world news on 17th of October

Philips cutting 4,500 jobs as profits fall

Philips is the wolrd's leading manufacturer of lighting.
But lately, this huge company will cut 4500 jobs.

It made an anouncement as it reported a sharp fall in the profits as a result of lower margins, falling sales and a loss at its TV division. ( its group-wide net profit for the three months to 30 september was 74m eruos, compared with 524m eruos a year earlier.

Philips employs 116,000 people across the world, including 2,200 in the UK.
Of the 4,500 job cuts, 1,400 will go in the Netherlands. Where the remaining 3,100 jobs will be lost has yet to be announced.

Slovak news on 10th of October

Slovakia Can Lose €216 Million Over Emission Quotas Scandal

The Slovak emission quotas scandal can drag on and on, and without immediate legal steps being taken Slovakia could lose at least €216 million, said Rainer K. Wachter, the director of Vienna branch of the American law firm Skadden Arps Slate Meagher & Flom LLP on Thursday.

According to Wachter, it's necessary to have Slovak authorities co-operate more closely with American bureaux, in particular the FBI and Treasury Secretary, to learn more about the financial flows by scrutinising the way the Interblue Group USA taxed its profits. "Slovakia can meet other 'legal successors' of Interblue Group USA or Interblue Group Europe, as the emission sales contract doesn't require the legal entity to consult with Slovakia on any transfer of rights and obligations to a third party – and carrying out such a transfer is easy to do." He added that if Slovakia continues to pursue its current track, serious legal complications could ensue - not only regarding the civil suit to recover the €15 million (unpaid as part of an agreement on green projects), but there's also the risk of a multi-million dollar arbitration dispute.


Environment Minister Jozef Medved last week said for the record that he deems the contract with the U.S. company Interblue Group as having terminated after the Group folded in December – and Interblue Group Europe (based in Switzerland) has to date delivered no conveyancing papers to the ministry. Slovakia sold 15 million tons of CO2 emissions for €5.05 per ton, while the usual European price is more then twice bigger. Interblue is under the contract entitled to buy a further 35 million tons.

World Economic New 7th of October

US economy adds more jobs than forecast in September

The US economy added 103,000 jobs in September, ahead of many economists' expectations.






But the jobless rate was stuck at 9.1%, according to latest data from the Department of Labor.

Although the figures were boosted by the return to work of striking workers, the department also revised upwards employment data from August and July.

Last month, President Barack Obama unveiled a $450bn (£282bn) package of spending plans aimed at creating jobs.

The White House said that despite the new jobs, the unemployment rate remained "unacceptably high".

"Clearly, we need faster economic growth to put Americans back to work. Today's report underscores the president's call for Congress to pass the American Jobs Act to put more money in the pockets of working and middle class families," it said in its regular blog.

The private sector accounted for all the job gains, and the figures were boosted by the return of 45,000 Verizon telecoms workers who had been on strike in August.

Anyhow, base on this movement of USA government it would be good for the economic growth and helps people out from this difficult position. 

World Economic New 1st of October

Typhoon Nalgae batters flood-hit Philippines 

The second typhoon to hit the Philippines in less than a week has been battering northern areas, with ferocious winds and heavy rain.

At least one person died as Typhoon Nalgae hit regions still waterlogged by the earlier storm Nesat, and officials warned of flash floods and landslides.

Nalgae crossed the main island Luzon, but weakened as it headed west toward the South China Sea.

The Philippines suffers frequent typhoons, about 20 a year.

At least one person died as Typhoon Nalgae hit regions still waterlogged by the earlier storm Nesat, and officials warned of flash floods and landslides.

this time, typhoon crashed the dam.

most of people lost their home because of the typhoon.

Philippines government need a huge amount of capital to rescue people, clean up, rebuild housing, and the dam.