Intercultural Business News

In a recent address to the CII Partnership Summit in Delhi Secretary of State for Business Lord Mandelson warned of the possibility of the global economic downturn turning into a global economic slump should nation states resort to protectionist measures in the current climate.

Lord Mandelson accepted that the high levels of interdependence characterised in the current global economic order is a major factor linking the toxic US sub-prime market and ensuing credit crisis to “the first major economic shock” to the emerging export driven economies of India, China and other parts of Asia. However, he went on to argue that the road to economic recovery lay not in trade barriers and other forms of protectionism, as seen during the Great Depression of the 1930’s, but in maintaining free and open trade across national borders.

Additionally, Lord Mandelson advocated the need for international coordination in the creation and implementation of fiscal stimuli measures and for reforms to global economic institutions such as the World Bank and IMF to ensure broader participation in governance of the world economy.

To read Lord Mandelson’s speech in full click on the link below.

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With the UK in the grips of recession and unemployment figures rising daily, competition for jobs has led workers around the country to strike in protest to the use of foreign contractors.

Yesterday protesters again gathered outside the Lindsey oil refinery in North Lincolnshire, which is owned by energy giant Total, where the strikes originated last week in response to an Italian sub-contractor’s decision to import its own workforce to carry out expansion works at the plant.

In a show of solidarity with the contractors in North Lincolnshire others walked out at Longannet power station in Fife, Grangemouth oil refinery in Central Scotland, Shell’s Stanlow refinery in Cheshire, Drax Power Station in North Yorkshire, Coryton oil refinery in Essex and elsewhere.

Whilst Prime Minister Gordon Brown has criticised the strikers actions as “not defensible”, talks continue between Total, main contractor Jacob’s, union officials and mediation service Acas to resolve the dispute.

For more on the dispute click on the link below.

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