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Shares at Wall Street fell on worries about Dubai’s debt problems, with the Dow Jones ending down 154 points on Friday. It was the US markets’ first chance to react to news that state-owned Dubai World had asked for more time to repay its debts. American markets were closed for Thanksgiving when other world markets all suffered steep losses. Alex Gallafent reports. Download MP3(Photo credit: Karim Sahib/AFP/Getty Images)
The recession in the U.S. is technically over. Gross Domestic Product, or GDP, grew at a rate of 3.5% in the last three months ending in September. But there’s a growing cadre of economists and other economy-watchers who say GDP has outlived its usefulness as a gauge of economic health. The World’s Jason Margolis has more. Download MP3
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World leaders are gathered in Pittsburgh, PA this week for the G20 Summit. They are trying to sort out the world’s economic problems – monetary and fiscal policies, capital requirements, and financial regulations. It can be confusing stuff. The World’s Jason Margolis went to Pittsburgh trying to make sense of it by looking at only one product: a bottle of beer. Download MP3Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.
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In September 2008, Lehman Brothers filed for the largest bankruptcy in U.S. history, sending the already unstable markets into a serious tailspin. One year later unemployment levels across the globe are high: in Europe the number of jobless in the eurozone hit a 10-year high in July, while the Federal Reserve warned that U.S. unemployment could rise above 10%. On Labor Day we’re taking a closer look at the job markets around the world. (photo: AP) Download MP3 Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.
Before the collapse of Lehman Brothers, the financial services firm was the proud owner of a multi-million dollar art collection. Part of this collection will now be auctioned off by Freeman Auctioneers of Philadelphia. The BBC’s Lawrence Pollard took a look at the impact of the financial downturn on the fine arts. Download MP3
The new U.S. unemployment figures came out this week. The good news: The rate of job losses is slowing. The bad news: Unemployment is at a 26-year high.
It’s not just Americans who are feeling the pain. In parts of Europe, unemployment is well above 10 percent. This is forcing some people to look for jobs thought unimaginable just a few months ago.
The World’s Gerry Hadden reports from Spain, where newly unemployed workers are competing with immigrant labourers for seasonal jobs on the nation’s farms. Listen
