Financial Meltdown

  • Cyprus details heavy losses for major bank customers March 31, 2013

    Nicosia: Major depositors in Cyprus's biggest bank will lose around 60 per cent of savings over 100,000 euros, its central bank confirmed on Saturday, sharpening the terms of a bailout that has shaken European banks but saved the island from bankruptcy. Initial signs that big depositors in Bank of Cyprus would...
  • After Vikram Pandit, Citigroup is 'going to get a lot smaller' October 17, 2012

    New York: The incredible shrinking bank may have to shrink more. In the hours after surprise announcement that Citigroup CEO Vikram Pandit was stepping down, speculation was rife, and facts scant, about what lay ahead for the nation's third-largest bank. Pandit left after a series of embarrassments and missteps that apparently...
  • 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,...
  • Citigroup clocks profit, on road to recovery October 16, 2009

    Washington: Citigroup, led by its Indian American CEO Vikram Pandit, has reported a slim profit of just $101 million in the third quarter, indicating its road to recovery may be a little longer. With credit problems, particularly within its consumer-related businesses, weighing down its third-quarter results and after taking into account...
  • Risk of another Lehman Brothers looms: Moody's September 21, 2009

    New Delhi: Moody's on Monday said there is always a risk of another major event sending shock waves in financial markets, even as Asian stocks may have rebounded from the lows post the collapse of Lehman Brothers last year. Moody's Economy.com, a research arm of Moody's, also said any tightening...
  • Financial crisis takes a back seat, Indian luxury car market booms March 31, 2009

    New Delhi: India's luxury car market forms 0.5 per cent of the total car sales in the country, catering to those who can spend anything between Rs 26 lakh and Rs 1 crore for their wheels, and it is growing despite a slowing GDP. Reason? Glam wheels are the ultimate...
  • Next 2 years will be tough for mkts: Hemendra Kothari March 19, 2009

    After a career spanning 40 years, Chairman, DSP Merrill Lynch Hemendra Kothari, has decided to hang up his boots. He will retire on March 31. In an interview, Kothari said he expects the next two years to be tough for the markets. Once foreign companies stabilise, they will be interested...
  • Emerging mkt cos to buy the most in next 2 yrs: E&Y report March 19, 2009

    The deteriorating global economy is driving a number of distressed asset sales. The latest survey from Ernst & Young finds emerging economies including India are set to become buyers of corporate assets worldwide. Is there a shift in the mergers & acquisitions (M&A) landscape? Partner and National Director - Transactions...
  • Cannot guarantee closure of 60 projects by '09 end: NHAI March 18, 2009

    A Didar Singh, Member - Finance and Senior IAS officer, National Highways Authority of India (NHAI), said the financial meltdown has impacted road projects. "Only 22 of 50 projects have got positive bids. On a revenue sharing basis, three of 22 projects are seeing positive bids. Projects worth Rs 70,000...
  • Citigroup crisis rages, US Govt may take big stake February 23, 2009

    Paris/New York: Citigroup Inc is in talks that could see the US government boost its stake to 40 per cent, according to media reports, as governments and financial firms in Japan, France and elsewhere announced fresh capital raising on Monday. The Wall Street Journal said Citigroup and US officials are discussing...
  • Economic crisis to worsen, 51 mn people to lose jobs January 30, 2009

    New Delhi: Finding a job in these gloomy times can be quiet a task. Sankalp is one such individual to have lost his job. He lost his job at an export house some two months ago and is yet to find a new one. “I don't have a job right now....
  • US govt's bailout of Citi brings new hope for markets November 26, 2008

    New York: The US government’s massive bailout of Citigroup had an instant impact on the stock market. The blue chip index surged 400 points, and Citigroup's stock, which had been hammered 60 per cent last week, zoomed up 57 per cent just on Monday. According to the market-watchers, this is...
  • Europe's grand plans for Bretton Woods 2 on hold November 16, 2008

    Washington: It was no Bretton Woods 2. European leaders had great hopes for the emergency summit that they persuaded lame-duck President George W Bush to host with some comparing it to the 1944 wartime conference at Bretton Woods, New Hampshire, when 44 nations created the International Monetary Fund (IMF) and...
  • Wall Street effect has not reached Indian fields November 14, 2008

    Barabanki(Uttar Pradesh): Going by the hysteria, the global financial crisis looks universal but there's no crisis in the world of Kamlesh Kumar. His investment is reaping rewards right now. The crop has been good this year and his six bhigha land has harvested have some 25 quintals of paddy. Enough...
  • Germany hit by recession in its third quarter November 13, 2008

    Berlin: The German economy, Europe's biggest, tipped into recession in the third quarter as weakening exports fueled a bigger-than-expected fall in national output, government figures showed on Thursday. Gross domestic product contracted by 0.5 percent in the July-September period compared with the previous quarter, the Federal Statistical Office said a much...
  • Bali tourism confident of battling the credit crunch November 13, 2008

    Hong Kong: The United Nations World Tourism Organization says global travel grew less than two percent in June, July, and August. Bali is every dream of an Asian holiday but Asian holidays these days seem to be just a dream. The people in Bali - most of them - are relaxing...
  • Recession hits UK travel market, industry in trouble November 13, 2008

    The world travel market in UK is in a slump. In recent years, there have been destinations at the world travel market trying to promote themselves while recovering from a natural disaster or terror attack. This year, many regions are in the same boat with the credit crunch and fears...
  • Sports and gold industry in Meerut face crisis November 10, 2008

    Meerut: Meerut is often called the Sports city of India that is because small scale and household sports industries in Meerut employ thousands of skilled labourers, who roll out low cost sports items. Forty per cent of which is currently being exported and yet India's contribution to the global sports...
  • Auto giants Ford, GM run out of money; may cut jobs November 8, 2008

    Washington: The two major US automakers, Ford Motor Co and General Motors Corp, have reported massive third-quarters losses as the ailing industry continued to lose cash and shed jobs. Ford, the second-largest US automaker, on Friday reported a third-quarter operating loss of $2.98 billion and said it would cut jobs and...
  • Men take to boxing after stock markets crash November 1, 2008

    Hong Kong: Stock markets are taking a beating these days but men behind them have a different stress buster. Graham McNeil has volunteered to take a few hits though, one of a dozen finance professionals who will step into the ring as part of a charity event in Hong kong. “It was...
  • Market mayhem: Hyd share broker commits suicide November 1, 2008

    New Delhi: A share broker in Hyderabad on Thursday committed suicide by hanging himself after incurring financial losses due to stock market meltdown, police said. Twenty five-year-old Amir Ali locked himself up in his house in Abids area and hanged himself from a ceiling fan while his family members were away,...
  • Chrysler to cut 25 per cent of salaried workforce October 31, 2008

    Detroit Chrysler, whose owner has been in talks to sell the automaker to General Motors (GM), announced that it will cut 25 percent of its salaried work force starting next month and warns that it will make more restructuring announcements soon. CEO Robert Nardelli said the moves are being made...
  • American Express to slash 7,000 jobs | TCS, Infy won't October 31, 2008

    New York: American Express Co said on Thursday it will cut 7,000 jobs, slash expenses and scale back investments to save $1.8 billion next year, in its biggest restructuring since 2001 as it struggles with bad loans and surging funding costs. The expected cost savings lifted the company's shares 2.3...
  • EMI- a film on loans and recovery October 28, 2008

    New Delhi: With credit cards, loans and a recovery agent- Easy Monthly Installments (EMI) the Bollywood movie starring Sanjay Dutt would hit theatres soon in the backdrop of a financial meltdown and a crisis looming large over banks and credit card industry. Liya Hai To Chukana Padega! (If you have got...
  • Market crash: How people are planning to cope October 24, 2008

    In times of market uncertainties, we asked our readers to share their investment stories with us on the moneycontrol message board. Here are some stories. Laksh says: I entered the stock market last year in April. At that time, I had a thumb rule: Whenever I get 25 per cent profit...
  • Oct 23: Clash of Titans, inflation dips, more pink slips October 24, 2008

    Gilchrist slammed Sachin , meanwhile Inflation dipped.Saffron terror causing concern,and more lay-off's. Elsewhere parliament session adjourned, and the rest of the day as it was. ...
  • Auto giant Tata Motors lay off 400 more workers October 23, 2008

    Jamshedpur: Amidst the ongoing financial slowdown and production slump, Tata Motors, the largest automobile manufacturer of India, today once again served 'no work' notice to around 400 non-permanent workers of its Jamshedpur plant. The company had earlier laid off 300 non-permanent workers on October 20 citing similar reasons. Company's labour union, Telco...