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Economy - International

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Reuters

The global economy will contract in 2009 by more than initially thought, given rising unemployment and underutilization of capacity, World Bank President Robert Zoellick said.

Speaking before a weekend meeting in Italy of finance ministers from the Group of Eight major industrial nations, Zoellick said indications were that the world economy would shrink by close to 3 percent, worse than the previous estimate of 1.75 percent.

 

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Friday’s statement by China said any investment would be made according to its usual criteria of “safety and reasonable returns”, but made no mention of Beijing’s wish for more power in IMF decision-making, in return for financial support.

Safe, which controls almost $2,000bn of China’s foreign exchange reserves, added it was ready to help the IMF explore more ways to raise finance.

Mr Lipsky said the Chinese and Russian proposals were part of a commitment made during the London G20 summit in April to augment IMF resources by $500bn, and that the IMF “absolutely welcomes” the commitments.

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PrisonPlanet.com

The dollar dropped to its lowest level against the euro this year on speculation record U.S. borrowing will undermine the greenback, prompting nations to consider alternatives to the world’s main reserve currency. The 16-nation euro gained for a fourth day versus the dollar as the Russian government said emerging-market leaders may discuss the idea of a supranational currency. The pound strengthened to $1.65 for the first time since October. “There’s been a lot of talk out of Russia about a new global currency, and that’s contributing toward this latest bout of dollar weakness,” said Henrik Gullberg, a currency strategist at Deutsche Bank AG in London. “These latest comments are just adding to the general dollar weakness we’ve seen recently.”

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KickThemAllOut.com, Google Video

Documentary on the events that led to the economic collapse of Argentina in 2001 which wiped out the middle class and raised the level of poverty to 57.5%. Central to the collapse was the implementation of neo-liberal policies which enabled the swindle of billions of dollars by foreign banks and corporations.

News Link • Global Reported By Lauren Roseman
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globalpropertyguide.com/

Dubai’s house prices dropped 35% over a year earlier, and 42% over a quarter earlier. Dubai’s economy is closely tied to the global market. As uncertainties piled up, demand for properties collapsed. Many developers have delayed or postponed construction of projects.

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arclein

"We need to move forward, to put the economy on an innovative track," Putin told an audience of business people in Moscow. "Otherwise, doing nothing, we will simply preserve the current not very effective model which depends very m

News Link • Global Reported By robert klein
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Washington Post

Japan's export-addicted economy shrank during the first quarter at the fastest pace in more than 50 years, continuing a dismal trend that since last year has made it the worst performer among major countries.

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The observer

Richard Branson is to launch an internet bank in a move designed to exploit public disgust with Britain's big banks in the wake of the credit crunch. Branson follows Tesco, which is also planning to capitalize on disenchantment with traditional b

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business.timesonline.co.uk

Joseph Cassano: the man with the trillion-dollar price on his head This is Joseph Cassano. He is the multimillionaire trader accused of bringing down the insurance giant AIG — and with it the world’s economy. So is he a criminal, an incompetent or a

News Link • Global Reported By Erin McCarthy
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Reuters

Asian shares fell for a second consecutive session as some of the confidence that fueled a recent rally was dampened by reports that highlighted the weakness in the global economy. China's exports fell a worse-than-expected 22.6% in April from a

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telegraph.co.uk/finance/

Katsuaki Watanabe, president of Toyota Motor Corporation, said: “The negative impact was a consequence of the significant deterioration in sales particularly in the US and Europe...

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Bloomberg.com

The global economy is facing “big deflation,” though the risks of inflation are also increasing as governments print more money, Taleb told the conference organized by Bank of America- Merrill Lynch. Gold and copper may “rally massively” as a result,

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Telegraph.co.uk/

In Greece, officers fired flash grenades to disperse rioters in Athens after attacks on banks and traffic cameras. Transport strikes disrupted bus, train and ferry services as well as flights by Greek carrier Olympic Airlines.

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Reuters / Felix Salmon

At one time, Nauruans had one of the world's highest per capita incomes, with at least one importing a Lamborghini to an island on which there is basically no place to go. Then things went very wrong.

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arclein

For the last several years, the trading behavior of the commodity market conforms to a carefully manipulated market with large capital pools overwhelming the natural market. The reason I say this is that volatility has been absorbed. Also the price m

News Link • Global Reported By robert klein
www.BlackMarketFridays.com