US Financial Crisis

  • Google says worst of recession is over October 16, 2009

    Washington: Online search giant Google says the worst of the recession is over as it reported quarterly profit and sales that rose from year-earlier results and easily topped Wall Street's forecasts. "Google had a strong quarter-we saw 7 per cent year-over-year revenue growth despite the tough economic conditions," said Google's CEO,...
  • Jobs running out, Americans call up FBI March 20, 2009

    Investigative agency gets hundreds of calls, thousands of applications. ...
  • Nissan joins sales slump, to cut 20,000 jobs February 10, 2009

    New Delhi: Japan's third largest automaker, Nissan is set to cut 20,000 jobs worldwide as it stares at a major loss in nine years. Nissan joins the growing list of auto companies slashing jobs to fight sales slump. The company says it would axe 8.5 per cent of its workforce. The...
  • SRK, Paris Hilton talk of global recession February 5, 2009

    New Delhi: While top executives take salary cuts, for the stars, it's still not true recession. However, they too have an opinion on the present economic slowdown just like economists do. ...
  • Now, US citizens get personal bailout booth February 5, 2009

    New Delhi: It's not just banks and automakers which can avail of the economic bailout in the Us. Ordinary citizens too can have their own bailout. All they need to do is to queue up at a Bailout Booth, tell their story on why they need a bailout and then...
  • View chat with Harish Bijoor on CEOs and pay cut February 5, 2009

    Desperate times call for desperate measures. The ongoing recession has also seen many tough steps being taken, the latest being the Obama administration deciding to put a $500,000 cap on the pay of senior executives at companies hoping for government bailout money. This means that senior executives could be forced...
  • AEP 4Q earnings fall 34 per cent on charge January 29, 2009

    Columbus (Ohio): American Electric Power said on Thursday that its fourth quarter earnings fell 34 per cent after it was ordered to refund some sales from a six-year period to a number of subsidiaries. AEP, one of the nation's largest power generators, maintained its recently adjusted 2009 profit outlook of $3...
  • Alaska Air Group swings to 4Q loss January 29, 2009

    Atlanta: Alaska Air Group Inc., operator of Alaska Airlines and Horizon Air, said on Thursday it swung to a $75.2 million fourth-quarter loss as sales slid and fuel costs increased. The results, when one-time items are excluded, beat Wall Street expectations. The Seattle-based company said its loss for the October-December period was...
  • US Airways reports $541 million 4Q loss January 29, 2009

    New York: US Airways Group Inc. said on Thursday it lost $541 million in the fourth quarter on a mix of sour fuel hedges and operating losses. The Tempe, Arizona-based airline said it lost $4.74 per share, compared with a loss of $79 million, or 87 cents per share, during the...
  • JetBlue 4Q pretax loss widens on sour debt charge January 29, 2009

    New York: JetBlue Airways Corp. said on Thursday its fourth-quarter pretax loss grew on a hefty charge related to the value of some soured investments. The Forest Hills, New York-based carrier on Thursday reported a pretax loss of $49 million, compared with a pretax loss of $3 million a year earlier....
  • Occidental profit falls 69 per cent on lower prices January 29, 2009

    Houston: Occidental Petroleum Corp. said on Thursday its fourth-quarter profit fell 69 per cent from a year ago as results were hammered by lower oil and gas prices. But its bottom line easily topped Wall Street forecasts. The Los Angeles-based oil and gas producer said net income in the October-December period...
  • AstraZeneca to cut another 6,000 jobs January 29, 2009

    London: Pharmaceuticals company AstraZeneca PLC on Thursday reported a small drop in fourth-quarter net income and said it would cut a further 6,000 jobs globally by 2013 as it looks to shore up its earnings. Net income dipped to $1.25 billion in the October-December quarter from $1.27 billion in the same...
  • Ford loses $5.9bn in 4Q, says still won't seek aid January 29, 2009

    Dearborn (Michigan): Ford Motor Co. said on Thursday it lost $5.9 billion in the fourth quarter and burned through $5.5 billion in cash as sales slumped, but the company still says it does not plan to seek federal loans. The second-largest US automaker said it lost $2.46 per share, compared with...
  • Altria 4Q profit falls, reflects overseas spin-off January 29, 2009

    New York: Altria Group Inc. said on Thursday its fourth-quarter profit fell 69 per cent from year-ago results that included its overseas unit, which has been spun off. Profit from continuing operations rose 5.7 per cent. And the company said it expected 2009 profit from continuing operations to grow 3 per...
  • Kodak posts 4Q loss, plans up to 4,500 job cuts January 29, 2009

    Rochester: Eastman Kodak Co. said on Thursday it is cutting 3,500 to 4,500 jobs, or 14 per cent to 18 per cent of its work force, as it posted a $137 million fourth-quarter loss on plunging sales of both digital and film-based photography products. The 129-year-old photography pioneer said its loss...
  • Intel to shut down three plants, dole out 6,000 pink slips January 22, 2009

    New Delhi: Recession is claiming more and more victims. World's largest semiconductor company Intel Corp is now planning to cut up to 6,000 manufacturing jobs as the company struggles with souring personal computer demand. Slow demand has left Intel's factories operating at less than their full capacity. Intel said on...
  • Job loss? How to cope financially January 19, 2009

    When it rains, it pours. There's been an avalanche of bad news: first the sub-prime crisis, then global recession and now financial frauds. Of course, the major fall out has been job loss. But what's important now is how you cope with this crisis; more importantly, coping with losing a...
  • Pawnbroking business hot in times of recession January 6, 2009

    New York: While some businesses are sinking in the current shaky economy, many pawn shops have seen smooth sailing. ...
  • Lifestyle, fashion take a hit due to recession December 25, 2008

    New Delhi: 2008 is the year when we learnt that R stood for recession, P for pink slips and S for slowdown. As the market mood swung from cheery to gloomy and individuals and companies lost billions in the market, early in the year the Prime Minister stuck a cautious...
  • How to deal with the words, 'you're fired' December 23, 2008

    Washington: Two words you don't want to hear at work - "you're fired". The phrase made famous by Donald Trump in The Apprentice is now ringing in the ears of hundreds of thousands of Americans being laid off in recent months. Patricia McKinney is one of them. "To be laid off,...
  • MPs wave aside recession, want their own gym, spa December 18, 2008

    New Delhi: It's a financial crisis but our MPs aren't feeling the crunch, so much as the need to unwind. A stone's throw away from the parliament, politicians of all shades can cool their heels at the Constitution Club on Rafi Marg. The club is now getting a facelift and...
  • Mutual funds: Looking for a lasting cure December 16, 2008

    When the debt fund storm hit the mutual fund industry, it took the combined efforts of RBI and SEBI to save it. But now that calm has returned with the help of cash infusion and tighter rules for investors, some fund managers are underplaying the enormity of recent events. It...
  • Mutual funds: The fading star of India December 16, 2008

    For Nilesh Shah, it would have been yet another speaking engagement at an investor meet — if it weren’t for the timing. This time, the mutual fund industry was banking on its star speaker to come to its defence. And the chief investment officer and deputy managing director of ICICI...
  • The Inside Story: A fund full of troubles! December 16, 2008

    Imagine diving headfirst from a high springboard only to realise halfway that water has leaked out of the pool. The managers of India’s mutual funds find themselves in a similar situation today. They can hardly complain about it, because they had been forewarned of the risk. The empty pool in the...
  • Recession Must-Dos: Reclaim your life! December 13, 2008

    Does the current market scenario mean the end of the world? No way! Though you might believe otherwise from the news coverage and mass hysteria, the world is not coming to an end. The financial "crisis" will make it more difficult for those with not so perfect credit to get loans,...
  • Global slowdown hits the game of golf December 3, 2008

    New Delhi: Golf's biggest brands seem to be heading to India in increasing numbers, despite the global economic crisis. The country's biggest golf trade and industry show, the Asia Golf Industry show, has managed to attract top Asian equipment makers, corporates, and merchandisers this year, despite the global slowdown. All...
  • Citigroup slashes severance packages of older staff December 3, 2008

    New Delhi: American behemoth Citigroup, which is axing over 75,000 jobs this year to help cut costs and fight financial crisis, is now slashing the severance package, that too for staff having put 10 or more years with the bank. Besides, the Vikram Pandit-led bank has also hinted at further job...
  • Stocks surge on Tuesday; but investors cash out November 26, 2008

    New Delhi: The US markets were a mixed bag on Tuesday, but the government's plan to pump $800 billion into the struggling US economy didn't hurt at all. In the attempt to jumpstart lending, the government's programs are more than Congress approved in October for a bailout of the nation's banks...
  • Slowdown won't hit London Olympics: Rogge November 26, 2008

    New Delhi: So much has changed in the world since London took over as the official Olympic hosts at the closing ceremony in Beijing, but unlike some big corporates around the world, the Olympic movement is confident it can survive the carnage. The head of the Olympic Association in London, Jacques...
  • Watch: Bush, Obama talk of economy as a patient November 26, 2008

    New Delhi: It's the economy for dummies, not the dim-witted kind, but the kind you give CPR to. Both the outgoing and the incoming presidents sound like they are talking about a patient in critical condition. ...