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Intel, the worldÔÇÖs largest computer chip maker, has cut its forecast for its fourth-quarter earnings for the second time, as spending on computers fall. ┬á In November, Intel had revised its quarterly revenue estimate from $10.9 billion down to $9 billion, and on Wednesday announced that it was likely to be $8.2 billion, 23 percent lower than last yearÔÇÖs fourth-quarter revenue.┬á┬á Cody Acree, a senior semiconductor analyst with Stifel Nicolaus, said weaker than expected business conditions are not Intel-specific.

US aluminium-maker Alcoa will cut 13 percent of its workforce, sell four of its non-core businesses, and impose a global salary and hiring freeze due to the economic slowdown.┬á "These are extraordinary times, requiring speed and decisiveness to address the current economic downturn," said Klaus Kleinfeld, AlcoaÔÇÖs president.┬á As part of the plan, Alcoa said it would sell off its electrical and electronic systems, global foil, cast car wheels, and European transport products businesses.