Client News Release
Powerplay at world economic summit (CNNMoney.com) and Bulgaria: Growth slows to 5.6 percent in 3Q (AP)
City of Industry, CA --(www.FinancialNewsUSA.com)-- 11/17/2008 - Economy industry news provided by Financial News USA (OTC: FNWU). The role of the United States as the world's economic leader will be tested this weekend when 20 significant world leaders meet in Washington to address the global financial crisis.Some European leaders are hailing the summit as the next Bretton Woods - a reference to the historic talks in the latter days of WWII that, in effect, made the dollar the world's dominant currency and laid the foundation for the economic order of the past 60 years.
The United States basically ran those meetings. Close to prevailing in the war, it was the world's undisputed military and economic leader.But today, with the current credit crisis partly rooted in America, and with the rising economic might of China and a unified Europe, that dominance is being challenged."The Europeans see themselves as taking a position equal to the U.S.," said Irene Finel-Honigman, an international affairs professor at Columbia University specializing in international banking. [Read the full article]
SOFIA, Bulgaria (AP) -- Bulgaria's rapid economic growth cooled to a 5.6 percent rate in the third quarter compared with a year earlier, down from a 7.1 percent in the second quarter, the statistics service said Friday.
The European Union newcomer's economy still grew faster than the 4.9 percent in the third quarter of 2007.According to flash estimates, growth in gross domestic product was led by a 37.8 percent jump in the agriculture sector, elevated by a record harvest that followed last year's drought- and flood-ravaged one.Growth in the industrial sector was around 4.3 percent and services grew by 3.5 percent. [Read the full article]
Moving with unprecedented speed and determination, China this week announced an ambitious $600 billion stimulus package for the next two years, in an effort to shore up confidence in the economy that has already shown signs of losing steam. The government has pledged significant investment in infrastructure such as highways, railroads, and airports, as well as in better water and power supply for the vast rural areas where 900 million Chinese people live. Spending will also go toward housing for lower-income families, rebuilding efforts in the Sichuan quake area, and large-scale environmental cleanup.
In the context of a global economic slowdown that diminishes the prospects of China's export industry, this package aims to keep China's economic engine humming along by raising investment and boosting domestic demand. Moreover, we believe this plan has demonstrated China's willingness and financial power to be a stabilizing force amid global economic turmoil. [Read the full article]
AUBURN HILLS, Mich.--(BUSINESS WIRE)--Gibbs Technologies previewed its new high-speed amphibian vehicle technology at the official opening of the company's new global headquarters and product development center here today. Gibbs Chairman Neil Jenkins said the company currently employs 80 people at the 37,500-square-foot facility and is rapidly building up its resources in Michigan. The Gibbs headquarters is located on a two-acre tract at 2046 Brown Road.Founder and Chief Technology Officer Alan Gibbs confirmed that the company will introduce three high-speed amphibians (HSA) in the United States, including the Quadski, Aquada and a "first-responder" product.The Gibbs Quadski is an all-terrain, high-speed amphibian planned for introduction in early 2010. The vehicle achieves speeds of up to 40 miles per hour (mph) on both land and water. [Read the full article]
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