US in grip of recession since

National Bureau of Economic Research has declared that the US economy has slipped into recession since December 2007. According to the panel of economists, which is also known as ‘NBER business cycle dating committee’, noted that the US economy entered into recession in December last year after 73 months of economic expansion since November 2001. NBER is a non-profit organization of economists and their word is regarded as final if America has entered recession. This recession is longest since World War II.

Thailand in political crisis
Political crisis in Thailand got more severe with demonstrators camped out of prime minister’s office and divert their protest at the two main airports of Bangkok. These protests are being carried out by a loose coalition known as People’s Alliance for Democracy. It accuses Somchai of acting as the puppet for former Prime Minister Thaksin Shinawatra, who was ousted in a September 2006 military coup after being accused of corruption and abuse of power. Thaksin, who is Somchai's brother-in-law, is in exile, a fugitive from a conviction for violating a conflict of interest law. However, crisis at two international airports seem to be over as court have outsted Somchai and other top party officials  from holding public office for five years. Flights had resumed  after week long anti- government demonstrations which brought the country to standstill and marooned thousands of tourists.

Dalai Lama – Belegium PM meet agitates China
Meeting of Tibetan leader Dalai Lama and Belgian Prime Minister Yves Leterme agitated Beijing. This has led to the postponement China –EU meet. China has for many years opposed foreign leaders meeting the Dalai Lama, who it maintains is trying to win independence for his Himalayan homeland that has been under Chinese rule since 1951. The Dalai Lama in turn insists he only wants meaningful autonomy for Tibet under Chinese rule. Dalai Lama is sheduled to address european Parliment In Brussels parliament  and also sheduled to meet French President Nicolas Sarkozy. In retrun of this China has cancelled the summit with European Union in France.

Jobs cuts by Credit Suisse
After major investment banks announcing job cuts Credit Suisse also joins the league. It has announced to cut around 5,300 jobs due to net loss incurred by it of about 3 billion Swiss Francs ($2.5 billion) in October and November 2008. Most of job cuts will be coming from investment banking division. In addition to this Credit Suisse has already cut 1800 jobs in this year.

Wachovia may infuse $77mn in Hiranandani’s realty arm
US based bank Wachovia may pick stake through convertible debentures in equity with the total investment of Rs 304 crore. Mumbai based luxury developers Hiranandani realtors got a much needed liquidity from Wachovia at that time when all the real estate companies are bleeding. Indian real estate sector has seen its worst liquidity crunch so far. BSE realty Index has fallen about 88% from its peak. Hiranandani realtors have the experience of over 100mn sq ft. land development and having 10,000 acre of land under development. Hiranandani Realtors is developing a project in Chennai with a total cost of 3,500 crore with the total land development of 108 acres in the form of residential apartments, a hotel and some commercial areas.