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November 6, 2008: The IMF predicted a worldwide recession of −0.3% for 2009. On the same day, the Bank of England and the European Central Bank, respectively, reduced their interest rates from 4.5% to 3%, and from 3.75% to 3.25%. [160] November 10, 2008: American Express converted to a bank holding company. [161]
Agilent's spin-off was the largest initial public offering in the history of Silicon Valley, [29] and it created an $8 billion company with about 30,000 employees, manufacturing scientific instruments, semiconductors, optical networking devices, and electronic test equipment for telecom and wireless, research and development, and production.
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