Tag Archives : global economic meltdown

“The global economic crisis has devastated workers around the world, none more than migrants whose daily wages are dependent on the whims of global financiers. Witness Dubai. Even before the meltdown of Dubai World, migrants whose labor literally built Dubai from the ground up suffered serious job losses with the onset of the global recession in [...]

Nisha Varia, senior researcher in the Women’s Rights Division of Human Rights Watch, says, “Governments seem to forget that when men, women, and children migrate, they don’t leave their rights at home. Instead of protecting people who already are at special risk of abuse, many governments further marginalize migrants, punish them, or push [...]

59-year old Dubai ruler Sheikh Mohammed Bin Rashid Al Maktoum has seen his personal fortunes plummet from $12 billion down to $6 billion because of the ongoing global recession, as well as some other reasons. Dubai, an emirate of the United Arab Emirates, ‘was forced to ask for a handout from neighbor Abu Dhabi when credit markets tanked.’ Nonetheless, [...]

The eye of the recession storm is said to have passed. The world is now slowly recovering from the greatest economic bust since the Depression. The US says it has edged out of the economic meltdown, Australia is said to have survived the recession easiest and earliest. Anyone who comes from a typhoon-riddled country could attest that the eye of the [...]

Because of the global recession that is said to affect the world’s poorest the most, the International Monetary Fund is in focus once again. The crisis has brought it back from the dead. ‘Two years ago the world’s main international economic institution was heading for irrelevance, its homilies ignored by rich countries, its advice despised in [...]

Foreign business investors are finding it still difficult to ever do business in China, in spite of the hope that it is China that will pull the world out of the recession. Foreign business isn’t exactly booming in China. “China accounts for less than 2% of the global sales of drugs giants such as Pfizer, AstraZeneca and Bayer.’ On the other [...]

After several postponements, Beyonce’s Kuala Lumpur concert has been finally cancelled. The country asserts that its Muslim rules will be disrespected by the pop singer’s skimpy stage outfits and raunchy stage antics. It’s not the first time that the country figures in global headlines for some controversial stuff. Malaysia has had ‘sodomy [...]

The world’s largest restaurant chain opened its first franchise store in Iceland in 1993, with then Prime Minister David Oddsson being the ‘first person on the island to consume a Big Mac.’ The island’s three McDonald’s restaurants will close at the end of the month after suffering profit losses due to the collapse of the krona. McDonald’s [...]

Japan used to be a place where luxury products were considered mass market. That was how lofty the country’s economy had been. Such is no longer the case because Japan equally suffers from the global economic meltdown, pulling along with it the Japanese propensity for luxury goods. In Japan today, retail stores are the ones enjoying much traffic [...]

Another G20 summit coming up, another potentially missed opportunity to talk about the really crucial talking points such as China. In the attempt of rich countries ‘to put the world to rights in a trendily broad and inclusive way’ on the way to the up and coming International Monetary Fund summit in Istanbul, talks might once again fall on the [...]