Stories for June 16th 2009
British Airways battling for survival calls on staff to work for nothing
British Airways, which reported a record annual loss last month, said it had asked its staff to work for free as part of the company's battle for “survival” in tough market conditions.
Uruguay confident that Portuguese pulp mill project remains on track
Uruguay and the Brazilian state of Matto Grosso are disputing the massive investment of almost two billion US dollars in a pulp and paper plant which one of Portugal’s largest corporations is planning to build in South America, reported this week the Lisbon business daily Economico.
UK inflation in May fell to 2.2% from 2.3% in April
United Kingdom annual inflation slowed again in May as the Consumer Prices Index (CPI) fell to 2.2% from 2.3% in April, reported the Office for National Statistics (ONS). The less-than-expected decline means the figure remains above the Bank of England's target of 2%. However, the annual inflation reading was the lowest since January 2008.
Uruguayan opposition with good chances of winning October election
Even when the Uruguayan ruling coalition is ahead in vote intention for next October’s general election, according to the latest tendency from public opinion polls the deterioration of the Uruguayan economy in coming months plays in favour of the opposition, said the latest report from The Economist Intelligence Unit.
After 18 quarters of growth Uruguay technically in recession
Contrary to government forecasts the Uruguayan economy plunged 2.9% in the first quarter of this year putting an end to 18 uninterrupted quarters of sustained growth. Although government officials downplayed the impact of the retraction, private analysts said this signals the beginning of a recession period in line with what is happening globally.
Westminster expenses: ban on MPs employment of close relatives
Hundreds of British MPs could be forced to stop employing close relatives after Harriet Harman admitted the practice threatened public confidence in politics. The Commons Leader warned the public would no longer tolerate the suspicion that members were using allowances to line their families' pockets
BRIC members meet to demand greater voice is world financial affairs
The world's newest economic grouping, BRIC is to hold its first summit in the Russian city of Yekaterinburg beginning Tuesday. BRIC is named after its four member states - emerging giants Brazil, Russia, India and China; they account for 13% of global GDP and 40% of world population.
Lula da Silva calls for new world economic order
Brazilian President Lula da Silva urged unions and workers on Monday to take advantage of the global financial crisis to help forge a new world economic order. He also criticized multilateral organizations for having no plans to address the current global crisis.
“Regulation of globalization is the central issue”
French President Nicolas Sarkozy has warned of political and social unrest unless there is greater regulation of the globalized economy. He argued that the current system of “speculation and dumping” cannot continue. “We have to overhaul everything,” he said. He called for a larger role for social institutions in financial regulation.
ECB anticipates further write downs: 283 billion USD by end of 2010
The European Central Bank (ECB) warned on Monday that the crisis facing the banking sector is not over, despite unprecedented government efforts to support banks.
