Economic crisis, workers’ struggles

This month old video from the USA is called CIT Group May Be On Brink Of Failure – Bloomberg.

USA: CIT Group, Inc., a major business lender, filed for bankruptcy Monday, becoming the largest recipient of Troubled Asset Relief Program (TARP) assistance to go bankrupt: here.

Ford Motor Co. announced third quarter profits of nearly $1 billion the day after Ford workers concluded voting against wage and benefit concessions: here.

Nearly half of all U.S. children and 90 percent of black youngsters will be on food stamps at some point during childhood, and fallout from the current recession could push those numbers even higher, researchers say: here.

Real wages fell in the United States and some other wealthy countries in the second quarter of the year, indicating that workers are not sharing in any economic recovery, the International Labour Organisation has warned: here.

Australian government’s industrial “cop” prosecutes union over Qantas strikes: here.

Britain: According to rail unions, Network Rail has threatened to sack all its maintenance workers before re-employing a reduced number on more onerous terms and conditions: here.

The jobs cull in the banking sector has continued when HSBC announced plans to cut 1,700 posts from its British workforce: here.

Young people living on the streets are receiving no help at all leaving them to resort to “dangerous survival strategies,” children’s charity the Railway Group has revealed: here.

Britain: As RBS and Lloyds pocketed billions more pounds in public cash the banks’ directors were accused of avoiding their pledge to stop raking in huge bonuses for themselves: here.

The jobs of thousands of low-paid finance workers are on the line despite the government throwing another £40 billion of public money at the banks: here.

The number of youngsters living below the poverty line in Britain will increase to 2.3 million next year, campaigning group End Child Poverty (ECP) has warned: here.

1 thought on “Economic crisis, workers’ struggles

  1. Spanish jobless numbers surge

    Spain: The number of people seeking unemployment benefits rose by a further 98,906 in October despite signs that the recession is easing, the Labour Ministry has revealed.

    Over the past year, jobless claims have increased by 990,327 to 3.8 million.

    In two years, Spain has swung from being Europe’s top job creator to having the highest unemployment rate – 17.9 per cent at the end of the third quarter – partly because of the collapse of its construction industry.


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