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    Spain’s jobless claims rise again in November

    Spain’s registered jobless rose for the fourth consecutive month in November official data showed on Wednesday, and was seen edging higher as the recession weighs and a multi-billion euro stimulus package loses steam. The Spanish economy is not expected to emerge from recession until next year as it reels from the collapse of a decade-long construction-led boom and plummeting consumer spending. Seasonally unadjusted data showed Spanish jobless claims rose by 60,593 in November from October to almost 3.9 million people, almost a million more than a year ago, the Labour Ministry said. The rise was less fierce than the almost 100,000 layoffs i...
    On December 2, 2009 / By
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    Some Emiratis glad Dubai’s ambitious plans dented

    Dubai nationals were alarmed by the fallout from the emirate’s debt standstill, but many hope the crisis may stem the torrent of foreigners into the conservative Gulf Arab city, where locals are outnumbered ten to one. The freewheeling emirate, one of seven that form the United Arab Emirates, sent jitters through global markets last week when it announced that one of its flagship developers had asked for a six-month repayment freeze on some debt. The global financial crisis over the last year has tarnished Dubai’s growth model – neo-liberal, East Asian-inspired and tightly managed from the top by ruler Sheikh Mohammed. Construction work...
    On December 2, 2009 / By
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    Siemens settles case with von Pierer – sources

    Siemens AG has struck a deal with former Chairman Heinrich von Pierer on payments for part of costs of a corruption case, paving the way for an amicable ending to the biggest bribery scandal in the country. Two sources familiar with the matter told reporters on Tuesday that Siemens has agreed to reduce the amount von Pierer would pay as compensation for damages which the world’s largest maker of industrial automation equipment had suffered as a result of the corruption case. Two sources said Siemens had agreed in principle to reduce its demand from von Pierer to more than €4m from the original €6m. Von Pierer was not accused of crimes a...
    On December 1, 2009 / By
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    Strauss-Kahn keeps France guessing on presidency

    If Dominique Strauss-Kahn is tempted to make an early exit from the International Monetary Fund to run for president of France, he will have found plenty of encouraging signs during a stay in Paris this week. The next election is not until 2012 and Strauss-Kahn would have many hurdles to overcome before even getting his name on a ballot paper, but a spate of favourable opinion polls put him at the centre of political attention during his flying visit. “It’s always nice to find that your compatriots are fond of you, but that is not my focus today,” Strauss-Kahn said in an interview published by the newspaper Le Figaro on Wednesday, decli...
    On November 26, 2009 / By
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    Uganda poised to become top-50 oil producer

    A deal last week has brought Uganda a step closer to becoming a significant oil producer, offering billions of dollars of fresh investment to develop newly discovered oilfields. Italian energy giant Eni said on Monday it had agreed to buy a stake in two large oil exploration blocks in Uganda for up to $1.5bn. For a decade, exploration in the land-locked former British colony has been carried out by a handful of independent oil companies who have drilled a series of successful wells but who lack the large amounts of capital or expertise on their own to bring the local oil industry to its full potential. The entry of Eni, an integrated oil comp...
    On November 21, 2009 / By
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    Honduras coup tensions take toll on economy

    Business was bad in Honduras even before the president was ousted in a June coup, unleashing months of political turmoil that have deepened the impoverished country’s economic woes. Honduras was already suffering from the recession in the US, its top trade partner, due to slack demand for its key clothing exports and a plunge in the amount of cash being sent home by relatives. And while Central American neighbours show signs of recovery from the global slowdown, Honduras’s economy is shrinking at an annual rate of more than 3 percent as nervous tourists shun the country and shoppers tighten their purse strings. “Sales have fallen someth...
    On November 20, 2009 / By
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    US coal industry stakes survival on carbon capture

    A looming government clampdown on CO2 emissions is about to confront an already embattled US coal power industry with two stark options: capture carbon or die. Legislation from Congress or tough new regulatory demands could make it costly to spew greenhouse gases, posing a serious threat to the nation’s coal-fired power plants. With coal the single biggest source of carbon emissions, industry backers are pinning their hopes on technology to trap and store these emissions blamed for heating up the planet. Carbon capture technology is far from a done deal, however. Unproven on a commercial scale, the process is extremely expensive and there a...
    On November 18, 2009 / By
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    Instant warm-up: InstaForex Award

    As a result of the upsurge in interest there are more and more companies interested in Forex, all the more under the conditions of the world financial crisis, as many other financial market segments at best stand as “air bags” and at worst, as high risk ventures. New players in the Forex market are not able to demonstrate dynamics of development due to the strength and power of experienced participants. Despite the evident attractiveness of the market for new players, ranking within the market remains a rather stable construction. Forex is still divided into three main groups: experienced players, who have been trading at the market for m...
    On October 28, 2009 / By
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    Market insider

    Equities find positive territoryMost G20 bourses closed up in positive territory at the end of Q3. The FTSE 100 went up 21 percent. Between July and September 2009 it rose a number of times, particularly during August when it was reported to have climbed by 8.4 percent over the course of the year, having rallied by 39 percent since its low at the beginning of March 2009. The positivity in the market was created by renewed confidence, rising consumer demand in China and India, and the economic stimulus packages. FTSE’s revived vigour has particularly focused on large capital stocks and stimulated by an increase in the crude oil price to arou...
    On October 14, 2009 / By
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    Walked in line: How JP lost and found its roots

    It’s amazing what a difference a couple of dots can make to a bank’s image. As today’s post-meltdown banks rush to remind nervous clients of their stability, one of the global banking giants has gone back to its heritage to do so. Having taken a long look at what customers really want in a bank, JPMorgan Chase & Co has put the punctuation back into its investment arm. Thus we now have J.P. Morgan & Co, complete with the dots it started with nearly 150 years ago. It took a meltdown to make the parent company truly appreciate the importance of its history. It’s been a long journey for the bank built by the great Junius Pierpon...
    On September 10, 2009 / By