Global recession making world more violent: Study
LONDON: The economic downturn has made the world more violent and unstable in the last year, according to a study yesterday that ranked New Zealand as the most peaceful country and Iraq the least. The impact of high food and fuel prices in early 2008 and the deepening recession later in the year eroded peace, according to the Global Peace Index, compiled by a unit of The Economist magazine group.
Economic weakening has increased political instability, demonstrations and crime in some countries, according to the study, which is online at www.visionofhumanity.org/gpi/home.php. "Rapidly rising unemployment, pay freezes and falls in the value of house prices, savings and pensions is causing popular resentment in many countries, with political repercussions," the report says.
Iceland, the most peaceful nation last year, fell to fourth place after violent protests over its economic meltdown. "There is avery, very strong correlation between peace and wealth," Steve Killelea, founder of the Global Peace Index, told Reuters. "Peace is a leading indicator on economic prosperity.
Monday, June 8, 2009
Dubai's ENOC eyes 'modest premium' for Dragon Oil
LONDON: Dubai state-owned Emirates National Oil Company (ENOC) said it only planned to pay a "modest premium" to secure control of London-listed Dragon Oil, knocking Dragon's shares and prompting accusations of opportunism. Dragon, in which ENOC already owns 52 percent, according to Reuters data, said on Thursday it had received a takeover approach from an unnamed party.ENOC said yesterday it was behind the approach.
"It (ENOC) is currently considering an offer price that would represent a modest premium to Dragon Oil plc's closing share price as of 3 June 2009," ENOC said in a statement.Dragon's London-listed shares closed at 3.38 pounds on June 3, suggesting the Dubai state company was planning to pay $1.1-1.5 billion to buy out its minority partners.
LONDON: Dubai state-owned Emirates National Oil Company (ENOC) said it only planned to pay a "modest premium" to secure control of London-listed Dragon Oil, knocking Dragon's shares and prompting accusations of opportunism. Dragon, in which ENOC already owns 52 percent, according to Reuters data, said on Thursday it had received a takeover approach from an unnamed party.ENOC said yesterday it was behind the approach.
"It (ENOC) is currently considering an offer price that would represent a modest premium to Dragon Oil plc's closing share price as of 3 June 2009," ENOC said in a statement.Dragon's London-listed shares closed at 3.38 pounds on June 3, suggesting the Dubai state company was planning to pay $1.1-1.5 billion to buy out its minority partners.
Second wave of economic crisis threatens Russia
SAINT PETERSBURG: Russian President Dmitry Medvedev warned yesterday that it was "too early to open the champagne" to fete an economic recovery, at a forum dominated by gloomy admissions on the crisis.
Medvedev's own finance minister said at the Saint Petersburg Economic Forum that a second crisis wave was "unavoidable" in Russia owing to bad loans and that the worst still was not over for the country. "Recently there has been a certain livening that has given reason to believe that the economic crisis has passed and the period of recovery has started," Medvedev told the meeting, Russia's premier economic event.
But in my opinion it's too early to crack open the champagne. It's not in vain that one economist remarked that the financial crisis is a long-living plant," he added.
SAINT PETERSBURG: Russian President Dmitry Medvedev warned yesterday that it was "too early to open the champagne" to fete an economic recovery, at a forum dominated by gloomy admissions on the crisis.
Medvedev's own finance minister said at the Saint Petersburg Economic Forum that a second crisis wave was "unavoidable" in Russia owing to bad loans and that the worst still was not over for the country. "Recently there has been a certain livening that has given reason to believe that the economic crisis has passed and the period of recovery has started," Medvedev told the meeting, Russia's premier economic event.
But in my opinion it's too early to crack open the champagne. It's not in vain that one economist remarked that the financial crisis is a long-living plant," he added.
US jobless rate 9.4% in May; layoffs slow
WASHINGTON: With companies in no mood to hire, the unemployment rate jumped to 9.4 percent in May, the highest in more than 25 years. But the pace of layoffs eased, with employers cutting 345,000 jobs, the fewest since September. The much smaller-than-expected reduction in payroll jobs, reported by the Labor Department yesterday, adds to evidence that the recession is loosening its hold on the country. It marked the fourth straight month that the pace of layoffs slowed.
Still, the increase in the nation's unemployment rate from 8.9 percent in April underscores the difficulties that America's 14.5 million unemployed are having in finding new jobs. Economists had expected the rate to hit 9.2 percent last month.
If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.4 percent in May, the highest on records dating to 1994. Even with layoffs slowing, companies will be reluctant to hire until they feel certain that economic conditions are improving and that any recovery will last.
WASHINGTON: With companies in no mood to hire, the unemployment rate jumped to 9.4 percent in May, the highest in more than 25 years. But the pace of layoffs eased, with employers cutting 345,000 jobs, the fewest since September. The much smaller-than-expected reduction in payroll jobs, reported by the Labor Department yesterday, adds to evidence that the recession is loosening its hold on the country. It marked the fourth straight month that the pace of layoffs slowed.
Still, the increase in the nation's unemployment rate from 8.9 percent in April underscores the difficulties that America's 14.5 million unemployed are having in finding new jobs. Economists had expected the rate to hit 9.2 percent last month.
If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.4 percent in May, the highest on records dating to 1994. Even with layoffs slowing, companies will be reluctant to hire until they feel certain that economic conditions are improving and that any recovery will last.
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