Businessworld - Global Financial Crisis

Bernanke Takes His Message To The Heartland
Federal Reserve Chairman Ben Bernanke travelled to the US heartland to defend the central bank's actions and reaffirm his assessment of an improving, but still vulnerable, US economy. Taping a special that will air on television network PBS over three days this week on its program The NewsHour, Bernanke said a financial crisis that rivaled that of the 1930s needed decisive actions.

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AROUND THE WORLD

Japan Export Slide Slows; Corporate Earnings Solid	New "Rust Belt" Grows In E.Europe As Crisis Bites	China To Keep Closer Eye On Bank Lending

CORPORATE NEWS

Bharti Q1 Net Beats F'cast; MTN Deal On Track	Apple, Yahoo Unveil Quarterly Earnings	Credit Suisse's Q2 Net Beats Forecasts

IMPACT ON INDIA

India, whose economy is less export-oriented that many of its Asian neighbours, hopes to see expansion of 8-10 per cent to reduce poverty, .		India's exports plunged 33.3 per cent in March, the most in over a decade, as reduction in demand for merchandise since October 2008 in major markets of the world wiped out earlier gains.

KEY NUMBERS
INFLATION		IIP

Consumers continue to reel under the rising prices of essential commodities like cereals, pulses and sugar.		In what could be seen as early sign of recovery, industrial growth turned positive for April at 1.4%, after remaining negative for months even as certain sectors continued to contract.

AUTO SLUMP
	Standoff Appears Over GM's Sale Of Opel A crippling stalemate between GM and Germany could be emerging over their preferences for competing bids.
	Porsche's Wiedeking Falls On VW Gamble Wiedeking was forced to step down, defeated in the power struggle over Porsche's future.
	Ambitious Schedule Reaching a deal to acquire GM's European unit Opel in just a few weeks was never going to be easy for Magna.
	VW Mulls 4 Bn Euro Hike Volkswagen is considering raising up to $5.7 bn ahead of a takeover of Porsche to protect its credit ratings.

JOB CULL

Continental Airlines posted a second quarter loss of $213 million, as the slump in business travel and the H1N1 virus hurt revenue and said it will eliminate 1,700 jobs.
McGraw-Hill it has cut 550 jobs as the publisher and financial services company struggles with lower demand for textbooks and credit ratings.
British luxury carmaker Jaguar Land Rover will cut 300 jobs from its Halewood plant in the north of England.
Part-nationalised Lloyds Banking Group said it is cutting 1,200 jobs in its group operations.
Private air-carrier Jet Airways is believed to have terminated the service contracts of 150 trainee technicians across the country, although the airline said only 43 had been laid off.
CHECK CRISIS WATCH

ANALYSIS

FEATURES

	Swapping Homes Some Americans are swapping homes for motels as the ranks of the homeless swell.
	Asians Pray For Jobs As companies shed jobs, recession-hit Asians are flocking to temples, churches and mosques.
	US Shoppers Reticent US April retail sales fell, signalling consumers are not yet ready to lead the world back to growth.
	China Trains Entrepreneurs China is desperately looking for new ways to create jobs. Sign Of The Times Spain's New Middle Classes Into Poverty

Japan Inc: Back To Basics
Leaders of Japan Inc. believe they have learnt a lesson from the global economic crisis - namely that the US business model with its eye on short-term gains has failed.
Newspapers Want Help, Not Bailout
Is The New Love Affair With Bank Shares Wise?
Is Company Cost-Cutting Company Throat-Slitting?
Globalisation And Catastrophe
Long Live Decoupling?
Will History Repeat Itself?

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