Saturday, 21 October 2017

Thousands Jobless as Canadian Retailer Sears Closes over Bankruptcy


One of Canada’s largest retail chains, Sears, is shutting down, after serving customers for more than 50 years.

The company declared bankruptcy last week and began selling off all of its assets. More than 12,000 people will lose their jobs.

Al Jazeera's Daniel Lak reports from Stratford, Ontario.


Sunday, 15 October 2017

Bubble Trouble: What Lies beneath at the IMF? - Counting the Cost


Why the International Monetary Fund (IMD) and Richard Thaler, the 'father of behavioural economics' and winner of the Nobel Prize in economics, are signalling danger ahead for the global economy.

The IMF has spent the last decade trying to pick up the pieces after failing to predict the last financial crisis. This week, the IMF said nearly 75 percent of the world is now experiencing an upswing.

It's predicting that the world's economy will expand by 3.6 percent in 2017 and by 3.7 percent in 2018. That's slightly higher than the 3.5 percent and the 3.6 percent growth what it was predicting back in July.

But the IMF also issued a warning: It said record low borrowing costs designed to help the economic recovery are pushing up debt levels in the world's largest economies. It singled out China as one of the worst offenders.

Shihab Rattansi reports from the annual World Bank, IMF meetings; and David Coker, a lecturer at the Westminster Business School, discusses the cracks in the global economy.


Friday, 13 October 2017

Playboy Millionaire or Saint? - The Case of Florian Homm | DW Documentary


Sex, drugs & dollar bills - ex-banker Florian Homm lived a life of excess. Although the bachelor has swapped prostitutes for prayer, he remains one of the FBI's Most Wanted. Find out more in FROM HELL TO HEAVEN - THE CASE OF FLORIAN HOMM.

A successful career on the stock market ended with allegations of defrauding investors and fixing stock prices. Now Florian Homm claims to be a devout Catholic. He's cracked his cocaine addiction and now teaches economics - of course, by the book. But he faces a 225-year jail sentence if he steps foot on US soil.


Tuesday, 10 October 2017

BAE Systems to Cut almost 2,000 Jobs - BBC News


BAE Systems is planning to cut almost 2,000 jobs in military, maritime and intelligence services, the firm says.

A total of 750 posts will go at the Warton and Samlesbury plants in Lancashire where parts for the Eurofighter Typhoon are manufactured.

BAE is facing an order gap for the Typhoon so wants to slow production before an expected order from Qatar.

In all, a total of 1,400 roles will go across England in the firm's air and information business.

Outside Lancashire, 400 posts will close in Brough, East Yorkshire, and 245 are being cut across RAF Marham and Leeming.

Meanwhile 340 maritime jobs will be lost in Portsmouth and Solent region and a further 180 posts will go in London, Guildford and other locations.


Sunday, 8 October 2017

UK Household Debt Has Reached Unsustainable Levels


Consumer and student debt in the UK have reached unprecedented levels and are a warning that austerity could lead to a new financial crisis, explains Edward Smythe of Positive Money