America’s national debt clock installed at Times Square in New York, was designed to show figures of up to 10 trillion U-S dollars .

Clock that’s been running constantly since 1989 in New York City’s midtown can no longer properly display the total. The existing clock can accommodate up to 9,999,999,999,999 dollars (1 dollar short of USD 10-trillion), whe the figure rose above that amount at the end of last month the clock failed to cope.

The clock is said to have been first installed when the national debt stood at about 2.7 trillion dollars in the year 1989.

The United States is heading towards recession with major global slowdown amid financial crisis International Monetary Fund (IMF ) in its latest World Economic Outlook (WEO) predicts.

• World growth will slow amid most dangerous financial shock since 1930s
• No growth in many advanced economies until at least mid-2009
• Global economy expected to stage modest recovery later in 2009

IMF said in its report

The world economy is entering a major downturn in the face of the most dangerous financial shock in mature financial markets since the 1930s.

For the remainder of 2008 and early 2009, the U.S. economy faces flat to negative growth as support from the fiscal stimulus ebbs, export momentum moderates, and tight financial conditions take an increasing toll. An emerging turnaround in the housing sector and more stable oil prices should help lay the basis for incipient recovery in the second half of 2009, but the revival is expected to be much more gradual than in previous business cycles, as tight credit conditions continue to weigh heavily on domestic demand.

(Image credit: IMF)

Growth in emerging and developing economies is also projected to continue to decelerate, falling somewhat below trend during the second half of 2008 and early 2009, before picking up in the course of the year. During this period, overall growth in these countries is projected to remain well above rates experienced in the 2001-02 global downturn, According to IMF.

[  IMF ]

Five different kinds of bankruptcy cases cases are divided into two different types of bankruptcy cases:

1. Liquidation - Chapter 7
2. Reorganization - Chapters 9, 11, 12 and 13

According to investopedia

• Chapter 7 bankruptcy is called liquidation bankruptcy.
• Chapter 11 bankruptcy is called rehabilitation bankruptcy.

When a company is successful in Chapter 11 bankruptcy, it will typically be expected to continue operating in an efficient manner with its newly structured debt. If it is not successful, then it will file for chapter 7 and liquidate .  ( Shareholders will see little (if any) return on their investments)

[ What are the differences between chapter 7 and chapter 11 bankruptcy? ]

A pair of Top Indian universities — Indian Institute of Science, Bangalore and the Indian Institute of Technology (IIT), Madras on track to rolling out the world’s cheapest laptop computer that could cost as low as $10.

Minister of State for Human Resource Development D Purandeswari said research was being conducted to develop the laptop, especially for use by students, which will cost all of $10. Laptop would help increase the quality of higher education in India.

This news comes just 6 months after, India’s Tata Group had unveiled the “Nano” that was touted as the world’s cheapest with a price of $2,500.

[ Now, $10 laptop for students ]