Sunday 23 November 2008
Obama outlines major job creation plan
US President-elect Barack Obama outlined his economic recovery plan in his weekly radio and internet address, pledging to create 2.5 million jobs by 2011. This comes as unemployment in the US reached its highest level in 16 years.
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- FINANCIAL CRISIS
- Wall Street closes on reassuring upswing
- Friday 21 November 2008
- After a day of worrisome fluctuations, the Dow closed at +6.59%, with an overall upswing of 500 points for the week.
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- FRANCE - INDUSTRY
- Crisis hits all sectors, from food to cars
- Friday 21 November 2008
- Dijon will lose its legendary mustard: French mustard brand Amora Maille has announced the closing of its historic production sites in the capital of Burgundy. Carmakers Renault and Peugeot have also announced massive job cuts.
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- CAR INDUSTRY
- Ford calls for EU loans to help meet green targets
- Friday 21 November 2008
- The German branch of US carmaker Ford has asked the European Union to grant a 40-billion-euro loan to the car industry in order to help companies comply with EU requirements on fuel efficiency and emissions.
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- DUBAI
- Spectacular inauguration of a luxury hotel amid crisis
- Friday 21 November 2008
- Just as Dubai begins to feel the pinch of the economic crisis, the emirate inaugurated a new luxury five star hotel built on an artificial island, with a star-studded "party of the decade", costing a whopping 20 million dollars.
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- APEC
- Summit aims to expand Asia-Latin America trade
- Friday 21 November 2008
- The Asia Pacific Economic Cooperation forum opens Saturday in Lima, the Peruvian capital. With the US represented by lame-duck president Bush, Asian nations see the time as ripe to negotiate more access to Latin America's natural resources.
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- ARGENTINA
- Senate approves pension funds takeover
- Friday 21 November 2008
- Argentina's Senate approved a state takeover of $24 billion in private pension funds. President Cristina Kirchner said this would protect workers from the financial crisis but critics have raised concerns about the country's ability to pay debts.
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- USA
- Congress delays vote on automobile rescue
- Thursday 20 November 2008
- The Democrat majority in Congress has decided to postpone a vote on a $25 billion bailout package for the ailing "Big Three" US car manufacturers, demanding them to come up with viable restructuring plans.
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- FINANCIAL CRISIS
- NYSE down over 5% following historic lows in European markets
- Thursday 20 November 2008
- European commodity and financial stocks closed at disastrous levels Thursday, with the CAC 40 and DAX dropping over 5%. Wall Street followed suit, with the NYSE dropping over 5%.
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- UNITED STATES
- US jobless claims soar to 16-year high
- Thursday 20 November 2008
- A whopping 542,000 people claimed unemployment benefits in the United States last week, the country's highest figure since July 1992, the Labor Department said.
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- AUTOMOBILES
- Peugeot Citroen announces 3,550 job cuts
- Friday 21 November 2008
- Europe's second largest carmaker Peugeot Citroen announced that it would cut 2700 jobs across its sites in France along with 850 executive and professional positions in Rennes where the company produces mid-range and high-end vehicles.
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- AGRICULTURE
- EU ministers reach compromise on farm reform
- Thursday 20 November 2008
- After a marathon negotiating session, EU farm ministers have come to a compromise on reform of the Common Agricultural Policy (CAP), notably with a reduction in subsidies for farmers. The changes will take effect from 2009 to 2013.
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- BANKING
- Commission approves state guarantees for Dexia
- Thursday 20 November 2008
- The European Commission has given the green light to state guarantees worth 150 billion euros offered by France, Belgium and Luxembourg in October to the cash-strapped Franco-Belgian bank Dexia.
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- Friday 21 November 2008
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