Archive for November 12th, 2008

Economic gloom mounts ahead of finance crisis summit (AFP)

Construction workers are silhouetted at a construction site in Manila. The World Bank has announced a US$100 billion increase in aid for developing countries just three days before a crucial economic summit.(AFP/Jay Directo)AFP - Devastating profit results worldwide and more grim news on Wednesday that Germany and Britain are facing recession raised pressure on world leaders ahead of an economic crisis summit this weekend.

AFP

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UK steps up wooing of oil-rich Gulf states (AP)

AP - Britain stepped up its attempts to woo oil-rich Gulf states on Wednesday, with Business Secretary Peter Mandelson urging leaders in the region to bring investment here as a delegation of Saudi businessmen toured key British finance centers.

AP

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Britain likely in recession, risks deflation: Bank of England (AFP)

Clouds gather over London's Canary Wharf business district in east London. The Bank of England has said the economy is probably already in recession and faces a distant risk of deflation as the global financial crisis takes its toll.(AFP/File/Carl de Souza)AFP - The Bank of England said Wednesday the British economy was probably already in recession and faced a distant risk of deflation as a global financial crisis takes its toll.

AFP

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World stocks lower as economies, companies suffer (AP)

The doorman walks down the steps of 55 Wall Street, in New York's Financial District, Friday Nov. 7, 2008. Lower Manhattan has been cultivating a residential population for years in a district that once was all business, but some are wondering how the neighborhood will survive a financial meltdown that has wiped out tens of thousands of Wall Street jobs. (AP Photo/Richard Drew)AP - World stocks fell Wednesday, extending Tuesday's heavy losses as evidence mounted that the global financial crisis is hurting economies and company profits.

AP

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EU tells Iceland to resolve deposit disputes (AP)

AP - A top European Union official told Iceland on Wednesday it must settle disputes with EU nations over clients who lost money in Icelandic banks before it can have planned loans approved.

AP

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  • EU confirms huge loan to Hungary (AFP)