a meeting with Administration officials. In the course of that meeting, they requested that I ’step aside’ as CEO of GM, and so I have,”. He is being replaced by Fritz Henderson.

Via

IBM’s outsourcing plans draws criticism

admin — Fri, 27 Mar 2009 08:21:17 +0000

After IBM announced their plans to lay off thousands of U.S. workers and outsource many of those jobs to India, employees started to ask IBM about the plans, because it’s doesn’t sit well with employee rights advocates. Lee Conrad, the national coordinator for Alliance@IBM said that “We’re outraged that jobs cuts are happening in the U.S. and the work is being shifted offshore. This comes at the same time IBM has its hand out for stimulus money. This to us is totally unacceptable.”

From CNN.com

Japan’s exports decreased to 50%

admin — Wed, 25 Mar 2009 11:23:12 +0000

Japan’s import-export calculation showed the country’s largest deficit on record in January, reaching 172.8bn yen. It was Japan’s first deficit in the last 13 years. The country is being hit by falling demand for its products abroad, as the global recession takes hold.

Source

Another three bank closed in the USA

admin — Sun, 22 Mar 2009 11:56:47 +0000

Another three bank closed on the week. Bank regulators closed the banks and the FDIC estimates that the combined cost of the bank failures to its deposit insurance fund will be approximately $207 million. Two of the banks now saved, but the third bank failed to find a buyer.

In all of 2008, 25 banks failed. Sheila Bair, chairman of the FDIC, said Friday that she expected bank failures to cost about $65 billion over the next five years.