Finance

World stocks dive as recession fears soar

LONDON (AFP) - Global stock markets plunged Thursday as a jump in US jobless figures and fresh rounds of job cuts worldwide deepened fears of recession and sent investors fleeing for cover.

US jobless claims hit 16-year high

WASHINGTON (AFP) - US unemployment claims surged to a 16-year high, government data showed Thursday, adding to growing alarm as companies worldwide shed workers in the global economic downturn.

Europe stocks plunge after US jobless data

PARIS (AFP) - European stocks markets plunged in afternoon trading on Thursday with London down 4.

AstraZeneca to axe 1,400 jobs in Europe, shuts three plants

LONDON (AFP) - Anglo-Swedish pharmaceuticals giant AstraZeneca said Thursday it would slash 1,400 jobs by 2013 as it shuts factories in Belgium, Spain and Sweden.

Iceland secures lifeline to rebuild shattered economy

REYKJAVIK (AFP) - Iceland has after a long wait obtained a desperately needed bailout from the international community to resuscitate its shattered economy but experts warned that the recovery will take time.

Chrysler wants to revive merger talks with GM

WASHINGTON (AFP) - Chrysler hopes to reboot merger talks with General Motors if Congress approves a 25-billion-dollar bailout for ailing US automakers, the Financial Times reported Thursday.

Govt pressed to guarantee childcare worker entitlements

Childcare workers' union the LHMU is pressing the Federal Government to ensure workers at collapsed centres get all their entitlements.

EU agrees agriculture policy reforms

European Union nations have sealed an agreement to revamp their farm support policy with increases in milk quotas and cuts in subsidies for production.

Dollar retreats as global stocks slump

LONDON (AFP) - The dollar dipped against the euro and yen on Thursday as currency investors monitored sliding global stock markets, dealers said.

Air France-KLM reports sharp second quarter profit fall

PARIS (AFP) - Air France-KLM on Thursday reported a 96.

Teachers' strike cancelled

Friday's South Australian teachers' strike has been called off at the last minute.

Putin vows to prevent a 'collapse' in Russia

MOSCOW (AFP) - Prime Minister Vladimir Putin vowed Thursday that the government would make sure that the burgeoning global economic crisis did not lead to another financial & quot;collapse & quot; in Russia.

Daimler to further downsize temporary workforce: spokeswoman

FRANKFURT (AFP) - The German luxury car maker Daimler will reduce the number of its temporary workers in Germany again, a spokeswoman told AFP on Thursday as the company sought to counter the effects of falling demand.

BASF owns 94.59% of the Swiss company Ciba

FRANKFURT (AFP) - The German chemical group BASF now owns 94.

Oil price hits 3.5-year low in London

LONDON (AFP) - Oil prices dropped on Thursday, with Brent crude striking its lowest level for three and a half years close to 50 dollars a barrel in London as traders anticipate a protracted slump in energy demand.