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NEWS ABOUT: global economy

G20 Protest Draws 35K to London Streets

(Newser) - Security patrols for next week's G20 summit, take note: A protest in London today drew an estimated 35,000 people, about three times as many as expected, the Guardian reports. Organizers of the march—a coalition of unions, church groups, and charities—are pushing for movement on “jobs, justice,... More »

'09 Airline Losses Likely Worse Than Post-9/11

Companies to lose $4.7 billion in economic crisis

(Newser) - World airlines will lose $4.7 billion this year, and revenues will plummet $62 billion—worse than after 9/11, a top industry association said. The grim estimate is almost twice what it was in December and reflects “the rapid deterioration of the global economic conditions,” said the International... More »

Obama to G-20: We Must Act Fast on Crisis

Responds to Europe's stimulus reluctance with global op-ed blitz

(Newser) - President Obama published an op-ed piece in more than 30 newspapers worldwide today, urging the G-20 nations to take immediate, bold action to fix the economy. “The United States is ready to lead,” he wrote in the Los Angeles Times, among others, “and we call on our... More »

Unable to Fix Economy, Hungary's PM Steps Down

(Newser) - Hungary’s Socialist prime minister will step down so that a leader more adept at managing the country’s dire economic straits can take over, Reuters reports. “I hear that I am the obstacle to the cooperation required for changes,” Ferenc Gyurcsany told a meeting of his party.... More »

Geithner Urges G20 to Pump Up Global Economy

Treasury seeks billions to help IMF prop up struggling nations

(Newser) - Tim Geithner is calling on the other G20 nations to help the US get the global economy back on its feet, the Washington Post reports. The Treasury secretary, who leaves for a G20 summit tomorrow, said in a briefing yesterday the administration plans to ask Congress for another $100 billion... More »

The Next Economic Victim: Globalization

Plunging exports, protectionism undercut 'golden age'

(Newser) - World trade has quadrupled since 1982, but economic woes are eating away at globalization’s “golden age” as exports fall, foreign workers head home, and governments seek to protect their own, the Washington Post reports. “The collapse of globalization is absolutely possible,” said a US economist. “... More »

US Will Collapse by 2010: Russian

(Newser) - The “collapse of the American dream” is complete, says a Russian scholar, and President Obama will declare martial law and the US will splinter into six regions by the end of 2010, the AP reports. Igor Panarin, the dean of Russia's Foreign Ministry school, cited school shootings, the prison... More »

EU Meets Over Economic Crisis

Protectionism concerns weigh on leaders

(Newser) - European Union leaders have begun an emergency meeting about the economic crisis amid fears of protectionism among nations, the BBC reports. The Brussels summit comes after French President Nicolas Sarkozy said he would bail out France’s auto industry if it didn’t send jobs out of the country. “... More »

Brown Calls for 'Global New Deal'

At Berlin meeting, British PM says world needs $500B rescue

(Newser) - The world needs to unite on a "global New Deal" to end the economic crisis, Gordon Brown said yesterday at a European summit. The British prime minister, who is chairing April's meeting of the G20, joined colleagues from France and Germany to call for a major overhaul of the... More »

Global Plunge Panics Economists

Markets dive worldwide as new figures point to intractable slowdown

(Newser) - The markets' global plunge yesterday was testament to a new, scary fact, writes the Washington Post: the world economic crisis is getting even worse. New figures show the economies of Japan, Britain and Germany contracting at their fastest in decades, while emerging markets like Russia and Brazil are tanking, and... More »

Geithner Gets Warmer Reception at G-8 Summit

(AP) - This was no Roman holiday for Timothy Geithner. But after crashing global markets with a botched rollout of a bank rescue plan, the new Treasury secretary earned better reviews from global finance officials meeting in Rome. Geithner appeared more assured at a news conference here following two days of G-8... More »

Billionaire Merckle Kills Self

(Newser) - German businessman Adolf Merckle, 74, killed himself yesterday in the face of mounting debt and a crumbling multibillion dollar empire, Bloomberg reports. Merckle’s personal fortune of $9.2 billion put him 94th on Forbes' list of the world’s richest people, but his holding company, which owned stake in... More »

Vindicated in 2008, Some Experts Foresee Gloomy '09

A few who called last year's calamities correctly see grim days ahead

(Newser) - Labeled overly pessimistic for years, a few Wall Street prognosticators became the oracles of 2008 by correctly predicting the unwinding of the global economy, the Wall Street Journal reports. The doomsayers correctly anticipated bank failures, stock market declines, and the housing market collapse of the second half of 2008. As... More »

Plunging Exports Roil Asia

Declining global demand sends shock across the continent.

(Newser) - Asia, the manufacturing powerhouse of the last few decades, is experiencing a plunge in exports unprecedented in modern history, the Washington Post reports. Japan, the world’s second-largest economy, reported yesterday that exports dipped 27% in November, while Thailand’s exports shed 19%, the most in 17 years. Taiwan’s... More »

Russia Tycoons Seek $78B Kremlin Bailout

Looming foreign debt forces oligarchs to return power to state

(Newser) - A dozen years after bailing out the Soviet government, Russia’s oligarchs are seeking $78 billion in Kremlin handouts to weather the credit crunch, Bloomberg reports. Russian businesses have racked up some $110 billion in foreign debt due in 2009. The one-year loans, sought by more than 100 companies, would... More »

Euro Central Banks Slash Interest Rates

Bank of England drops rate to 2%, ECB to 2.5%, Sweden to 2%

(Newser) - The Bank of England cut interest rates a full 1% today to 2%, the lowest level since 1939, and the European Central Bank followed with a cut of 75 basis points, to 2.5%, the largest cut in its 10-year history, MarketWatch reports. Those moves came on the heels of... More »

China's Heavy Industries Steel for Crash

Global downturn freezes country's industrial transformation

(Newser) - The global slowdown is rapidly shutting down China's heavy industries, the New York Times reports. Just months after the government warned that the red-hot economy could lead to runaway inflation, the nation's steel, cement and construction industries now find themselves with a huge excess of capacity—and workers. Growth is... More »

What Recession? Dubai Throws $20M Party

Star-studded night boasts fireworks display visible from space

(Newser) - Rich and famous people from around the world avoided the recession blues last night by flocking to a ridiculously extravagant party on a man-made island in Dubai, Bloomberg reports. Boasting a performance from Kylie Minogue and a fireworks display that could be seen from space, the party was the emirate’... More »

US Dominance 'Fading Fast' as Global Upheaval Looms

Report predicts increasingly unstable world future as wealth and power shift

(Newser) - US intelligence agencies believe the next 20 years will be the twilight of America's global dominance, the Times of London reports. A report from the National Intelligence Council paints a bleak future of an increasingly unstable world in which new powers and alliances emerge as competition for dwindling resources heats... More »

To Save Economy, Go Shopping

Friedman suggests how Obama should lead America out of its economic mess

(Newser) - To stop the economic recession from slipping into a depression, Barack Obama shouldn’t mince words: Americans need to go shopping and support federal efforts to rescue banks and homeowners, Thomas Friedman writes in the New York Times. “No, it’s not fair. But fairness is not on the... More »

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