Tag - recession

G-7 finance ministers vow support for Ukraine


G-7 nations “will stand with Ukraine for as long as it takes” India, Brazil, Comoros, Indonesia, South Korea and Singapore are also invited U.S. debt ceiling and a potential default looming large over global economy   Niigata, Japan: Financial leaders of the Group of Seven advanced economies are discussing ways to support Ukraine and pressure Russia to end...

Fed’s actions are inviting global recession


The question is which is the bigger evil, inflation or recession By A. D. Amar, Ph.D.  On the afternoon of May 3, 2023, the Federal Open Market Committee raised the interest rates by 0.25%, bringing the federal-funds rates, considered the base for bank interest rates, from 0.08 to 5-5.25%. The Fed’s goal is to slow down the...

Bosch acquires US chipmaker TSI Semiconductors for $1.5 bn


Stuttgart (Germany): German conglomerate Bosch on Wednesday said it is acquiring US chipmaker TSI Semiconductors for $1.5 billion and converting its manufacturing facilities to state-of-the-art processes. With the planned acquisition, Bosch will significantly expand its global portfolio of silicon carbide (SiC) semiconductors by the end of 2030. Starting in 2026, the first chips will be produced...

Oil slides as recession fears outweigh large US inventory draw


New York: Oil prices slipped, extending sharp losses from the previous session, even after a report showed that US crude inventories fell more than expected last week, as weak economic data raised fears of recession in the world’s biggest economy, Reuters reported. U.S. crude oil inventories fell last week by 5.1 million barrels to 460.9...

Indians are majority among 2,00,000 tech workers laid off since November


New York: Expressing concern over the large-scale layoffs in the tech industry, a group of lawmakers from Silicon Valley has written to the US immigration agency to ensure that the highly-skilled immigrants on H-1B visas, the most sought-after by Indian IT professionals, can remain in the country even after losing their jobs. The letter has...

Meta CEO fires 10,000 more employees


New Delhi: Meta Founder and CEO Mark Zuckerberg has announced to sack an additional 10,000 employees via several job cut rounds in the coming months. In a Facebook post, Zuckerberg said overall, "we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven't yet...

Goldman Sachs to cut about 3,200 jobs after cost review


New York: Goldman Sachs Group will start cutting thousands of jobs across the firm this week, reports said citing sources, as it prepares for a tough economic environment. The sources could not be named as the information was not yet made public. Goldman Sachs declined to comment. The job cuts are expected to be just over...

Third of global economy will be in recession this year: IMF


Washington, Jan 2 (IANS) International Monetary Fund (IMF) chief Kristalina Georgieva has warned that a third of the global economy will be in recession this year and 2023 will be "tougher" than 2022 as the US, EU and China will see their economies slow. "We expect one third of the world economy to be in...

India a bright spot in times of global crisis: PM Modi


New Delhi: In the times of a "global crisis," India is being called a "bright spot" by economic experts and analysts across the globe and the world has huge expectations from the country, Modi said Wednesday while delivering the inaugural address at the three-day Global Investors' Meet, 'Invest Karnataka 2022', at Bengaluru via video...