Mogadishu on the up
Mogadishu, Somalia (IRIN) – It is Friday morning in Mogadishu and Lido beach presents a scene reminiscent of seaside towns around the world. At the top of the beach, women sit with their wares, selling water and ice-lollies from cool-boxes. The middle-beach is dominated by young men playing football using driftwood as goalposts. At the water’s edge, boys and girls, the latter heedless of their long flowing garments, hurl themselves into the waves or bob on the surface like apples. “We’re on holiday”, says Ibrahim, a Londoner in his twenties who was born in northern Somalia. Ibrahim is traveling in a group of 20, all from the UK. “We came here for the beaches”, he said. On the [...] Continue Reading…
China sees exports and imports slow
Linda Young – AHN News Writer
Beijing, China (AHN) – China saw growth in its exports slow to 4.9 percent in April, compared with 8.9 percent last year because of the slowing of economies around the world. The slowdown in global demand has also hit Chinese consumers and businesses. Growth in imports to China also slowed, dropping to just 0.3 percent in April, down from 5.3 percent growth in March. Chinese government officials were reportedly expecting an 11 percent growth in imports. The decrease in imports was nearly across the board affecting everything from consumer items to raw materials. China is the world’s second-largest economy behind the United States. Although both nations have a capitalistic business [...] Continue Reading…
Payroll-processing company ADP says private sector job creation slowing
Linda Young – AHN News Writer
Washington, D.C., United States (AHN) – The latest report on private company hiring shows a disappointing 119,000 jobs created in April, according to payroll processor ADP. ADP’s report comes ahead of the official government numbers for April due out on Friday Stock prices fell in midday trading on Wednesday as Wall Street reacted to the numbers that were lower than the 170,000 jobs many analysts expected the economy to create last month. Dow Jones Industrial Average lost 41 points, or 0.3 percent, falling to 13,239, while the Nasdaq Composite slipped two points, or 0.1 percent, slumping to 3,048 and the Standard & Poor’s 500-stock index gave up six points, or 0.4 percent, [...] Continue Reading…
Stocks open higher Tuesday as investors wait for Apple’s earnings
Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – U.S. stocks opened higher Tuesday as investors await earnings from Apple, the world’s most valuable company, after the close. Just after 10 a.m. on Wall Street, the Dow Jones Industrial Average gained 102 points, the Standard & Poor’s 500 Index rose 6 points and the NASDAQ was up 5. In addition to corporate earnings, investors were also weighing data that revealed that the housing market recovery is still ailing. Tuesday kicks off one of the busiest weeks for corporate earnings, which have been coming in better than expectations. The week began on shaky ground with all three major U.S. indexes falling on Monday [...] Continue Reading…
Rare glimpse into Mideast middle class angst
The Media Line Staff
Cairo, Egypt David Rosenberg (The Medi – In the Middle East, the middle class is grumpy. And if the mass protests in Cairo’s Tahrir Square and Tunisia’s Habib Bourguiba Avenue over the past year haven’t made that clear, a survey of the people who make up the region’s soccer moms and middle managers articulates their angst in ways rallies often fail. Less than a third of the people surveyed in the three Middle East and North African (MENA) countries of Egypt, Saudi Arabia and Morocco said they are “extremely satisfied” or “very satisfied” with their current economic situation, according to the poll conducted by consulting firm Booz & Co. Respondents who said they were [...] Continue Reading…
Job growth weaker in March than prior three months
Linda Young – AHN News Writer
Washington, DC, United States (AHN) – The U.S. economy created 120,000 new jobs in March, causing the unemployment rate to drop slightly to 8.2 percent, down from 8.3 percent in February, the U.S. Bureau of Labor Statistics reported Friday. Nonfarm employment rose in manufacturing, food services and drinking; however, it was down in retail trade. Although the report was good news, it was not great news. The economy needs to create from 120,000 to 200,000 jobs monthly to keep up with growth in the labor force. Many economists had expected job growth closer to the top of that range. March growth was less than that of the previous three months, and [...] Continue Reading…
Germany sees retail sales fall
Linda Young – AHN News Writer
Berlin, Germany (AHN) – Consumer spending fell in February, with retail sales registering a 1.1 percent drop compared to January, according to the Federal Statistics Office. Sales figures seem to be a bit volatile. Economists had expected growth. However, heavy snowfall during the first part of the month kept shoppers at home and rising energy costs pinched consumer budgets. However, with the help of an extra day because of Leap Year, February retail sales on an annual basis were up by 1.7 percent. Expectations for Europe’s largest economy are brighter for 2012 as a whole with analysts anticipating that growth will increase this year.
Article © AHN [...] Continue Reading…
UN asks for help in responding to Syrian refugee crisis
Remtha, Jordan (IRIN) – At the edge of this busy border town, a set of old, overcrowded buildings has become a transit house for Syrians fleeing to Jordan illegally. Designed for 500, the compound now houses up to 800 at times. Those who do not find space inside sleep in the open under trees. The compound has no gate – external traffic passes through it as children run around without supervision. The toilets are strewn with days-old feces, with women’s sanitary napkins piled up in the corners. No one is fond of the place – not the UN, not the NGOs which provide services, not the Jordanian police officer who runs it – but there are few [...] Continue Reading…
Gold gains ground Thursday after steep sell-off Wednesday
Diane Alter – AHN News Reporter
New York, NY, United States (AHN) – Gold gained ground Thursday after a steep sell-off Wednesday in which the yellow metal tumbled some $50 as the “risk-on” trade entered the picture, and market participants moved into equities. Gold lost some of its luster over the previous trading sessions as a strong U.S. dollar pressured the commodity, and on growing investor optimism for the U.S. economy. In early afternoon trading Thursday, gold rose $16 to $1659.80 a troy ounce, taking back some of the near 4 percent lost earlier in the week. Other metals rose in concert. Platinum rose $4.10 to $1,685, and palladium was up $5.30 to $705. Silver added $0.30 [...] Continue Reading…
U.S. Senate okays penalty duties to prevent Chinese unfair trade practices
Linda Young – AHN News Writer
Washington, DC, United States (AHN) – The United States Senate has passed legislation to apply penalty duties to products from China when its communist government subsidizes production of those items. Sen. Max Baucus (D-MT) said the bill protects U.S. companies and workers from China’s unfair trade practices. The application of countervailing duties allows the U.S. to stop China from undercutting American manufacturers and dumping products at less than cost here. Supporters say the legislation protects thousands of American jobs by leveling the playing field for U.S. companies and workers. The imposition of penalty duties helps to offset the subsidies that China’s government often provides for products manufactured in that country [...] Continue Reading…