1. This is the first time after Second World War, top industrialized nations slide simultaneously into recession. This is the worst recession since 1929 depression.
2. JP Morgan reported 76% fall in profit and bank wrote down $2.9 billion of assets. EPS is 7 cents Vs 86 cents. Bank of America will be saved by American Government as it landed in trouble due to Merrill Lynch.
3. US Job losses: 20 lakh Americans lost jobs in 2008 and another 30-50 lakh Americans are expected to lose jobs in 2009.
4. The European Central Bank (ECB) cut interest rate to 2%.
5. Google shut down six products to concentrate on core competency i.e. search and ads and lay off 100 employees (to cut costs) for the first time in the Company history.
6. UK: 14,000 people will lose jobs in England in this week. England GDP is expected to contract by 1.5% in 2009. According to ILO estimates, 30 lakh people will lose jobs by the end of 2010 in England. 60% fall in mortgage lending.
7. USA: 5 lakh Americans applied for first time unemployment benefits in USA. 23 lakh American homeowners faced foreclosure proceedings in 2008. The Federal budget deficit will increase to more than $1 trillion.
8. Japan: Mitsubishi Financial Group will report $3.2 billion loss in its portfolio. Sharp fall in Machinery orders reported. Abu Dhabi wealth fund lost $125 billion in 2008 in Gulf.
9. The world economy is heading for zero growth in 2009 – United Nations.
10. Commodities: “It will take at least one to two years for the global economy to regain the strength needed to support new mining projects” – Rio Tinto CEO.
11. Scam: HSBC and UBS are struck in $3.2 billion losses in Madoff scam.
Courtesy: Stockmarketguide.in
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