China to surpass Japan to become second largest economy
The Chinese economy is likely to overtop the Japanese economy and become the second largest in the
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Russia raises minimum vodka prices
The Russian government has raised the minimum price for vodka in an effort to combat alcoholism. The new minimum price for a half liter of vodka is now 89 roubles (US$2.94, €2.05), nearly double what it was before the…
900 oil refinery workers fired after strike at Lindsey
Total S.A., a French oil company has fired 900 contract workers at Lindsey Oil Refinery in North Killingholme, North Lincolnshire, England in response to a wildcat strike which took place at the facility this week.…
Darling announces UK budget for 2009
The United Kingdom Chancellor of the Exchequer, Alistair Darling, yesterday announced the 2009 budget. The budget is an annual audit of the nation's finances, and decides what should be done with taxpayers'
Pennsylvania lost 41,000 jobs in February, a 13-year high
Pennsylvania lost 41,000 jobs in February, the largest one-month span of job loss in the state in more than 13 years. According to media reports, about 1 in every 140 Pennsylvania jobs were lost in February, marking the…
Fed chairman Bernanke says US recession 'may last into 2010'
Federal Reserve Chairman Ben Bernanke said that the current economic recession in the United States "may last into 2010." The Chairman also predicted that unemployment would remain at relatively high levels until
Global economy could lose up to 51 million jobs this year, says UN agency
The International Labor Organization (ILO), a branch of the United Nations concerned with labor and workers' rights issues, issued a report Wednesday explaining how the global economic crisis could create a global…
US Senate committee investigates credit card practices
On Tuesday, the United States Senate Committee on Homeland Security and Governmental Affairs's Permanent Subcommittee on Investigations held a hearing titled "Credit Card Practices: Unfair Interest Rate Increases." The…
Queues form outside struggling UK bank; calm urged
Nervous savers have re-formed queues this morning outside many branches of Northern Rock, after the £2.68 billion bank took an emergency loan from the Bank of England, the UK central
Bank of England raises interest rates
In a move widely viewed as surprising, the Bank of England raised UK interest rates from 5% to 5.25%, the highest in five years. In a press release the Bank stated that "an increase in Bank Rate of 0.25 percentage…
