Fitch Ratings and Moody’s Investors Service, two top global credit-rating agencies, declare the Philippines, along with other emerging Asian economies, can afford to stay calm despite the recent financial crisis created by the debt woes of Dubai of the United Arab Emirates.

The Dubai government’s announcement that it would restructure loans of state-owned firm Dubai World and its subsidiary Nakheel would not have an impact on the credit image on the emerging economy of the Philippines, proving that the country can be considered, ‘crisis-proof’.

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One immediate action in dealing with the present economic challenges for most business enterprises, domestic and multinational is cost-cutting, lowering and re-appropriate the budget.

Even the CEOs, particularly those in India, are taking between 15 to 20 percent salary cuts, the proverbial tightening of the belt.

And not only the salaries are decreasing in India Incorporated.

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A Bitter November

December 5, 2008 | Leave a Comment

It has been a bitter November for nearly countless of workers around the world as labor markets cut  jobs amidst today’s global financial crisis, particularly in North America and Europe.


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The global credit crunch is about to clamp on a big bite on India’s IT and Business outsourcing, the signs have become obvious.

Not only that, the country’s volatile political climate threatens its image of prosperity and stability in the eyes of the world.

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