Economic reform arrived at Mexico's electrical utility on Saturday night wearing black body armor, crash helmets and ski masks. Flabbergasted workers arriving for early morning shifts on Sunday found thousands of Federal police deployed to enforce a government decree shutting down the company. A special edition of the government gazette decreed that because of inefficiency and unacceptable losses, the state-run utility that provides power to 25 million people in the heart of Mexico had ceased to exist. Its ...

A spate of suicides at France Telecom has put the spotlight on workplace stress and the devastating impact it can have on employees. There have been 24 suicides and 13 attempted suicides among France Telecom employees since the beginning of 2008. Labor unions blame restructuring and poor working conditions for creating a climate of stress. Last week a 51-year old father of two jumped to his death from a bridge. He was reported to have left a ...

Greek voters head to the polls Sunday to elect a new government, two years before the elections were originally scheduled. Prime Minister Kostas Karamanlis called the early elections in response to pressure from the opposition Panhellenic Socialist Movement. The party threatened to block the election of a president in February if there was no general election first. The Greek constitution requires the two major parties to agree on the election of a president, giving either party an effective veto. Karamanlis ...

Across the country, state governments are grappling with how to sharply trim budgets amid the worst recession in decades. But nowhere is that debate more intense than in Michigan, where officials are scrambling to close a $2.8 billion deficit and avert a government shutdown at midnight on Wednesday. In the last year, this state has endured the collapse of its core automotive industry and dozens of affiliated businesses. Now, Michigan's unemployment rate is 15.2%, the nation's highest. The ...

Banks round the world have still to reveal about half of their likely losses resulting from the financial and economic crisis, the International Monetary Fund said on Wednesday, warning that there was still a "significant" risk of another downward lurch in the global recession. The IMF described credit risks as remaining "elevated" even though financial conditions have improved significantly since spring. It said these risks, alongside weakened banks, were likely to depress the availability of new credit and damp the ...

Leaders representing 85 percent of the world's economic output were gathering Thursday in a U.S. city that has reinvented itself, hoping to bolster the global economy. The Group of 20 will meet for two days to focus on the worldwide financial crisis, and plot how to avoid a repeat in the future. The White House is using the economic summit to showcase Pittsburgh -- a city that President Barack Obama says has exhibited an innovative 21st-century recovery after a well-publicized ...

President Obama warned Tuesday that the global economic recession could hinder the ability of countries to take necessary steps to combat climate change. "We seek sweeping but necessary change in the midst of a global recession, where every nation's most immediate priority is reviving their economy and putting their people back to work," Obama told a U.N. summit on climate change. "And so all of us will face doubts and difficulties in our own capitals as we try to reach ...

British Airways announced earlier this week that it would give all staff the option of taking one month of unpaid leave. While that could mean a financial headache for some employees, others will see it as a chance to further their career. These days, many see a career break or sabbatical as a chance to beef up their resume with new skills and hands-on experience, and the economic downturn is providing an opportunity to do just that. Mike ...

In these times of economic woe where better to escape the bitter reality of the credit crunch than your local, friendly multiplex? Or maybe not. If it's something life-affirming and feelgood you're after you could be in for a nasty shock. Right now there is a surge in demand for horror films. So far the year's top spinetinglers have taken nearly $240 million between them at the box office worldwide. Jack Warner, box office reporter at Screen International, says ...

Liberal Democratic Party Prime Minister Taro Aso resigned early Wednesday, setting the stage for Democratic Party of Japan leader Yukio Hatoyama to take over the reins of government. Last month, Japanese voters swept Aso's party -- which had governed Japan for nearly 50 years -- from power in the wake of Japan's worst recession since World War II. But voters -- skeptical, pessimistic and impatient -- are unlikely to give the DPJ, which has never held office, much time to ...