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International Business News
ILO puts jobs at heart of summit on economic crisis
AFP, Geneva
The International Labour Organization called on Monday for urgent measures to save jobs, at the opening of a summit on the economic crisis marked by fears that unemployment could soar by up to 59 million worldwide.
"The world cannot afford to wait for uemployment to come back, several years after economic growth has returned," ILO Director General Juan Somavia said at tire opening of the agency's summit on the jobs crisis.
Brazilian President Luis Inacio Lula da Silva and French counterpart Nicolas Sarkozy were set to launch appeals for a new world economic and social order during tire meeting in Geneva later on Monday, officials said.
Earlier, Lula underlined his concerns about the broad impact of the global economic crisis in a separate speech to the UN Human Rights Council in the western Swiss city.
As the leader of a developing country, I hope that a new international order that rewards production and not speculation will emerge from the crisis," Brazil's president told the Council's 17 member states on Monday.
French officials have said that Sarkozy will take a similar stance, outlining his vision of the "social model" that he wants to see emerge from the crisis.
Sarkozy would call for economic, financial and social issues to be dealt with in equal measure, and for a greater role for the ILO in the recovery effirts forged by the Group of 20 major economies, the officials added.
Detroit summit seeks new economic vision
AFP, Detroit, Michigan
A summit seeking a new economic agenda for ?\merica kicks off Monday, with debate among a broad array of leaders aiming to find ways to maintain US leadership and competitiveness.
The three-day summit "is a bold new initiative to help reimagine, rebuild and revitalize our economy in an increasingly difficult global market, said Beth Chappell, president and chief executive of the Detroit Economic Club, which convened the gathering.
"It will bring together the country's top business, government. labor and academic leaders to create consensus recommendations for increasing America's competitiveness in four critical disciplines - technology, energy, environment and manufacturing."
The Detroit, Michigan meeting, billed as "Davos in Detroit," aims to stimulate ideas in a manner similar to the World Economic Forum annual gathering in Switzerland.
Organizers say the world's biggest economy needs a new vision to maintain leadership and competitiveness, and that they will seek consensus among leaders in the corporate, academic, labor and political sectors.
Eurozone sheds record 1,2m jobs in first quarter: EU
AFP, Brussels
A record 1.2 million people lost their jobs across the 16 euro countries in the first three months of the year as companies cut back severely to survive the recession, official EU data showed on Monday.
The figure, up sharply from 526,000 in the last quarter of 2008, marked the biggest jump in lost jobs on records at the Eurostat data agency going back to 1995.
It also marked the third quarter running in which more jobs were lost across the eurozone than were created, the seasonally adjusted data indicated.
"Extended and deep economic contraction, depressed business confidence and deteriorating profitability increasingly fed through to reduce jobs," said 1HS Global Insight economist Howard Archer.
"Furthermore, latest data and survey evidence point to serious weakness in eurozone labour markets in the second quarter," he added.
In another record surge in job losses, some 1.9 million people lost their jobs across the 27-nation European Union in the first quarter, up from 690,000 in the final three months of2008.
Philippine remittances up 2.2pc in April
AFP, Manila
Cash sent back to the Philippines by its overseas workers rose to 1.4 billion dollars in April, up 2.2 percent on the same period last year, the central bank said Monday.
This brought total remittances of the nine million Filipinos working overseas to 5.5 billion dollars in the first four months of the year, a 2.6 percent increase on the same period last year, the central bank said.
The continuing rise in overseas remittances was "driven mainly by sustained demand by host countries" for Filipino workers, the bank said in a statement.
The central bank also cited improved banking services that made it easier for Filipinos abroad to send money home to their families.
The government expects sustained demand for Filipino workers abroad thanks to recent agreements forged with such countries as Qatar, Saudi Arabia, Canada and Australia to hire more Filipinos in key areas like construction.