Forex News and Rumors – Afternoon Update

Microsoft to Reduce Workforce by 5%

In a sign as to the seriousness of the current recession, Microsoft announced its first ever wide-scale staffing cut backs. Over the next 18 months, Microsoft expects to cut 5,000 jobs or about 5 percent of its total workforce. More

Geithner Approved as Treasury Secretary

Timothy Geithner’s nomination to serve as President Obama’s Treasury Secretary has been approved by the Senate Finance Committee. The nomination must now be approved by the full Senate in order for the appointment to take effect. More

U.S. Crude Oil Storage on the Rise

The government reported earlier today that crude oil inventories have risen by 14 million barrels since the beginning of the year. More

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