Gulf Countries to Loose US$275 Billion , under Heavy Financial Constraints

Gulf States to Loose $275 Billion in Oil ExportsJNN 11 Nov 2015 Dubai : The crude exporting countries of the Gulf Cooperation Council (GCC) are expected to lose $275 billion in revenue this year due to falling oil prices, according to the Falling International Monetary Fund (IMF) chief Christine Lagarde. Continue reading

As the Greece jobless rate Hit 30%, Citizens bound to put Kids in Orphanages

Unemployement in GreeceJNN 24 June 2013 Athens : A report says that a large number of Greek children have been put in orphanages and care homes due to economic meltdown in the recession-hit country. As the Greece’s unemployment rate will climb to over 30 percent in 2014 as the European country is struggling with a crippling recession. Continue reading

Spain unemployment rate hits record high of 27.2%, No signs of even Improvement this Year

spain unemployment Hits record High of 27%JNN 29 April 2013 Madrid : Spain’s unemployment rate soared to a new record of 27.2% of the workforce in the first quarter of 2013, according to official figures.

The total number of unemployed people in Spain has now passed the six million figure, although the rate of the increase has slowed.

The figures underline Spain’s struggle to emerge from an economic crisis which began five years ago.

A big demonstration in Madrid is being planned against the austerity measures.

On Friday, Prime Minister Mariano Rajoy will unveil fiscal and policy measures aimed at halting recession in the eurozone’s fourth-largest economy.

“These figures are worse than expected and highlight the serious situation of the Spanish economy as well as the shocking decoupling between the real and the financial economy,” said Jose Luis Martinez, strategist at Citi.

Last week, the International Monetary Fund cut its 2013 forecast for Spain’s growth to a 1.6% contraction from 1.5% and said the unemployment rate would peak at 27% this year.

Peak reached?

The unemployment figure is the highest since at least 1976, the year after dictator Francisco Franco’s death began Spain’s transition to democracy.

The jobless rate, which stood at 7.9% in mid-2007, has risen relentlessly since the collapse in 2008 of a Spain’s labour-intensive property boom

Spain’s Official Population is around 47 Million which includes children and elders also who are not able to work , while about 6 Million of the Earning Members of the family are out of Work , which is a very alarming rate , as if this is not controlled , then the anarchy and chaos will grip the country badly , and as the Euro has exceeded its worth , and the Living expenses are so high , that it looks that it is now near to Impossible to create Jobs , until the salaries are cut and even very tough austerity measures are taken to control the situation , which is becoming uncontrollable .

On Wednesday, Mr Rajoy told parliament that the job situation for the entire year “will not be good, but it will be less bad than in the preceding years”.

“Next year we will have growth and jobs will be created in our country,” he said.

Meanwhile official figures in France also showed a fresh record high in unemployment. Some 3.2 million people are now seeking work in the eurozone’s second-largest economy.


US Austerity Measures Closes 149 Air Traffic Control Towers , 2300 Jobs Cut Planned by Boeing

US Closes Down 149 Air Traffic Control TowersJNN 27 Mar 2013 CHICAGO – The Signs of Bickering Capitalistic US Economy’s are visible now , as per the US Govt Austerity measures , 149 Air Traffic Control Towers will be Closed , Making those Airports Risky , While the Boeing Company has Planned to cut down about 2300 Jobs , In the scenario of few fresh orders , and Grounding of 787 Dream liner . Continue reading

Eurozone’s unemployment at record high amid debt crisis , Italian unemployment reached 13-year high in June

JNN 02 Aug 2012 Rome : The number of people unemployed across the 17 countries that share the euro currency has hit a record high in June, official figures show. While Italy has been Among the worst hit, the Italian youth have been hit hard as joblessness among the people aged 15 to 24 stood at 34.3 percent in June.  Continue reading

Euro zone unemployment hits record high

JNN 04 May 2012  LONDON — Record high unemployment for the 17 countries that use the euro is set to increase the pressure on Europe’s leaders to switch from a focus on austerity to a pro-growth strategy to stop the region from moving deeper into recession. Continue reading