Spain is cutting 27bn euros from its budget in 2012 as part of one of its harshest austerity initiatives in history, the country’s government has announced. Changes are to include freezing salaries for public sector workers, and lowering departmental budgets by 16.9%. Spain’s Deputy Prime Minister, Soraya Saenz de Santamaria, said the country was in [...]
During today’s general strike in Spain, which was organised to protest against the Spanish government’s labour market reforms, demonstrators have clashed with members of the police. The nation’s government is set to reveal measures tomorrow which have the aim of both saving billions of euros, and making it simpler for businesses to sack their workers. [...]
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The Republic of Ireland dropped back into recession during the final three months of 2011, the latest official figures have revealed. The nation’s economy shrank 0.2% between the months of October and December last year, after it contracted by 1.1% during 2011’s third quarter. Recent data from the Central Statistics Office indicated that the weak [...]
Posted in Economy, Featured Post Tags: central statistics office, Economy, final three months, global economy, Ireland, irish economy, October, Year No Comments »
The chief of the IMF (International Monetary Fund), Christine Lagarde, has said that China needs to prevent its economy from being overly dependent on investment and exports. Lagarde has also said that the Yuan, the Chinese currency, may become a global reserve currency, if the Chinese government introduced market-oriented changes. Ms Lagarde’s comments came as [...]
The Australian economy expanded by less than was predicted in the final quarter of 2011, it has recently been announced. Gross domestic product (GDP) increased by 0.4% in the three months to December’s end in comparison with the previous three months of 2011. The latest economic growth figures, announced by the Australian Bureau of Statistics, [...]
Brazil has become the sixth-largest economy in the world, the nation’s finance minister has announced. Finance Minister Guido Mantega has also said that the country’s economy is now worth $2.5tn – it grew by 2.7% in 2011, according to official figures. A number of economic forecasters have also said that Brazil has overtaken the UK [...]
Talks last week between the government of Nigeria and trade union leaders in the African nation, over the axing of fuel subsidies, have failed to result in a compromise. Planned strikes by oil workers meanwhile, which were scheduled for Sunday, were also suspended by Nigeria’s trade unions, to allow for further talks with officials. The [...]
US-based ratings agency Fitch has followed the two other big credit ratings agencies, Standard & Poor’s (Public, NYSE:MHP) and Moody’s (Public, NYSE:MCO), in lowering the credit rating of Hungary to junk status. The ratings agency moved Hungary’s rating down from BBB- to BB+. Fitch put its decision to make the cut down to “unorthodox policies” [...]
International stock markets finished a tough and wild year today. The FTSE 100 of the UK went down by 5.6% through the course of 2011, while markets in France fell by 18% over the year, and German stocks dropped by 15% through the period. US stocks however, saw an overall increase over the last 12 [...]
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Today’s economic news has included revised growth figures for the US and UK economies being released, and news of austerity measures being passed in Italy. In America, the economy grew at a slower rate than formerly believed during the three months up to September’s end. Updated figures, released by the US Commerce Department, reveal that [...]
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