International
InternationalUNCTAD calls for better accounting and reporting standards
The head of the United Nations Conference on Trade and Development (UNCTAD) called for revising accounting and reporting standards to boost investor confidence amid the current global financial crisis, which he warned is spreading like a “pandemic.”
Gibraltar: UK complains Spanish military restrictions
Great Britain has again brought up with Madrid the question on military restrictions imposed by Spain around Gibraltar, reports the Gibraltar Chronicle.
Unemployment in Spain soars to 12 year high, 11.3%
The number of unemployed people in Spain in October reached a 12-year high of 11.3%, according to the Labour Ministry, the highest level in Europe.
PM Brown tells banks lower rates must benefit consumers
The Bank of England slashed interest rates to a 53-year low in a dramatic attempt to rescue the UK economy from deep recession. The 1.5 percentage points cut by the Bank's Monetary Policy Committee (MPC) on Thursday is the biggest single move since March 1981 and brings rates to levels not seen since 1955.
ECB admits further rate cuts; claims of “too little, too late”
The European Central Bank cut interest rates by 50 basis points to 3.25% on Thursday and signalled another reduction was possible next month, as inflation pressures ease and the Euro zone faces its first recession.
IMF: support efforts “take time”; fiscal stimulus needed
The International Monetary Fund World Economic Outlook (WEO) says prospects for global growth have deteriorated over the past month and will slow from 5% in 2007 to 3.75% this year and just over 2% in 2009.
Dramatic drop in maritime transport of commodities, says UNCTAD
A United Nations report released Tuesday shows that international seaborne trade surged to record levels last year but has since declined because of the financial crisis, jeopardizing the health of many developing countries, especially those that depend on commodities.
Pascal Lamy wants a second term as head of WTO
The World Trade Organization's French director-general Pascal Lamy will seek another four-year term heading the body that sets rules for global commerce.
China, Taiwan sign landmark trade and transport agreements
China and Taiwan signed this week landmark agreements to improve direct trade and transport links, following the highest-level Chinese visit in decades. The agreements are set to triple the number of weekly direct passenger flights and allow cargo shipments between ports in China and Taiwan. They also aim to improve the postal service and food safety.
UN Uruguayan forces instructed to open fire in Goma defence
Uruguayan peace keeping forces are under instructions from United Nations to protect the Congolese city of Goma, which is threatened by advancing rebels led by Laurent Nkunda, according to statements from Alain Le Roy, head of UN peace keeping operations.
