Plunging of Stock Market

It’s obvious that the weakening US economy have an impact worldwide. The rest of the world is not isolated to the plunging of US stock market. Take for example here in the Philippines, just recently the news 7-day slide wipes out P528B in stock value

The news said “The Philippine equities market Tuesday officially entered a “bear market” phase after the stock exchange index fell through the floor amid fears of a US recession-induced global economic slowdown.”

With the fear of US recession, President Bush already “cut the federal funds rate by three-quarters of a percentage point, in an attempt to fan the increased fears of a recession in the US economy.” ( from Pinoy Money Talk )

And another news that have focused attention is the lay-off of Yahoo! Inc of it’s work force by 20%. The reason for the layoff is directly connected with plunging of stock market and that they are planning to cut 1,500 to 2,500 jobs (ouch!) a large number indeed. But come to think of it, this month POEA have announced the job opportunity in Canada where lots of skilled workers are needed. Just for the info, Yahoo! is based in Canada. It seems contradicting when you think about it and with the coming Presidential election on November 4, 2008? I do hope that this is only politics but we don’t know for sure what is really going on. And may I add that electronics industry in our country is still stable despite the slow down.

So how about you? what can you say?

Written by Manuel

Manuel Montala was an online entrepreneur who enjoys blogging about entrepreneurship and gathering information for his blog to help budding entrepreneurs. You can also reach him on twitter: http://twitter.com/mmontala

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