Zurich - The Swiss banking giant UBS said Wednesday it will take a first quarter loss of almost 2 billion Swiss francs (1.7 billion dollars) and will cut 8,700 jobs worldwide by 2010. "Unfortunately I am not able, as yet, to offer you any good news," Oswald Grubel, Chief Executive Officer of the UBS Group was expected to tell shareholders later at an annual meeting. He took over his role in February this year.

Most of the new losses were in further writedowns and cash outflows in its wealth management divisions.

According to the 'Indian Retail: Time to change lanes' report by global consultancy KPMG, the ongoing recession has taken a major toll on the dissemination of India's organized retail - with the country's retail sales growth falling drastically to 11 percent in December 2008 from the 2007 figures of 34 percent.

Washington, Mar 27: The ongoing financial crisis seems to have hit the media industry in the United States hard. The New York Times Co. is cutting pay for most employees by five percent for a nine-month period and laying off 100 people.

The company’s flagship newspaper reported on its Web site on Thursday that the cuts will hit most non-union workers and run from April through December. Employees will receive 10 days off in return.

The six-decade long eventful business journey of Circuit City Stores Inc has sadly come to an end - with the renowned consumer electronics retailer putting up the shutters on its business for good on Sunday, March 8!

After the Richmond, Virginia-based Circuit City became the most prominent retailer to file for bankruptcy in November, amid recession, it had announced its intention of liquidating as it failed to find a buyer.

The proposed eight-week long going-out-of-business sales, announced by four liquidators, at the company's over

Pittsburgh-based PNC Financial Services Group Inc. today announced that its Board of Directors will slash the company's quarterly common stock dividend from $.66 to $.10 per share in aim to save $1 billion a year and boost liquidity.

The dividend cut comes as executives at many banks are feeling pressure to reconsider their companies' dividends as their stock prices fall and the market puts a greater premium on capital preservation.

The next dividend is expected to be declared in early April.

India recoded 5.3 per cent growth rate, the lowest over the last five years, during October-December period of current financial year, reflecting grimmer situation ahead under the impact of global slowdown and recession across the world. The economy was growing at 8.9 per cent in the same quarter of 2007-08.

Government and the Reserve Bank have taken many fiscal measures to stimulate demand across various sectors of economy and announced special economic booster package to mitigate the impact of global slowdown on the economy. However, the results of these stimulus packages will take time to reflect results.