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Read more with google mobile : Job cuts, bankruptcy fears mount around the globe
Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Job cuts, bankruptcy fears mount around the globe AFP - Thursday, December 11 WASHINGTON (AFP) - - Job cuts, bankruptcy fears and faltering Chinese exports provided fresh evidence of a deep and painful recession on Wednesday as dismal economic news mounted around the globe. In Beijing, official data showed that exports from China fell for the first time in seven years in November as the spreading global economic crisis caught up with the Asian powerhouse. Elsewhere, Japan received more bad news as a gauge of business investment fell sharply and US investors eyed negotiations between lawmakers on a rescue plan for the vital auto sector that could go to a vote Wednesday. Senator Carl Levin from Michigan, the base for the US auto industry, said he understood that an "agreement has been reached" between Democratic congressional leaders and the White House. "This gets us to the 20-yard line, but getting over the goal line will take a major effort," he said, referring to the vote needed in the US Congress where some Republicans have voiced objections. Also in North America, the Wall Street Journal reported that Canadian telecoms equipment provider Nortel Networks had sought legal advice for possible bankruptcy and is also trying to secure government aid. Nortel was examining bankruptcy protection from creditors if restructuring efforts fail amid declining sales and an inability to sell off assets due to the credit crunch, the Journal wrote, citing unnamed sources. The group last month posted a third-quarter loss of 3.4 billion US dollars (2.6 billion euros) and announced 1,300 job cuts as its sales stagnate in a highly competitive market. In Japan , fears of a return to deflation in Asia's largest economy grew as prices at the factory gate dropped by the most on record, reflecting recent plunges in oil and raw material costs as the global economy worsens. But the most eye-catching data emerged from Beijing where the national customs bureau reported a 17.9-percent decline in imports of foreign goods and a 2.2-percent decline in exports in November. The figures showed that China, whose growth has been fuelled by its role as the world's workshop where imported goods are assembled and then exported, is slowing rapidly with job losses already causing concern about social unrest. China's top leaders wrapped up the annual Central Economic Work Conference, chaired by President Hu Jintao and Prime Minister Wen Jiabao, on Wednesday, promising a macroeconomic policy blueprint for next year. "The development of our nation's economy faces many challenges in 2009, but also many opportunities," said a communique issued by the conference and carried on state television. Amid the deluge of bad news, Australia bucked the trend where figures showed consumer confidence rising. A leading confidence indicator surged 7.5 percent in December in a sign that aggressive efforts to stimulate the economy, including two sharp interest rate cuts, may be working, analysts said. But Anglo-Australian mining giant Rio Tinto pointed the way for the jobs market in most countries when it said it would slash 14,000 jobs globally to cut its debt by 10 billion US dollars. "Given the difficult and uncertain economic conditions, and the unprecedented rate of deterioration of our markets, our imperative is to maximise cash generation and pay down debt," chief executive Tom Albanese said. Also Wednesday, the World Bank announced the creation of a two billion dollar fast-track lending program to help the world's poorest countries weather the global financial crisis. The bank's executive board approved the creation of the lending facility which will speed up grants and long-term, interest-free loans to 78 poor countries, the development lender said in a statement. On global stock markets, Japan's Nikkei stock index ended up 3.15 percent on bargain-hunting. Hong Kong ended the morning 3.6 percent higher and Australian shares closed up 1.0 percent. In Europe, London's stock market was down 0.13 percent in afternoon trade. Frankfurt gained 0.55 percent and Paris added 0.22 percent. Data in Italy showed the economy shrank 0.5 percent in the third quarter, putting the country in recession. Gross domestic product in the eurozone's third largest economy after Germany and France contracted 0.4 percent in the second quarter, with recession counted as two successive quarters of falling output. On Wall Street, US stocks powered higher amid optimism about the bailout for troubled American automakers. The Dow Jones Industrial Average rose 1.44 percent to 8,816.06 as at 1530 GMT. The tech-dominated Nasdaq garnered 1.72 percent to 1,574.02 and the broad Standard & Poor's 500 index added 1.50 percent to 901.90. On Tuesday, the World Bank had offered a grim forecast for global growth next year on Tuesday. "The outlook for the world economy has deteriorated significantly and the global recession will be broader and deeper than previously anticipated," the bank said in a statement. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy Eastman Kodak withdraws full-year 2008 forecastAP - 54 minutes ago Weakening dollar pushes commodities prices higherAP - 58 minutes ago FACTBOX-Recent comments by S.Korean officials on economyReuters - 1 hour 26 minutes ago Chinese currency undervalued: US TreasuryAFP - 1 hour 32 minutes ago Related Articles: Business TABLE-Foreign investors sold Japanese stocks last weekReuters - 31 minutes ago HK c.bank says injected HK$775 mln into marketReuters - 44 minutes ago Initial hearing held in Tribune bankruptcyAP - 47 minutes ago Eastman Kodak withdraws full-year 2008 forecastAP - 54 minutes ago Weakening dollar pushes commodities prices higherAP - 58 minutes ago Enlarge Photo Job cuts, bankruptcy fears mount around the globe Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed New recession warnings hit leading economies Muslim pilgrims stone Satan at the hajj Dow Chemical to cut 5,000 jobs, close 20 facilities Illinois governor arrested for trying to sell Obama senate seat Street battles rage as Greek crisis worsens View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular
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Thursday, 11 December 2008 - Job cuts, bankruptcy fears mount around the globe