Economic Crisis

Britain's richie-rich club saw their wealth melting away by more than half to 200 billion pounds in a year marked with a severe economic downturn, while Indian- origin steel tycoon Lakshmi Mittal took the biggest hit. With the net worth of some billionaires getting hit by as much as 90 per cent, Mittal and another Indian-origin business tycoon in Britain Anil Agarwal are among those having sufferred the biggest losses, The Sunday Times reported today.

A planned British government bailout worth tens of millions of pounds to keep Jaguar Land Rover afloat has helped the company’s owners, Tata, to secure extra funds. Tata found the cash because its banks were convinced that the Government would prevent a collapse, a source said. Officials had been working on the details of the package over the weekend.

The economic meltdown is a reality and has hit this part of the world too. The Jordanian capital Amman is facing the brunt of the meltdown and preparing for the worse. Many sectors including construction work has been hit and the country is looking for many contingency plans.

Global economic crisis and recent terror attacks in Mumbai affected the otherwise thriving pub business in India as people shied away from splurging even during the festive season.Festive season is considered as the boom time for the restobars and pubs, as people loosen strings to their purses. But economic meltdown and recent terror attacks appears to have changed the trend during this festive season.