InfoAnda - Bank-born crisis engulfs workers worldwide

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Iran opposition leader plans new political front | 16 July 2009
Broadcom on track to launch high-end phone chips | | 12 January 2012
Japanese architect crowns French museum with 'Chinese hat' | 9 May 2010

Pakistan says time not right for anti-Taliban assault | | 26 October 2010

">Forum Views () ">Forum Replies ()

Read more with google mobile : Bank-born crisis engulfs workers worldwide

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Bank-born crisis engulfs workers worldwide AFP - 39 minutes ago PARIS (AFP) - - The global financial crisis has sent a wave of rising unemployment across the world as vulnerable workers suffer from the downturn in economies interlinked by globalisation, experts say. The US-born credit crisis that worsened in September has also seen a harsh economic slowdown, with several of the richest countries -- including the United States, Germany, Japan and now Britain -- sinking into recession. Shockwaves from the general decline in activity have reached worldwide, hurting big poorer countries whose exports or highly mobile migrant workers have fuelled their recent growth. In the globalised economy, trouble that hit banks in rich countries has now spread to affect workers, "including in countries that had not committed financial excesses," Raymond Torres, director of the ILO's International Institute for Labour Studies, told AFP. "Apart from the countries directly involved in the financial crisis and those that were already in an economic slowdown, the phenomenon is now hitting countries that are dependent on others through exports, such as China, and through migrant workers, such as Mexico," he said. Unemployment is soaring fastest in countries with a highly mobile workforce, sharpening social inequalities at the expense of vulnerable younger or older employees, migrants or those relying on temporary work, experts say. In China, six million migrants have lost their jobs because of the crisis, according to official data released Thursday. Many of them left their rural homes for jobs in the big eastern cities, but now find factory gates shut. In 2007 the Organisation for Economic Cooperation and Development (OECD), a grouping of 30 richer countries, recorded its lowest jobless rate in nearly 30 years -- 5.6 percent. But in just a year, the job market has plunged. The OECD and the International Labour Organisation (ILO) now estimate that the ranks of the jobless worldwide could grow by up to 25 million by next year, possibly reaching a record of 210 million by the end of 2009. Since a housing credit crisis erupted in the United States in late 2007, sector after sector has fallen victim to the economic fallout. From giant car makers such as Toyota of Japan to technology firms such as US giant Microsoft and the Swiss banking titan UBS, employers around the world have announced job cuts by the thousands. Britain, which on Friday confirmed that it had entered recession, is seeing its highest unemployment rate for 10 years, with younger workers among those most affected. Spain's unemployment rate surged to a massive 13.91 percent in the fourth quarter of 2008, that national statistics body said on Friday, after years of construction-fuelled growth had driven the rate down. The United States lost 2.6 million jobs in 2008, according to official figures -- the worst year for employment since 1945, with the manufacturing, auto and service sectors particularly hard hit. Stefano Scarpetta, a top unemployment specialist at the OECD, warned that amid the uncertainty of such a spectacular downturn, "the first workers to be affected are the temps." Also at high risk, he said, are "the young or elderly workers, immigrants or those with weak qualifications... (who) even before the crisis had enormous difficulty in some countries." Japanese companies have announced thousands of lay-offs in recent weeks among contract or temporary employees -- many of them migrant workers from Brazil. A Japanese government survey last month said that more than 85,000 temporary workers have lost or know they will lose their jobs by March. "In countries with lots of less secure working contracts, unemployment spreads quicker." said Torres of the ILO. "A rise in unemployment of this size is going to touch the whole world, but it is the most vulnerable, the young or the less qualified, who will find it hardest to find a decent job after the crisis." 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 Obama's tough yuan stance unlikely to sway ChinaAFP - 19 minutes ago India's outsourcing sector faces bleak outlook: analystsAFP - 32 minutes ago Bank-born crisis engulfs workers worldwideAFP - 39 minutes ago In Philippines, even the Church feels financial pinchAFP - 51 minutes ago Related Articles: Business Obama's tough yuan stance unlikely to sway ChinaAFP - 19 minutes ago India's outsourcing sector faces bleak outlook: analystsAFP - 32 minutes ago Bank-born crisis engulfs workers worldwideAFP - 39 minutes ago In Philippines, even the Church feels financial pinchAFP - 51 minutes ago "Lonely" Thaksin vows to keep fighting for ThailandReuters - 1 hour 11 minutes ago Enlarge Photo Bank-born crisis engulfs workers worldwide Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed 'Dogs don't wear condoms,' says Baywatch star Anderson Ring of fire: Indian Ocean to see solar eclipse World crisis deepens as downturn bites in Asia Child matador kills six bulls in Mexico Recession grips Britain for first time since 1991 View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

Other News on Sunday, 25 January 2009
U.S. troops kill Iraqi couple and wound daughter
Iraq to reopen notorious Abu Ghraib prison
Macintosh computers hitting stride at age 25
Storm kills 15 in Spain, France | International |
US-led troops kill 15 'militants', Afghans say were civilians
Craig Robinson Serves Minimal Laughs But Sparks Interest In Band Nasty Delicious
Obama promotes economic stimulus plan
Congo says kills Rwandan Hutu rebels, awaits Nkunda | International |
Three killed in Scottish avalanche | International |
Tasmanian devils threatened by contagious cancer
Facts about the endangered Tasmanian devil
Vatican official accuses Obama of 'arrogance'
Indian PM has successful heart surgery
Indian prime minister has successful heart surgery
Israeli official: Obama envoy coming to Mideast
US, Afghan villagers differ over 15 killed in raid
Pakistan urges Obama to halt missile attacks
Indian prime minister's heart surgery successful
Undercover Baltimore Cop Shot Twice In The Jaw
Son of NKorea's Kim has 'no interest' in taking over: report
Taiwan children get sneak preview of pandas
Indian police arrest two Pricewaterhouse officials: reports
China's central bank denies manipulating currency
Obama envoy expected in Middle East next week
Gaza children return to school after war
Bird flu confirmed on Canada turkey farm | International |
Obama weekly address sparks lively debate on YouTube
Hurricane-force winds kill 15 in Spain, France
Elections are test for al-Maliki, Iraq
Hudson 'miracle' pilot gets hero's homecoming
Italy may put '10 times' more troops in cities: Berlusconi
Iraq holds 4th post-Saddam vote
Roman Catholic traditionalists welcome Vatican decree
Turkey urges EU to lift political hurdles in accession talks
Russia says 'ice broken' in chilly NATO relations
Saudi prince: US-Saudi ties at risk if no peace
Dutch club FC Twente make offer for Rukavytsya
Kenzo shows strength in menswear at Paris shows
Bahamas senator accused in Travolta plot resigns
Beauties vie for Miss America crown in Las Vegas
EU meets key Mideast players hoping to kick start peace moves
Chinese gear up to welcome Year of the Ox | International |
Child matador kills six bulls in Mexico
British minister signals troops, equipment boost in Afghanistan
Britain's House of Lords to probe bribe claims
Two suspected militants killed near India capital | International |
Lonely Thaksin vows to keep fighting for Thailand | International |
Russian church prepares to elect new patriarch
North Korean leader's eldest son could still be heir: analysts | International |
Relatives seek missing in Mexico corpse horror | International |
Indian PM Singh makes rapid progress after surgery | International |
US military deaths in Iraq war at 4,232
Sri Lanka says it has captured 2 rebel bomb plants
"Lonely" Thaksin vows to keep fighting for Thailand
Ousted Thaksin accuses new Thai PM of copying him
Suicide bomber kills 1, wounds 8 in Afghanistan
Indian police kill two 'Pakistan militants' near Delhi
Two suspected militants killed near Indian capital
Mugabe's daughter studying at Hong Kong University: report
Australian PM to attend Pacific summit
Report: Small earthquake hits northwestern China
Hopes fade for last whale stranded in Australia
Obama's tough yuan stance unlikely to sway China
India's outsourcing sector faces bleak outlook: analysts
Bank-born crisis engulfs workers worldwide
In Philippines, even the Church feels financial pinch
Push claims top prizes at Sundance | Entertainment |
Japan's Nomura to book 3.4 bln dlr loss for Oct-Dec quarter: report
Slumdog claims Hollywood producers' top prize | Entertainment |
Hollywood actors could upset awards apple cart | Entertainment |
Sundance films shine spotlight on global struggles | Entertainment |
Atheism 2.0 -- Indonesia's nonbelievers find refuge online
"Slumdog" claims Hollywood producers' top prize
Hollywood actors could upset awards apple cart
Hong Kong to produce 'world's first 3D sex movie': report
"Slumdog" claims Hollywood producers' top prize
Hollywood actors could upset awards apple cart
Southpaw Obama leads from the left
Obama 'brand' stimulates big merchandise sales
"Push" claims top prizes at Sundance
List of 2009 Sundance Film Festival awards winners
Brazilian model who lost hands and feet dies
Scots to commemorate 250 years since poet Burns's birth
Israel promises troops legal backing over Gaza war
International court starts first war crimes trial | International |
Nine Turkish police arrested in coup probe
Israel promises troops legal backing over Gaza war | International |
Afghans protest against U.S. on civilian deaths report | International |
Japan's Nomura to post $3.4bln loss in Q4: report
China's New Year rush puts trains in line for cash | International |
U.S. missiles don't help Pakistan war effort | International |
France and Spain pick up pieces after deadly storm | International |
Sri Lankan troops inside last big Tiger town | International |
S.Africa court to set Zuma trial date: report | International |
Indonesia's top Islamic body weighs up smoking ban | International |
Women's basketball event excites war-weary Somalis | International |
For President Obama, 'so-far, so good'
At least 40 drown in Vietnam boat tragedy
Tight security in Kashmir ahead of Indian holiday
Indonesian smoking ban debate ends in deadlock
Pakistan takes over main center of suspect charity
Indian police kill 2 suspected Pakistani militants
Global crisis dampens Chinese New Year celebrations
Last whale stranded in Australia dies
China says 29-year old man sick with bird flu
Malaysia lawyers urge independent probe into death in custody
China's New Year rush puts trains in line for cash
Reports: Nomura to post record 3Q net loss
Japan's Toyota to cut production by 20%: report
Nissan chief says auto market to shrink 14%
2 Price Waterhouse employees arrested in India
Economic gloom dampens China's Lunar New Year celebrations
Indonesia's top Islamic body weighs up smoking ban
Redefining trousers, or casting them off altogether?
`Slumdog Millionaire' snags top producer award
Blame game as Mexico City trash piles up
'Push', 'We Live in Public' top Sundance prizes
Top Anglican calls for BBC to air Gaza appeal
Angry protests over 16 dead Afghan civilians
Airbus chief sees 50-60% drop in world aircraft sales
Israel to protect its soldiers from war crimes charges
'We Live in Public', 'Push' win top Sundance prizes
Egypt, Hamas discuss 'lasting' truce with Israel
Iceland commerce minister quits | International |
Ten climbers killed in Turkey avalanche
Chinese give Year of the Ox a noisy welcome | International |
S.Africa says can tackle cholera outbreak | International |
China dams reveal flaws in climate-change weapon
How the Clean Development Mechanism works
China dams reveal flaws in climate-change weapon
Vietnam ferry accident kills 40, mars Tet new year
Sri Lanka troops overrun last Tiger town: army chief
Thai minister to discuss temple dispute in Cambodia
Chinese give Year of the Ox a noisy welcome
David Koresh's Mother Stabbed To Death
Update: Man With AK-47 Responsible For Friday Shooting In Miami
Afghan president: US forces killed 16 civilians
Blagojevich Hires PR Firm To Save Name
Hudson Pilot Gets A Hero's Welcome At Home
China to help job-seeking graduates
Vintage WWII Bombs Discovered Inside U.S. Embassy
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01