Global Economy
Oil dives below $50 as investor confidence sinks
(Reuters)
20 Nov 2008 at 9:13am
Reuters - Oil plunged below $50 a barrel on Thursday, deepening losses over the previous four sessions as battered financial markets reflected ever lower confidence in the world economy and evidence mounted of falling fuel demand.
Latvia seeks bailout funds from EU, IMF
(AP)
20 Nov 2008 at 9:07am
AP - Latvia’s government announced Thursday that it would seek help from the European Union and the International Monetary Fund to stabilize its deteriorating economy and banking system hit by the world financial crisis.
EU farm ministers agree on reform
(AP)
20 Nov 2008 at 9:03am
AP - European Union agriculture ministers agreed Thursday to further reforms of the bloc’s farm handout programs, to better compete in global markets and improve the chances of reaching a global trade deal.
Fed sees economic woes persisting into next year
(AP)
20 Nov 2008 at 9:00am
AP - Pounded by a fierce financial crisis, the country is sinking deeper into economic despair that has pushed the number of newly laid-off workers to a 16-year high, with problems likely to stretch well into next year.
Europe stocks trim losses before Wall Street open
(AP)
20 Nov 2008 at 8:36am
AP - European stock markets fell, then recovered some lost ground Thursday on expectations Wall Street will not repeat the heavy selloff from the day before. Asian markets closed sharply down.
Putin: Russia will come out stronger from crisis
(AP)
20 Nov 2008 at 8:21am
AP - Russian Prime Minister Vladimir Putin promised Thursday the country would emerge stronger from a world economic crisis he said had been triggered by U.S. recklessness.
IMF, Nordics pledge $4.6 billion loans to Iceland
(AP)
20 Nov 2008 at 7:01am
AP - Four Nordic countries and the International Monetary Fund on Thursday pledged a combined $4.6 billion (euro3.64 billion) in loans to help Iceland recover from its economic meltdown.
euro20B fund to help French industries amid crisis
(AP)
20 Nov 2008 at 6:40am
AP - A euro20 billion ($25.27 billion) French government investment fund will help strategic industries struggling in the financial crisis.
Beaujolais Nouveau hits bars after poor crop
(AP)
20 Nov 2008 at 6:10am
AP - The 2008 edition of Beaujolais Nouveau wine is here, and vintners hope it will lift spirits despite the financial crisis and a dismal crop.
French-Romanian carmaker Dacia halts production
(AP)
20 Nov 2008 at 6:09am
AP - French-Romanian carmaker Dacia temporarily halted production on Thursday after the financial crisis led to a drop in car sales.
SKorean stocks fall sharply after Wall Street drop
(AP)
20 Nov 2008 at 5:33am
AP - South Korean stocks fell for an eighth straight session Thursday, and the won dropped against the U.S. dollar to levels not seen in more than a decade, as a sell-off on Wall Street and worries about the world economy shook investors.
Senate to probe bond-ratings firms: report
(Reuters)
20 Nov 2008 at 4:55am
Reuters - A U.S. Senate subcommittee is opening a probe into causes of the global financial crisis, focusing in part on whether bond-ratings firms, driven by conflicts of interest, boosted mortgage investments which have since collapsed, the Wall Street Journal said.
Governments scramble to protect jobs as losses mount
(AFP)
20 Nov 2008 at 5:39am
AFP - Governments scrambled to cushion the impact of the finance crisis Thursday with France launching a sovereign wealth fund and China unveiling a jobs protection plan as the car industry made huge new cuts.
Engineering firm Sandvik cuts jobs, production
(AP)
20 Nov 2008 at 3:34am
AP - Swedish engineering firm Sandvik AB Thursday announced a series of production cuts and layoffs, among which 1,040 permanent workers in Sweden, saying the negative impact of the global financial crisis has accelerated in the fourth quarter.
Global stocks at 5-1/2 year lows
(Reuters)
20 Nov 2008 at 4:47am
Reuters - World stocks dropped to 5-1/2 year lows and oil hit 22-month troughs as investors reacted to dire Federal Reserve warnings on the economy and fears about the viability of major U.S. auto makers and bank giant Citigroup.
Asia-Pacific nations tackle economic crisis
(AFP)
20 Nov 2008 at 1:47am
AFP - Top officials from the Asia-Pacific region were Thursday to urge joint efforts to overcome the world economic crisis and try to breathe new life into stalled global trade talks.
IMF finally approves $2.1B loan to Iceland
(AP)
20 Nov 2008 at 1:41am
AP - The International Monetary Fund on Wednesday approved a two-year, $2.1 billion support program for Iceland designed to restore confidence and stabilize the country’s shattered economy.
Manpower head sees big layoffs globally
(AFP)
20 Nov 2008 at 12:56am
AFP - Employee numbers will be cut sharply in many Western nations as companies pare costs to survive the global financial crisis, according to an international recruitment company boss.
IMF approves 2.1 billion dollar loan for Iceland
(AFP)
19 Nov 2008 at 7:29pm
AFP - The International Monetary Fund announced Wednesday that its executive board approved a loan of 2.1 billion dollars for Iceland to help the country rebound from a dire financial crisis.
He Overcame The Depression
(Investor’s Business Daily)
19 Nov 2008 at 5:41pm
Investor’s Business Daily - Had Richard Deupree lived to see today’s financial crisis, he may have called it deja vu all over again.
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