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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- 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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