German Businesses More Optimistic
A survey gauging confidence amongst German businesses indicates that optimism is rising after falling to the lowest levels in twenty years last month. The survey conducted by the Ifo Research Institute jumped to 83.7 points in April, up from 82.2 points scored in March. More
Unemployment in Spain Climbs to 17.4%
March unemployment figures jumped to 17.4 percent in March with the Bank of Spain predicting that unemployment could reach 19.4 percent next year. In the past year alone, unemployment has doubled with more than two million people losing their jobs since January forcing the total number of those looking for work to more than four million. More
Pound Falls on Fears Over British Economy
The pound continued to lose against the dollar today on fears that the UK economy will continue to worsen.
“The U.K. economy is going to deteriorate far more rapidly than the market was expecting,†said Ian Stannard, a currency strategist in London at BNP Paribas SA. “Sterling is under pressure from the events of last week and negative news over the weekend.†More
General Motors to Cut 21,000 Jobs
General Motors Corp. announced this morning that it will cut 21,000 jobs by the end of next year bringing its total workforce down to 40,000. GM also revealed that it will close its Pontiac division and will concentrate on just four product lines – Chevrolet, Cadillac, Buick, and GMC. More
