The Reserve Bank of Australia (RBA) has raised the cash interest rate by 25 basis points to 3.75 per cent.

The games software industry has found an unexpected silver lining, with sales in the second-hand games sharply increasing amid the economic turmoil of the global financial crisis.

The US House of Representatives has passed an US$819 billion economic stimulus package, with money for broadband deployment, health IT and a national electric smart grid included.

Workers laid off from Nortel are pleading with the company to restore their severance packages.

Symantec posted a big loss Wednesday, citing the tough economic climate, but the company's quarterly earnings still were better than analysts had expected.

IBM's not-so-secret layoffs may have reached 4200 Tuesday, according to Alliance@IBM, which believes that thousands of other employees will be loosing their jobs as well before the cuts end.

President Barack Obama's US$825 billion economic stimulus package got the enthusiastic endorsement Wednesday of IBM CEO and Chairman Sam Palmisano and other business leaders.

Nearly half of companies working to reduce costs attempt to avoid permanent layoffs, according to recent survey results, opting instead to freeze salaries and cut travel expenses.

No company is immune from the economy's ebb and flow. So it's no surprise that, in the face of a fearsome downturn, IT shops are scrambling to figure out where they should cut.