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Public archive edition · Attributed source reporting with original dates · AI drafts are excluded

Business

Business, markets and the economy. Latest reviewed reporting

Business

New 'failed states index' report published

In an annual report by the US-based Fund for Peace published in Foreign Policy magazine, Somalia is this year's most "failed state" on a list of 177 countries, determined by factors such as its human rights record, security, and economy. Among the factors contributing to the report's ranking of Somalia include heavy ongoing violence, no stable government for nearly two decades, and the world's third-largest refugee community. In second place was Chad, followed by Sudan, Zimbabwe, and the Democratic Republic of Congo. Seven of the top ten slot

Source: Wikinews

Business

Eight injured after train derails in Argyll, Scotland

An investigation is currently under way in Argyll, Scotland, following a derailment on the Glasgow – Oban railway. The incident took place at 2100 BST (2000 UTC) on Sunday, close to the Falls of Cruachan station. According to reports, both carriages of the derailed unit had also caught fire. At the location of the incident, the railway line is on an embankment above a local roadway, and the lead car came to rest overhanging this road. All passengers have been successfully evacuated, with eight being taken to hospital with "serious but not l

Business

China says North Korea border patrol killed three Chinese

The government of China has made a rare public protest over allegations that the North Korean border patrol shot three Chinese nationals dead and injured a fourth near the Chinese town of Dandong last week. Qin Gang, a spokesman for the Chinese foreign ministry reported that the government of China has formally complained to North Korea, despite the two countries' normally amicable relationship. Qin says that the men were shot "on suspicion of crossing the border for trade activities", and that "China attaches great importance to that and has

Business

Apple sells two million iPads in two months

Apple announced Monday that it has sold over two million iPads, just two months after the device began shipping in the US and only days after its international launch. Apple shares rose 2.9 percent (US$7.41) to US$264.29 Tuesday afternoon. Market analysts also upped price targets and sales estimates in response to the announcement. Shares for AT&T, who provides data plans for the iPad, also rose yesterday. Prior to the iPad's April 3 launch, many analysts had speculated about the viability and marketability of the device. However, iPad sales

Business

Second round of Bonn UN Climate Change negotiations continue

The 2010 United Nations Climate Change Conference (COP 16) negotiations continued this week in Bonn, Germany. The 4,500 attendees include government delegates from 182 governments, representatives from business and industry, environmental organizations and research institutions. COP 16 is scheduled to take place November 29 – December 10, 2010 in Cancún, Mexico. Luis Alfonso de Alba, Mexico's special representative for climate change, told Reuters, "Mexico does not want to raise false expectations but we certainly are ambitious". He criticis

Business

Attack occurs in Stavropol, Russia; at least six dead

A radio-controlled bomb exploded in the city center in the southern Russian city of Stavropol earlier today, killing at least six and injuring more than 40, according to initial reports. The explosion occurred at 18.45 Moscow time (UTC 14.45) in front of the Stavropol Trade-Union Sport and Culture Palace, where many people gathered, the Stavropolye State TV Company reports. A performance by Chechen dance ensemble "Vainakh" was about to begin in the Palace. Security officials haven't dismissed a possible connection between the concert and the

Business

Oil spill in Alaska closes 800 miles of pipeline

800 miles of the Trans-Alaska Pipeline System were closed down following a spill of thousands of barrels of crude oil south of Fairbanks, Alaska. A power failure following a routine fire-command system test caused relief valves to open and crude oil overflowed near the Fort Greely pump station 9. The valves opening allowed a pressure release for the system and oil flowed on a pad to a tank that can hold 55,000 barrels (2.3 million gallons). As of Wednesday afternoon, the tank vents were still leaking probably from thermal expansion inside the

Business

California governor Schwarzenegger presents new budget plan

California governor Arnold Schwarzenegger unveiled a new budget plan for California on Friday, claiming that the Californian economy faces growth and budget problems like eurozone countries such as Greece and Ireland. Schwarzenegger said in a Sacramento press conference that California must cut spending to US$12.4 billion. To achieve this goal, the governor proposed cutting the CalWorks welfare system; however, state lawmakers quickly rejected this. Schwarzenegger said cutting the state welfare system for low-income families would save the st

Business

KKE: Interview with the Greek Communist Party

Wikinews reporter Iain Macdonald has performed an interview with Dr Isabella Margara, a London-based member of the Communist Party of Greece (KKE). In the interview Margara sets out the communist response to current events in Greece as well as discussing the viability of a communist economy for the nation. She also hit back at Petros Tzomakas, a member of another Greek far-left party which criticised KKE in a previous interview. The interview comes amid tensions in cash-strapped Greece, where the government is introducing controversial austeri

Business

US stocks see 9% drop before making recovery

US stock markets saw an unusually turbulent day yesterday, with the Dow Jones Industrial Average (DJIA) losing almost a thousand points in thirty minutes, although later recovered somewhat to end the day with a smaller loss. The DJIA had its worst fall since 1987, a drop of 9% or 998.50 points, before going back up a bit to close with a loss of 3.30% or 347.80 points to a level of 10,520. The Nasdaq fell 82.65 points or 3.44%, and the Standard & Poor's 500 index dropped 3.24% or 37.75 points. According to some reports, the quick loss happened

Business

US economy added 290,000 jobs last month, unemployment at 9.9%

Latest figures from the US government say that the country's economy gained 290,000 jobs in April, the largest single-month gain since March 2006. According to the Labor Department, excluding temporary workers for this year's census, the number of non-farm jobs increased by a seasonally adjusted 224,000. The unemployment rate, meanwhile, increased from 9.7% to 9.9%; the apparent contradiction is because 195,000 people who previously gave up searching for jobs started looking for work again, entering the labor force and augmenting the jobless

Business

Athens bank fire kills three as Greece goes on strike

Three people have died after a fire in an Athens bank as protesters fill the streets to demonstrate against austerity measures aimed to save Greece from its massive debts. Many of the nations services were shut down yesterday in a sweeping 24-hour strike, which follows on from earlier strikes and protests Monday. Protesters reportedly smashed the windows of a Marfin Bank building, and proceeded to hurl bombs containing petrol into the building. Three people, two men and a pregnant women, died of asphyxiation in the resulting fire, and around t

Business

Greek parliament passes austerity bill

The Greek parliament has approved an austerity bill proposed by the government to help rescue the country's ailing economy. The proposal, which includes increases in taxes, as well as salary and pension cuts, passed with 172 members of parliament supporting, 121 opposing, and several abstaining; the proposal needed at least 151 votes to pass. There are 300 total parliament seats. The vote comes after a debate that took the entire day. Meanwhile, rallies and strikes are being held around the country to protest against the measures; the protest