Chinese President Hu Jintao enters a conference hall for the Forum on China -Africa Cooperation, in Beijing on July 19. He is flanked to the left by South African President Jacob Zuma , and to the right by Benin President Boni Yayi
Britain risks permanent damage to its economy if London doesn't adopt fiscal stimulus measures to reverse the nation's recession, the International Monetary Fund ( IMF ) warned Thursday, as it pressed for a reduction in the country's deficits to jump-start its ailing economy.
The Australia n government criticised on Friday ongoing efforts by interest organisations in India to curb the flow of India n investments to coal mining projects into the country, specifically in Queensland. Federal Treasurer Wayne Swan denounced on Friday local advertisement that saw publication today in India that were reportedly paid for by global environmental activist Greenpeace, with solid backings from BackTrack and GetUp. The ad, which the Australia n Associated Press (AAP) said was run by The Financial Times, obviously aims to discourage Indian investors from participating in business ventures that were mainly geared in the resource-rich Queensland
Australia's growing unemployment problem may even worsen in the coming months as more job cuts loom, including in the public sector. Amid Thursday's announcement that the unemployment rate slightly rose to 5.1 per cent from 5 per cent, reports said New South Wales (NSW) plans to axe the jobs of 10,000 public workers. The job cut is NSW Treasurer Mike Baird's strategy to address the state's $826 million budget deficit for the coming financial year.
Global stocks rose Thursday after China unexpectedly cut its primary interest rate by 25 basis points in the face of a slowing economy. The Dow Jones Industrial Average was up 98.84 points, or 0.80 percent, to 12,513.63 points in mid-Thursday trading. The Nasdaq was up 7.26 points, or 0.27 percent, to 2,850.69.
The economic calendar is quite full this week, with most of the focus on the U.S. nonfarm payrolls report. The Institute for Supply Management, or ISM, manufacturing index and the second estimate of U.S.
The fears of hundreds of layoffs as a result of the financial collapse of the Hastie Group moved a step closer as the company stood down on Tuesday morning 2,700 workers. The employees were asked through a text message to attend a morning meeting in which they were informed that they will not be paid at least for the next 28 days.