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News assignment - 16th September - The main economic stories of the past couple of weeks have been linked with the World Trade Organisation.

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News assignment 16th September The main economic stories of the past couple of weeks have been linked with the World Trade Organisation. The WTO as they are also known has been having extensive talks with a number of countries; they have had extensive meetings and have progressed in many areas. Part of this has been an agreement with the ACP (Africa, Caribbean and Pacific). This will benefit the countries in the ACP, which contains 79 members, forty of which are Least Developed Countries. Within the press release WTO declared it has set its objectives: * Are to contribute to the economic development * To the social progress of its member states. This agreement will help the member states and encourage both organisations to co-operate more closely to provide training, technical assistance and support. The long-term aims of this agreement are to help the member states to become active members of the WTO. This was one of many successes achieved in the WTO negotiations in Cancun, Mexico but overall as the Chairperson Luis Ernesto Derbez concluded that despite considerable movement in consultations, members remained entrenched. This caused many calls for a reform of the WTO. Talks failed due to a split between the rich and poor countries, a group of poor countries united to oppose American and European trade policies. ...read more.


Something else that has recently been in the news has been the drop in unemployment rates this is at its lowest rate in 28 years. The number of people out of work and claiming benefits in the UK is at a 28-year low. The claimant count dropped by 6,900 to 930,800 - much better than the 2,000 decline forecast by economists and the lowest level since September 1975, the Office for National Statistics (ONS) said. Also the average pay packet continued to grow - up 3.4% on the same period a year ago. This is good news for the economy as there is more money to be spent. This shows how despite uncertainties about the economy it still goes from strength to strength generating new jobs in a wide range of varieties. This could be one of the reasons why Inflation rates held at 2.9% over the last month. All though petrol and clothing costs rose cheaper holidays and more money spent helped balance this out. With inflation holding steady and interest rates meeting Bank of England expectations and now many experts do not expect interest rates to change interest rates before the end of the year. While the youth are being looked after well by the state with interest rates and lowest unemployment in 28 years, pensioners are struggling Pensioner poverty is now at crisis levels and two million pensioners live below the government's poverty line. ...read more.


In a international look of world economics Zimbabwe has launched a new currency - the bearer cheque - in an attempt to ease the country's severe economic crisis. The central bank said the cheques were only a temporary measure and would not replace the Zimbabwean dollar. Inflation rose to an unprecedented 426% in August, one of the highest rates in the world. There have been massive money shortages but the government has resisted calls for larger denomination banknotes. Many banks are only allowing withdrawals of less than 10,000 Zimbabwean dollars ($12) a time. Zimbabwe's desperate economic situation is attributed partly to the government programme which seized commercial farms from white farmers for redistribution to black Zimbabweans. The other large breaking news story Richard Grasso quit as chairman of the New York Stock Exchange Wednesday, offering his resignation after the board held an emergency meeting to discuss his fate and his pay, the exchange announced late Wednesday. News of his $140m pay package, led to calls for him to go from politicians and high-profile figures in the world of finance. Grasso's main achievement in his 35 year history with the NYSE was probably getting trade started again after September the 11th for which he is reported to have received a bonus of $5billion. This is just a summary of the major news stories and although there were other economic news items these are the ones that will affect the world as we know it the most on a macro economic scale. ...read more.

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