IMF Forecasts a Long Global Recession
The International Monetary Fund (IMF) estimates that the global economy will stay in a recession that is longer and more serious than previous ones, before a “light” return, according to the report on prospects for the global economy.
The IMF report shows that the global recession and the financial crisis will lead, most probably, to an [...]
ICBC Becomes the Biggest Bank In the World for Deposits
The Industrial and Commercial Bank of China (ICBC), already the largest lender in the world based on market capitalization, recently became the largest bank globally in the terms of volume of deposits, the Financial Times writes.
ICBC has attracted deposits worth 1300 billion U.S. dollars (986 billion euro) to the end of past mounth, outgrowing bank [...]
Goldman Sachs: Russia and Ukraine Economies Will Decline
The Russian economy will contract by 5.5% in 2009, while GDP will fall by 3% in Kazakhstan and 15% in Ukraine, according to estimates by investment bank Goldman Sachs.
Bank has reduced the forecast growth from Russia, Kazakhstan and Ukraine, as the global outlook continues to deteriorate, says Bloomberg.
The three countries “have suffered on the background [...]
Germany Cleans Up Its Banking System
German finance minister, Peer Steinbrueck, has made a plan to remove toxic assets from the balance sheets of banks based on government funding for financial institutions, in order to create so-called “bad banks”, says Bloomberg.
Ministry of Finance has submitted to the Chancellor Angela Merkel, and officials of the administration and industry to decided on the [...]
EU Economy Contracted 1.5% in Q4
The Economy in the European Union contracted in the last quarter of 2008 by 1.5% compared with the similar period in the previous year, according to data from the European Statistics Institute – Eurostat.
The report of the previous quarter, gross domestic product in the EU-15 decreased by 1, 6%. Throughout the building community, the economy [...]
Obama: World Needs New Financial Rules
According to a recent statement by Barack Obama, humanity needs new financial rules to prevent abuses in the future. Obama admitted, more or less directly, that the current global financial system is rotten and corrupt and that it requires a change from the groundup to avoid the emergence of new crises.
”The world needs a [...]
Unemployment in the U.S. Reaches Highest Level in 25 Years
Unemployment has reache 8.1% in the U.S. in February. This is the highest rate of unemployment reached in the U.S. in the last 25 years.
Americans Employers have made 651,000 people in February, inducing an advance rate of unemployment to maximum of the last 25 years, in the context in which firms face with difficulties because [...]
Fed: Recession will Persist in the U.S. Until 2010
“Economic recession will continue until 2010 and most big risk to U.S. economy is the lack of political desire to save the financial system”, said the head of the Federal Reserve Ben Bernanke, in a television interview for CBS, Mediafax writes.
“This economic decline will be moderated and will begin to see a setback. We will [...]
Did the G20 Summit Establish a “New World Order”?
The G20 summit decided yesterday in London on a considerable increase of international resources to financial institutions to combat the recession, establishing what the British Prime Minister Gordon Brown called the appearance of “a new world order”.
Leaders of the main economy’s met to “face the greatest challenges in the world economy occurred in modern times”, [...]
OECD Forecasts Growth in Second Half of 2010
Presenting economic forecasts for its member states in Berlin, the OECD predicted that significant growth in GDP would only start in the second half of 2010.
On the background of economic crisis, experts expect the possible increase of unemployment in the OECD area up to 8 million people. Current recession, which affects many Member States [...]
First Step Toward HRE Bank Nationalization
Germany made the first step toward HRE bank nationalization, by taking equity of 9%. German government made the first step in taking control of the bank building HRE, which had been previously announced, after the bank posted losses of nearly 5.5 billion euro in 2008.
Waited for several weeks and imminent after the Friday announcement that [...]
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