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International Business News
Obama says economy moving in 'right direction1
z\FP, Washington
US President Barack Obama said Saturday the United States was recovering from deep recession and that "hundreds of thousands of jobs" had been created through massive investments.
The president cited this week's report on gross domestic product, pointing out that in the third quarter, GDP grew for the first time in over a year - - and faster than it has in the previous two years.
"Today, 1 am pleased to offer some better news that -while not cause for celebration - is certainly reason to believe that we are moving in the right direction," the president said in his weekly radio address.
Obama said the 787-billion-doilar Recovery Act stimulus package passed earlier this year had helped create or save over one million jobs.
Data posted on Recovery.gov. the website of the independent panel overseeing the stimulus measure, showed 640,329 jobs directly saved or created up until September 30.
BP hit with record US fine for safety violations
AFP, Chicago
British oil giant BP has been hit with a record US fine of 87.4 million dollars for safety violations at a Texas refinery where 15 people were killed in a 2005 explosion, officials said Friday.
It was the latest in a series of actions taken by the US government over trading abuses and safety and environmental violations for which BP has paid more than 573 million dollars in various fines and settlements.
US Labor Secretary Hilda Solis said BP reneged on an agreement to address critical safety issues discovered after the 2005 blast and failed to correct hundreds of new violations discovered in subsequent inspections.
"This administration will not tolerate disregard for lives," Solis said, after inspectors found 270 cases in which BP failed to comply with agreed changes to its safety systems.
They also found 439 new "willful" safety violations which "if unaddressed could lead to another catastrophe, " Solis said in a conference call with reporters. Ford to close Canada plant in 2011, shed 1,400 jobs: Union
AFP, Montreal
US automaker Ford Motor Co. will shutter one of its manufacturing plants in Canada in 2011, a move that will cut 1,400 jobs, the Canadian Auto Workers said Friday.
As part of a cost-reduction agreement between the company's US headquarters and the CAW, the plant in St. Thomas, Ontario, will close in the third quarter of 2011, the powerful union said in a statement.
Some 1,400 employees will be dismissed, CAW spokeswoman Shannon Devine told AFP Canadian media put the number of jobs eliminated at 1,600.
As part of the tentative agreement the union said it obtained a commitment by the US automaker to keep at least 10 percent of its North American production in Canada.
Eurozone jobless rate hits9.7pc
AFP, Paris
The Eurozone unemployment rate rose to 9.7 percent in September and consumer prices in the 16-nation area fell for a fifth month running in October, the European statistics office Eurostat said on Friday.
The jobless rate was up from 9.6 percent in August, while unemployment in the European Union as a whole also went up from 9.1 percent to 9.2 percent - its highest level since comparable records began to be kept in 2000.
Eurostat said 22.123 million people in the EU were now out of work.
Consumer prices in the eurozone meanwhile fell 0.1 percent in October on a 12-month comparison, following drops of 0.1 percent in June, 0.7 percent in July, 0.2 percent in August and 0.3 percent in September, Eurostat said.