http://www.xorte.com Xorte - the latest EU and international business, finance and economic news, commodity market news, stock market news, currency market news, real time foreign currency rates. eng GDP declined by 0.2% in both the euro area (EA15) and the EU27 during the third quarter of 2008, compared with the previous quarter, according to second estimates from Eurostat, the Statistical Office of the European Communities. In the second quarter of 2008, growth rates were -0.2% in the euro area and 0.0% in the EU27. http://www.europe.xorte.com/3,0,Euro-Area-and-EU27-GDP-Down-by-0-2-in-the-Third-Quarter-of-2008,8126.html 2009-01-08 The euro area (EA15) seasonally-adjusted unemployment rate was 7.8% in November 2008, compared with 7.7% in October. It was 7.2% in November 2007. The EU27 unemployment rate was 7.2% in November 2008, compared with 7.1% in October. It was 6.9% in November 2007. http://www.europe.xorte.com/3,0,Euro-Area-Unemployment-up-to-7-8-in-November-2008,8125.html 2009-01-08 A large scale economic recovery package is needed to create jobs quickly, provide relief for workers and families, help states facing severe budget shortfalls, and invest in innovation and emerging industries, a bipartisan panel of economic experts and scientists told lawmakers on Capitol Hill. Economists warned that, unless comprehensive action is taken, the economy will shed another 3 million jobs in 2009, real Gross Domestic Product could drop by $750 billion, and the unemployment rate will top 10 percent. http://www.usa.xorte.com/4,0,Without-Large-Scale-Recovery-Package-Economy-Could-Shut-Down-Economists-Tell-Lawmakers,8123.html 2009-01-08 In 2007, China’s total expenditures on science and technology continued to maintain a rapid growth. The expenditures of research and development funds have increased steadily, the input intensity reached the highest level in the history; S&T funds allocated by national finance was further consolidated, which achieved the highest level in nearly a decade in national financial expenditures. http://www.asia.xorte.com/5,0,China-National-Expenditures-on-Science-and-Technology-in-2007,8122.html 2009-01-08 Many Asian countries will need to reform their pension systems in order to deliver sustainable and adequate retirement incomes for today’s workers, according to a new OECD report. http://www.asia.xorte.com/5,0,Asian-Countries-Should-Reform-Their-Pension-Systems-says-OECD,8121.html 2009-01-08 Larger vehicles continued to see increases in views across AutoTrader.com as gas prices fell to around $1.60 nationally. The new Ford F-150 led the way with the most overall views of any new vehicle on AutoTrader.com during the month of December, enjoying an increase of 23.03% from December 2007. http://www.usa.xorte.com/4,0,Consumer-Interest-in-Larger-Autos-Continues-to-Rise-as-Gas-Prices-Fall,8120.html 2009-01-08 Fitch Ratings said that there is a trend towards much larger European securitisation transaction sizes as European banks continue to access European Central Bank and Bank of England repo funding. Fitch estimates that the average European structured finance transaction size in 2008 (excluding CDOs) was EUR2.6 billion in 2008, compared to EUR 1.7 billion in 2007, an increase of some 52%. http://www.europe.xorte.com/3,0,Fitch-European-Banks-Delve-Deep-for-Assets-to-Securitise,8117.html 2009-01-08 While some long-term trends look favorable for the life insurance industry, short-term challenges will occupy the attention of senior management for the next two to three years due to the impact of the financial crisis, according to a new report by Conning Research and Consulting, Inc. http://www.usa.xorte.com/4,0,Life-Insurance-Industry-Forecast-Financial-Crisis-Will-Impact-Industry-Results-Through-2010,8114.html 2009-01-08 With manufacturers facing a global recession and the outlook for 2009 looking dim, companies are desperately looking for cash protection, often combined with severe cost cutting initiatives, to survive in these tough economic times. It is a challenging and daunting task requiring top executives to have greater transparency into the company's operations and use of capital. http://www.world.xorte.com/6,0,Deloitte-Says-Improving-Finance-and-Business-Capabilities-Can-Lift-Performance-in-Tough-Economic-Times,8112.html 2009-01-08 Monthly job demand drops below 4 million for 1st time since summer 2006, reflecting widespread deterioration across the nation. Online job demand is 780,000 below December 2007 levels. U.S. labor market conditions remain quite gloomy for first half of 2009. http://www.usa.xorte.com/4,0,The-Conference-Board-Reports-Online-Job-Demand-Drops-507-000-in-December-2008,8111.html 2009-01-08 The quest for cash to jumpstart the ailing U.S. economy could be alleviated if congress would revisit the 2004 successful economic stimulus measure that enabled U.S. businesses to invest $360 billion of foreign earnings at a temporary, reduced tax rate of 5.25%. http://www.usa.xorte.com/4,0,Congress-Should-Stimulate-Economy-With-500-Billion-in-Private-Investment-By-Temporarily-Reducing-U-S-Business-Taxes-on-Foreign-Earnings,8110.html 2009-01-08 Despite the high number of December layoffs, and increasing rates of unemployment across the country, employees have a surprisingly high level of confidence relating to their own jobs and compensation in the next six to 12 months, according to a year-end survey of 1,331 employed adults conducted by Harris Interactive on behalf of Glassdoor.com. http://www.usa.xorte.com/4,0,Employees-Believe-Lay-Offs-More-Likely-to-Happen-to-Coworkers,8109.html 2009-01-08 2008 has been a historic year for the Energy & Power industry as it began with very high commodity prices which threatened to delay several large energy & power projects because of material shortfalls. http://www.world.xorte.com/6,0,Energy-Efficiency-Continues-to-Gain-Prominence-Across-End-User-Sectors,8107.html 2009-01-08 Even with slower hiring predicted for 2009, 19 percent of workers say finding a new job is on their list of New Year's resolutions and the same amount say they actually plan to leave their current job before the end of the year, according to CareerBuilder.com's latest survey. http://www.usa.xorte.com/4,0,One-in-Five-Workers-Plan-to-Change-Jobs-in-2009,8108.html 2009-01-08 U.S. consumer credit quality measures worsened last month as credit card chargeoffs rose and cardholder payment rates slowed dramatically, according to the latest Credit Card Index results from Fitch Ratings. http://www.usa.xorte.com/4,0,Fitch-U-S-Credit-Card-Defaults-Rise-Payments-Slow-as-Consumers-Tighten-Purse-Strings,8118.html 2009-01-08