If one sentence comes to mind regarding this year, it is “Good riddance.” On its coattails, next year’s sentence: “I hope it doesn’t get too much worse.” Collectively, there’s a feeling akin to a strong hangover, the kind that chooses its own terms of exit rather than yielding to the traditional 3,000-calorie breakfast, Gatorade and [...]

Bloomberg — Singapore said its economy may shrink more than previously forecast in 2009, foreshadowing a deepening slump throughout the region as exports and manufacturing contracted further in China, South Korea and Australia.
China’s manufacturing declined for a fifth month in December, South Korea’s exports fell by more than 15 percent for a second month, and [...]

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Our previous post : Billionaires Lost nearly $200 Billion
Dozens of the world’s wealthiest lost billions in recent months, but these 10 distinguish themselves for some of the biggest flops.
It was a dreadful year for the world’s wealthiest as markets and currencies around the world tumbled.
More than 300 of the 1,125 billionaires we tallied on our [...]

Kuwait’s government on Sunday scrapped a US$17.4-billion ($25.1-billion) joint venture with United States petrochemical giant Dow Chemical after criticism from lawmakers that could have led to a political crisis in this small oil-rich state.
The Cabinet, in a statement carried by the state-owned Kuwait News Agency, said the venture, known as K-Dow Petrochemicals, was “very risky” [...]

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AP Study Finds $1.6B Went to Bailed-Out Bank Execs
Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits in the calendar year 2007, an Associated Press analysis reveals.
The rewards came even at banks where poor results last year foretold the economic crisis that sent them to [...]

The Japanese company Panasonic will buy its rival Sanyo for 9 billion dollars, creating a new top weight in the Japanese electronics market. Panasonic will buy shares in Goldman Sachs and in the Japanese Daiwa Securities and Sumitomo Mitsui, thereby contributing to a cash injection into the financial sector.
Sanyo, which begun trading after the Second [...]

The losses and writedowns racked up by banks in USA and Western Europe  since the credit crisis first erupted last year has hit $1,000bn .
The Magnificent First World Financial System had collapsed dragging entire world and poor into the quick sand.  They were laughing at third world countries when Government of the [...]

Chrysler LLC has retained the services of law firm Jones Day, which specializes in representing companies as they go through the process of filing for Chapter 11 bankruptcy. Chrysler reportedly hired the law firm several weeks ago, anticipating that its counsel may be required if the $7 billion in government bridge loans it has requested [...]