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International Business News
Obama warns of more US jobs losses ahead
AFP, Washington
President Barack Obama said Monday that the US economy will continue to lose jobs in coming months despite exiting a recession, striking a cautious tone on unemployment.
"We anticipate that we’re going to continue to see some job losses in the weeks and months to come," Obama said ahead of the release of unemployment figures for October on Friday.
Economic indicators released last week indicated that the United States exited its recession this summer, but Obama emphasized that there is usually a lag time of several months before businesses resume hiring.
Unemployment hit 9.8 percent in September, the highest level since 1983. Economists believe the figure will exceed 10 percent and remain high well into 2010.
On Sunday, TYeasury Secretary Timothy Geithner said the US economy could start creating jobs in the first quar-terof2010.
At a meeting of the Economic Recovery Advisory Board at the White House on Monday, Obama stressed that the actions taken by his government had "helped to stem what could have been a disastrous situation for the ccon-‘ omy," adding that "we are starting to see stabilization and indeed some improvement."
Australia raises rates for second month in a row
AFP, Sydney
Australia's central bank hiked interest rates by 25 basis points for a second successive month onTYiesday, saying the improving economic outlook and expected growth in Asia justified the move.
Central hank governor Glenn Stevens said the bank had decided to up the official cash rate to 3.50 percent, its highest level since February, citing "noticeably better" conditions for Australia's major regional trading partners.
"Growth in China has been very strong, which is having a significant impact on other economies in the region and on commodity markets," Stevens said.
"For Australia's trading partner group, growth in 2010 is likely to be close to trend."
Australia last month became the first advanced economy to raise interest rates since the global financial melt-down, declaring the risk of a recession over and lifting rates from 50-year lows.
The interest rate rise comes after the government on Monday sharply lifted its economic forecasts, flagging growth of 1.5 percent instead of a 0.5 percent contraction and indicating that unemployment will peak at a relatively modest 6.75 percent.
India's Supreme Court judges
declare assets
AFP, New Delhi
India's Supreme Court judges have voluntarily disclosed their assets, their website showed Tuesday, in a bid to promote transparency and boost confidence in the judicialsystem.
Chief Justice K.G. Balakrishnan led the charge, putting details of his belongings, including a nine-year-old hatchback car, 20 pieces of jewellery, three houses and land, on the court's official website.
Balakrishnan estimated his personal landed assets at 1.8 million rupees (36,172 dollars), while the second most senior judge, S. H. Kapadia, declared property worth 4.1 million rupees and one car.
Balakrishnan said he had no bank deposits or stock market investments, unlike others who declared financial interests in some companies.
Twenty other justices also put details of their assets on the website. Court officials said one remaining judge would soon reveal his wealth.
UBS piles up losses, clients withdraw assets
AFP, Zurich
Swiss banking giant UBS on Tuesday plunged into further losses during the third quarter as clients spooked by tax scrutiny withdrew billions of dollars of funds and assets from the bank.
The bank said in a statement that its net loss for the three months ending September 30 reached 564 million francs (373 million euros, 552 million dollars), largely hit by credit charges.
The flagship of Switzerland's banking industry also failed to stem an outflow of funds.
Customers withdrew assets amounting to 36.7 billion francs over the quarter, bringing the total outflows over the first nine months of the year to 91.1 billion francs.