The unemployment rate in the United Kingdom hit its highest level in three and a half years in April, official data showed recently, while earnings growth remained subdued. The Office for National Statistics said unemployment for the three months leading up to April rose from 5,1% to 5,3%, its highest since September 2002.
When Stephen Lussier, head of marketing at De Beers, visited China in 1989 to see if this could be the new market for diamond jewellery, he found it a depressing experience. ”There were no shops selling diamond jewellery. When I talked to people they had some vague knowledge of American film stars wearing diamonds. I left thinking it was going to be a long haul,” he says.
Recently, the World Trade Organisation kicked off yet another attempt to put back on track stalled talks that aim to reform the rules governing world trade in everything from sugar through manufactured goods to services such as insurance. WTO chief Supachai Panitchpakdi recently said he was pressing the panic button because the talks were in danger of failing.
Rich countries need to increase the amount of aid given to poor nations even though the level reached last year was a record high, the Organisation for Economic Cooperation and Development said this week. At the same time, the World Bank and International Monetary Fund have called on rich nations to act boldly this year if global poverty is to be reduced, especially in sub-Saharan Africa.
Red tape, corruption and a lack of public support for government policies are hampering investment in the poorest countries, a report from the World Bank revealed on Tuesday. The bank also called on the international community to remove trade restrictions and subsidies. The benefits to developing countries would be four or five times the value of aid they receive, it says.