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The budget deficit this year is projected to swell to $1.2 trillion, or 8.3% of US GDP. That total,however, does not include the effects of any future legislation.
President-Elect Obama once again declined to say how he plans to eliminate the growing budget gap, which is projected to narrow somewhat as the economy improves but explode again as the retiring baby boom generation sends the cost of the entitlement programs - Social Security, Medicaid and Medicare - skyrocketing. He will submit his first budget proposal to Congress in February 2009.
Page D8: Bank of America raised more money to cope with US economic turmoil by selling part of its stake in China Construction Bank(CCB),China's second biggest commercial lender, for $2.8 billion.
Bank of American sold 5.62 billion CCB shares, reducing its stake to 16.6% from 19.1%, according to a sale sheet viewed by the Associated Press.
Lenovo Group said it will lay off 2,500 workers, or about 11% of its work force, as part of a plan aimed at helping the computer maker remain competitive amid the competitive amid the global economic downturn.
The Beijing-based company, the world's 4th-largest PC maker, also warned it expects to report a loss for its fiscal 3rd quarter ended December 31st.
Lonovo expects to save about $300 million in the fiscal year ending March 31, 2010 as a result of its restructuring plan.
Francis Shieh a.k.a. Xie Shihao shares such news with readers online at www.Sino-American Economics.
Thursday, January 8, 2009.
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