International

• Tuesday, June 16th 2009 - 13:14 UTC

  “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.

• Tuesday, June 16th 2009 - 13:12 UTC

  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.

• Tuesday, June 16th 2009 - 13:06 UTC

  Spanish banks downgraded; Madrid announces 99 billion Euros rescue fund

  

  Moody's Investors Service on Monday cut the senior ratings of 25 Spanish banks, citing expectations of further capital pressures. As well as broader economic pressures, the banks' asset quality indicators continue to point towards a further significant deterioration, Moody's said.

• Tuesday, June 16th 2009 - 11:09 UTC

  Lula da Silva promises to teach lessons how to address an economic crisis

  

  President Lula da Silva said that Brazil is overcoming the current global crisis and is in a position to teach other countries how to address the adverse economic situation.

• Tuesday, June 16th 2009 - 10:59 UTC

  The US dollar still “all mighty” for some time to come

  

  The dollar has risen after Russian finance minister Alexei Kudrin said it would not be replaced as the world's reserve currency in the near future. Earlier in the week, Russian President Dmitry Medvedev and Chinese central bank governor Zhou Xiaochuan had both questioned the dollar's status.

• Tuesday, June 16th 2009 - 10:49 UTC

  Mrs. Kirchner underlines “job-creation” capacity of her administration

  

  Argentine president Cristina Fernandez de Kirchner in the midst of a tough battle to retain power in Congress in this month’s mid term election took the political debate to Switzerland where she addressed the annual meeting of the International Labour Organization, (ILO).

• Monday, June 15th 2009 - 19:49 UTC

  First Death in Europe of A H1/N1

  

  A victim of swine flu died yesterday in Scotland, the first confirmed death from in Europe, according to the World Health Organization.

• Monday, June 15th 2009 - 13:16 UTC

  Nobel Prize praises PM Gordon Brown for intelligent economic policies

  

  The UK is in the best shape out of all the economies in Europe, according to Paul Krugman, who won the 2008 Nobel Prize for economics. He said that the UK's economic policies had been “pretty good” and called them “intelligent”.

• Monday, June 15th 2009 - 13:12 UTC

  With four million unemployed, no room for immigrants

  

  “The Spanish economy can’t take any more migrant labour” said Spanish Labour Minister Celestino Corbacho in an interview with one of Madrid’s main Sunday newspapers.

• Monday, June 15th 2009 - 12:54 UTC

  World economy must remain in Intensive Care, says G8

  

  The world's largest economies are beginning to stabilise but still face major risks amid an ongoing global recession, according to G8 finance ministers. At a meeting in Italy of G8 nations, the ministers said stock markets were rising, interest rates more stable, and consumer confidence was returning.