World Economy
US home foreclosures at record high as jobs crisis deepens
By Andre Damon, November 20, 2009
The continued increase in home foreclosures is now driven largely by the sharp rise in unemployment.
Obama’s China trip
By Barry Grey, November 20, 2009
At the beginning of his eight-day tour of Asia, President Obama declared himself the “first Pacific president” and announced that his trip would reassert American leadership in the region.
Germany: Union agrees to wage cuts and store closures at Karstadt
By Dietmar Henning, November 20, 2009
The German public service union representing workers at the Karstadt store chain has agreed to the closure of a number of branches as well as savings of some €150 million at the expense of the staf...
Sweden: Further delays in Koenigsegg takeover of Saab
By Jordan Shilton, November 19, 2009
In spite of the decision of the European Investment Bank (EIB) on October 21 to grant Saab Automobile a €400 million loan, the deal to sell the GM unit to Koenigsegg Group remains in the balance.
Goldman’s mea culpa
By Andre Damon, November 19, 2009
Goldman Sachs’ CEO Lloyd Blankfein said Tuesday that his firm did things that were “clearly wrong” and “has reason to apologize for.” His mea culpa, in response to growing public anger over ...
As US debt tops $12 trillion, Obama calls for austerity
By Bill Van Auken, November 19, 2009
As the Treasury Department revealed that the US public debt has passed the $12 trillion mark, President Barack Obama issued a call for fiscal austerity, warning that without cutbacks, the economy coul...
Huge contradictions behind China’s stimulus-driven recovery
By John Chan, November 19, 2009
US President Obama’s visit to China focussed attention on the country’s rising economic power, high growth and large currency reserves. A closer examination, however, reveals that China’s hothou...
US bailout inspector general faults windfall for AIG’s creditors
By Barry Grey, November 18, 2009
A report released Tuesday by Neil Barofsky, the special inspector general for the Troubled Asset Relief Program (TARP), criticizes Bush administration bank regulators and officials for agreeing to pay...
US workplace injuries underreported, study shows
By Tom Eley, November 18, 2009
he number of workplace accidents and illnesses in the US is vastly underreported, according to a survey by the Government Accountability Office.
Credit ratings agency gives verdict on British economy
By Jean Shaoul, November 17, 2009
Credit ratings agency Fitch warns that Britain could lose its prized AAA status as a sovereign borrower.
China continues its aggressive pursuit of Africa’s resources
By Brian Smith and Ann Talbot, November 16, 2009
The ministerial Forum on China-Africa Cooperation met in Egypt last week, attended by Chinese Premier Wen Jiabao. He pledged $10 billion (£6bn) in concessional loans to Africa over the next three yea...
Foreclosures rise, consumer sentiment falls in US
By Joe Kishore, November 14, 2009
Recently released data show a sharp increase in home foreclosures in the US from a year ago, while falling wages and job cuts take their toll on consumer spending.
