A look at economic developments and activity in major stock markets around the world Thursday:
DUBLIN – Ireland confirmed that it remains mired in recession. Its second-quarter GDP figure slid 1.2 percent versus the previous quarter, surprising economists who had expected a 0.5 percent increase.
DUBLIN – Investors sold off Irish and Portuguese bonds, driving the borrowing costs of both countries to euro-era records and reinforcing worries about the heavy debts some European governments are carrying.
Analysts say Ireland, in particular, faces a high-pressure few weeks ahead as its government must convince international investors that it won’t have to tap an emergency EU-IMF fund and won’t keep sinking billions more into its most debt-crippled bank.
PARIS – Tens of thousands of French workers took to the streets for the second day of nationwide strikes this month to protest President Nicolas Sarkozy’s plan to raise the retirement age to 62. Union walkouts crippled planes, trains and schools across the country.
The strikes are seen as a test for the conservative Sarkozy and are being watched elsewhere in Europe. Governments are struggling to rein in costs with unpopular austerity measures after the Greek debt crisis.
BERLIN – The European Union’s financial and monetary affairs commissioner, Ollie Rehn, told a conference he didn’t envisage that any debt-crippled member of the 16-nation euro zone would default on loans.
LONDON – In Europe, stocks fell but recovered some of their losses by the end of the trading day amid worries about the economic recovery, a drop in European business sentiment and concern about Ireland’s ability to deal with its debt crisis.
The FTSE 100 index of leading British shares closed down 0.1 percent, Germany’s DAX fell 0.4 percent and the CAC-40 in France was off 0.7 percent.
MADRID – Spain’s government reached a deal with a small opposition party that will help it pass a 2011 budget that is key to getting the deficit down, reassuring markets worried over the country’s finances and its survival in power.
ATHENS, Greece – More than 1,000 public service contract workers demonstrated outside Greece’s parliament and Supreme Court in the latest protest against a labor shake-up in the crisis-hit country.
BUCHAREST, Romania – Hundreds of Romanians protested in Bucharest against wage cuts and austerity measures.
TOKYO – Trading in Asia was subdued as many of the major markets including Japan, China, Hong Kong and South Korea were closed for holidays.
Among markets open in Asia, Australia’s benchmark stock index closed up 0.2 percent. Key indices in Thailand and the Philippines posted gains, while those in New Zealand, India and Malaysia declined.
DUBAI, United Arab Emirates – The struggling government developer responsible for Dubai’s manmade islands hopes to complete its multibillion-dollar debt restructuring by year’s end, the company’s CEO said.
A successful resolution would bring a further measure of closure to Dubai’s financial crisis. The developer, Nakheel, is the main property arm of the debt-laden government conglomerate Dubai World, which earlier this month announced it had nearly completed its own $24.9 billion debt restructuring.
BRASILIA, Brazil – Brazilian officials said unemployment in Latin America’s biggest nation has reached the lowest level in eight years. The August jobless rate dropped to 6.7 percent from 6.9 percent in July.
CAIRO – Egypt’s prime minister predicted that the country’s economy could grow by six percent in the current fiscal year.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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A look at economic developments around the globe

A look at economic developments and activity in major stock markets around the world Thursday:
DUBLIN – Ireland confirmed that it remains mired in recession. Its second-quarter GDP figure slid 1.2 percent versus the previous quarter, surprising economists who had expected a 0.5 percent increase.
DUBLIN – Investors sold off Irish and Portuguese bonds, driving the borrowing costs of both countries to euro-era records and reinforcing worries about the heavy debts some European governments are carrying.
Analysts say Ireland, in particular, faces a high-pressure few weeks ahead as its government must convince international investors that it won’t have to tap an emergency EU-IMF fund and won’t keep sinking billions more into its most debt-crippled bank.
PARIS – Tens of thousands of French workers took to the streets for the second day of nationwide strikes this month to protest President Nicolas Sarkozy’s plan to raise the retirement age to 62. Union walkouts crippled planes, trains and schools across the country.
The strikes are seen as a test for the conservative Sarkozy and are being watched elsewhere in Europe. Governments are struggling to rein in costs with unpopular austerity measures after the Greek debt crisis.
BERLIN – The European Union’s financial and monetary affairs commissioner, Ollie Rehn, told a conference he didn’t envisage that any debt-crippled member of the 16-nation euro zone would default on loans.
LONDON – In Europe, stocks fell but recovered some of their losses by the end of the trading day amid worries about the economic recovery, a drop in European business sentiment and concern about Ireland’s ability to deal with its debt crisis.
The FTSE 100 index of leading British shares closed down 0.1 percent, Germany’s DAX fell 0.4 percent and the CAC-40 in France was off 0.7 percent.
MADRID – Spain’s government reached a deal with a small opposition party that will help it pass a 2011 budget that is key to getting the deficit down, reassuring markets worried over the country’s finances and its survival in power.
ATHENS, Greece – More than 1,000 public service contract workers demonstrated outside Greece’s parliament and Supreme Court in the latest protest against a labor shake-up in the crisis-hit country.
BUCHAREST, Romania – Hundreds of Romanians protested in Bucharest against wage cuts and austerity measures.
TOKYO – Trading in Asia was subdued as many of the major markets including Japan, China, Hong Kong and South Korea were closed for holidays.
Among markets open in Asia, Australia’s benchmark stock index closed up 0.2 percent. Key indices in Thailand and the Philippines posted gains, while those in New Zealand, India and Malaysia declined.
DUBAI, United Arab Emirates – The struggling government developer responsible for Dubai’s manmade islands hopes to complete its multibillion-dollar debt restructuring by year’s end, the company’s CEO said.
A successful resolution would bring a further measure of closure to Dubai’s financial crisis. The developer, Nakheel, is the main property arm of the debt-laden government conglomerate Dubai World, which earlier this month announced it had nearly completed its own $24.9 billion debt restructuring.
BRASILIA, Brazil – Brazilian officials said unemployment in Latin America’s biggest nation has reached the lowest level in eight years. The August jobless rate dropped to 6.7 percent from 6.9 percent in July.
CAIRO – Egypt’s prime minister predicted that the country’s economy could grow by six percent in the current fiscal year.
Copyright 2010 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
NBA Team Valuations How The Music Business Changed Me The Netflix And The Blockbuster, By Lewis Carroll Bharat Desai: The Billionaire Yogi

Read the article on Forbes

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