AFP, 21 Nov 2008
WASHINGTON (AFP) — Fears of more mass job cuts from the global economic crisis grew on Friday as India warned half a million could go in its textile industry and automakers failed to clinch another bailout from Congress.
Stock exchanges endured another roller-coaster ride at the end of a brutal trading week as Japan said it was ready to take action if necessary to tackle wild swings in its financial markets.
Indian Commerce Secretary G.K. Pillai told reporters in New Delhi that the textile industry, the country's second-largest foreign exchange earner, will lose half a million jobs by April 2009 due to the global financial crisis.
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