The real number of unemployed in China is much more severe than statistics show after 670,000 small firms closed this year under pressure from the global financial crisis, an adviser to China's cabinet said on Friday. About 6.7 million jobs vanished, many in the export hub of Guangdong, pushing unemployment well above the official figure
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The German government will pursue a new package of economic stimulus measures next year that will focus on infrastructure projects such as schools and roads, German Chancellor Angela Merkel said on Friday. Merkel had signalled previously that her government was likely to pursue new steps, but her comments to the Neue Presse newspaper were the
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Zimbabwe's central bank has introduced a 10 billion Zimbabwe dollar banknote, worth $20 on the black market, to try to ease desperate cash shortages, state-run media said on Friday. Prices are doubling every day and food and fuel are in short supply in Zimbabwe. A cholera epidemic has killed over 1,100 people and deadlock between
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Japan cut interest rates to just above zero on Friday and announced extra steps to ease a credit crunch that has ravaged companies worldwide and plunged leading economies — including its own — into recession. Highlighting a squeeze on global manufacturers, Germany's ThyssenKrupp AG said it would cut crude steel production to a minimum level
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The dollar looked set on Friday for its biggest weekly decline since 1985 and world stocks fell as weak oil prices and concerns about the U.S. economy worried investors in the last full trading week of 2008. Japanese government bond yields fell to 3-1/2 year lows after the Bank of Japan cut its key policy
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European stocks fell in morning trade on Friday as sinking oil prices were driving down heavyweight energy shares, while mining stocks came under pressure from profit worries. At 0928 GMT, the pan-European FTSEurofirst 300 index of top European shares was down 0.9 percent at 819.61 points, losing ground for the sixth time in seven sessions.
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The Cyprus House of Representatives, after a three-day debate, approved late Thursday the 2009 state budget, which provides for EUR7.3 bln in expenditure, up 10.6% compared to 2008, and revenue of EUR 6.87 bln, up 4.7% compared to a year ago. The budget deficit is EUR1.39 bln. The budget was approved by 33 votes in
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The Autumn Eurobarometer shows that general attitudes of citizens towards the EU have, overall, remained stable while their perception of the economic situation and outlook was dramatically affected by the financial crisis. As regards Cyprus, to the question how they see the general situation in their country, 33% of those asked said things are going
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The European Parliament plenary approved here today by a vast majority the EU 2009 budget. The level of payments is set at 116.096 billion euro which amounts to 0.894 percent of the European Union's Gross National Income (GNI). The level of commitments has been set at 133.845 billion euro, which is 1.03 percent EU GNI.
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The Cypriot authorities will be receiving 7.6 million euros from the EU Solidarity Fund, towards covering damage caused by the drought in Cyprus. The European Parliament gave the go ahead for the immediate activation of the Solidarity Fund, adopting a relevant report by German MEP Reimer Boge. The Fund mainly intervenes in cases of natural
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