Economy

Monday, February 2nd 2009 - 20:00 UTC
UK paralyzed by snow storm and more forecasted

Tens of thousands of people were left stranded Monday as the heaviest snowfall to hit the United Kingdom in 18 years swept across the country, causing travel chaos and closing thousands of schools. And more snow is on the way. Helen Chivers, a forecaster with the Met Office, said a large area of sleet and snow showers was moving out of France on its way to the UK.
Monday, February 2nd 2009 - 20:00 UTC
Millions of migrant rural workers in China are jobless

An estimated 20 million Chinese migrant workers that left impoverished rural areas for jobs in the booming cities workshops are now unemployed as a direct consequence of the world crisis, admitted a high official from the ruling Communist party in Beijing.
Friday, January 30th 2009 - 20:00 UTC
Norway investment fund drops “non ethical” corporations

Norway's state investment fund has blacklisted US firm Textron, owner of top plane-maker Cessna, and Canadian mining firm Barrick Gold. The fund, an ethical investor, sold shares in the firms because Textron makes cluster bombs and because of environmental concerns about Barrick.
Friday, January 30th 2009 - 20:00 UTC
Unemployment in EU: 18 million and another 3.5 m by 2010

Unemployment in the Euro zone countries climbed to 8% in December, the highest in over two and a half years, with the total number of jobless reaching 12.472 million in the Euro zone and 17.911 million in all the 27 EU member states according to a Eurostat study released on Friday
Friday, January 30th 2009 - 20:00 UTC
Topsy-turvy: US economy contracts 3.8%, below forecast

The US economy shrank at an annual rate of 3.8% in the last quarter of 2008, according to the latest report from the US Commerce Department. This is the worst performance of the US economy since 1982.
Friday, January 30th 2009 - 20:00 UTC
Ban Ki-moon urges Davos leader to forge “”Green New Deal”

Secretary-General Ban Ki-moon called on the world's business and other leaders to use the current economic crisis to launch a global “Green New Deal” that creates jobs and fights climate change by investing in renewable energy and technological development.
Friday, January 30th 2009 - 20:00 UTC
Bankers at Davos call for a review of financial rules

The chairman of one of the world's leading banks headquartered in London, HSBC, Stephen Green has said that the current financial rules must be “fundamentally revised” as they had deepened the financial crisis.
Thursday, January 29th 2009 - 20:00 UTC
Unemployment reveals impact of crisis on real economy

The global economic crisis is expected to lead to a dramatic increase in the number of people joining the ranks of the unemployed, working poor and those in vulnerable employment, the International Labour Office (ILO) said in its annual Global Employment Trends report released on Thursday.
Thursday, January 29th 2009 - 20:00 UTC
Davos: China admits crisis; Russia cuts defence outlays

China admitted the global financial crisis has had “a rather big impact” on its economy and Russia warned of over relying on the US dollar as a reserve currency, at the major World Economic Forum meeting in Davos, Switzerland.
Thursday, January 29th 2009 - 20:00 UTC
Argentina swaps 4.3 bn USD local debt for long term bonds

Holders of 15.1 billion pesos (4.3 billion US dollars) of Argentine local debt agreed to swap the securities for longer-term bonds in an exchange the government set up to help cover its growing financing needs.