Reuters reports on a recent event in Moscow, where depositors are demanding to be able to withdraw money from their deposit accounts.

Over the last few months there have been dramatic changes to the world as we knew it a year ago. The price of a barrel of oil slid below $40 after a high of $147 in July last year. In Russia this has had profound effects, taking into account that the bulk of Russia’s income is provided... Read More

A recent article in the Washington Post reminds us of the real estate market and how hard it is being hit. On the one hand due to countless companies downsizing or simply going out of business throughout the US, office space is being emptied

: “Nationwide, more than 19 millio... Read More

The New York Times reports on growing tensions between two of the world’s biggest trade partners: China and the USA. The article exposes how:

“… heightened tensions between China and the United States may worsen a contraction in world trade that already th... Read More

As the global economic crisis takes its toll on countries around the globe. as well as their automakers, banks, construction and property firms, the latest victim of the economic crisis is world trade.

Last month the World Bank predicted a two percent decrease this year - the larg... Read More

According to the International Labour Organization, in its annual Global Employment Trends report (GET) global unemployment in 2009 could increase over 2007 by a range of 18 million to 30 million workers, and more than 50 million if the situation continues to deteriorate.

T... Read More

The World Economic Forum held in Davos, Switzerland from the 28th January until Sunday 1st February saw a lot of talking the talk.

Although there is a general consensus that: “leaders must continue to develop a swift and coordinated policy response to the most serious... Read More

The UK Children’s and Schools secretary Ed Balls, has warned that the world is facing its worst recession in over a century, surpassing even the Great Depression of the 1930s.

This is the darkest prediction yet made by a government minisiter, stating that the recession today ... Read More

The Swiss banking giant, UBS posted the worst fiscal year loss ever at a whopping $17 billion (13 billion Euros) and announced a reduction of their workforce by 1,600 employees.

The French gross domestic product (GDP) shrank by 1.2 per cent in the fourth quarter of 2008 according to French Finance Minister Christine Lagarde.

The Finance Minister also warned that 2009 would see another contraction of over 1 per cent.

Q4 figures on the French economy

H... Read More

Air France-KLM Group (AF:FP) reports Q3 results that prove impact of global economic slowdown. Operating loss for the third quarter 2008 were at 194 million euros. The company also announced a cost cutting measure of eliminating as many as 2,000 jobs or 3 per cent of the total workforce.

This past week hasn’t been filled with optimism for Swiss banks or Swizterland as a nation. Tuesday saw UBS posting biggest loss in Swiss corporate history to date and just a day later Credit Suisse Group announced a full-year 2008 net loss of CHF 8.2 billion or $7.1 billion.

Daimler AG, the world’s second largest maker of luxury cars announced a fourth quarter net loss of 1.53 billion euros ($1.93 billion), or 1.61 euros a share, compared with net income of 1.7 billion euros, or 1.70 euros, a year earlier.

Saab, the Swedish automaker, filed for reorganization on Friday, a form of bankruptcy protection, as it was cut loose by General Motors as a result of GM’s restructuring plan efforts.

Latvia’s government resigned Friday after weeks of chaos due to the country’s economic collapse. President Valdis Zatlers said he had accepted the resignation of Prime Minister Ivars Godmanis and his administration. Zatlers said he would begin talks with party leaders Monday to find a... Read More

Germany’s parliament approved a record breaking stimulus package of 50 billion Euros on Friday in order to lift the economy out of its worst recession since World War II.

More than 100,000 people have demonstrated in Dublin, Ireland’s capital on Sunday, against the government’s way of dealing with the economic crisis.

The financial crisis is going global and businesses which just managed to get by before the crisis are now coming down. Reports like the one found on Times Online today about bankruptcies in Britain is just one example of one nation being affected by the global crisis.

The ... Read More

GM, the world’s largest automaker is going through some very serious times. As reported by Freep.com, General Motors “revelaed a dire financial outlook Friday that has the company teetering on the edge of bankruptcy.” Sales have dropped to a 25 year low!

W... Read More

I just read an interesting article on the Nashua Telegraph, titled: “Don’t blame the union for Big Three crisis” which at first seems rather interesting since it talks about the sources and origins of the big problem

the biggest three automakers in the U.S. are fa... Read More

The world’s largest mining company, BHP Billiton Ltd. announces 6,000 jobs to be cut amidst turmoil in coping with dropping demand.

I have read many articles recently that try to play off the bright side about Asia regarding the global crisis. Many reporters claim that Asia (which experienced a financial crisis only 10 years ago), is not so susceptible to the current financial crisis going around the globe. An article... Read More

The financial crisis is spreading around the globe like a wildfire, the TimesOnline reports of recent events in Seoul, South Korea. “Economists told local media that… the country was vulnerable to economy-led trauma, adding that a significant drop in GDP growth would “invite a surge... Read More

Forbes.com reports on China’s new plan to aid Hong Kond in the crisis: “China on Friday unveiled 14 measures of support to help Hong Kong overcome the global financial crisis that has driven its economy into a deepening recession, Chinese media said.” Interestingly enough this... Read More