Business

$10bn!! Now that is huge. But its normal considering that both the parties are big financial giants. Insurance group AIG is accusing Bank of America of “massive fraud” on bad mortgage debt. AIG alleges that BoA exaggerated the quality of the $28bn worth of mortgage-backed investment products it bought from the bank prior to the 2008 turmoil in the financial ... Read More »

Over 45,000 unionized Verizon employees are on strike over the new labor contract. Employees from all over the country went on strike on Sunday after negotiations with the telecommunications company over a new labor contract fizzled. The Communications Workers of America said negotiations in Philadelphia and New York stalled Saturday night after Verizon continued to demand more than 100 concessions ... Read More »

Honda Motor Co. will recall more than 2 million vehicles in the U.S. and China to update the automatic transmission software in several popular models after it has seen 113 claims, including 45 for engine stalls. The recall includes 1.5 million vehicles in the United States, 760,000 in China and 135,142 in Canada, the automaker said on Friday. The 1.5 ... Read More »

The crashing Dow Jones Industrial Average index since the news of US debt deal and worries over slow growth and unemployment saw some light today on the news of Italy’s reform consolidation program. The Dow index lost almost 300 points since it opened today but after the rally in European markets and the news of Italy’s reform program that will ... Read More »

Mukesh Ambani, the richest man in India, who had built himself a paradise multistorey residence Antillia  by spending Over $ 2 billion dollar is now in the Government spotlight for allegedly buying the land for Rs 21 Crore whereas the land’s total worth is  Rs 500 crore. How the land acquisition controversy started? In June, The state government had received ... Read More »

There are some things that a common man can never understand. Why would a country deep in debt would spend more time trying to get itself in even more debt ? So, whats happening right now in US is that it hit the debt-ceiling of $14.294 trillion in May. That is the legal amount of money the government is allowed ... Read More »

India, the land of cheap labor is no more a safe heaven for profit citing companies. A decade ago, companies from US and UK, invest so much in India  in form of Call centers, Bpo’s and IT services because India was the only place in the world that offered cheap labor. For Indians, the salary was huge and for the ... Read More »