Business

Thousands of Romanian public sector workers gathered outside government headquarters in Bucharest on Wednesday to rally against the planned downsizing of the public sector. They protested planned pay cuts and growing job insecurity, as well as the so-called single wage bill, which will in effect freeze pay in the sector for an indefinite period. Threatening further protests, union leaders called on voters to boycott the November 22nd presidential elections. The government, meanwhile, faces a no-confidence vote next week. Bogdan Hossu, leader

Large clashes erupted in Istanbul, Turkey on Tuesday between protesters and security forces, near the annual meetings of the International Monetary Fund (IMF) and the World Bank. The protests came as the head of the IMF warned policymakers from 186 countries of social upheaval as the world economic crisis continues. Demonstrators — chanting against the World Bank and IMF — marched to Taksim Square, in the heart of Istanbul. The protests drew several thousand people — mostly leftists, anti-globalisation groups, liberal democrats and trade unio

George Papandreou, the new Greek prime minister, and his cabinet were sworn into office on Tuesday, after winning general elections held on Sunday. Papandreou, whose socialist PASOK party won the snap general elections, will also be foreign minister, a post he held from 1999 to 2004 in the cabinet of then Prime Minister Costas Simitis. A new position — deputy prime minister — has been introduced, going to Theodoros Pangalos, who served as foreign minister between 1996 and 1999. Louka Katseli will be economy minister. She was special economy

The 2009 Annual Meetings of the Boards of Governors of the World Bank Group and the IMF will be held in Istanbul, Turkey on October 6–7, 2009. The IMF and World Bank annual meetings which is held in every October with participation of finance ministers, central bankers, and other top economists of 186 member countries. These meetings are held outside Washington, D.C. in every three years. Turkey will host the meetings for a second time. It was the host country for the meetings in 1955. “All eyes will be on Istanbul,” said Murilo Portugal, De

Greece will vote in a general election this Sunday. The socialist opposition is ahead of the current conservative government in opinion polls. According to opinion polls, the Papandreou Panhellenic Socialist Movement (PASOK) appears to hold a lead over the conservative New Democracy (ND), which has been in power for five and a half years. Prime Minister Costas Karamanlis called in September for polls to be held early, due in part to a faltering economy and numerous scandals. The move was approved of by most Greeks, who say that a change of go

A Greek man was arrested at Jinnah International Airport in Karachi after he allegedly tried to smuggle a handgun hidden in his laptop onto an Airbus A330-200. Annkhus Sarzio was due to travel with his mother on Emirates flight EK 605, returning to his homeland in Athens, Greece via Dubai. When they tried to pass through airport security, scanning equipment detected a 9mm handgun concealed in the battery casing of Sarzio's laptop. Sarzio claims in preliminary investigations that he bought the handgun in Karachi. He says he is a businessman in

The United States continues to implement new trade barriers; the most recent tariffs emerged on Wednesday, targeting solar panels imported from China. The new tariff is a result of a query submitted in December 2008 by GES USA, an American solar company. The resultant inquiry sought to clarify tariffs levied on solar panels imported from China, imports which, for nearly two decades, were considered a duty-free commodity. In early January, U.S. Customs officials reportedly informed the company that the solar panels contained electronic devices

Companies in the United States are shedding more jobs, pushing the country's unemployment rate to a 26-year high of 9.8%. The US Labor Department said on Friday that employers cut 263,000 jobs in September, with companies in the service industries — including banks, restaurants and retailers — hit especially hard. This is the 21st consecutive month of job losses in the country. The United States has now lost 7.2 million jobs since the recession officially began in December 2007. The new data has sparked fears that unemployment could threaten

A crime scene police detective and a forensic biologist testified on Tuesday about bloody evidence entered into the court record, in the ongoing criminal trial against New York State Senator Hiram Monserrate. Monserrate faces charges of felony assault in an alleged attack on his girlfriend Karla Giraldo. The prosecution has asserted that when Monserrate discovered that his girlfriend had the business card of another man, he chose to strike out at her. Monserrate has entered a plea of not guilty to charges he sliced his girlfriend's face with b

Two powerful suicide attacks struck different areas of northwestern Pakistan on Saturday, apparently targeting the country's security forces. In the first attack, a bomber killed at least six people and wounded more than 60 others outside a police station in Bannu. Shortly thereafter, in Peshawar's commercial district, another attacker blew himself up outside a bank affiliated with the Pakistani army, killing ten people and wounding more than 70 others. Authorities in Bannu said the suicide bomber exploded a small truck full of explosives,

A petrol pump at a Tesco supermarket became extremely popular with local customers due to an underpricing error. The supermarket filling pump in the village of Milton near Cambridge, England, starting dispensing fuel for per litre (equivalent to US$2.64 per gallon (US) ) for six whole days. Because of the fault, this meant that customers would be paying £20 for 50 litres of fuel instead of the usual price, £54. Six days after the fault was first noticed by customers, a mechanic fixed the pump on Thursday. It wasn't until the Tesco staff hear

An emergency room doctor testified this week in the ongoing criminal trial against New York State Senator Hiram Monserrate. Monserrate faces charges of felony assault in an alleged attack on his girlfriend Karla Giraldo. The prosecution has asserted that when Monserrate discovered that his girlfriend had the business card of another man, he chose to strike out at her. Monserrate has entered a plea of not guilty to charges he sliced his girlfriend's face with broken glass during a conflict at their apartment in December 2008. The defense team d