European workers rally on May Day amid worries over economic crisisPARIS — Hundreds of thousands of European workers feeling the pinch of the economic crisis rallied at May Day protests Friday from Moscow to Berlin to Istanbul. General Motors’ lengthy shutdown of plants this summer threatens to have far-reaching impactDETROIT — General Motors ‘ decision to shut down 13 assembly plants for up to 11 weeks this summer will disrupt far more than the lives of nearly 24,000 workers, rippling out to damage part suppliers, local businesses and state economies. A look at economic developments and activity in stock markets around the world WednesdayA look at economic developments and activity in major stock markets around the world Friday: Global economy likely to shrink 1.3 percent this year, IMF says; first drop in 60 yearsWASHINGTON — The world economy is likely to shrink this year for the first time in six decades. Canadians default on bills as jobs disappearTORONTO - With the economy sinking deeper into recession and jobs disappearing fast, more and more Canadians have begun defaulting on their home bills. Buffett likens meltdown to “an economic Pearl Harbour”NEW YORK - America’s billionaire investor Warren Buffett has likened the current global meltdown to “an economic Pearl Harbor”, and doesn’t expect the US economy to recover anytime soon. New Zealand moots day off, cycle track to save jobsWELLINGTON - The New Zealand government would consider subsidising a day off every two weeks for workers to try to save jobs as the international recession bites, Prime Minister John Key said Friday. 1.8 mn Americans lost jobs in worst slashing spree in 34 yearsWASHINGTON - Americans have lost 1.8 million jobs in just the last three months with employers slashing 598,000 more jobs in January, taking the unemployment rate up to 7.6 percent, the country’s worst in 34 years. Tens of millions to lose jobs in 2009: ILOBANGKOK/GENEVA - Global unemployment would increase by 18 million to 51 million people this year from 2007 figures, depending on the extent and length of the economic crisis, the International Labour Organisation (ILO) predicted Wednesday. China’s economic growth at seven-year lowBEIJING - China’s economy registered the slowest growth in seven years in 2008, expanding nine percent year-on-year as the global financial crisis continued to affect the country’s economy, official data showed Thursday. US economy predicted to stall for years: ReportLOS ANGELES - Despite the huge bailout efforts now underway, the US economy is unlikely to recover any time soon and ‘probably will continue to sputter and threaten to stall for years to come,’ according to a report Monday. Consumer confidence sinks to 27-year low in CanadaTORONTO - With Canadians increasingly worried about their jobs and finances, consumer confidence has sunk to the lowest level in a quarter century, said a survey by a Canadian think tank Monday. |
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