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...investment in long-term infrastructure projects that will help revive the construction industry, for aid to companies to reduce layoffs and for education. Data on German industrial orders indicate there will be no respite soon. Figures out Thursday showed orders fell a huge 6% in November from the month before, and orders in the final quarter of 2008 were down 43.6% from the same quarter a year ago. (See pictures of the global financial crisis...
...change in Merkel's thinking was forced by the acceptance of economic and political realities. The German economy is sinking faster than most experts thought a month ago. Just this week, Germany's three-year job boom came to a screeching halt when the labor office reported that in December unemployment rose by a seasonally adjusted 18,000, nearly twice the level predicted in a poll of 30 economists by the news agency Bloomberg. It was the first increase in joblessness since February 2006. "The economic crisis has reached the labor market," said Frank-Juergen Weise, head of the Labor...
...months after Election Day, Minnesota's State Canvassing Board certified the results of the state's protracted U.S. Senate race on Monday, declaring former comedian and Democratic challenger Al Franken the winner by 225 votes. Franken made an acceptance speech just hours after the board met and the certification put a temporary stamp on the two-month recount. Franken, however, doesn't yet have the election certificate needed to take his seat in Washington, and a lawsuit filed by Coleman threatens to entangle the race in even more months of legal wrangling. (See pictures from the historic Election...
...year high against the U.S. dollar last month. While the Japanese currency has weakened somewhat recently, Bank of Japan governor Masaaki Shirakawa said Sunday that currency-market intervention was possible if the yen's rise resumes. "The strong yen at a time of rapid decline in the global economy has a big negative impact on our economy in the short term," Shirakawa said. (See pictures of Japan and the world...
...groups say the blockade, which prevents Gazans from leaving and goods and aid from entering, has caused a serious humanitarian crisis in the area. Hamas has responded to the siege by regularly raining rockets into southern Israeli towns from Gaza. Despite mutual agreement in June 2008 to a 6-month ceasefire, Israel continued their blockade of Gaza and Hamas responded with sporadic mortar hits. After the expiration of the truce on December 19, a surge of Hamas rocket attacks that wounded one Israeli caused the country to step up the blockage. Finally, on December 26, just over a week later...