Money Matters - Simplified

Economy

Top executives of bailed out companies face slashed salaries

Washington, October 22 -- The Obama administration plans to cut the pay packages of 25 top executives of companies that received billions of dollars during the government bailouts.

Apple's meteoric 47 percent increase in profit gives hope to economy

Seattle, October 20 -- If technology companies are being predicted to sail the economy out of this recession, then Apple is sure at the helm of things.

Pharmaceuticals growth to cross $825 billion in 2010

New York, October 8 -- The only industry not being effected by the economic recession is pharmaceuticals, which might cross the $800 billion mark next year.

Michael Moore's "Capitalism: A Love Story" hits the cinemas

Washington, October 4--The controversial movie maker Michael Moore of the Fahrenheit 9/11 fame is out with his new documentary "Capitalism: A Love Story", and it seems every bit as contentious as his former works.

Britain, France pledge $2 billion each to IMF for poor countries

Istanbul, October 4: France and the U.K. have pledged to loan the International Monetary Fund (IMF) $4 billion at low interest rates to assist the Washington-based lender finance poor countries hit hard by the current economic recession.

Asian Development Bank sees higher growth

Manila, Philippines, Sept. 23: The Asian Development Bank, noting developing Asia's economic resilience, revised the region's 2009 economic growth forecast to 3.9 percent from 3.4 percent.

"Developing Asia is proving to be more resilient to the global downturn than was initially thought," the bank, based in Manila, said in its updated annual economic publication.

The previous forecast was issued in March.

The Asian growth projection for 2010 was also revised upward, from 6 percent to 6.4 percent.

"Despite worsening conditions in the global economic environment, developing Asia is poised to lead the recovery from the worldwide slowdown," said ADB Chief Economist Jong-Wha Lee, a bank news release said.

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Nation on road to economic recovery: Obama

Washington, September 20 -- In a latest interview aired on Sunday, President Barack Obama said that there are positive indicators that the country’s economy is beginning to recover. But he did add that there still may not be enough jobs created until next year.

Recession is ‘very likely over’: Fed Chief

Washington, September 16 -- The recession blues might be finally nearing their end. According to the Federal Reserve chairman, Ben S. Bernanke, it is “very likely” that the recession is over, but it will take several more months before unemployment rates come down considerably.

Obama to push for tough banking regulations

New York, September 14 -- Marking the first anniversary of the collapse of Lehman Brothers, President Barack Obama heads to New York today, to outline changes required to prevent a financial crisis in future.