Finance & Economics | WPN World People News

India has vowed not to cut Iranian oil imports despite US and European sanctions to curb the Islamic republic's alleged military nuclear programme.

A farming couple water spinach in their vegetable garden.

The Appellate Body of the World Trade Organisation (WTO) today confirmed the findings made by a Panel in July 2011 that China's export restrictions on several industrial raw materials are in breach of WTO rules. The WTO found that China's export restrictions are not justified for reasons of environmental protection or conservation policy. Today's final ruling was welcomed by Europe's trade chief.

The number of tourists vsiting Asia Pacific are growing at a 6% annual rate.

The embattled president of France, Nicolas Sarkozy, is outlining new economic proposals during a broadcast Sunday that observers say is aimed at boosting his poor standing with voters ahead of April's general election.

The United States economy continued to expand modestly toward the end of 2011. The Commerce Department says it grew at an annual rate of 2.8 percent in the fourth quarter and 1.7 in all of 2011.

The 8th World Trade Organisation Ministerial Conference concluded on December 17th after 3 days of high level meetings exposed deepening divisions between developed and developing nations.

The EBRD has reduced its economic growth forecasts for 2012 for central and south eastern Europe, as well as eastern Europe and the Caucasus, and warned that a further deterioration of conditions in the eurozone could have a substantial further impact on the whole of the EBRD region.

Employers took 1,384 mass layoff actions in December involving 145,648 workers, seasonally adjusted, as measured by new filings for unemployment insurance benefits during the month, the U.S. Bureau of Labor Statistics reported today. Each mass layoff involved at least 50 workers from a single employer. Mass layoff events in December increased by 52 from November, and associated initial claims increased by 14,021. In December, 351 mass layoff events were reported in the manufacturing sector, seasonally adjusted, resulting in 39,081 initial claims.

"On behalf of the Committee of the Regions, I would like to send my warmest congratulations to Croatia's citizens for approving their country's accession to the European Union. I am delighted to see that, despite the complicated period it is currently going through, the Union remains attractive to Europe's peoples and is still thought of as the best option for ensuring stability and prosperity."