Britons living in Bulgaria. Guide to Bulgaria, Sofia and Varna

A seem at financial developments in the earth - Forbes

A seem at financial developments in the earth - Forbes British Prime Minister Gordon Brown said the EU had agreed unanimously to spend "1.5 percent of gross domestic product or around euro200 billion" to brake shrinking growth that will shed jobs across the region. Several European nations are sliding into a recession - and the 15 nations that share the euro have already seen two quarters of negative growth since the spring's second quarter. The final three months of the year aren't looking any better, according to industrial production figures published by EU statistics agency Eurostat on Friday. Meanwhile, European leaders agreed to stick to an ambitious plan to fight global warming through emissions cuts and renewable energy, and on ways to share the hefty costs of setting a global example. The new package includes 10 trillion yen ($111 billion) in tax breaks and public financing, and provides for up to 13 trillion yen ($144 billion) to address the credit crunch, including capital injections for lenders and other financial institutions. The announcement comes on the heels of a 27 trillion yen in measures announced in October, which included expanded credits for small businesses and a cash payout to every household to spur spending. Aso is under pressure to show he can lead the country back to fiscal health. Before the announcement, the yen surged to a 13-year high against the dollar. A strong yen is especially painful for Japan's export-driven economy as it cuts into profits made abroad, even as slowing demand drags down sales. The benchmark Nikkei 225 stock average slid 5.6 percent to 8,235.87.LONDON - The British pound edged closer toward parity with the euro on Friday, hitting a record low for the fifth consecutive day on expectations of a deep and prolonged recession. The pound has slumped around 25 percent against the common European currency this year and touched 1.118 euros on Friday. Meanwhile, a British savings organization said Britons have been putting away less savings from their paychecks every autumn since 2005, and nearly half are planning to save even less this winter, according to its quarterly savings survey. The FTSE 100 of leading British shares closed down 2.5 percent at 4,280.35SEOUL, South Korea - South Korea's central bank announced expanded currency-swap agreements with Japan and China. The move should further alleviate concerns about South Korea's banks, which have had a tough time rolling over international debts because of difficulty obtaining dollars amid the global credit crisis. The South Korean and Japanese central banks increased a bilateral swap facility to the equivalent of $20 billion. The Bank of Korea also said the country's economic growth is set to slow sharply in 2009, revising growth estimates down to 2 percent. South Korea's export-oriented economy has been hit by the global slowdown, with exports falling sharply in November and domestic consumer spending weakening. South Korea's Kospi fell 4.4 percent to 1,103.82.BEIJING - China is rolling out new measures to reverse a worsening economic slump with interest-free loans to companies and possible steps to boost plunging auto sales and aid steelmakers, industry minister Li Yizhong said. The government will spend 15 billion yuan ($2.2 billion) to subsidize loans to companies to improve technology and cut energy use. Beijing might buy surplus steel to help producers as demand plummets and cut taxes to spur auto and real-estate sales, he said. The benchmark Shanghai Composite Index dropped 3.8 percent, or 77.47 points, to close at 1,954.21, down 3.2 percent for the week. The Shenzhen Composite Index for China's smaller, second exchange lost 3.95 percent to 584.74. Prime Minister Kevin Rudd said the government's coffers will remain in surplus despite the spending over two years. He declined to say how large the surplus will be for the current fiscal year, which ends on June 30, 2009. The government remains hopeful that Australia will remain one of the few countries that avoids recession despite worsening global economic conditions. The S&P/ASX 200 index fell 2.4 percent to 3,510.4.MOSCOW - Russian news agencies quote a senior economic official as saying that Russia faces at least two quarters of economic decline and is therefore in recession. Deputy Economics Minister Andrei Klepach also reportedly said the economy will expand by less than the projected 6.8 percent this year. Not so fast, the Kremlin quickly countered.MUMBAI, India - India's industrial production contracted for the first time in 15 years in October. The index of industrial production shrank 0.4 percent, due in part to falling production of consumer goods. While no decisions are expected to come out of the talks, they aim to set the stage for further discussions scheduled for Jan. She has come under fire at home and abroad for failing to do enough to revive Europe's largest economy in the wake of the global financial crisis, despite presenting a 23 billion euros ($30.7 billion) government stimulus package. Bureaucrats' salaries will be cut 15 percent and the value-added tax - the cornerstone of national revenues - raised from 18 percent to 21 percent. Critics slammed the measures as a death-knell to business and lower-income part of the population, while supporters said the austerity budget was unavoidable if Latvia is to remain solvent and meet its external obligations. Latvia, which for years boasted the EU's fastest growing economy, is likely to seek approximately 5 billion euros ($6.68 billion), and possibly more, when talks begin with international lenders.POZNAN, Poland - Negotiators at a U.N. Finance Minister Bayan Jabr said the Finance Ministry will review the $68.6 billion budget in early 2009 and order austerity measures if necessary to make up for the revenue shortfall. Ukraine has so far received more than a quarter of a $16.4 billion IMF rescue loan. The daily Kommersant Ukraine quoted her backing the central bank's policies to let the market determine exchange rates and to recapitalize major banks. Parliament enacted a law Thursday authorizing the central bank to inject 455.1 billion tugrik ($362 million) into banks. The new floors make the existing complex, SM City North Edsa, the third largest globally with 4.5 million square feet under one roof. According to the harmonized index of consumer prices, used by the European Central Bank, prices dropped 0.1 percent on the month in November after a 0.4 percent increase in October.Copyright 2008 Associated Press. This material may not be published broadcast, rewritten, or redistributedEurope Defeated By Auto FearsStephen M.