(SAN FRANCISCO) IBM Corp plans to lay off about 5,000 US employees in a new round of job cuts. The move reflects IBM's aggressiveness in shifting labour to lower- cost regions such as India and keeping its profits aloft at a time when other technology companies' earnings are tumbling.
Thursday, March 26, 2009
Wednesday, March 25, 2009
Obama fills key positions at Treasury Dept
(WASHINGTON) US President Barack Obama on Monday moved to fill the leadership vacuum at the Treasury Department, tapping former Treasury official Neal S Wolin as Secretary Timothy Geithner's number two and former White House aide Lael Brainard for the top international job.
Monday, March 23, 2009
Top SocGen execs return 340,000 options
(PARIS) Four top executives of Societe Generale have handed back 340,000 stock options that they had been awarded this year to defuse a political firestorm over the payouts, the French bank said on Sunday.
Sunday, March 22, 2009
HSBC, Citigroup, UBS move to bolster balance sheets
THREE of the world's biggest banks on Thursday embarked on fresh steps to boost their balance sheets, as governments moved to crack down on excesses that may have fuelled the global credit crisis.
Saturday, March 21, 2009
Obama offers olive branch to Iranians
US President Barack Obama yesterday launched a historic direct appeal to the Iranian people, urging an end to decades of animosity and offering 'honest' engagement with the Islamic Republic.
Thursday, March 19, 2009
Geithner feels the heat as bonus fury rages
(WASHINGTON) If not distancing itself from Treasury Secretary Timothy Geithner, the White House is placing firmly on his shoulders responsibility for how the government handled the US$165 million in bonuses paid to about 400 executives and traders at American International Group.
Tuesday, March 17, 2009
JPMorgan must vote on bonus, SEC rules
(NEW YORK) JPMorgan Chase & Co must allow shareholders to vote on measures that would tie executive bonuses to the bank's long-term stock performance, US regulators have ruled.
Monday, March 16, 2009
Gordon Ramsay awarded his 13th Michelin star
(LONDON) Gordon Ramsay, the UK chef known for gourmet food and television tirades, gained a Michelin star yesterday for his Prague restaurant, where he has handed day-to-day management to the hotel in which it's based.
Sunday, March 15, 2009
Swiss move may spark competitive devaluations
SWITZERLAND on Thursday broke a taboo among developed nations by trying to weaken its currency to help its economy, a policy that could trigger a wave of competitive devaluations if times get much harder.
Saturday, March 14, 2009
Berkshire, GE among giants losing AAA rating
THE credit crisis is thinning the ranks of AAA companies, after General Electric and Warren Buffett's Berkshire Hathaway lost top-level debt ratings on concern about losses on financial instruments.
Thursday, March 12, 2009
Ready for the ride
The Space Shuttle Discovery STS-119 sitting on its launch pad with the moon providing an appropriate backdrop.
Wednesday, March 11, 2009
UBS posts loss of 20.9b Swiss francs for 2008
(ZURICH) UBS posted a 20.9 billion Swiss franc (S$27.7 billion) loss for 2008, more than initially reported, and said it remains 'extremely cautious' about the outlook for this year.
Tuesday, March 10, 2009
Sceptics gather to discuss global warming
(NEW YORK) More than 600 self-professed climate sceptics are meeting in a Times Square hotel this week to challenge what has become a broad scientific and political consensus: that without big changes in energy choices, humans will dangerously heat up the planet.
Monday, March 9, 2009
Recession will last all of this year: 'Dr Doom'
(NEW DELHI) The US professor nicknamed 'Dr Doom' for forecasting the financial crisis has said the global recession will last all of this year and probably next, India's Mail Today reported on Saturday.
Saturday, March 7, 2009
Arctic summer ice may vanish by 2013
THE Arctic is warming up so quickly that the region's sea ice cover in summer could vanish as early as 2013, decades earlier than some had predicted, a leading polar expert said on Thursday.
Friday, March 6, 2009
Nissan gives staff green light to take on part-time work
NISSAN Motor is letting full-time factory and office staff in the country take on part-time jobs to supplement wages that are reduced by production cuts.
Thursday, March 5, 2009
Madoff gives up business, artwork, corporate tickets
(NEW YORK) Bernard Madoff has agreed to give up the rights to his disgraced investment business and his company's prized artwork and entertainment tickets as he faced another appearance in a federal courtroom yesterday.
Wednesday, March 4, 2009
Job clubs spring up as jobless numbers swell
(OVERLAND PARK, Kansas) Tom Skidmore has been out of work only since December. But when his former employer filed for bankruptcy in January and his severance evaporated, he knew that he did not have much time. As the sole breadwinner for his family of five, he had to find work fast.
Monday, March 2, 2009
Moffett quits as CEO of Freddie Mac
(WASHINGTON) The top executive of Freddie Mac is quitting after less than six months on the job as the company continues to bleed from mortgage losses and plans to ask the government for up to US$35 billion in additional aid.
Sunday, March 1, 2009
Mortgages form bulk of Citigroup portfolio
(NEW YORK) Mortgage and real estate assets constitute more than two-thirds of the US$300.8 billion Citigroup Inc portfolio in which the US government agreed to share in losses, the bank said on Friday.
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