Archive for Global Financial Crisis


The inaugural Local Government Great Debate was held on the 14 October 2009 as part of a forum which explored both the opportunities and threats to sustainability as a result of an economic downturn. Part one of the debate see’s MC Murray Hogarth outline the rules of the debate and introduce the affirmative team who must persuade the audience that the “The Global Financial Crisis is an Opportunity for Sustainability”. This event was coodinated by the Urban Sustainability Support Alliance.

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Aug
15

More China Unemployment Woes

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ANCHOR: And in other economic news… Beijing says about 20 million migrant workers have lost their jobs in China because of the economic downturn. STORY: With work drying up at hundreds of thousands of export firms on China’s seaboard, the huge mass of workers from across the country have been forced to search for work elsewhere, or return home, jobless. The unemployment figures are based on an Agricultural Ministry survey of 165 villages in 15 provinces. A wave of factory shutdowns in the wake of falling exports has felled millions of jobs and pressed down the wages of those who have hung on to work. This year’s document warns about damage to the vast and still mostly poor countryside from the global financial crisis. It says the negative impact of the crisis on China’s economy is “deepening by the day” and that “shocks to agricultural and rural development are constantly emerging.” [Henan Province Migrant Worker]: (DO NOT TITLE BAR) “I heard because of the financial crisis, people from my hometown working in Guangdong have returned. It’s hard to find work.” [Henan Province Migrant Worker]: (DO NOT TITLE BAR) “Migrant workers in Guangdong said a lot of people have been fired and many factories have gone bankrupt. Many people are coming to Beijing to look for work now. This is why there are many more people here looking for jobs this year.” China’s economic growth slumped to 6.8 percent in the last quarter making it a seven-year low.

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Journalists, economists, academics and politicians from Europe and the US joined each other in Brussels for two days in November 2009 to discuss the role of the media in the global financial crisis. The ‘Covering the Crisis’ conference was organized by the European Journalism Centre, EJC. For more on the conference: coveringthecrisis.eu Speaking are Steve Schifferes, Professor in Financial Journalism at London City University; Damian Tambini, Senior Lecturer at the London School of Economics; New York-based media critic Daniel Schechter; Dean Starkman, editor of ‘the audit’ blog for the Columbia Journalism Review; Wolfgang Munchau of the Financial Times; and representatives for news organizations such as Bloomberg News, The Deal, Barron’s, BBC News, BreakingViews.com, the Economist and others.

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In our guided tour of the financial district of Saint Helier, Jersey, we set out to make the link between secrecy jurisdictions (tax havens) and the global financial crisis. Selected global banks, including Barclays, BNP Paribas, Citi, Deutsche Bank, RBS International, Société Générale and UBS, were use as case studies to illustrate how deeply engaged banks are in promoting capital flight from poorer countries, in facilitating tax evasion, in supporting corrupt regimes, in financing ecologically harmful projects, and in undermining regulation. We also showed how the secretive world of tax havens has acted as the crucible for much of the financial innovation of the past 20 years, including the growth of offshore hedge funds, the hosting of the shadow banking system, the creation of securitised debt obligations, the increased use of “off-balance sheet” accounting, and the spread of highly-leveraged private equity financing. This segment features Matti Kohonen of Tax Justice Network, interviewed by Nick Hildyard of The Cornerhouse.

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