Micron Technology plans to lay off 2000 jobs in FY09

Computer chip maker Micron Technology Inc. in a latest announcement revealed its plans to cut as many as 2,000 jobs by the end of the fiscal year, amid the weak economy and lower demand for its DRAM memory chips.

The company said late Monday that it will end manufacturing of DRAMs on 200-millimeter wafers in Boise, and would cut 500 jobs at the plant.

TCS may cut jobs if situation worsens

Tata Consultancy Services (TCS) may lay off employees to cut cost if the economic slowdown persist, but said there are no immediate plans for lay-offs

he IT exporter has ruled out salary hikes next year and frozen ``lateral intake`` and has increased weekly working hours for employees.

The company is also looking at cost reduction, including capital expenditure and infrastructure.

The 24,500 campus offers, where the students are expected to join in July 2010, will also be delayed.

Power Grid Corp board approves investment plan worth Rs 114.06 bn

Power Grid Corporation of India has announced that its board of directors at its meeting held on Feb 24, 2009, has granted investment approval for implementation of `North East - Northern / Western Inter connector-I` Project at an estimated cost of Rs 111.30 billion

Elder Pharma`s Dubai arm makes unsolicited offer to NeutraHealth

Elder Pharmaceuticals has announced that the wholly owned Dubai subsidiary of the company has made an unsolicited offer to NeutraHealth Plc, UK, at an indicative partial offer price of 5.5 pence per share..

The approach may or may not lead to a partial offer that would result in the subsidiary`s shareholding increasing from 21% to between 50 and 60%.

JL Morison inks mktg, distribution pact with US Co

JL Morison India has tied-up with US based Alberto Culver International for marketing and distribution of international brands St. IVES, VO5 and Alberto Balsam in India.

JL Morison India, a part of the Rasoi group, is engaged in the business of manufacturing and marketing personal care, oral care, and foot care products.

Obama budget plan forecasts soaring deficits

President Barack Obama forecast the biggest U.S. deficit since World War Two in a budget on Thursday

An eye-popping $1.75 trillion deficit for the 2009 fiscal year underlined the heavy blow the deep recession has dealt to the country's finances as Obama unveiled his first budget.

Obama budget realistic on climate revenue

President Barack Obama's estimate of $646 billion in revenue for the first years of a carbon-capping program to curb climate change

Obama's budget for 2010 projects this revenue, from 2012 through 2019, will fund $150 billion in clean energy technology investments over 10 years and a tax credit to help Americans

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U.S. states would get a significant bump in funds for clean drinking water and sewer systems under the budget President Barack Obama proposed on Thursday.

$3.9 billion would go to the Clean Water State Revolving Fund and the Drinking Water

$4 billion that will go to the funds through the recently-enacted economic recovery plan.

Policy shift will avert $9 trillion deficit

President Barack Obama's budget director said on Thursday that without a shift in policies the U.S. deficit would reach $9 trillion over the next decade.

White House budget chief Peter Orszag said the Obama administration's budget outline reflects costs for the war in Iraq and other items that were previously not included in the budget.

World Bank, others vow Eastern European aid Agreement to provide $31.2 billion to back bank sector, business lending

Three institutions issued a joint pledge Friday to provide up to 24.5 billion euros ($31.2 billion) to support Eastern Europe's banking sector and to fund business loans.

The move by the World Bank, the European Bank for Reconstruction and Development and the European Investment Bank comes as Eastern European nations struggle to meet massive, foreign-denominated debt obligations.

Euro-zone unemployment rises to 8.2% in January

The unemployment rate across the euro zone rose to 8.2% in January, compared to an upwardly revised 8.1% the previous month, the statistical agency Eurostat reported Friday. The unemployment rate stood at 7.3% in January 2008. December unemployment was initially estimated at 8%. Consensus expectations were for a January reading of 8.1%

Japan's industrial output tumbles 10% in January

Japan's industrial output contracted by a record 10% and consumer spending fell in the first month of the year, data released Friday showed, adding to the growing perception that the No. 2 global economy this year will undergo the worst recession in more than half a century.

India's economic growth slows

India's economy grew 5.3% in the quarter ended Dec. 31, the slowest rate in almost six years, in a sign that the nation has been hit hard by the global slowdown even though it is not as reliant on exports as many others in Asia. The growth rate compares with gross domestic product growth of 8.9% in the same period the year before and growth of 7.6% in the previous quarter

Lloyds falls to $14 billion loss, in asset plan talks

Lloyds Banking Group unveiled a 10 billion pound ($14.28 billion) loss for 2008 and said it had not finalized a plan to put billions of pounds of assets into a UK government-backed insurance scheme.

U.S. takes big stake in Citi

The U.S. government committed to holding up to 36 percent of Citigroup's common shares in a deal to bolster the fallen financial giant's capital base, and gave most of the bank's board their marching orders.

The U.S. Treasury agreed to convert up to $25 billion in government-held preferred shares in the bank to common equity

USA economic data

U.S. 4Q GDP revised lower to -6.2% annual vs -3.8% initially

U.S. 2008 GDP revised lower to 1.1% vs. 1.3%

U.S. 4Q GDP revision due to weaker inventories, exports

U.S. 4Q final domestic sales fall 5.7% annualized

U.S. 4Q consumer spending falls 4.3% annualized

U.S. 4Q business investment falls 21.1% annualized

U.S. 4Q GDP decline of 6.2% is worst since 1Q 1982

U.S. 4Q PCE price index falls record 5%

U.S. 4Q exports fall at fastest pace in 37 years

U.S. 4Q residential investment falls for 12th quarter