IMF adopts irrigationplan during a flood Aug 25, 2009
The world remains in dire need for the reform of the international payments system that would safeguard economic and financial stability: reducing the impact of destabilizing economic shocks originating in other countries, encouraging countries to adopt stabilizing policies, promoting exchange rate stability, establishing symmetry (that is affording no currency a special reserve position such as the dollar) and justice among countries, and controlling inflation ... Reform should also explore... (Asia Times Online)
Africa: Continent And the Global Crisis - Time to Throw Away Neo-Liberalism [editorial] Aug 22, 2009
Consequently, it should be recognised that crises will adversely impact on women and other marginalised groups who are often less equipped to deal with economic shocks. At the same time, the multiple and simultaneous crises have brought to the fore the fragilities inherent in Africa's economies and their subordination within the international economic order. (allAfrica.com)
Castro to U.S.: communist Cuba will not change Aug 2, 2009
The combined economic shocks cut income from exports and forced the government to spend more on imports of food and other items, which has depleted the country's cash. As a result, Castro said, "We've been forced to renegotiate debts, payments and other commitments with foreign entities.". (The Star Online, Malaysia -- News)
Home price declines slow Jul 29, 2009
Home price declines continue to slow. Article:Home price declines continue to slow:/c/a/2009/07/28/BU9A190BAI.DTL Article:Home price declines continue to slow:/c/a/2009/07/28/BU9A190BAI.DTL advertisement. (San Francisco Chronicle -- Business)
Editorial: Sliver of good news on jobs no sign (July 23) Jul 23, 2009
We ve been fond of saying that Benton County s reliance on the public sector buys us some insulation from larger economic shocks; in reality, that layer of insulation is thinner than we think. (It s been telling, by the way, to see both Democrats and Republicans trying to do post-mortems on the recent legislative session in terms of job creation: Democrats, who control the Legislature, say that their actions will create thousands of new jobs. (Corvallis Gazette Times, OR)
Bank of Japan Will Consider Length of Each New Credit Policy Individually Jul 21, 2009
The risk of further financial and economic shocks is clearly still high, said , chief economist at Capital Economics Ltd. in London. If conditions do continue to improve, demand for emergency facilities should fall away of its own accord, or the bank could simply withdraw them. (Bloomberg -- Japan)
Africa: The State is Back, Announces Unctad Jul 18, 2009
LDCs' per capita income is lower than 905 dollars per year; they have poor health, nutrition and literacy rates; and are particularly vulnerable to natural and economic shocks. With a population of 843 million and a high proportion of youngsters, the main challenge for these countries is to create productive employment. (allAfrica.com)
New optimism for tourism business Jul 16, 2009
Scottish Secretary Jim Murphy said: "After the economic shocks and storms of the recession, it would be too much to say one economic swallow makes a summer. "However, today's report at least holds some cautious signs of the resilience of our economy and our ability to adapt to meet the many challenges we face. "Any sign, however tentative, that confidence is returning to the business sector should be welcomed as it will play a big part in our ability to rebound from recession.". (BBC News -- UK)
Urban poor and hungry burgeoning unnoticed Jul 14, 2009
The urban poor in Africa are more exposed to economic shocks - as the food price crisis in 2008 demonstrated - particularly in countries importing most of their food requirements ... Improved safety-net systems to help cope with food insecurity and economic shocks are likely to become more important as the urban population increases. (AlertNet)
Franken Declared Winner Jul 2, 2009
We ve had the great economic shocks of last fall, and we ve seen unemployment climbing month after month after month. It is now at some 9. (Human Events Online)
Georgia Power seeks to boost sagging profits Jul 1, 2009
It said short of additional extreme economic shocks, however, it would file its next base rate case on July 1, 2010. The accounting change stands to benefit the utility s investors and allow it to borrow at better rates. (Atlanta Journal-Constitution)
Alcohol blamed for half of 90s Russian deaths Jun 26, 2009
Social and economic shocks of Soviet collapse decimated population ... The scientist argued that the social and economic shocks of the late 1980s and 1990s drove people to drink. (MSNBC -- International)
Full economic recovery expected in 2013 Jun 25, 2009
The Central Valley is an economic disaster area, but most of its economic shocks are cyclical in nature rather than permanent changes such as closed military bases, the news release said. Other findings of the report include. (San Jose Business Journal, CA)
Press Release: Statement by the IMF Managing Director Dominique Strauss-Kahn at the Conclusion of his Visit to the Kyrgyz Republic Jun 19, 2009
I was impressed by a strong determination on the part of both authorities and the public to overcome the challenges caused by the external economic shocks, including contraction in Kazakhstan and Russia, key trading partners and the main sources of remittances. The continued commitment of the Kyrgyz people to carry out economic reforms is a very important element of the country s success on the path to prosperity and economic stability. (IMF News)
World airline losses to exceed $2.5bn Jun 4, 2009
"Government protection has made air transport vulnerable to economic shocks. Today's crisis should send a strong message to governments that we must modernise the rules of the game," Bisignani added. More than 700 industry leaders would gather in Kuala Lumpur in June for IATA's annual meeting and a world air transport conference to discuss plans to speed up recovery for the sector, he said. (Business Report, South Africa)
City Hit By Underwater Homes May 24, 2009
"Homeowners in negative equity are more vulnerable to economic shocks -- loss of job, financial shock at the household level -- and less able to navigate those shocks.". According to an analysis of NYC real estate prices done for The Post by Zillow. (New York Post -- Business)
Public Information Notice: IMF Executive Board Concludes 2009 Article IV Consultation with Togo May 13, 2009
Directors welcomed the authorities prudent policy response to last year s economic shocks and their intention to continue to focus on targeted measures to mitigate the social impact of shocks and on supporting agricultural production, especially of food. They encouraged the authorities to maintain fiscal discipline in the run-up to 2010 elections. (IMF News)
Brokerage insurance firm ailing May 8, 2009
SIPC officials, who for years have said the fund could withstand the most severe economic shocks, now acknowledge that it is in danger of dropping far below adequate levels. As a result, they have dramatically raised insurance rates on brokerage firms, increasing the annual fee from $150 to 0. (Boston Globe)
Two-thirds of listed companies unhealthy: Lincoln May 5, 2009
A further 47% were characterised as marginal, with an unsatisfactory exposure to risk leading to a questionable ability to deal with economic shocks. Lincoln's latest research, released on Tuesday, covers the six months to December 31. (Sydney Morning Herald -- Business)
Arizona's 2009 job loss likely to be 10 times more than expected May 1, 2009
The forecast does not take into account potential economic shocks linked to swine flu in the event it becomes a pandemic. Lee McPheters, director of the JPMorgan Chase Economic Outlook Center at Arizona State University, said that if the flu situation endured for weeks or months and escalated to panic, it would have a serious impact. (AZCentral -- Business)
What a Real Pandemic Would Cost the World Apr 29, 2009
The integrated nature of the global economy means that international finance offers little resistance to the economic shocks that accompany pandemics. Even with a relatively small number of cases and deaths, the global cost of a modern epidemic is large and not limited to the countries directly affected. (Slate)
Development Planner cautions African governments Apr 20, 2009
He said the form of development in Africa and Ghana in particular which had become the measuring rod as to which leader had been able to bag enough money and projects from the West only exposed the country to the least of Western economic shocks and was unacceptable in the realm of sustainable development. Mr Azongo called on African countries to desist from being treated as an appendage of Western economies and begin to assert themselves, to demonstrate a capacity to address their own economic... (Ghana Web, Ghana)
Some essential figures Apr 18, 2009
Furthermore, changes in employment commonly lag behind economic shocks. Bank Negara in its recent annual report indicates that the countrys unemployment rate this year is expected to rise to 4. (The Star Online, Malaysia -- Business)
Last of the big spenders Apr 18, 2009
The torrent of cash that China has unleashed may not be enough to stem the global recession but it is already cushioning the Asian region from the economic shocks still reverberating out of Europe and North America. "It is probably the largest stimulus package in human history," says Professor Huang Yiping, professor of economics at the Australian National University and Peking University. (Sydney Morning Herald -- Business)
France's president: Super-Sarkozy falls to earth Apr 17, 2009
France responds badly to economic shocks, he argues, partly because of a lack of civic institutions below the state. That helps to explain why direct action is so popular, and why protests become radical more quickly than in other countries. (The Economist)
Transform economies to mitigate pain of global economic crisis Apr 7, 2009
So, she said, African countries needed to cushion themselves from future economic shocks by diversifying their economies. Basing her proposal on Zambia's dependence on copper, and the country's boom and bust experiences with the metal, she said diversifying sources of growth was a more certain way to sustainable development. (Ghana Web, Ghana)
Africa seeks shelter from global meltdown Mar 30, 2009
Similar measures certainly helped spur economic growth across the continent but it also left African countries more vulnerable to fickle foreign cash and global economic shocks. Regulations on foreigners' activities in Nigeria were much stricter under the military regimes that ruled until civilian leaders took over in 1999, said Bismarck Rewane, head of the Nigeria-based Financial Derivatives Co. Ltd.. (San Francisco Chronicle -- Politics)
Reviving the shadow banking system Mar 29, 2009
Sitting in his office at Miami's Esserman Nissan, the second-largest Nissan dealership in the United States, Simon Robles is at the epicentre of all the major economic shocks battering the country. The Florida real estate market is about as bad as it gets, with two cities in the top 10 in the United States last year for foreclosure rates, and Miami home prices are down 45 per cent in the past year. (Globe and Mail)
INSIDE EUROPE: Peg or float? No easy answers for Eastern Europe Mar 10, 2009
Conventional wisdom suggests that countries are better off with floating exchange rates in times of crisis to enable them to adjust less painfully to economic shocks. Yet Brussels has strongly discouraged the Baltic states from dropping their currency pegs, despite market pressure and slumps in gross domestic product. (International Herald Tribune -- Business)
Clean tech confab warns on warming Feb 27, 2009
But again and again at the two-day conference, people cited obstacles to moving as fast as they think the world needs to move to halt environmental degradation and economic shocks. The recession has tightened capital for startups, which supply much of the world's innovation in clean tech, and global funding by venture capitalists is expected to decline further this year. (San Francisco Chronicle)
Massmart expects uptick in retail sales from second half Feb 27, 2009
Sales in the retail sector were expected to deteriorate this year, Massmart said yesterday, but the discount retail group foresaw "some improvement" in the second half, barring any further economic shocks. Retailers and analysts are debating whether lower interest rates and fuel prices will induce consumers to spend more or use their greater disposable income to reduce debt. (Business Report, South Africa)
Press Release: Statement by an IMF Staff Mission to Togo Feb 26, 2009
These economic shocks pushed inflation up at mid-year, although it was falling back down by the end of the year. Fiscal performance was strong, with higher than expected revenue collection, although much-needed investment spending fell short of targets due to administrative capacity limitations. (IMF News)
Short-sellers place their bets ag... Feb 24, 2009
Concern about the impact of economic shocks on big insurers has grown since late last year, despite their persistent attempts to reassure the market. The Financial Services Authority, the regulator, has renewed its scrutiny of the capital buffers held by insurers to safeguard their investments if markets go against them. (New York Post -- Business)
Russian Spenders Guard Money as Crisis Evokes Memories of 1998 `Nightmare' Feb 23, 2009
Its just that weve lived through so many economic shocks were used to them by now. . (Bloomberg)
Gold prices likely to dip Feb 22, 2009
He said, as gold is recession proof and absorbs all macro economic shocks it is likely to trade at Rs 16,200 per 10 grams level in the domestic market this week. At the NYMEX, gold may hover around $ 1,032 an ounce level, he added. (India Times, India -- Intl Business)
T-shirt sends the wrong message Feb 21, 2009
Not exactly a diplomatic incident, but with Indonesia's garment industry reeling as economic shocks sweep the globe, this telling example of market globalisation sounded a slightly jarring note to begin talks this week on what has often proved a difficult relationship for Australia. Not that the Prime Minister would cast it that way. (Sydney Morning Herald -- World)
Paul Krugman: What will stop the pain? Feb 21, 2009
But my eye was caught by the following chilling passage (Yes, things are so bad that the summarized musings of central bankers can keep you up at night): "All participants anticipated that unemployment would remain substantially above its longer-run sustainable rate at the end of 2011, even absent further economic shocks; a few indicated that more than five to six years would be needed for the economy to converge to a longer-run path characterized by sustainable rates of output growth and... (International Herald Tribune)
Namibian Industries Meet to Discuss Crisis Feb 20, 2009
Mberirua raised the NCCI's concern that the economy is too reliant on extractive resources, making it vulnerable to economic shocks. The meeting, convened by Trade Minister Hage Geingob, was attended by members of the public and private sectors and civil society. (allAfrica.com)
Fed: Unemployment may hit 8.8%; Bernanke to do 'everything possible' Feb 19, 2009
Everyone said they expected the unemployment rate would remain elevated through at least the end of 2011, "even absent further economic shocks," the minutes of the meeting said. FED MINUTES. (USA Today -- Money)
Forget the Axis of Evil. Watch Out for Somalia, Russia, and Mexico. Feb 19, 2009
The second factor was economic volatility: The greater the magnitude of economic shocks, the more likely conflict was. And the third factor was empires in decline: When structures of imperial rule crumbled, battles for political power were most bloody. (Slate)
Fed sees deepening economic pain this year Feb 19, 2009
Fed officials anticipated that unemployment would remain substantially higher than normal at the end of 2011 even absent further economic shocks. . (MSNBC -- Business)
Fed downgrades U.S. economic forecast for 2009 Feb 19, 2009
Fed officials predicted that unemployment would remain "substantially" higher than normal at the end of 2011 "even absent further economic shocks," according to the documents. On Wednesday, Fed Chairman Ben Bernanke vowed to take all possible actions to help jolt the nation's ailing economy. (Xinhuanet, China)
South Africa: Five Strategic Pillars Inform Manuel's 2009 Budget Feb 12, 2009
com: South Africa: Five Strategic Pillars Inform Manuel's 2009 Budget (Page 1 of 1). South Africa: Five Strategic Pillars Inform Manuel's 2009 Budget. (allAfrica.com)
Full text of Budget 2009 speech Feb 12, 2009
In 2008, South African producers were affected by a series of economic shocks including electricity shortages, rising input costs, higher interest rates and slowing demand. This led to a marked slowdown in consumer-oriented sectors and weak mining and manufacturing output. (Business Report, South Africa)
Ireland, Spain Most `Vulnerable' to Credit Rating Downgrades, Moody's Says Feb 12, 2009
Countries rated Aaa, which Moodys bases on factors such as government financial strength, balance sheet stability and capacity to absorb economic shocks, fall into three categories, according to the New York-based firm: Ireland and Spain are vulnerable, the U.S. and the U.K. resilient, and the rest, including Germany, Australia, and Canada, resistant. . (Bloomberg -- UK)
The Irish economy: Reykjavik-on-Liffey Feb 7, 2009
Morale has been dented by a succession of economic shocks. Last month Waterford Wedgwood, a maker of luxury glassware and china, went into receivership; and Dell, a computer maker, announced it was closing its manufacturing plant in Limerick, with the loss of 1,900 jobs, and moving to Poland. (The Economist)
