Citi cuts 52,000 more jobs
Citigroup took radical action to cushion the blows of the financial turmoil and revive its flagging share price, announcing plans to axe 52,000 jobs, or one in seven employees, and slash costs by about $10bn
November 17, 2008
Pirates raise stakes with oil tanker hijack
Raiders operating off east Africa have seized a Saudi supertanker fully laden with an estimated 2m barrels of oil in an attack that marks a significant escalation of regional piracy
Japan slips into recession
The Japanese economy entered its first recession in seven years, as growth declined for the second quarter running by a wider margin than expected, raising fears the situation could deteriorate amid the global downturn
‘Close to 3m unemployed’ by 2010
The CBI says the UK economy will shrink by 1.7% in 2009, with unemployment rising to nearly 3 million by 2010.
Japanese economy now in recession
Japan’s economy falls into its first recession since 2001 after shrinking by 0.1% in the July to September quarter.
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