World Economy

Out they go, jobs good and bad

Out they go, jobs good and badSydney - Getting a good job nowadays doesn't mean you are more likely to stay in employment in these recessionary times.

Research in Australia shows that the common perception that the low-paid have the least job security is a myth.

The Melbourne Institute of Applied Research found that rates of redundancy are "statistically insignificant" when the highly paid are compared with those at the bottom of the scale.

Obama sees progress - and more pain - before recession ends

Washington - Celebrating his 100th day in office, President Barack Obama said he was happy with his efforts so far in stabilizing the US economy but warned of more job losses before the country's 16- month long recession comes to an end.

"I am pleased with our progress but I am not satisfied," he said in a press conference at the White House. "Millions of Americans are still without jobs and homes, and more will be lost before this recession is over."

Obama's remarks came after government figures showed the US economy shrank 6.1 per cent in the first quarter of this year, though the Federal Reserve touted signs that the outlook had "improved modestly" over the past few weeks.

Siemens cuts forecast as economic crisis hits

Siemens LogoBerlin - Europe's biggest engineering group global Siemens AG cut its profit forecast for the current fiscal year Wednesday as its order books shrank in the face of the global economic crisis. However, shares in the German-based company rose more than 4 per cent after it announced a jump in its second quarter profits with earnings from the same period last year hit by charges.

Siemens now expects operating profit from it core business in the current fiscal year which ends on September 30 to overshoot last year's 6.6 billion euros (8.68 billion dollars.)

Asian Development Bank to help Pacific region weather crisis

Asian Development Bank to help Pacific region weather crisis Manila - The Asian Development Bank said Tuesday it has approved a 3.5-million-dollar technical assistance grant to help the Pacific region weather the impacts of the global economic crisis.

The Manila-based ADB said the grant aims to improve economic management in the region.

It will fund the development of the Pacific Economic Monitor that will compile data and economic analysis of the global impact of the economic crisis.

India requests IMF for increase in its quota share; ready to buy $10 billion bonds

IndiaHighlighting the escalating economic importance of India in the world scenario, the Indian government has sought an increase in its International Monetary Fund (IMF) quota share, saying that it would put in nearly $10 billion to enhance the Fund's resources, corresponding to its existing share.

Recession takes toll on ‘wealthiest of the wealthy’; Lakshmi Mittal loses £23.5 billion

Lakshmi MittalCiting the 'Sunday Times Rich List,' the Daily Telegraph reports have it that the financial meltdown has taken its toll on even the 'wealthiest of the wealthy!' Going by the most-recent estimates, UK's wealthiest 1,000 people have had more than half their collective wealth obliterated due to the recession - the cumulative wealth figures, that stood at £412 billion in 2008, have plunged to almost £200 billion.