Global Financial Crisis – International

MANILA, Philippines – There is no recovery in sight yet for the world airline industry as the International Air Transport Association (IATA) revised its financial outlook for 2010 to an expected $5.6 billion global net loss, larger than the previously forecast loss of $3.8 billion.

WASHINGTON (AP) — Further evidence that manufacturers are helping the US economy slowly recover emerged Tuesday in a report that industrial production rose a better-than-expected 0.8 percent in November.

DUBAI, United Arab Emirates (AP) — Oil-rich Abu Dhabi pumped $10 billion into its indebted neighbor Monday, sending stocks soaring while sparing Dubai and the rest of the Emirates federation the humiliation of an imminent default by one of the struggling Arab boomtown’s star companies.

GENEVA (ILO News) – An “early exit” from support measures adopted in response to the global economic crisis could postpone a jobs recovery for years and render the fledgling economic upturn “fragile and incomplete”, a new report by the research arm of the International Labour Organization (ILO) says.

MANILA, Philippines – The outlook for overseas employment opportunities in 2010 is bleak with international labor markets virtually closed because most economies are still hurting from the onslaught of the global financial crisis.

WASHINGTON DC, United States—The global economy that was headed for an abyss at the start of 2009 now appears in recovery, but remains fragile and scarred by the worst crisis in decades.

LONDON: The world’s equity, commodity and exchange markets bounced back in 2009 after a vertiginous plunge, but analysts warn 2010 may be full of danger, with doubts over the rhythm and vigor of the recovery.

WASHINGTON (AP) – Just in time for Christmas, the fragile economic recovery is showing signs of strengthening: Consumers are spending, companies are rebuilding stockpiles and Chinese exports are mounting a comeback.

ABU DHABI—When you arrive at this oil-rich nation’s swanky airports, look up at the massive glass skyscrapers and walk into luxury hotels, you won’t be mistaken if you think Filipino hands helped make all this progress possible.

WASHINGTON (Reuters) – Treasury Secretary Timothy Geithner on Wednesday extended the government’s $700 billion financial bailout fund to October next year, saying the economy still faced “significant challenges.”

LONDON (AFP) – Ratings agency Moody’s warned on Tuesday of a “fiscal crisis” lasting “several years” in Britain, France, Germany and the United States, but saw no immediate threat to their top AAA credit assessments.

President Barack Obama laid out a slate of job-creating ideas in a speech at the Brookings Institution Tuesday – a sort of “stimulus lite” — but carefully avoided saying how much the new plans would cost.

MANILA, Philippines – The National Economic and Development Authority has allayed fears that a full-blown financial crisis could occur in Dubai and displace Filipino workers.

DUBAI, United Arab Emirates—Construction worker Bilal is in a happy mood as he takes his lunch break sitting next to an artificial lake near Dubai’s showpiece Mall of the Emirates. But he admits anxiety about the end of his contract in one year’s time, when the 24-year-old may have to return to Bangladesh.

WASHINGTON, D.C.: You have to be mighty isolated not to know someone who has been laid off, was forced into early retirement or—just entering the labor market—can’t find a job. Unemployment of 10.2 percent is still below the post-World War II peak of 10.8 percent of late 1982, but by other measures, the job situation…

WASHINGTON (AP) — The recovery gained traction in the late fall as Americans spent a bit more and factories bumped up production. It marked the Federal Reserve’s most upbeat assessment of the US economy since it tumbled into recession two years ago.

MANILA, Philippines – The Department of Labor and Employment (DOLE) yesterday ruled out the possibility of mass displacement of Filipino workers in the United Arab Emirates (UAE) despite the prevailing Dubai debt crisis.

Analysts forecast cut in remittances MANILA, Philippines – A brewing debt crisis in Dubai has raised a specter of gloom on the Philippines, where many households have been relying on petrodollars sent home by a large pool of overseas workers in the Middle East.

MANILA – The Philippines is watching 3 key areas that may take a hit from the ongoing Dubai debt crisis: volume of remittances, foreign exchange rates, and the cost of foreign borrowings sourced from global bond market. The 3 indicates the Philippines’ possible areas of vulnerability when a global economic or financial event ensues.

MANILA, Philippines – Total residential real estate and auto loans continued to post double-digit growth rates in the first nine months of the year despite a slower economic growth brought about by the global economic crisis.

SINGAPORE – Going on holiday is back on the cards again despite the recession, with a global survey showing one in 5 people plan to travel overseas, even if it’s largely within their region.

CALIFORNIA, United States—The unemployment rate in the United States rose to 10.2 percent last month, the highest recorded since April 2003. There are now 15.7 million unemployed based on a US Department of Labor report.

DUBAI, United Arab Emirates (AP) – For years, Dubai seemed unstoppable, an oasis of excess boasting indoor ski slopes and manmade islands, the world’s tallest tower and dreams that reached even higher.

HONG KONG (AP) — The fallout from Dubai’s debt crisis rippled across the globe Friday, raising concerns of another wave of financial turmoil and showing how vulnerable the world economy remains despite signs of recovery.

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FRANKFURT (AP) — Although it is too early to say the crisis is over, it is time to withdraw some of the policy measures that supported the financial system through the credit crunch, the European Central Bank president Jean-Claude Trichet said.

SINGAPORE (AP) — Asia’s airline industry is beginning to pull out of a severe slump sparked by the global recession with signs that passenger numbers have started to recover, a regional body said.

The Organisation for Economic Co-operation and Development (OECD) says growth and recovery are expected in 2010 in just about all world regions. For its 30 member countries, rich nations including the US and UK, it has more than doubled its growth forecast to 1.9% for next year, from 0.7%.

L’AQUILA, Italy (AP) — Lasting worldwide recovery “is still a ways off,” President Barack Obama declared Friday, but he also said at the conclusion of a global summit that a disastrous economic collapse apparently has been averted.