World Bulletin / News Desk
Greece's jobless rate scaled a new record high in April, data showed on Thursday, providing gloomy news for the hard-pressed coalition government that emerged from the country's rerun election in June.
Greece is suffering a fifth year of recession and depends on financial aid from the European Union and the International Monetary Fund, which have imposed budget cuts that have caused a wave of corporate closures and triggered job losses.
Unemployment hit 22.5 percent in April, up from an upwardly revised 22 percent in March, with 1.109 million people out of work, ELSTAT, Greece's statistics service said. It was a sharp rise from 16.2 percent in April last year.
"Some temporary support may be provided over the summer months, especially from the tourism sector," said Platon Monokroussos, an economist at EFG Eurobank.
"However, given the fact that the jobless rate is a lagging indicator of broader economic activity, unemployment may not have reached its peak yet."
The conservative-led coalition government is struggling to reconcile the need for painful austerity in line with its bailout deal from international lenders with the need to keep social peace among its recession-ravaged population. A deputy minister resigned on Monday saying the government was not pressing hard enough for relief from harsh bailout conditions.
Tourism, a key sector which accounts for about one in five jobs, is expected to turn out weak this year and revenue tumbled by 15.1 percent in the first quarter.
The sharp deterioration in the Greek labour market, coupled with steep cuts in pay and pensions prescribed by the European Union and International Monetary Fund, has fuelled growing social anger.
Unemployment in Greece is twice the average for the 17 countries sharing the euro, which stood at 11.1 percent in May, and is fast approaching that of Spain, which hit 24.4 percent in the first quarter.
More than half of Greeks aged 15-24 are without work.
Production from conflict-free mines are bagged and tagged with a barcode to make it easily traceable.
"We will further expand our capacities to be able to respond to the high market growth," Jochem Heizmann, head of VW's China operations told reporters on Saturday ahead of the Beijing auto show.
The State Duma lower house on Friday ratified a 2012 agreement to write off the bulk of North Korea's debt. It said the total debt stood at $10.96 billion as of Sept. 17, 2012.
Mt. Gox, once the world's biggest bitcoin exchange, is likely to be liquidated after a Tokyo court dismissed the company's bid to resuscitate its business.
Discussions will continue in the days and weeks ahead, but there is no particular deadline for concluding the talks, the official added.
Russia's oil output stands at over 10 million barrels per day, the world's largest, but it needs new sources of crude oil, including hard-to-recover deposits and the Arctic, to sustain this level
The strike at Yue Yuen is not just one of China's biggest in recent years, it's also more clearly driven by workers' fears that they have been scammed by an opaque and convoluted welfare payment system.
When the system is in place citizens will be able to buy a limited amount of subsidised fuel, and will have to pay a normal, market price for any extra quantities.
Production in Upper Nile state's Paloch oilfields, where output has not been hampered by the conflict, stood at 159,000 barrels per day this week.
Dragomir Stoynev accused fellow European Union members of a politically-motivated attempt to scupper the project, and urged the bloc to understand the effect that doing so would have on its members.
The drops have come mainly because Japan did not take any cargoes in March and South Korea is not scheduled to take any shipments in April, according to the tanker data.
Japan's finance ministry and central bank have declined to comment on the payments.
But a survey shows that most people believe inflation is speeding up and could surpass 37 percent this year.
A fifth payment of $450 million was due on April 15, contingent on Iran having diluted half of its most sensitive stockpile of nuclear materials
The year-on-year inflation rate in the 18 countries sharing the euro was 0.5 percent in March against 0.7 percent in February, the European Union's statistics office Eurostat said.
Pushed by higher food and shelter costs, the consumer price index rose in March.