Archive Economy & Travels

Thursday, April 9, 2009

Indonesia 2008- Bali Island, Gili and Java Island

April 05, 2009 - Trip in Indonesia .
-Bali Island
-Gili Island
-Lombok Island
-Java Island in the city Yogyakarta also name Jogjakarta

ING: Ringgit to decline 4.5% after by-elections

April 08, 2009 - The Ringgit may weaken by as much as 4.5 percent after Pakatan Rakyat won two out of three by-elections yesterday night, according the ING Group.

Sunday, April 5, 2009

Too big to fail? Nationalize

April 05, 2009 - Leo Panitch: Can G20 avert crisis Pt2

35,000 UK firms to go bankrupt in 2009

Sun, 05 Apr 2009 05:28:54 GMT | PressTV

At least 35,000 firms and 125,000 people are expected to go bankrupt in Britain this year, an insolvency expert group has predicted.

Begbies Traynor, a UK-based Corporate Rescue, Restructuring and Personal Insolvency company, has forecast that 35,000 firms -- 95 firms a day -- will go bankrupt this year, the Sunday Times reported.

Nick Hood at Begbies said the number could rise to 40,000 by the end of the year.

"The rate is accelerating - on a bad day we could see 20 businesses going under a day," he told the paper.

The figure would be 18 percent higher than the previous peak during the 1991 recession in Britain.

"It feels much worse than the 1990s - there are much fewer options to rescue businesses today. In the past you could go to another bank or small-business owners could re-mortgage and use equity from their homes - today that is next to impossible," Hood added.

British Finance Minister Alistair Darling told the Sunday Times that the UK was far deeper in recession than the government expected and that the country was unlikely to return to economic growth until the end of the year.

The International Monetary Fund (IMF) predicted in January that British gross domestic product (GDP) will contract 2.8 percent in 2009.

Begbies also predicted that as many as 125,000 people will also go bankrupt in 2009 -- equivalent to 342 people a day. The figure amounts to the highest number of personal bankruptcies since 2006, when 107,000 people went bankrupt.

Consultancy firm Hay Group also predicted on Sunday that more than 600,000 people will lose their jobs in Britain this year.

Based on a survey of 140 of the top 1,000 firms, the group said nine in ten firms plan operational cuts in 2009-10 and that a fifth of the companies plan a big restructuring of their businesses in response to the recession.

Unemployment in the UK rose to above two million in the three months ending January for the first time since 1997 as a result of the global financial crisis taking its toll on the country's economy.

UK ecomically worst in Europe

The devalued Prime Minister of a devalued Government:
Daniel Hannan MEP: European Parliament speech of 26/03/09
Daniel Hannan is a Conservative MEP for the South East of England and author of The Plan: Twelve Months to Renew Britain.

Can G20 avert the crisis?

April 03, 2009 - Leo Panitch: G20 trying to patch up the 'old world order'

The financial crisis and the real economy

October 07, 2008 - Leo Panitch: The death of the US trade union and Great Society have left the real economy vulnerable

Obama should save the banks, not the bankers Pt.4

April 04, 2009 - Tom Ferguson: Obama's plan "recipe for disaster, if the US reflates and the rest of the world doesn't

G20 leaving 'sheep' in 'wolf' care, says Morales

Sat, 04 Apr 2009 00:40:04 GMT | PressTV

Bolivian President Evo Morales

Bolivian President Evo Morales has slammed the G20 summit's decision to inject USD 750 billion to the International Monetary Fund (IMF).

Morales said that countries at the root of the crisis cannot solve the problem, or in his words: "the wolf cannot keep the flock," a reference to the injection of more than 1,000 billion dollars through the IMF and the World Bank to fight the global crisis.

"It's like giving money to the wolves, or to entrust the care of the flock: the wolf is not going to keep the sheep, it will devour them," Morales told the foreign press in La Paz, commenting on the decisions G20 in London to tackle the crisis.

"It is not possible that the countries of capitalism, which has caused the financial crisis, are now the same from where comes the solution," said the Socialist leader, adding that few countries are at the origin of this financial crisis, but '180 (Countries) must cope'.

"As long as we do not touch the structural points of capitalism, it will be difficult to resolve the financial crisis," said Morales about the G20. "If we want to solve economic problems, we must first end the free market, then the speculative capitalism."

Morales remarks echoed those of the Venezuelan President Hugo Chavez, who said earlier in the day that the G20 nations' plan to spend more than a trillion dollars would strengthen "one of the great guilty ones behind the crisis: the International Monetary Fund."

"It's impossible that capitalism can regulate the monster that is the world financial system... Capitalism needs to go down. It has to end," Chavez said during a visit to Tehran on Friday.

Bolivia is experiencing the beginning of economic deceleration with 5 percent growth at best in 2009, against 6.5 percent in 2008.

Friday, April 3, 2009

US jobless rate jumps to 25-year high

Fri, 03 Apr 2009 16:12:31 GMT

Over 5.1 million jobs have been lost since the beginning of recession in 2008

Unemployment rate in the US has reached its highest level in 25 years, after 663,000 jobs were lost in March, official figures show.

The Bureau of Labor Statistics reported on Friday that the jobless rate spiked to 8.5 percent in March from February's figure of 8.1%.

The figure, however, is less than the 741,000 jobs lost in January -- which now stands as the biggest monthly drop in 59 years.

This means that 5.1 million jobs have now been lost since the beginning of the financial downturn in 2008, over 2 million of them in the past three months alone.

The unemployment rate roughly lined up with economists' forecasts of a loss of 658,000 jobs in March, according to a survey by Briefing.com.

The job losses were felt throughout all areas of the economy including the manufacturing and construction sectors, business and professional services industries as well as the government.

Employers have also cut back the number of working hours, as the average hourly work week fell to 33.2 hours, lowest in record since 1964.

The number of people forced to work part-time, but who would prefer to get a full-time job, also climbed 423,000 to nine million.

The sharp and continuing increase in unemployment suggests that job losses are likely to keep increasing for the rest of this year and into 2010.

G20 split on financial downturn

April 03, 2009 - Leaders of the 20 world's most powerful countries meet in London to find a way out of the current global financial crisis and help prevent future crises. Will the G20 reach a unified stand on how to kickstart the ailing global economy?

Istanbul

November 24, 2007 - Travel to the only city in the world that straddles two continents.

Tuesday, March 31, 2009

G20 leaders arrive in London ahead of summit

March 31,2009 - World leaders have begun arriving in London ahead of this week's G20 summit, where they will discuss ways of dealing with the global financial crisis.

But the summit is attracting much anger, with large protests expected.

Barbara Serra reports from London.

G20 protesters' anger amid global recession

March 28, 2009 - While politicians are set to discuss their solutions to the global recession at the G20 summit, hundreds of small groups have held demonstrations to have their say.

Tens of thousands of people took to the streets of London in a peaceful march calling for changes to be made to the global financial system.

But events in Rome and Berlin were marred by some violence. Al Jazeera's Nazanine Moshiri reports.