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  1. #1
    islamirama's Avatar
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    Europe in recession

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    Europe in recession, U.S. in pain as world leaders meet

    By Bill Rigby Bill Rigby – Fri Nov 14



    NEW YORK (Reuters) – Europe officially fell into recession on Friday and the U.S. economy suffered thousands more layoffs and the biggest retail sales dip on record as world leaders met in Washington to address the worst financial crisis in 80 years.

    Leaders of the Group of 20 advanced and emerging economies said they were working on plans to counter the growing economic threat and prevent future crises, but big breakthroughs were not expected at their meeting in the U.S. capital, given the absence of U.S. President-elect Barack Obama, whose involvement will be key to any global initiatives.

    The financial crisis continues to wreak havoc on the world's major economies, with official data showing the 15-nation euro zone economy had shrunk by 0.2 percent for the second quarter in a row, meaning it is technically in recession.

    The United States is probably already in recession, most economists agree, but official data showing that will not come out until January.

    "Frankly, we at Dow are looking at an '09 that looks like a pretty protracted global recession, probably going into 2010," Andrew Liveris, the chief executive of Dow Chemical Co, the largest U.S. chemical maker, told Reuters.

    Signs for the U.S. economy worsened on Friday. Retail sales fell 2.8 percent in October, according to government data, the biggest decline since comparable numbers were first collected in 1992.

    Citigroup Inc, one of the hardest-hit financial companies, will soon announce job cuts of up to 10 percent of its staff, according to a source familiar with the matter. That could affect more than 30,000 employees.

    Sun Microsystems Inc said it would slash up to 6,000 jobs, or 18 percent of its workforce, as it looks to save money while demand wanes for its high-end business computers.

    Fidelity Investments, the world's biggest mutual fund company, told employees it will cut a further 1,700 jobs on top of 1,300 already announced.

    Freddie Mac, the second-largest provider of U.S. home loan financing, reported a $25 billion quarterly loss as the housing slump worsened, forcing it to draw on a $100 billion Treasury Department lifeline.

    Meanwhile, approval of a bailout for the big U.S. automakers was in doubt, increasing the possibility of a wave of mass layoffs at General Motors Corp, Ford Motor Co and Chrysler LLC.

    The U.S. Senate plans on Monday to take up a bill that would provide emergency aid to automakers, but it remained unclear if there was enough support for it to pass.

    The only glimmer of optimism was that U.S. consumer sentiment rose slightly, helped by lower gasoline prices.

    Confidence might be raised further by moves to reduce skyrocketing home foreclosures by modifying borrowers' loans, but a proposal along those lines by the Federal Deposit Insurance Corp met opposition from the U.S. Treasury and the White House.

    More help is on the way for ailing banks. Friday was the deadline for public banks to apply for funds under a U.S. capital injection program that is part of the $700 billion bailout plan passed by Congress last month.

    Treasury expects to approve federal funds for another 20 banks, an official told a U.S. House of Representatives committee.

    U.S. stocks closed lower, the Dow losing nearly 4 percent after flirting briefly with positive territory following Thursday's strong gains and a winning session in European and Asian stock markets. Oil fell below $57 a barrel.

    U.S. Federal Reserve Chairman Ben Bernanke said central banks worldwide were ready to do more to support faltering growth and European Central Bank policy-makers signaled further interest-rate cuts were likely.

    "Policy-makers will remain in close contact, monitor developments closely, and stand ready to take additional steps should conditions warrant," Bernanke said at an ECB conference in Frankfurt.

    With Europe as well as parts of Asia and North America suffering, leaders of the G20 nations opened a two-day summit with a dinner at the White House in a search for ways to resolve the crisis, started by a U.S. housing market crash, and avoid another one.

    But agreement among the G20, which represents 85 percent of the world's economy and two-thirds of its population, may be elusive amid divisions over whether more regulation of markets can protect consumers, savers and companies from the fallout.

    The administration of U.S. President George W. Bush says there should be no return to greater state control of financial markets. Much of Europe says that without greater regulation, a repeat of the last year's turmoil is inevitable.

    (Additional reporting by Reuters bureaus worldwide; Editing by Brian Moss, Gary Hill)



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    betaworld's Avatar
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    Re: Europe in recession

    where's the way out? and can it be worked out without the presence of developing and least-developed countries?
    the world economic system is in a desperate need for a radical change that should go down to the very institutions that make it. advanced economies, esp the US, should abide by the rules of these institutions and shouldn't put themselves above the laws and then get disengaged from any responsibility in times of crises, like what the US did in the G20 meeting in Washington.

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    islamirama's Avatar
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    Re: Europe in recession

    This crises is caused greedy US politicians and their corporate buddies. How many corporations have we seen go under and bankrupt by illegal and unethical principles of the CEOs. They are making millions and billions out of this. First US gave $700 billion aid package to these banks and companies to save them, now it approved $800 billion more. They just got $300 billion from the arabs for aide. So yea they'll approve more billions and give it to the greedy corproate crooks to keep their business float and dumb arabs will help with no guarantee of ever seeing that money again. How ignorant of them, they will be punished severaly on J-Day for squandering the wealth of the ummah like that.

  5. #4
    جوري's Avatar
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    Re: Europe in recession

    isn't it amazing how filthy Arab leaders are squandering away the wealth of Muslims on heretics who will use their money to wage wars against Islam?..
    did any of them think of using just one billion out of the trillions to improve the image of Islam and defend rasool Allah..

    7asbona Allah wa'ni3ma alwakeel..

    politics makes me enraged!
    Europe in recession

    Text without context is pretext
    If your opponent is of choleric temperament, seek to irritate him


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    Amadeus85's Avatar
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    Re: Europe in recession

    There is only one good thing from this recession- oil prices drop.
    Europe in recession

    This country is dying because of a lack of men, not a lack of programs.

    - Corneliu Zelea Codreanu

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    Re: Europe in recession

    Quote Originally Posted by Aaron85 View Post
    There is only one good thing from this recession- oil prices drop.
    That isn't so great if you're living in the land of oil...
    Europe in recession

    alhamdullilah.

  9. #7
    Amadeus85's Avatar
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    Re: Europe in recession

    Quote Originally Posted by crayon View Post
    That isn't so great if you're living in the land of oil...
    Ok so its good for all the people in the world, in exception of worldwide sheiks from Venezuela, through Emirates to Russia.
    Europe in recession

    This country is dying because of a lack of men, not a lack of programs.

    - Corneliu Zelea Codreanu

  10. #8
    betaworld's Avatar
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    Re: Europe in recession

    Quote Originally Posted by Aaron85 View Post
    There is only one good thing from this recession- oil prices drop.
    unless humane alternatives are adopted to tame down the ferocous speculative aspect of world economy, nothing is considered good for 80% of world population!
    crisis or no crisis, the rich is getting ever richer, the poor undergoes the consequences


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