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Economy

By Agencies

Somavia said unemployment could hit record levels if the crisis is not tackled immediately [EPA]
A United Nations agency has warned that the global financial crisis could leave 20 million more people without jobs around the world by the end of 2009, with the working poor being hit the hardest.

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Tags: United Nations unemployment

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Pakistan urged to bid for IMF funds

Economy

By Agencies

Pakistan's finance minister has admitted the country may need politically unpopular IMF help

The Pakistani government has been encouraged to apply for emergency support or face economic meltdown after the country's foreign reserves plummeted.

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Tags: Pakistan IMF funds

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China growth slows as crisis bites

Economy
By Agencies
China's economic growth rate has slipped into single digits for the first time since late 2005, as the global financial crisis begins to have an effect on the world's fourth largest economy. Be first to comment this article \| Quote this article on your site \| Views: 187 Tags: China growth
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Economic optimism buoys markets

Economy

By Agencies

Bush, centre, has pledged to host a global summit on the financial crisis [Reuters]

European shares are rallying, helped by growing optimism that the global financial sector crisis may ease.

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Tags: Economic optimism markets

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Dutch government buys ING stake

Economy

By Agencies

ING is one of the world's 20 biggest banks [File: EPA]

The government of the Netherlands has said it will invest $13.4bn in banking and insurance company ING Groep NV to boost its capital position.

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Tags: Netherlands Dutch ING stake

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Probe into IMF chief's conduct

Economy

By Agencies

Strauss-Kahn was backed for the IMF chief's post by Sarkozy despite their past political rivalry [EPA]

The International Monetary Fund has hired a law firm to investigate whether its managing director had an improper relationship with a female employee.

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Tags: International Monetary Fund IMF

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S Korea moves to shore up banks

Economy

By Agencies

South Korea will provide $30bn in liquidity to domestic banks and exporters

South Korea has said that it will guarantee up to $100bn of bank's foreign exchange traffic in order to secure markets amid the global financial crisis.

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Tags: global financial crisis S Korea

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Oil producers set to cut output

Economy

By Agencies

Opec is set to pump less crude as demand for oil drops due to the economic crisis [AFP]

The chief of the Organisation of the Petroleum Exporting Countries (Opec) has said that there must be a "substantial" cut in output when the group meets in Vienna next week.

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Tags: Opec Oil producers

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Germany passes $675bn bailout

Economy

By Agencies