Paulson: Crisis of the century

WASHINGTON (AP) -- Treasury Secretary Henry Paulson called the financial crisis now plaguing the world economy a "once or twice" in a 100 years event, even as he warned Thursday against imposing too-strict regulations to prevent a repeat calamity.

Paulson's remarks follow pledges by world leaders attending last week's emergency economic summit to begin an overhaul of the world's financial regulatory system.

Jobless claims jump unexpectedly to 16-year high

WASHINGTON (AP) -- New claims for unemployment benefits jumped last week to a 16-year high, the Labor Department said Thursday, providing more evidence of a rapidly weakening job market expected to get even worse next year.

Japan enters recession: official data

Japan's economy, the second largest in the world, slipped into recession in the third quarter as companies slashed investment to weather the financial crisis, official data showed Monday. 

Japan's economy contracted by 0.1 percent in the three months to September, after shrinking 0.9 percent in the second quarter of the year, according to a preliminary estimate released by the Cabinet Office. 

A recession is usually defined as two or more consecutive quarters of negative economic growth.

Germany Officially in a Recession

German gross domestic product (GDP) contracted by 0.5 percent in the third quarter, putting Europe's largest economy in recession for the first time in five years, Federal Statistics Office figures showed on Thursday.

The bigger than expected quarter-on-quarter drop in growth, adjusted for seasonal, calendar and price effects, was marked by a negative contribution from foreign trade as exports weakened. This more than offset a rise in private and public consumption.

The Office also revised up the second-quarter GDP figure to show a contraction of 0.4 percent, compared with 0.5 percent previously reported. The last time the economy shrank for two quarters was in the first half of 2003, the Office said.

The mid-range forecast of 40 economists polled by Reuters last week was for a quarterly contraction of 0.2 percent in the third quarter.

"A negative effect on gross domestic product came from foreign trade, with a strong increase in imports and weakening exports," the Office said. 

On the year, German GDP increased by 1.3 percent in the third quarter after annual growth of 3.3 percent in the April-June period, the figures showed.

Adjusted for working days, GDP expanded by 0.8 percent on the year. There was one more working day in the third quarter of 2008 than in the same period in 2007.

The Office is due to publish a breakdown of the third-quarter GDP figures on Nov. 25.

Top Stories of the Week .

Sensex bounces 28% from panic low at 7697.

RBI cuts CRR/SLR by 1% to ease liquidity in the system.

SEBI allows promoters to increase their stake through creeping acquisition.

Rupee hits fresh low of 50.29 against Dollar.

41% companies report lower profits.

Crude oil drops to 17-month low of $62.92.

Inflation drops to 10.68%.

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Oil jumps 11 percent on Saudi supply cuts

Oil jumped more than 11 percent on Tuesday on signs Saudi Arabia had made substantial cuts in crude supplies and as global financial markets rallied.

Saudi Arabia, the world's biggest oil exporter, has reduced exports by around 900,000 barrels per day from a peak in August, one source estimated.

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Bank of Japan cuts key interest rate

Japan's central bank cuts key interest rate to 0.3 percent in close vote, 1st cut in 7 years

Fed Cuts Key Interest Rates

Fed Cuts Key Interest Rate Half-point to 1 Percent

Gold and platinum tumbled

Gold and platinum tumbled on Wednesday, reflecting a slide across commodity prices, as the dollar firmed to a two-year high against the euro

Kingfisher crew pay dives 90%

Salaries Plummet From Rs 1.9 Lakh To Rs 20,000

The consulting firm which does the cost modelling for Kingfisher Airlines has informed the company that it has a surplus of pilots. The exact figure isn't yet known. Unlike in the case of Jet Airways, the surplus pilots also include senior commanders on wide-bodied aircraft. 

"About 70 trainee pilots' monthly salaries stand to come down from Rs 1.95 lakh (newly endorsed ATR/A320 pilots) and Rs 90,000 (trainees on probation) respectively to a stipend of Rs 20,000 per month," said an airline official, who did not wish to be named. 

The cost-cutting will not be limited to the junior lot as it is slated to go all the way up to the wide-bodied A340 pilots as well. "About 14 commanders and 30 first officers who have been trained and endorsed on A340 aicraft will be losing Rs 1.20 lakh each from their monthly salaries as they will be moved down to the single-aisle 320 aircraft. Had they been allowed to continue on A340, they would have drawn Rs 60,000 more per month after their endorsement and another Rs 60,000 after completing 500 hours of flying on A340," the source added. 

- Source - Times of India

RBI CUT CRR BY 100 BPS..SHARPEST CUT WEEK 250 PTS

 

RBI cut to release rs 40000 cr..Raises ceiling on FCNR deposits rates by 50 Bps..

Petrol, diesel prices to be cut if crude fall to $61 a barrel

 

Crude oil import price has dropped to the year's lowest but a cut in petrol and diesel price may happen only if crude falls to USD 61 per barrel as rupee depreciation has partly offset the gains.

Oil firms were supposed to break-even on sale of petrol, diesel, LPG and kerosene if the price of the basket of crude India buys were to come down to USD 67 per barrel. However, with 20 per cent depreciation in value of rupee against the US dollar, the break-even point is now at USD 61 a barrel.

 

Source :Economic Times

Sensex sheds 50% from all-time high

The BSE Sensex was down 859.32 points, or 7.59%, to 10473.34. The barometer index Sensex is down 9813.65 points or 48.37% in the calendar year 2008 so far from its close of 20,286.99 on 31 December 2007. It is 10733.43 points or 50.61% below its all-time high of 21,206.77 struck on 10 January 2008.