The Indian currency rupee on Wednesday collapsed against the greenback by losing 119 paise - its biggest single day fall in 12 years. The rupee ended the day at Rs 49.30/31, a steep fall of 2.47% or 119 paise over its previous close.

Dealers in foreign exchange said that rupee’s fall to this extent was surprising considering the fact crude prices have come down which should have otherwise strengthened the domestic currency.

Brokers said the Reserve Bank intervened when the rupee breached the 49-level to prevent its further fall. “Exports declining by 15% for Septmeber also cast a shadow over the rupeee,” they said. Continuing captial outflows was anonter crucial factor that led to rupee’s fall. Stocks markets on Wednesday closed weaker with benchmark sensex shedding another 303 points, or 3.08%. With fall the barometer has lost hefty 1,000 points in just two days.

Source: Times Of India

The 50:50 joint venture Nokia Siemens Networks said Tuesday that the company planned to cut some 1,250 jobs in Finland and Germany as part of cost-cutting measures due to global financial crisis. Group planned to cut 500 jobs from Germany and 750 jobs in Finland.

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You must be reading many news regarding global credit crisis. Almost all sectors are influenced by this global financial crisis. Restaurant business is also hit by this global crisis.

Restaurant industry is very profitable, but small restaurant business men are badly hit by this global financial crisis. Many restaurants have been closed because of lack of fund.

Restaurants actually need regular cash to keep flow of business. Banks are not in mood to provide loans to restaurant owner. Restaurant owner need some short term loans. So, what are alternatives for restaurant owner in this financial crisis? There are few alternative financing for restaurants. You can search on web or in local market for such financing. Restaurant owner need to invest daily and that too in cash to purchase required goods, and that again need regular cash. If you don’t have cash, you are going to lose money. If you are running a small restaurant and need cash, there are few restaurants cash financing solution. You should search your local market or on web to find someone to help in your restaurant business.

The global meltdown is showing its effect on new fresh recruitment in India. Now time is coming when companies visit various college campus for recruitment. But according to IT industry body National Association of Software and Service Companies (NASSCOM), Fresh hiring in IT and ITeS industry is likely slow down to two lakh this fiscal.

“This year, the new recruitments in IT sector is estimated to be two lakh this fiscal compared to 2.80 lakh people due to global recession,” NASSCOM Chairman Ganesh Natarajan said here today.

“There could be job cuts in a one particular company. May be because its business model is not right or some other reasons, but overall the industry would not force any job cuts,” he mentioned.

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San Francisco, Nov 6, Google has officially called off its proposed advertising alliance with Yahoo following anti-trust opposition from the US Justice Department, the companies said Wednesday.”After four months of review, including discussions of various possible changes to the agreement, it’s clear that government regulators and some advertisers continue to have concerns about the agreement,” David Drummond, Google’s chief legal officer, wrote on the company’s blog.

Yahoo may be feeling down as the company hoped to make as much as $450 million per year. Google also may be feeling down, as it has also affected their earning.

“Yahoo continues to believe in the benefits of the agreement and is disappointed that Google has elected to withdraw from the agreement rather than defend it in court,” Yahoo said in a statement.

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The State Bank Of India (SBI) the country’s largest bank has deciding to cut its prime lending rate (PLR) by 75 basis points, effective from Monday.Loans from State Bank of India, will be cheaper with the bank. Accordingly, SBI’s PLR will reduced to 13 per cent from the present 13.75 per cent.

More banks are also expected to follow this after SBi move.

The Union Bank of India, the United Bank, Punjab National Bank, Bank of Baroda, Canara Bank, Bank of India and Syndicate Bank, among others, have also cut their prime lending rates by 0.75 percent.

On Tuesday, Finance Minister P Chidambaram met heads of PSU banks following which bankers had promised to cut their lending rates by up to 75 basis points.

Global payments and travel company American Express on Thursday (Oct. 30, 2008) said it will cut 7,000 jobs, which is about 10% of its workforce worldwide. This move is expected to result in cost savings to the tune of $1.8 billion in 2009.

American Express is the latest entity to join a flurry of US companies including financial services giant Citigroup, Goldman Sachs and beverages major Pepsico which have already elimination of jobs.

With that AmEx would be suspending management level salary hikes for next year apart from freezing the hiring for open positions. The plans aimed at cost savings of 1.8 billion dollars includes “reducing staffing levels and compensation expenses, cutting operating costs and scaling back investment spending,” American Express said in a statement.
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Airticket is will be more expensive from Saturday (1Nov. 2008) for those who buy tickets through travel agents. All airlines have decided to stop paying commission on ticket sales. So, travel agencies have decided to charge a transaction fee of Rs 350 to Rs 500 on domestic tickets sold by them.

For the international tickets, the fee will be higher. Agents will be charging Rs 2,500 per ticket for economy class and Rs 5,000 for business and Rs 10,000 for each first class ticket to all parts of the world except southeast Asia and the Gulf.
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The US economy shrank at an annual rate of 0.3% in the third quarter. This fall is sharpest contraction in seven years and a clearly indicates that the world’s largest economy is in recession.

The commerce department said the third-quarter contraction in gross domestic product was the steepest since the corresponding quarter in 2001 though it was slightly less than the 0.5% reduction Wall Street economists had forecast. The third-quarter contraction was a striking turnaround from the previous quarter’s 2.8% rate of growth.

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Whirlpool Corp. said on Tuesday (Oct. 28, 2008)that it would cut about 5,000 jobs by the end of 2009 because of the global finance/credit crisis.

The whirlpool Corp. also reported that its earnings fell 7 percent during the third quarter on lower global unit volumes and higher material costs.Shares of Whirlpool has also dropped by 9.9%, or $4.96, to $45.05 in early trading.

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