RT: Crisis Chronicle

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Crisis Chronicle

Time to grin and bear it in ‘Land of Smiles’: Thailand is often known as the ‘Land of Smiles’, but nowadays people have fewer reasons to look happy as the global recession gets into full swing. In Bangkok the usually festive New Year mood has been overshadowed by the crisis.

Indian IT sector hit by financial crisis: India's Information Technology sector is a world leader, and a driving force for the economy. But the industry, which greatly depends on business from the US, is suffering severely in the economic slowdown.

Meet the mayor, pay the price: The mayor of Kiev has found a new way to boost the city’s coffers during the recession. From now on, those wanting a private audience with Leonid Chernovetsky will have to pay $100,000 for the privilege. Many Ukrainians have been outraged by the decision.

Financial crisis sinks Killer Whale: The Russian yachting team has announced it’s quitting the Volvo Ocean Race on Wednesday. The team says it can no longer afford to continue because of the global financial crisis.

State agrees to support 250 enterprises: The government has approved a list of more than 250 strategic enterprises requiring state support.

Here’s your bonus, pal; don’t mind the toxic stench: Swiss bank Credit Suisse will be giving a very special present to its investment executives this year - bonuses loaded with the toxic assets they’ve made.

Chukotka Russia’s most expensive region: The average cost of a fixed set of consumer goods and services across Russia at the end of November was 6,943 roubles ($US 250) per month – twice less than Chukotka, the most expensive region.

Making a monkey out of professionals with stock picks: Do you recall the earlier months of this year when respected analysts and brokerage houses were eyeing an end of year level for the RTS of 3000?

Russians spend less on food: As the economic crisis bites, Russians have started to prioritise spending, saving money on food and daily necessities.

Tariffs on natural monopolies to be cut – Finance Minister: Minister of Finance Alexey Kudrin has promised to cut the tariffs on natural monopolies.

State lends cash-starved banks $10.5 billion: Russia’s Central Bank held an auction on Monday to provide liquidity to the country’s ailing financial sector. Banks responded by taking loans of 293 billion roubles (US 1.5 billion) at an interest rate of 12.75 per cent.

Merry Meltdown! Xmas cards mock crisis: As the economic downturn starts to hurt Americans, one card maker from New York is cashing in on the misery. He’s creating some less than cheery Christmas cards, and they're flying off the shelves.

Thousands to lose their jobs in 2009: Up to 250,000 jobs could be lost in Russia in 2009 according to Mikhail Shmakov, the head of the Federation of Independent Trade Unions of Russia.

Migrant workers face jobs axe: Russia may halve the labour quotas for CIS migrant workers next year as pressure mounts to protect jobs for Russian citizens.

Office rents drop in Moscow and St. Petersburg: Demand for office rental space has fallen sharply in Moscow and St. Petersburg, prompting owners of business centers to offer huge discounts to attract tenants.

Ford’s plant extends holiday as sales fall: Ford’s car plant in the Leningrad region will suspend production for nearly a month over the New Year’s period – giving workers an extended holiday as demand weakens.

The global financial crisis and NATO's commitment to Afghanistan: An analysis of the impact of the global financial crisis on NATO’s operations in Afghanistan shows that the economy is inextricably linked to security, with social conflict remaining a key issue for Alliance countries.

Americans ditch snacks as recession bites: Shops and businesses are closing down across the U.S. as the global recession deepens. Unemployment is rising and ordinary Americans are making financial sacrifices to stay afloat. This often means cutting down on life’s luxuries, like eating out and going to the coffee shop.

We triggered financial crisis – Al Qaeda: Al-Qaeda is indirectly responsible for the financial crisis, one of the terrorist group’s leaders has said in a video posted on the internet. According to Reuters, Ayman al-Zawahiri said American taxpayers were paying the price for the U.S. military campaigns in Iraq and Afghanistan.

Credit crunch stalls President’s plan: The financial crisis has hit Dmitry Medvedev’s plans as outlined in the Presidential address to the Federal Assembly. The downturn has turned out to be much deeper than first thought and the consequences are already being felt in the real economy.

Russia can escape worst effects of downturn - Roubini: The economist who most accurately forecast the global financial crisis, Nouriel Roubini - or Doctor Doom as the press calls him, says Russia will recover fast - so long as the government implements an aggressive fiscal and financial policy response.

Morgan Stanley cuts 25% of jobs in Russia: US investment bank Morgan Stanley is shedding one in four jobs at its Russian office in a bid to cut costs, Russian daily Vedemosti reports.

All bets off for insider trading: One of the few groups who benefit from economic uncertainty and stock market turbulence are those with privileged information. They can use their insider knowledge to bet against currencies or shares rising or falling. But government regulators say insider trading is making the financial crisis worse, and are bringing in tough new laws to fight it.

Don't mention the D word in Latvia: In Latvia, the government is warning journalists not to stir up panic about the financial crisis. Talk of currency devaluation is all but a criminal offence and could earn transgressors a spell behind bars.

Money back not guaranteed: Consumer confidence in Britain could be crushed by European Union plans to inaugurate a ban on the refunds of damaged items.

Angry Americans protest against U.S. monetary policy: While leaders in Peru grapple with the financial fallout, Americans angry at the multi-billion dollar bailout plans are protesting in Washington. They say the U.S. Federal Reserve, far from helping solve the financial crisis, is taking money out of their pockets.

Global plan can lift us out of recession - APEC: The leaders of some of the world’s biggest economies say globalisation and free trade can help revive the world economy. The comments were made in a statement at the APEC summit in Peru. The forum’s final declaration covered 12 main topics on how APEC member states are trying to find an acceptable solution to global problems.

President meets magnates over dinner to discus financial crisis: President Dmitry Medvedev met Thursday evening with Russian corporate tycoons to discuss how the global financial crisis is affecting the real sector of the economy. The business leaders are looking for faster moves to keep business turning over through the crisis.

The Rouble, the Dollar and the synthetic CDO tripwire: As all the attention turns to the Rouble and whether or not it is going to be devalued, sight seems to be turning from what is actually happening with the Russian currency and what other currencies this relates to, as well as what the recent currency movements actually represent in terms of the financial chaos the world is still battling.

G20 outcomes offer hope but little detail: At the emergency summit in Washington, G20 leaders agreed to tighten regulations, clarify accounting rules and increase the transparency of the financial markets. But how to go about it remains unclear.

Belarus threatens to quit IMF: Cash-strapped Belarus has said it may turn its back on the International Monetary Fund if the organization refuses to give it a US$ 2 billion loan.

World waits for answers from G20 on financial chaos: With the Euro-zone and US in recession, the world’s leaders are meeting in Washington to discuss what to do next. Members of the Group of 20 will put their rescue plan on the table - but few expect firm agreements or complete solutions.

Japan weathers the economic storm: As the U.S. and Europe suffer the full force of the recession, things don’t seem that bad in the Far East. Residents there are optimistic and financial experts say Japan has both a geographical and political advantage in dealing with the crisis.

Market watch November 10: Russian stocks get lift from China stimulus: Russia's RTS and Micex indices moved higher on Monday as crude and most commodities firmed in the wake of China's unveiling of a $586 Billion stimulus package.

Learning crisis-speak: An Australian governmental panel says the word “drought” sounds too depressing to farmers. “Dryness” is a term with a less negative connotation and is the national alternative. RT looks into other linguistic sleights of hand that can help you cope with reality.

Rouble tipped for slide of up to 30%: Troika Dialog, one of Russia's largest investment firms, has forecast the Rouble will gradually lose up to 30% of its value. The government is trying to strike a balance between defending the currency from speculation, and stimulating the economy.

Zany ways to beat cash crisis: A growing number of Russians are searching for alternative solutions to overcome the world financial crisis. From relatively conventional ideas like sharing offices, to more unusual methods like turning to astrology or feng shui, people will try anything to survive the credit crunch.

G20 meeting looks for overhaul of global financial architecture: G20 finance ministers and the heads of central banks met in Sao Paulo, Brazil, last week. They looked at ways to stop a global slowdown that could shrink trade world wide next year for the first time since 1982.

It’s a knockout! Yushchenko fires world boxing champ: Ukraine’s WBC Heavyweight Champion Vitaly Klitschko has become the latest victim of the world economic crisis – after losing his job as an adviser to the country’s president. Viktor Yushchenko fired all 17 of his aides in a move to reduce government spending.

From bust to boom: how Iceland plans to turn economy round: The International Monetary Fund, along with several European states, is collecting money to help Iceland's collapsed banking system. The country is on the verge of bankruptcy following the world financial crisis.