Stories for October 21st 2008
Financial meltdown could increase jobless by 20 million
The global financial crisis could increase world unemployment by an estimated 20 million women and men, the Director-General of the International Labour Office (ILO) said on Monday.
Brazilian company en route to be US main meat processor
The United States Justice Department said on Monday it will allow Brazil's JBS to buy the beef operations of Smithfield Foods Inc for 565 million US dollars which, based on industry estimates, would make JBS the second US beef producer.
Recession and job cuts hit China's toy industry province
The global economic slowdown is starting to impact on China, the world's biggest industrial production centre. As many as half of all toy manufacturers in the Pearl River Delta could go out of business within the next two years an industry expert said on Monday following the closure of the Smart Union toy factory.
Fed support for new stimulus package boosts markets
United States Federal Reserve chief Ben Bernanke said on Monday more government spending may be needed to combat economic weakness. A fresh round of stimulus would be a good idea, he told the US House of Representatives budget committee.
Obama pledge to halt eviction of defaulting homeowners
Unite States Democrat presidential candidate Barack Obama has vowed to halt eviction of homeowners defaulting on mortgages, two weeks before the election. He was speaking in Florida, ahead of a joint appearance with his former rival for the nomination, Hillary Clinton.
Mercosur Council meets in Brazil to address crisis
The Mercosur Council, CNC, the highest political body of the South American customs union will be holding an extraordinary meeting next Monday in Brasilia to consider the current global financial crisis, it was announced in Montevideo.
Gibraltar opens new “shop window and face” in London
Chief Minister Peter Caruana proudly showed off Gibraltar's new plush modern London offices which will be known as “Gibraltar House”.
Copper falls below 2 USD benchmark; lowest in three years
Copper tumbled below 2 US dollars a pound for the first time since December 2005, having dropped 34% so far this year. Speculation that the world economy is headed for a recession, including slower growth in China, anticipates a weaker demand for metals.
Bolivia agrees vote on new constitution referendum
Bolivian president Evo Morales reached a deal with opposition politicians to hold a referendum on a new constitution after agreeing to limit himself to running for only one more term in office.
US LTS and oiler vessels for Peru and Chile navies
Three decommissioned vessels from the United States Navy will be transferred in coming months to Peru and Chile once the US Congress approves the operation which is expected to happen at the end of the month, according to defence affairs publication “Enfoque Estratégico”.
