Singapore facing its worst-ever recession

It appears that every major nation is suffering global economic slowdown. Singapore is no exception, it is facing worst ever recession. On a seasonally adjusted, annualized quarter-on-quarter basis, Singapore economy fell by 16.9 percent, after a decline of 5.1 percent in the third quarter and 5.5 percent in the second, Singapore trade ministry said. “The economy fell off the cliff in the fourth quarter,” said Song Seng Wun, a regional economist with CIMB-GK Research. According to Singapore’s finance minister Tharman Shanmugaratnam, the government will tap its official reserves for the first time to help fund a record 20.5 billion Singapore…

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Microsoft to layoff 5,000 employees

Apple computers came up with good earnings yesterday. On the contrary, Microsoft corporation missed 2Q profit today. It reported 11% drop in 2nd quarter profit. Microsoft shares plunged 7% and are trading at $17.92. To make up for lost profit, Microsoft is going to terminate 5,000 employees over the next 18 months. Microsoft will terminate 1,400 employees today. Microsoft said it was being hurt by deteriorating global economic conditions and lower revenue from software for PCs. The holiday quarter of 2008 was the worst the PC market had seen in several years. Microsoft said that profit slipped to $4.17 billion,…

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Holy Dow!!!

Holy Dow, Green Monday, Moola Mania… Whatever you call it, this is a big relief for U.S. stock market. What a ride we had in the last 10 days! Dow Jones climbed 936 point to offer much needed relief to the investors. U.S. stock market paper gains totaled $1.2 trillion Monday according to the Dow Jones Wilshire 5000 Composite Index. The massive rebound also pushed the Nasdaq composite index higher by 195 points, or nearly 12 percent, its second-biggest gain in percentage terms. The Standard and Poor’s 500, rose 104 points, its biggest point gain ever and an 11.5 percent…

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