World Economy
Obama offers no relief to growing army of jobless workers
By Jerry White, October 7, 2009
In the face of the mounting unemployment crisis, the Obama administration has no plans to offer serious relief to the 15 million workers out of work and the millions more facing job losses and economi...
IMF chief economist calls for drastic UK spending cuts
By Robert Stevens, October 6, 2009
The International Monetary Fund has said Britain must introduce radical spending cuts, including raising the retirement age beyond 65 and introducing charges for health care.
US: Watchdog says Treasury misled public about cost of bank bailout
By Andre Damon, October 6, 2009
The top government watchdog of the US bank bailout published an audit Monday claiming that Bush administration officials misled the public about the financial condition of the firms receiving funds.
One year since the US bank bailout
By Barry Grey, October 3, 2009
One year ago today, the United States Congress passed the Emergency Economic Stabilization Act of 2008, establishing the Troubled Asset Relief Program (TARP) and authorizing the use of $700 billion in...
US: Over a quarter million jobs lost in September
By Andre Damon, October 3, 2009
The US unemployment rate reached 9.8 percent and the economy lost 263,000 jobs in September, undermining claims of an imminent economic recovery.
Michigan lawmakers prepare sweeping cuts in social services
By Tom Eley, October 2, 2009
Michigan legislators passed a one-month interim budget on Thursday, averting a shutdown of state government services and preparing the way for major cuts to social spending and education.
Mass sackings in Russia
AvtoVAZ to lay off 28,000, Aeroflot 2,200
By Niall Green, October 1, 2009
Russia’s largest car maker will axe more than one quarter of its total workforce, destroying 27,600 jobs. In a double blow, Aeroflot airline announced that it plans to cut 2,215 staff.
Wall Street lauds FDIC plan to replenish bank deposit insurance fund
By Barry Grey, October 1, 2009
The US Federal Deposit Insurance Corporation (FDIC) announced Tuesday that its deposit insurance fund, which guarantees the bank deposits of millions of American consumers, would fall into the red thi...
Spain: Unions and PSOE government prepare austerity measures
By Vicky Short, September 30, 2009
Spanish trade unions are collaborating with the Socialist Party government and employers in preparing a programme of austerity measures.
Great power conflicts overhang G20 summit in Pittsburgh
By Barry Grey, September 24, 2009
As political leaders gather for the Group of 20 summit of major economies, to be held today and Friday in Pittsburgh, they face the task of papering over increasingly open and embittered conflicts ove...
US, Europe reject bank pay limits ahead of G20 meeting
By Stefan Steinberg, September 22, 2009
In advance of this week’s G20 summit in Pittsburgh, the Obama administration and the major European governments have fashioned a compromise to block any effective limits on the pay of leading intern...
Judge strikes down SEC settlement with Bank Of America over bonuses
By Andre Damon, September 21, 2009
A US Federal Judge rejected a settlement last week between Bank of America and the Securities Exchange Commission regarding allegations that the bank lied to its shareholders about bonuses paid to Mer...
