SKYEUROPE FILES FOR BANKRUPTCY Thousands of passengers of Slovak airline FlyEurope were stranded Tuesday, company spokesman Ronald Schranz said, after the budget carrier stopped its flights and filed for bankruptcy on the previous day. Citing "lack of sufficient interim funding to finance ongoing operations," SkyEurope announced late Monday that it had stopped its flight services. The decision to end operations was made ... Read More

EU EXPERIENCING INCREASE IN UNEMPLOYMENT European unemployment rose in July, data released Tuesday showed, despite signs that the recession was starting to loosen its grip on the region's economy. Unemployment in the 16-member eurozone hit a more-than 10-year high in July, Europe's statistics office Eurostat reported. The numbers of the out of work in the broader 27-member European Union (EU) edged up to 9.0 per cent in July, compared with 8.9 per cent in June. EU unemployment came in at 7.0 per ... Read More

UNITED STATES SHOWING SOME IMPROVEMENT. US stocks closed lower Tuesday, extending a decline amid investors' about financial shares despite signs the economy is improving. Concerns that bank losses will continue pushed down financial shares led by American International Group (AIG), which lost 21 per cent to 36 dollars per share. The blue-chip Dow Jones Industrial Average slipped 185.68 points, or 2 per cent, to 9,310.60. The technology- heavy Nasdaq Composite Index dropped 40.17 points, or 2 per cent, ... Read More

SINGAPORE ECONOMIC SLUMP SLOWER THAN MOST Singapore analysts expected the city-state’s economy to shrink 3.6 per cent in 2009, a survey by the central bank said on Wednesday, less than the government forecast of a 4- to 6-per-cent contraction. In the second quarter, the economy rebounded as GDP soared 20.7 per cent compared with the previous quarter, mainly because of strong gains in biomedical manufacturing. In 2008, Singapore’s economy grew 1.1 per cent. Read More

AUSTRIA BEATS GLOBAL GLOOM AND DOOM. Australia’s Government handouts and mineral exports to China have kept Australia out of recession, officials in Canberra said Wednesday. The economy grew 0.6 per cent in the June quarter, making it the only advanced economy not to experience contraction this year. Stimulus packages costing 42 billion Australian dollars have taken the budget deeply into deficit and generated fears of not just higher interest rates but ... Read More

WORLD TRADE TALKS TO BE REVIVED. India is set to host a meeting of the world's trade ministers which aims to revive the stalled Doha round of trade negotiations, officials said Wednesday. Trade ministers from over 35 countries were gathering in the national capital New Delhi for the two-day informal talks beginning Thursday, the Indian commerce ministry said. The Doha Development Round of the World Trade Organization (WTO) was launched in 2001 but has been stalled by disagreements between established economies and ... Read More

WORLD BANK LOOKING AT CHINA FOR ENCOURAGEMENT China's efforts to stabilize its economy were paying off and helping to promote a recovery from the global financial crisis, World Bank President Robert Zoellick said on Wednesday. Zoellick praised China's "decisive action" to help stabilize its economy and its persistence in trying to expand domestic demand as exports have fallen. Fuelled by the government's 4-trillion-yuan (590 billion dollars) spending package, China had achieved an initial rebound in economic growth that was driven mainly by domestic ... Read More

. EU DECIDE TO CUT BANKER BONUSES. The European Union's finance ministers said Wednesday they had reached an agreement on the need to curb bankers' bonuses that would place the bloc in a strong negotiating position at this month's Group of 20 meetings in London and Pittsburgh. But ministers, meeting informally in Brussels, conceded that the details of their proposals still needed to be worked out, and that Britain remained sceptical about plans that could weaken the City of London. "We have a strong ... Read More

EUROPE ON ROAD TO ECONOMIC RECOVERY While the European Union (EU)'s statistics office Eurostat confirmed a preliminary estimate that the 16-member eurozone contracted by just 0.1 per cent in the second quarter, it revised marginally upwards the gross domestic product figures for the broader 27-member EU. Instead of contracting by 0.3 per cent, Eurostat said that the EU economy slumped by 0.2 per cent in the three months ... Read More

Another American Credit Union hit’s the dust. The Kaiser Lakeside Credit Union has been closed. If anyone who reads this has any stock in this company you may want to get out now before its too late if it isn’t’ already. With Kaiser Lakeside there was approximately 3,500 members and $24 million in assets. After the closure DFI( the California Department of Financial Institutions). The liquidation of ... Read More