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 LIMA, Peru (CNN) -- President George W. Bush, in what could be his final overseas trip as president, called on international leaders to continue his administration's push for free trade despite the global financial crisis. "One of the enduring lessons of the Great Depression is that global protectionism is a path to global economic ruin," Bush told the annual meeting of the 21-nation Asia-Pacific Economic Cooperation (APEC) forum in the capital, Lima. "I recognize I'm leaving office in two months," Bush said as he discussed the Doha trade talks, which were launched in 2001 to help liberalize international trade policies, "but nevertheless this administration will push hard ... so that Doha can be completed and so we can send a message -- we refuse to accept protectionism in the 21st century." Touting his record on free trade, Bush said, "Expanding trade and investment has been one of the highest priorities of my administration. "When I took office, America had free trade agreements in force with only three nations. Today we have agreements in force with 14."Bush said that during his administration, "America's trade with the world has grown from 2.5 to 4 trillion dollars -- an increase of 60 percent." Among APEC member nations, he cited Chile and Peru as more than doubling their trade with the United States during his time in office, and trade with China more than tripling."Overall America's trade with APEC nations now accounts for nearly two thirds of our trade in the world," Bush said.Bush chided the U.S. Congress, saying it was "extremely disappointing" that lawmakers adjourned without passing new trade agreements between the United States and Colombia, Panama and South Korea."I urge all those who support free trade to continue to press the case for the Congress to pass free trade agreements with Colombia and Panama and South Korea," he said, drawing applause from his audience.Referring to the global financial crisis, Bush said, "Recovering from the financial crisis is going to take time. But we'll recover, and in so doing begin a new era of prosperity. The nations of APEC have faced tests before. We have risen to meet them together and we will do so again."Bush's attendance at the APEC meeting marked his eighth year of meeting with and speaking to economic leaders from a diverse group of countries ranging from Thailand to Mexico, Chile to China.Bush came to the APEC meeting seeking to build on the results of a historic two-day meeting in Washington earlier this month attended by presidents and prime ministers from 20 countries. At that meeting, world leaders unveiled a set of sweeping plans aimed at tackling the ever-expanding economic crisis, which has roiled financial markets worldwide. The final 3,600-word announcement from that Group of 20 meeting in Washington endorsed several stimulative measures, including interest rate cuts by central banks around the globe or potential economic stimulus packages. Leaders who met in Washington also agreed not to raise new trade barriers over the next 12 months and vowed to reach a resolution on the Doha trade talks. |
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The latest news from San Francisco inform that Bernard Madoff, known as ex-Nasdaq Stock Market chairman who founded the Bernard L. Madoff Investment Securities LLC, was recently put under arrest. According to FBI statements, the charges that were brought against him this Thursday concern the securities fraud accusation, particularly it deals with the so-called Ponzi scheme. As federal prosecutors declare, the Madoff’s case is connected with the losses of 50 billion dollars ...
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Microsoft founder and the famous billionaire Bill Gates appealed with the propose to the new government leaded by the recently elected President to increase deficit costs for stimulation the economy in such rough times and assist the most defenseless representatives of the USA. A well-known philanthropist insisted on a point of view – fresh investments are crucial to constructing on new facilities and modernization of public education in the USA. He also insisted that problems of diseases abroad must be solved immediately, but without extra costs it wouldn’t be possible ...
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President George W. Bush, in what could be his final overseas trip as president, called on international leaders to continue his administration's push for free trade despite the global financial crisis. |
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Gasoline prices continued to sink, falling for the 67th day in a row, according to a national survey of gas station credit card swipes released Sunday. |
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European stocks climbed Monday, lifted by the U.S. federal government's plan to rescue beleaguered financial giant Citigroup. |
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Nov. 24 (Bloomberg) -- Citigroup Inc., facing the threat of a breakup
or sale, received $306 billion of U.S. government guarantees for
troubled mortgages and toxic assets to stabilize the bank after its
stock fell 60 percent last week. Citigroup also will get a $20 billion
cash injection from the Treasury Department, adding to the $25 billion
the company received last month under the Troubled Asset Relief Program. |
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NEW YORK (CNN) -- Washington Mutual announced Thursday it will
eliminate 1,600 jobs in the San Francisco area, a company spokesman
said.
Employees will receive their 60-day notice December |
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MIAMI (Reuters) - Like many other elderly Americans,
Edie Stark has been hard hit by the meltdown in U.S. financial markets.
She is 84 and has been worried a lot lately about outliving her savings. A retired nurse, Stark is a prime example of what financial planners coldly call "longevity risk" |
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Life Plaza Center in San Gabriel used to teem with diners heading to
Green Village, a Chinese restaurant in the middle of the
horseshoe-shaped mall on Valley Boulevard.
But after the eatery closed five months ago, the 7,500- square-foot
space remained vacant. With no tenants stepping forward and fewer
customers clogging the parking lot, the plaza is quiet, with a
curiously dark core. |
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U.S. Attorney General Michael Mukasey collapsed while giving a speech at a Washington hotel. He was taken to the hospital where he later was reported to be awake and talking. "The attorney general is conscious, conversant and alert," said Peter Carr, a Justice Department spokesman. |
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