The Bank of Ireland was hit hard when the property bubble burst
The Irish Republic’s largest bank has unveiled huge losses and said it needs to raise 2.7bn euros ($3.6bn; £2bn) to see it through the recession.
Bank of Ireland (BoI) will raise the new… more...
Spain has the highest jobless rate in the eurozone
The unemployment rate across the 16-nation eurozone hit 10% in February, the first time it has reached double figures since the euro was introduced.
The jobless figures, from the Eurostat agency, showed large variations between nations in the eurozone… more...
The UK economy emerged from recession in the fourth quarter of last year at a faster pace than previously estimated, official figures have shown.
Data from the Office for National Statistics said the economy grew 0.4% between October and December in 2009.
This was faster than the previous estimate of 0.3% growth during the quarter.
The ONS said the upward revision was due to higher output… more...
Increasing exports had been boosting factory output prior to February
Japan’s factory output has fallen for the first time in a year, providing further evidence of the country’s fragile economic recovery.
Industrial production fell by 0.9% in February, following strong growth in January, official figures showed… more...
President Fernandez has promised to clear Argentina
Court rulings in Argentina have cleared the way for controversial government plans to use central bank reserves for servicing the country’s debt.
The rulings overturn opposition efforts to stop President Cristina Fernandez de Kirchner from using $6.6bn (£4bn).
Argentina has… more...
Oil is trading at more than $82 a barrel
China’s demand for oil jumped by an “astonishing” 28% in January compared with the same month a year earlier, the International Energy Agency (IEA) says.
The body added that demand for oil in 2010 would be underpinned by rising… more...
The proposal aims to reduce US dependence on foreign oil
US President Barack Obama is set to announce plans to open huge offshore areas on the US coastline to oil and natural gas drilling.
The move will end a long-standing ban on such drilling along the… more...
NEW YORK (CNNMoney.com) — Fewer people are leaving on a jet plane: In 2009, U.S. passenger traffic fell by more than 5%, mostly in response to the recession.
The number of domestic and international passengers on U.S. airlines declined 5.3% in 2009 compared to the year before, the Bureau of Statistics reported on Monday.
International airlines experienced a 4.8% decline in the number of passengers on flights to… more...
In the United States, new production from once hard-to-tap shale rock is booming in places like Texas, Louisiana and the Northeast. There are also plans to construct a mammoth gas pipeline through Canada to bring Alaskan North Slope gas to market.
In Australia and Qatar, liquefied natural gas terminals have started supplying fast-growing Asian countries, and more are under construction.
In Africa, rich natural gas deposits off the… more...
There has been a great deal of public anger directed towards the UK
The UK government has provided nearly £1 trillion of support to the banking sector since the onset of the financial crisis.
That is more than half the entire annual economic… more...