Veronica Smith

Veronica Smith

    Yahoo! cuts off 2 000 workers

    Struggling US internet firm Yahoo! will slash some 2 000 jobs in a sweeping restructuring aimed at building a "nimbler, more profitable" company.

    IMF meets as world economy weakens

    The International Monetary Fund (IMF) holds its spring meeting in Washington, DC, on Saturday amid what officials describe as the worst financial crisis since the 1930s Depression and as the global economy weakens. The 185-member IMF warned on Wednesday that the economic outlook was increasingly grim.

    IMF: With US in crisis, global economy in peril

    The global economic outlook is becoming increasingly grim as the United States appears unable to escape recession from a housing meltdown, the effects of which are still spreading, the International Monetary Fund (IMF) said on Wednesday. Global expansion is set to slow to 3,7% in 2008 amid an unfolding crisis that began in the United States, the IMF said.

    IMF chief warns dollar may suffer 'abrupt fall'

    The head of the International Monetary Fund (IMF), Rodrigo Rato, warned on Monday there are risks of an "abrupt fall" in the dollar, linked to a loss of confidence in dollar assets. "There are risks that an abrupt fall in the dollar could either be triggered by, or itself trigger, a loss of confidence in dollar assets," Rato told the IMF board of governors.

    IMF lowers its global growth forecast

    The International Monetary Fund (IMF) on Wednesday slashed its 2008 global economic forecast, warning that turbulence stemming from a crisis in the United States housing sector could crimp growth worldwide. The world economy is expected to expand 4,8% next year after a 5,2% pace projected for 2007, the IMF said.

    Wolfowitz pleads to keep job at World Bank

    World Bank president Paul Wolfowitz implored the lender's board on Tuesday to keep his job, promising changes in his management style in the wake of a damaging favouritism scandal. The board of executive directors is to continue deliberations on his fate on Wednesday.

    'It's as big as a building'

    The Airbus A380, the biggest airliner built to date, completed a momentous maiden flight on Wednesday, winning praise from one of the pilots as a "magnificent machine" and opening a new era in aviation history. "We had a very successful first flight and thoroughly enjoyed every minute of it," said Claude Lelaie, one of the two pilots and the head of the Airbus flight division.