The global economic crisis is hitting different nations and industries around the world. Indian companies are re-thinking expansion, investors are shunning stock in a major U.S. bank, and car companies are laying off workers.
One example is the Indian conglomerate Tata which recently put off some expansion plans due to tight credit. Just a couple of years ago, Tata was buying up steel, auto, and other companies.In the United States, worried traders have been selling off their investments in Citigroup, which was once the largest U.S. bank.
Citi's stock value has fallen sharply on worries that it may be hit by more losses from bad investments. A news report in the Wall Street Journal saying the company might be sold, briefly boosted the stock price, but the price later continued its downward slide. And carmakers are again scaling back their operations.
Japan's largest automaker, Toyota, saysit will eliminate half of its temporary Japanese workforce. Honda, says it will cut production of vehicles at factories around the world. And in the U.S., General Motors announced it will shut down more plants while cutting production at others.