JasmineNews - Sri Lanka News To Your Mobile Phone » International Business

Eurozone unemployment hits new record

CA-(JNW) — Tue, 31 Jan 2012 12:21:29 +0000

Unemployment in the eurozone hit a record high at the end of last year, the Eurostat agency has said.

The jobless rate in the 17 countries that use the single currency was 10.4% in December, unchanged from November’s figure which was revised up from 10.3%.

Some 16.5 million people were out of work in the eurozone in December, up 751,000 on the year before.

The highest unemployment rate remains in Spain (22.9%), while the lowest is in Austria (4.1%).

Unemployment has been rising throughout 2011, as the debt crisis in the region has continued. In December 2010, the unemployment rate in the euro area was 10%.

(BBC)

IMF issues austerity cuts warning

CA-(JNW) — Sun, 29 Jan 2012 12:50:53 +0000

Inappropriate spending cuts could “strangle” growth prospects, the head of the IMF has warned. Austerity programmes must be tailored to each economy, Christine Lagarde said, and not be “across the board”.

The International Monetary Fund has been one of those stressing the need for countries to cut their debts, but some fear this could hit growth.

The correct response to the eurozone debt crisis has been a major debate at World Economic Forum in Davos.

“We are not suggesting there should be fiscal consolidation across the board,” Ms Lagarde stressed.

“Some countries have to go full-speed ahead to do this fiscal consolidation, but other countries have space and room. They should explore what to do… in order to help themselves.

“It has to be tailor-made.”

One of those expressing concerns about the possible implications of fiscal consolidation at the gathering at the Swiss ski resort was US Treasury Secretary Tim Geithner.

He told the annual meeting of political and business leaders on Friday that there was a risk of a recessionary “cycle” from austerity measures.

(BBC)

Spain’s unemployment total passes 5 million

CA-(JNW) — Sat, 28 Jan 2012 05:39:27 +0000

Spain’s unemployment figure passed the five million mark in the last quarter of 2011, official figures show. The National Statistics Institute said 5.3 million people were out of work at the end of December, up from 4.9 million in the third quarter.

The rate rose from 21.5% in the third quarter to 22.8% – the highest rate in nearly 17 years.

Spain already has the highest jobless rate in the 17-nation eurozone and is expected to slide back into recession.

The 22.8% rate is more than twice the average unemployment rate of the eurozone, which stood at 10.3% in November, according to data released earlier this month.

(BBC)

Samsung in year end sales boost

CA-(JNW) — Fri, 27 Jan 2012 01:45:09 +0000

South Korea’s Samsung Electronics has announced a 17% rise in profits in the last three months of 2011, as smartphone sales boosted earnings. Net profit for the quarter was 4 trillion won ($3.6bn; £2.3bn), up from 3.42tn won in the same period the previous year, Samsung said.

However, for the whole of 2011 net income was down 15% compared with 2010.

Samsung’s parent group is planning $42bn (£26.8bn) in capital investment this year.

(BBC)

IMF warns over risk of Iran oil price shock

CA-(JNW) — Wed, 25 Jan 2012 16:07:46 +0000

The International Monetary Fund (IMF) has warned of a 20-30% oil price spike if Iranian exports are disrupted. The IMF warned that if the West imposed financial sanctions on Iran, it would be tantamount to an oil blockade, and the shock to the market could be as bad as from Libya’s revolution last year.

Iran produces 5% of global oil output.

Moreover, if Iran goes ahead with a threat to blockade oil exports via the Straits of Hormuz in the Gulf, the IMF said the shock could be even greater.

About a quarter of all oil produced globally, and some 40% of all oil exports – including those from Iraq, Kuwait and Saudi Arabia – are shipped through the Straits each year.

“A blockade of the Strait of Hormuz would constitute, and be perceived by markets to presage, sharply heightened global geopolitical tension involving a much larger and unprecedented disruption,” the Fund said in a regular note to the Group of 20 leading industrialised countries.

(BBC)

Samsung unveils ‘future-proof’ TV

CA-(JNW) — Tue, 10 Jan 2012 03:27:24 +0000

A “smart” internet-connected television that has the ability to have its hardware upgraded every year has been unveiled by Samsung. The device has a slot at which allows new kit to be added to boost processing performance and add new features.

The innovation may help reassure shoppers concerned about their screen becoming outdated.

The move is aimed at helping the South Korean tech giant retain its lead as the world’s best-selling TV maker.

(BBC)

EU moves to ban Iran crude oil

CA-(JNW) — Thu, 05 Jan 2012 05:24:38 +0000

EU member states have agreed in principle to ban imports of Iranian crude oil to put pressure on the country over its nuclear programme. The move is expected to be announced formally at an EU foreign ministers’ meeting at the end of January.

The US, which recently imposed fresh sanctions on Iran, welcomed the news.

Iran has dismissed the threat of new sanctions and denies Western claims that it is trying to develop a nuclear weapons programme.

Iran has also denied that a record low of its currency this week was linked to punitive US measures against its banks.

Oil prices on international markets rose on news of the EU agreement.

(BBC)

Europe leaders warn of grim 2012

CA-(JNW) — Mon, 02 Jan 2012 03:41:40 +0000

European leaders have warned of a difficult year ahead, as many economists predict recession in 2012. German Chancellor Angela Merkel said Europe was experiencing its “most severe test in decades” but that Europe was growing closer in the debt crisis.

France’s President Sarkozy said the crisis was not finished, while Italy’s president called for more sacrifices.

Growth in Europe has stalled as the debt crisis has forced governments to slash spending.

(BBC)

Boeing wins U.S. missile defense contract

CA-(JNW) — Sat, 31 Dec 2011 03:15:51 +0000

Boeing Co beat out Lockheed Martin to retain its position as the prime contractor for the U.S. long-range missile shield, the Pentagon said.

The U.S. Defense Department said it was awarding Boeing a $3.48 billion, seven-year contract to develop, test, engineer and manufacture missile defense systems.

A team led by Lockheed Martin Corp and Raytheon Co had vied with Boeing to expand and maintain the Ground-based Midcourse Defense, or GMD, hub of layered antimissile protection.

Boeing partnered with Northrop Grumman Corp to retain the work.

(Reuters)

Obama in tax victory over House

CA-(JNW) — Sat, 24 Dec 2011 03:26:43 +0000

The US Congress has approved a short-term renewal of a payroll tax cut, a day after House Republicans caved in to overwhelming pressure on the issue. The bill extends the tax cut as well as unemployment insurance for two months.

Lawmakers held voice votes on the deal, requiring only a few members to be present.

A joint conference committee will work on a year-long deal after the holiday recess. Mr Obama signed the bill before leaving for Hawaii for the holidays.

In a statement at the White House, he urged Congress to work on a longer extension to the package “without drama, without delay” in the new year.

(BBC)