51 million jobs set to be lost as world growth reaches near standstill

Data released today shows that around 51 million jobs are at stake as the world will register only 0.5% growth in 2009, the worst rate since the end of World War II.

The International Labour Organisation said today that the global unemployment rate will shoot up to 7.1% with developing countries taking the hardest hit.  North Africa, the region irregular immigrants depart from to reach Europe, has the highest unemployment rate in the world – 10.3%.

Meanwhile, the International Monetary Fund announced that global economic growth will reach a halt growing by just 0.5%.  ‘A sustained economic recovery will not be possible until the financial sector’s functionality is restored and credit markets are unclogged’, said the IMF.

The United Kingdom, one of Malta’s major trading partners and a major source of its tourism industry, is expected to experience one of the deepest recessions when compared to other countries, the report says.

From my notary with love

Wills and Brits do not get on well with each other.

Seven in every ten British citizens die without making a will. This happens in a country where do-it-yourself wills are sold at £4.99.

This is bad for your personal finances, Ruth Jackson, author of the article, tells her readers.

It’s also a legal no-no as it will create legal problems in the long run.

Getting a will drawn up by a solicitor can cost between £100 and £400, argues Jackson. Now, with these prices, wills are also a win-win situation. Just multipl the cheapest amount quoted by 70% of the British population and you’ll understand why lawyers in Britain should be clamouring for more wills as jobs in the financial services dwindle.

Lest we never forget

We are all mediators, translators.  – Jacques Derrida

Today is the Holocaust Rememberance Day, known in Hebrew asYom HaShoah. The death of six million Jews is remembered today. But, above all, we should remember that the force of hatred can lead to cruelty of monstrous proportions. 

I have here a lullaby in Yiddish, the Hebrew that was spoken among German and Eastern European Jews, dedicated to all those children who died in the Holocaust. There are also two interviews with holocaust survivors:

Old (expensive) habits die hard

 

The new Dassault Falcon 7X which was purchased by Citi

Citi execs decided to give the American taxpayers a slap in the face as they announced that their company, which was bailed out by the US government with $45 billion, will buy a new plush private jet costing $50 million, the Huffington Post reports.

Now this is a case which exposes the crass ignorance of some executives who fail to assign value and meaning to their decisions. Stupid.

Job losses deepen Monday blues

Companies all over the world announced thousands of job losses today as a survey among US private sector companies suggests that the situation will only get worse.

Caterpillar, producer of heavy machinery such as bulldozers, announced that 20,000 of its employees will face the sack is it made more than a third less profit for the last three months of 2008.

Six thousand employees will be fired from electronics producer Philips.

In the UK steel maker Corus announced 2,500 job cuts while France is considering a stimulus plan to help airlines purchase planes that will in turn save Airbus.

All these job cuts are affecting both skilled and unskilled workers. This means that there are more unemployed individuals with tertiary education than before. Writing on the Wall Street Journal, Dawn Jordan, former vice president of operations at Bank of America writes:

I know my education will be key in landing my next job, but it didn’t prevent me from losing my last one. And it doesn’t carry any guarantees about the job after that. Given the growing number of intelligent, experienced workers being laid off everyday, I can’t help but wonder, what besides education and experience is needed to increase job security in today’s workplace?

Meanwhile UK Prime Minister Gordon Brown called for a new world order after the crisis. This is already happening with Kuwaiti firm Noor Financial Investments forming ventures with Russian gas giant Gazprom

Journalists revolt against costly impartiality

 

Protesters gathered in front of the BBC Building in London, photo from The Guardian

 

 

Staff at the BBC is protesting against the corporation’s decision not to show an appeal by a group of organisation for humanitarian aid to be sent to Gaza, MediaGuardian.co.uk reports.

The BBC is facing a growing revolt from its own journalists over its decision not to broadcast the Gaza humanitarian aid appeal, with sources reporting “widespread disgust” within its newsrooms, writes Leigh Holmwood.

In a statement released last night and quoted by The Guardian, the BBC said that the appeal meant to be aired as from today does not satisfy the requirements of impartiality at the corporation as it fails to provide for aid to be distributed among both sides of the conflict. “Whilst our records show that DEC stated in principle the aid could be applied to a wider area, they clearly indicated that the situation with Israel was unlikely to need the help of the appeal and in practice the request was solely for Gaza.”, said the statement.

This move has sparked protests in the UK.

DEC is an umbrella organisation grouping some 13 UK charities. ‘At times of overseas emergency, the DEC brings together a unique alliance of the UK’s aid, corporate, public and broadcasting sectors to rally the nation’s compassion, and ensure that funds raised go to DEC agencies best placed to deliver effective and timely relief to people most in need’, states its web site. The organisation had raised funds for humanitarian aid in the Congo by means of clips as this:

I’m back

I took a 48-hour break from blogging in order to unwind from exam pressure (?!) and think a bit about my future. But now, I’m back.

Before I give you the latest updates I would like to thank you all for your interest and support. The blog has registered nearly 1,600 views in its first two weeks of existence. I think this shows that there’s demand for simple and concise information on financial news.

As part of my ‘celebrations’ upon the accomplishment of this milestone I shall soon be posting a survey asking you questions on which direction you would like this blog to take. I also intend to involve you more in the sourcing of news. I consult more thtan 100 financial news sources on a daily basis but I still believe that you are the best source there can ever be. Any ideas on how you would like to participate are welcome.

Till next update..

Facebook is out-of-bounds for Obama’s aides

Obama’s staff are not allowed to use Facebook or any instant messaging software, reports the Los Angeles Times.

This is not the latest in a series of executive orders issued by President Obama, but the legacy left by the Bush administration which had imposed strict beaurocratic rules on the use of social networking sites and the internet. 

‘Hard adjustments for a staff that helped sweep Obama to power through, among other things, relentless online social networking’, comments Anne E. Kornblut from the Los Angeles Times.

“It is kind of like going from an Xbox to an Atari,” Obama spokesman Bill Burton said of his new digs in comments to the same journalist. 

Would you work in a place where online interaction is strictly controlled?

Baxter’s profits are higher than expected

 

Baxter's factory in Malta

Baxter International, the world’s biggest maker of blood-disease treatments which is also based in Malta, beat analysts’ expectations yesterday after it posted profits of $569 million for the last three months of 2008, up from $478 million posted in the same period the year before.

“Baxter is not playing defense, but rather investing heavily [in capital improvements and research and development] to fund future growth,” a source quoted by the Chicago Sun-Times says.

This is yet another case where investment in innovation and constant improvement pays off.

Cows are stronger than Brown: They can survive recession

As Gordon Brown announces the UK is following the US in recession, saying it was caused by ‘complete market failure’, data shows that cattle ranching is experiencing double-digit growth in the US.

So, if you’re looking for a job and you’re worried the British financial services sector will shrink over the coming two years, why not try work on a cattle ranch, where growth and peace of mind are guaranteed.