World Economy
US unemployment rate at 9.7 percent
By Tom Eley, September 5, 2009
The US unemployment rate rose to 9.7 percent in August, exceeding economists’ predictions.
US government list of “problem banks” tops 400
By Andre Damon, August 29, 2009
Figures released Thursday show that the banking crisis continues to deepen in the US, even as a handful of mega-banks increase their market share and profits.
US debt to hit $20 trillion by 2020
By Tom Eley, August 28, 2009
The Obama administration has seized on new forecasts for a near doubling of the national debt over the next decade to press for sweeping cuts in health care and retiree benefits.
Mexican economy in free-fall
By Rafael Azul, August 26, 2009
The Mexican economy shrank at an annual rate of 10.3 percent in the second quarter of 2009, the worst economic performance since 1981.
California braces for new round of budget cuts
By Jack Cody, August 25, 2009
The draconian budget cuts pushed through less than a month ago by the Democratic-controlled state legislature and Republican governor in California are already being declared inadequate as new economi...
Initial jobless claims rise unexpectedly
2008 US Census shows sharp increase in poverty
By Tom Eley, August 21, 2009
The US census for 2008, to be released in September, will show a sharp increase in poverty. Meanwhile, this week saw unexpectedly high weekly jobless claims, a rash of mass layoffs, and a record-high ...
Economic recovery in Europe: Rhetoric and reality
By Ulrich Rippert, August 20, 2009
Politicians, economists and sections of the media in Germany and France are speaking euphorically of an end to the recession.
Balkan governments introduce harsh austerity measures
By Markus Salzmann, August 19, 2009
Irrespective of the political composition of the various Balkan state governments, they are uniformly reacting to the economic crisis by shifting the entire burden onto the backs of the broad masses o...
Federal regulators covered up Ponzi scheme at Stanford bank
By Jerry White, August 19, 2009
The US Securities and Exchange Commission ignored warnings from a former employee of Stanford Group six years before the federal regulatory agency seized the offshore investment firm and charged Texas...
Another major US bank collapses
By Patrick O'Connor, August 17, 2009
Alabama-based Colonial Bank collapsed Friday, bringing the total number of US bank failures so far this year to 77.
Official unemployment in Britain tops 2.4 million
By Julie Hyland, August 17, 2009
UK unemployment rose to a 14-year high in June, as economists warned it could surpass the 3.5 million mark.
Australian jobless statistics reveal deep cuts to hours
By Chris Johnson, August 12, 2009
Australia’s unemployment figures for July revealed a dramatic cut to working hours and an ongoing shift from full-time to part-time work.
